The market value has evaporated 70 billion yuan a year, and the capital carnival of "sweeping the floor" is over

Introduction: The departure log of another Xiaomi ecological chain company

Produced 丨 Nuke Science Society

Author 丨 Lin Mu

"Crazy Stone" is no longer crazy.

On August 29, the "first share of the floor sweeping robot" Stone Technology announced the 2022 interim report: the company's operating income was 2.92 billion yuan, an increase of 24.49%year -on -year, and the net profit was 617 million yuan, a year -on -year decrease of 5.4%.

In the first half of the year, Stone Technology appeared for the first time since 2017, which has been in a negative growth of the first net profit, and increasing income has not increased, reflecting the weak state of this former dark horse company.

Many glorious labels given by the outside world can be found on Shitou Technology, and the star companies that are backed by Xiaomi, the capital darling of Lei Jun, and the first thousand yuan shares of the science and technology board. Lei Jun mentioned in his speech in Xiaomi's tenth anniversary, "No one expected that it took only 5 years, and Stone Technology became the leader of the screen sweeping robot industry."

But now, these glory is becoming the past. As the market value plummeted, capital evacuation, and partners' reduction, etc., Stone Technology was unable to extricate themselves in a split of Xiaomi.

01 丨 "de -Xiaomiization" splitting

Chang Jing, the founder of Stone Technology, is a post -80s entrepreneur from the large factory. He has worked in Microsoft, Tencent, and Baidu. During Tencent's office, Chang Jing once founded a Meitu tool software "Magic Tu Elf". He got the investment from Li Kaifu Innovation Workshop. In less than a year, even the project "sold" Baidu together.

Stone Technology is Changjing's second entrepreneurial project. In 2014, the scanning robot still stayed in the "artificial mental retardation" stage of random collision. Chang Jing held BP to see investors repeatedly bumps around. In the end, under the road of an investor, the stone met Xiaomi.

At that time, soon after Lei Jun established the Xiaomi ecological chain department, he needed to gather many start -up hardware companies like stone technology to quickly incubate and copy Xiaomi to knock on the door of the smart home market. The latter is in exchange for funds, traffic, and nanny -type incubation support from human to supply chain.

In the early days of the Xiaomi ecological chain, one million, millions of tens of millions of explosions were born. Later, many listed companies such as Huami, No. 9, Yunmi, etc. were also ran out. one.

In August 2016, Stone Technology released the first generation of Mijia Sweeping Robot. After one year, it included the sales champion of online channels such as JD.com and Tmall. Fa's sweeping machine ".

However, the honeymoon period of stones and Xiaomi ended here. In September 2017, Stone Technology launched the first self -owned brand intelligent sweeping robot, embarked on the road to "de -Xiaomihua".

"Delery Xiaomi" is more like the outside world's generalization of some Xiaomi ecological chain companies to get rid of the excessive dependence on Xiaomi. The ultimate cost -effective play of Xiaomi ecological chain is at the expense of the gross profit margin. This has no doubt that the market quickly seized the market in the early days. However, when the dividend period, it evolved into a profit pressure that had to face.

Choose to launch a free brand to seek higher profits. Stone Technology is not the first in the Xiaomi ecological chain or the last. In the prospectus, Stone Technology lists many risks related to Xiaomi, such as foundry and sales channels, but these risks are the biggest advantages of their early growth.

This sense of splitting continues to deepen with the stones. Data show that since 2017, the proportion of revenue of Mijia Smart Sweeping Robotics of Stone has decreased year by year from 88%; in 2021, the proportion of stones its own brand revenue has reached 98.8%.

The consequences of reducing Xiaomi's sales channel dependence are the surge in sales costs and marketing costs of stone technology.

From 2019 to 2021, the year -on -year growth rate of stone technology sales costs was 116.66%, 58.14%, and 67.74%, which far exceeded the growth rate of revenue during the same period. In the first half of this year, the sales cost of Stone Technology was 501 million yuan, an increase of 91.22%year -on -year.

On the other hand, the outsourced processing model has increased its cost. In 2021, the operating cost of stone technology was 3.019 billion yuan, an increase of 33.69%year -on -year; the operating cost of stone technology in the first half of this year increased by 27.66%.

Although stone technology has increased gross profit margin from 19%in 2016 to 48%in the first half of 2022, the gross profit margin of its own brand has increased its increasing net profit increase. Moreover There is a downward trend.

This is also the bottleneck of Shito Technology's increasing increasing increasing income.

02 丨 Sleeping Sweeper Red Sea

The moment the choice of leaving Xiaomi means that Stone Technology must not only fight alone, but also meet with the former leaders in the battlefield.

After the first -generation sweeping machine of Mijia came out, the stone developed two handheld vacuum cleaners for Xiaomi, but it did not develop a new generation of sweeping products for it. The year Xiaomi launched its own brand in the stone, pursuing the reinforced home appliance cleaning brand to pursue the income ecological chain, and the game of both parties began.

As a new disciple of Xiaomi, the pursuit of 2017 is more hard -working. The founder is a technical research and development from a famous school. But only half of it.

Although there is still a certain gap with stone technology in terms of market share, according to the 618 data released this year, its entire network sales exceeded 400 million yuan, an increase of 900%year -on -year. The sales of the S10 series and the Washing machine H12 have exceeded 100 million. The advantage of the Xiaomi ecological chain lies in the racing of melee and copying explosive products. These past reunion of the competitiveness of the stones in the past has now become the latter's pressure.

On the other hand, the siege of Stone Technology comes from the red sea with fierce competition and product convergence.

Related data show that the penetration rate of scanning robots in my country in 2020 is less than 5%, only half of the Japanese market and one -third of the US market. This huge cake also attracted many players to seize. In addition to cloud whales and pursuing these new players, there are also many old -fashioned home appliance companies such as beautiful, Haier.

At present, the domestic sweeping machine market has a large and strong pattern, and the Matthew effect is obvious.

According to the data of Ovi Cloud Network, the proportion of TOP5 on the Internet of 2022 The sales of online sweeping robots: Cobos (39.8%), stone (22.9%), cloud whale (15.1%), Xiaomi (8.4%) And chasing (5.1%).

The second -ranked stone technology needs to prevent further and the first gap, and the situation where the third is overtaken.

In 2019, the high -speed development of stone technology revenue was about to catch up with Cobos at one time, but as Cobos launched the launch of high -end floor -to -ground machine brands, the gap can be opened again. There are twice the technology, and the growth rate is faster than the latter.

However, Stone Technology is better than Cobos in terms of making money, mainly because the overall product positioning of Stone Technology is more high -end and higher pricing. For example, the main products are currently the main product of cleaning and dragging robot G10S series. The market price is about 4,800 yuan. It contributed 1/3 of the revenue of stones in the month of listing.

Another gap between the dispute between Ke Shi reflects offline channels. The financial report shows that the Cobos brand has nearly 1,300 domestic offline sales points, and its retail sales share in the Chinese market is 82%. This was difficult to catch up in the stone technology that started offline last year.

From the perspective of product innovation, Stone Technology has been trapped in the industry's homogeneous competition, and its early betting advantage of laser navigation technology has gradually been smoothed. During the existing navigation obstacle avoidance technology convergence, Stone Technology failed to achieve rapid iteration in other aspects.

This also allows the cloud whale that focuses on "mopping" to have the opportunity to overtake a curve. In 2019, the first self -cleaning sweeper will instantly detonate the market. Cobos will follow up and launch the corresponding product in a few months. However, Stone Technology only made up for this product's functional function on G10 in 2021.

According to the data of Fushan.com, last year, the online channel share of Cobos exceeded 44%, ranking second and third, respectively, cloud whale and stone technology, accounting for 16%and 14%. Stone Technology was once overtaken by cloud whales.

In order to keep the market position, Stone Technology, on the one hand, increased its marketing efforts and signed a popular artist Xiao Zhan as the spokesperson, on the one hand, increased its research and development.

In 2021, the research and development cost of stone technology was 441 million yuan, accounting for close to 8%of the revenue ratio, exceeding the peer level, but it was still less than half of its sales costs.

03 丨 Capital Carnival

In 2021, it was regarded as a year when Stone Technology and Xiaomi officially separated. In addition to the dependence on the Xiaomi ecological chain in terms of performance, in February of this year, the stones were lifted on the full period of shares, and it also ushered in the time of early recovery returns.

The prospectus shows that the Tianjin Jinmihe Hedu Capital of the Department of Lei Jun participated in the capital increase of stone technology as early as 2015 and 2016. After the end of the lifting of the shares, the two veteran shareholders took the lead in reducing their holdings. Shunwei had reduced its holdings of 500,000 shares in just one month in the first round of the capital, cash out 549 million yuan; Tianjin Jinmi sold 1.33 million shares of 2%of the total share capital.

The proportion of the two assets held a total of equity, and the proportion of equity was diluted from 24.7%before the IPO of Stone Technology to 15.75%at the end of the three quarters of last year after the lifting.

At the same time, the creation team and executives of Stone Technology have also begun to be carnival to wealth freedom.

According to the official stone reduction announcement announcement, from the employee holding platform of the company's core technical staff to all executives such as Dong Gaojian, and to one of the founders Mao Guohua, the first round of reduction was as high as 7.3975 million shares accounting for 11%of the company's total share capital.

What is even more disturbed by shareholders is the frequent cash -out operation of Mao Guohua, a figure in Stone Technology II. According to public information, Mao Guohua has been renamed almost every month since the expiration of the ban in February last year and until June. Only the end of May was stopped by the company at the end of May.

Before and after, the current amount of Mao Guohua's settlement is about 2.5 billion yuan. A company executive is called optimistic about the development prospect of the company, and the partition time is a wave of restraint, which is obviously difficult to accept the shareholders.

As a result, the stock price of Stone Technology was thousands of miles, and the ridicule of a shareholder: the stone fell into sand.

This description is not exaggerated. In February 2020, Stone Technology landed in the science and technology board. The stock price once soared to 1494.99 yuan/share, and the market value was close to 100 billion yuan. Therefore, it was compared with the A -share mythical Maotai. The title of Sweeping Mao ".

It turns out that this is just a short capital carnival. As of the closing of September 6, the stock price of Stone Technology was set at 307 yuan, which has shrunk by nearly 70 % compared to the highest market value. In February of this year, Tianjin Jinmi again released a reduction plan, which plans to reduce the holdings of not exceeding 2%of the total share capital; in May, Shunwei Capital also released the reduction plan again, and the number of shares to be reduced to account for the total share capital of the company's share capital. The total ratio does not exceed 6.00%.

Lei Jun was also staged a bridge that evacuated Stone Technology, and Changjing had already picked up the car of the car.

In January last year, he registered and established Shanghai Luoyu Intelligent Technology Co., Ltd. as a legal representative. At the end of April this year, Luo Yan announced that it had completed about $ 200 million in Series D financing, and the company's valuation reached US $ 2 billion. Earlier, it was exposed to a $ 100 million financing led by Tencent Group.

In a column in May, Changjing stated that the car construction project is a personal hobby, and it has nothing to do with Stone Technology, and he has not directly participated in the daily operation of the car manufacturer.

The game of Stone and Xiaomi has not ended. Perhaps in the near future, Chang Jinghui met with Lei Jun, who was regarded as the leader, met in the new battlefield.

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