Xiaomi's press conference was full of energy, Lei Jun: Xiaomi's valuation = Tencent × Apple!
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On June 23, Xiaomi, the first company listed in the Hong Kong stock market with "different voting rights for the same shares", held a global offering press conference in Hong Kong to build momentum for its IPO. Investors are most concerned about Xiaomi's valuation. It is reported that Xiaomi's IPO introduced 7 cornerstone investors including Qualcomm and SF Express, who subscribed for a total of US$548 million (approximately HK$4.274 billion) of shares. The offering price range is HK$17 to HK$22 per share, and it plans to issue 2.179 billion shares, with a financing scale of US$4.72 billion to US$6.109 billion. Based on this adjustment, Xiaomi's total market value is about 53.9 billion to 69.7 billion US dollars. This means that after the Hong Kong stock market inquiry, Xiaomi's valuation has been lowered than expected. Xiaomi's valuation has always been a concern for the market. Previously, Hong Kong investment banks priced Xiaomi based on its valuation model as an Internet company rather than a hardware company, predicting that Xiaomi's valuation would be as high as 70 billion to 85 billion US dollars, and that its market value would exceed 100 billion US dollars in the short term after its IPO. Xiaomi is considered an Internet company mainly because its main profits come from Internet business, with a gross profit margin of nearly 60%. At the press conference, Lei Jun said that Xiaomi's last round of financing was three and a half years ago. At that time, international investors valued Xiaomi at 45 billion US dollars. They believed that Xiaomi was a rare all-round enterprise in the world that could do hardware, e-commerce, and the Internet. This kind of enterprise is very rare. In his speech, Lei Jun said that Xiaomi's Internet revenue last year was 9.9 billion yuan. What does this mean? If e-commerce is not taken into account, this revenue also ranks among the top 25 Internet companies in the world. “Even without taking into account our e-commerce revenue, our internet service revenue of 9.9 billion alone ranks among the top 25 in the world.” “Almighty” Xiaomi sparks controversy As to whether Xiaomi is a hardware or Internet company, Lei Jun said that he does not dwell on whether Xiaomi is a hardware or Internet company. Xiaomi has a unique feature, that is, it is a rare company in the world that can not only make hardware, but also has deep Internet genes and e-commerce genes. Xiaomi is the only comprehensive new species company among global Internet companies including Tencent, Alibaba, Facebook and other large companies. In the IPO roadshow on June 21, Lei Jun said that Xiaomi's valuation should be Tencent × Apple. Some interpretations believe that Lei Jun may mean that Xiaomi's valuation model should be a combination of Apple and Tencent - the former hardware and the latter Internet. Of course, some people agree with Lei Jun's all-round positioning, while others question it. Zhu Chao, CEO of Overseas Asset Allocation, believes that Xiaomi is not a pure hardware company. Hardware is just a means for Xiaomi. Every company has its own unique positioning. The characteristic of Xiaomi is that it does many things that others may have to do two or three times. Zhu Chao gave an example from his personal experience. He used to use an Apple mobile phone. Then when his family bought a Xiaomi air purifier, after one product became Xiaomi's, he gradually found that his family needed more and more Xiaomi products. Many of Xiaomi's smart devices are interconnected. Zhu Chao believes that this gradual penetration is a good strategy, because it is actually quite difficult to change people's habits all at once, and you need to find a breakthrough point. However, Chen Xinlei, professor of marketing and vice president of Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, has a different view. He believes that this is the story Xiaomi tells to the capital market. Apple has built a highly systematic ecological chain, and the products in the ecological chain are interrelated and produce synergistic effects. Unlike the ecological chain built by Apple, Xiaomi's ecological chain is essentially a manufacturing company similar to Toyota. Moreover, as a manufacturing company, Xiaomi may not do as well as Toyota, and the products in the ecological chain cannot produce real chemical reactions with each other. What do you think of Xiaomi’s valuation? In fact, on the day of the IPO roadshow, some investors attending the meeting said that Xiaomi’s valuation was still too expensive. Yicai quoted a senior investor as saying that Lei Jun showed the qualities of a "salesperson" at the lunch meeting, telling investors again and again that Xiaomi is not just a hardware company. However, the investor said that many of the Internet business models mentioned by Lei Jun have an important premise, that is, all other environments are perfect, but in the current competitive environment, it is difficult to ensure that other conditions are perfect, and it is very likely that one project will drag down the company's operations. Some investors also analyzed from a financial perspective that Xiaomi's EBIT (before interest and tax) profit margin is about 10%. If we make an optimistic estimate, that is, based on the growth rate in the first quarter of this year, the full-year EBIT is close to HK$20 billion, and the EV/EBIT is calculated at 15 times, which is less than 40 billion US dollars. In comparison, Apple's EV/EBIT is only about 13 times. Even if the growth rate is higher and some premium is given, the current valuation is still expensive. Of course, there are also optimistic investors who said that because the concept is relatively new, it will still be easily sought after by investors, so Xiaomi is likely to be oversubscribed. If Xiaomi does not exercise the over-subscription right, the market value after listing is expected to be US$53.905 billion to US$69.759 billion. If the over-subscription right is exercised, the market value will increase to US$54.341 billion to US$70.324 billion. Some market insiders said that if calculated according to this situation, Xiaomi's IPO price is equivalent to 39.6 to 51.3 times this year's predicted price-earnings ratio. Of course, some experts also said that Xiaomi's valuation cannot be analyzed only from the financial perspective, but should be viewed from the perspective of business model, ecosystem construction and future prospects. Zhong Wei, director of the Financial Research Center of Beijing Normal University, said that Xiaomi and Amazon both insist on making good things cheap, have clear routes for the future, and have no definite boundaries. Zhu Wuxiang, professor of the Department of Finance at the School of Economics and Management of Tsinghua University, believes that Xiaomi has adopted a new "empowerment transaction" to empower these ecological chain companies with the resources and capabilities of the development of the mobile phone business through transactions (external non-M&A investments). Xiaomi has achieved a transformative growth rate based on the fission economy. The China Securities Regulatory Commission once questioned whether it was a concept hype It is worth noting that the China Securities Regulatory Commission also questioned Xiaomi's positioning and business model. On June 14, the China Securities Regulatory Commission gave a 30-page, 84-question, and more than 24,000-word feedback on Xiaomi's CDR issuance application. The CSRC raised a question in its feedback: the company is an Internet company with mobile phones, smart hardware and IOT platforms as its core. Please explain whether it is accurate to position it as an Internet company rather than a hardware company at this stage? Even as an Internet company, Xiaomi needs to further explain to the CSRC the future trend of Internet monetization, business growth space, and whether it has the ability to continue to grow in the future. Regarding Xiaomi's new retail model, the China Securities Regulatory Commission explicitly asked, "Is it a concept-based speculation?" In its feedback, Xiaomi was also asked to explain the similarities and differences between its so-called new retail and Alibaba's new retail, Suning's smart retail, and JD's borderless retail. What else was said at the press conference? Why is the issuance of CDRs postponed in the mainland? Xiaomi Chief Financial Officer Zhou Shouxian said that CDR is an innovation of China's capital market. Xiaomi is honored to be one of the first pilot companies. This is the support of Chinese regulators for Xiaomi. In the past few months, Xiaomi has repeatedly discussed this issue with regulators and has done a lot of work to ensure the success of CDR issuance. Finally, the Xiaomi team reached a consensus. They believed that listing in Hong Kong first and then finding a suitable time to list on the A-share market through CDRs was a very important factor in ensuring the success of the CDR issuance. This was also recognized and supported by the CSRC, and there was no disagreement between Xiaomi and the CSRC. As for the time when Xiaomi will issue CDRs next, he said that there is currently no plan for CDRs. Why was Lei Jun given more than 9 billion yuan in equity incentives? Some media asked, why did Xiaomi grant more than 9 billion yuan in equity incentives to Lei Jun, the founder and chairman of Xiaomi, before going public? In response, Xiaomi President Lin Bin said: This equity incentive was made without Lei Jun's knowledge. Several directors held a meeting and everyone agreed to pass the decision. Lin Bin said, "This is also everyone's recognition and gratitude for Lei Jun's efforts in leading the team from scratch to today's scale in the past eight years, and at the same time changing China's manufacturing industry. All of us directors feel that it is well deserved." According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi unanimously agreed to give 100% of the equity incentive to Smart Mobile Holdings controlled by Lei Jun. Limited issued about 64 million Class B common shares as equity incentives. This equity incentive recognized 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and the year-on-year growth rate last year was 67.5%. This growth rate ranked second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered a serious loss last year. He said that this was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the time of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How is the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at a super-fast revenue, but also at a high-speed growth in profitability. ” Never make more than 5% hardware profit Lei Jun said that Xiaomi promises that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a commitment. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.0)] Some media asked, why did Xiaomi grant more than 9 billion yuan in equity incentives to Lei Jun, the founder and chairman of Xiaomi, before going public? In response, Xiaomi President Lin Bin said: This equity incentive was made without Lei Jun's knowledge. Several directors held a meeting and everyone agreed to make the decision. Lin Bin said, "This is also everyone's recognition and gratitude for Lei Jun's efforts in leading the team from scratch to today's scale in the past eight years, and also changing China's manufacturing industry. All of us directors feel that it is well deserved. ” According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Company unanimously agreed to issue approximately 64 million Class B common shares to Smart Mobile Holdings Limited controlled by Lei Jun as equity incentives. This equity incentive confirmed 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and its year-on-year growth rate last year was 67.5%. This growth rate ranks second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered heavy losses last year. He said it was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the moment of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How about the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at an ultra-high speed in revenue, but also in profitability." Never make more than 5% hardware profit Lei Jun said that Xiaomi promised that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a promise. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% hardware profit. This ensures that Xiaomi has very strong competitiveness regardless of its market share. Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth. Lei Jun also said, I think what we need to think about is that we already have 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand product categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries in the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to gain more than ten times the growth space in the future. is the second largest shareholder of iQiyi, and will become a source of future profits Lei Jun said that the alliance between Xiaomi and iQiyi is a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi went public in the United States, Xiaomi's shares are worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.0)] Some media asked, why did Xiaomi grant more than 9 billion yuan in equity incentives to Lei Jun, the founder and chairman of Xiaomi, before going public? In response, Xiaomi President Lin Bin said: This equity incentive was made without Lei Jun's knowledge. Several directors held a meeting and everyone agreed to make the decision. Lin Bin said, "This is also everyone's recognition and gratitude for Lei Jun's efforts in leading the team from scratch to today's scale in the past eight years, and also changing China's manufacturing industry. All of us directors feel that it is well deserved. ” According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Company unanimously agreed to issue approximately 64 million Class B common shares to Smart Mobile Holdings Limited controlled by Lei Jun as equity incentives. This equity incentive confirmed 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and its year-on-year growth rate last year was 67.5%. This growth rate ranks second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered heavy losses last year. He said it was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the moment of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How about the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at an ultra-high speed in revenue, but also in profitability." Never make more than 5% hardware profit Lei Jun said that Xiaomi promised that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a promise. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% hardware profit. This ensures that Xiaomi has very strong competitiveness regardless of its market share. Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth. Lei Jun also said, I think what we need to think about is that we already have 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand product categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries in the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to gain more than ten times the growth space in the future. is the second largest shareholder of iQiyi, and will become a source of future profits Lei Jun said that the alliance between Xiaomi and iQiyi is a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi went public in the United States, Xiaomi's shares are worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.In response to this, Xiaomi President Lin Bin said: This equity incentive was made without Lei Jun's knowledge. Several directors held a meeting and everyone agreed to pass the decision. Lin Bin said, "This is also everyone's recognition and gratitude for Lei Jun's efforts in leading the team from scratch to today's scale in the past eight years, and also changing China's manufacturing industry. All of our directors feel that it is well deserved." According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Company unanimously agreed to give 100% of the equity incentive to Smart Mobile Holdings controlled by Lei Jun. Limited issued about 64 million Class B common shares as equity incentives. This equity incentive recognized 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and the year-on-year growth rate last year was 67.5%. This growth rate ranked second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered a serious loss last year. He said that this was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the time of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How is the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at a super-fast revenue, but also at a high-speed growth in profitability. ” Never make more than 5% hardware profit Lei Jun said that Xiaomi promises that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a commitment. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.In response to this, Xiaomi President Lin Bin said: This equity incentive was made without Lei Jun's knowledge. Several directors held a meeting and everyone agreed to pass the decision. Lin Bin said, "This is also everyone's recognition and gratitude for Lei Jun's efforts in leading the team from scratch to today's scale in the past eight years, and also changing China's manufacturing industry. All of our directors feel that it is well deserved." According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Company unanimously agreed to give 100% of the equity incentive to Smart Mobile Holdings controlled by Lei Jun. Limited issued about 64 million Class B common shares as equity incentives. This equity incentive recognized 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and the year-on-year growth rate last year was 67.5%. This growth rate ranked second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered a serious loss last year. He said that this was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the time of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How is the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at a super-fast revenue, but also at a high-speed growth in profitability. ” Never make more than 5% hardware profit Lei Jun said that Xiaomi promises that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a commitment. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.0)] According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Corporation unanimously agreed to issue approximately 64 million Class B common shares to Smart Mobile Holdings Limited controlled by Lei Jun as equity incentives. This equity incentive confirmed 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and the year-on-year growth rate was 67.5%. This growth rate ranks second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered a heavy loss last year. He said that this was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the time of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How is the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at a super-fast revenue, but also at a high-speed growth in profitability. ” Never make more than 5% hardware profit Lei Jun said that Xiaomi promises that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a commitment. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.0)] According to the China Securities Regulatory Commission, in April this year, upon the proposal of the board of directors, all shareholders of Xiaomi Corporation unanimously agreed to issue approximately 64 million Class B common shares to Smart Mobile Holdings Limited controlled by Lei Jun as equity incentives. This equity incentive confirmed 9.83 billion yuan in share-based payment expenses. And it was issued before the listing. Why did Xiaomi lose money last year? Lei Jun said that Xiaomi's revenue last year was 114.6 billion yuan, and the year-on-year growth rate was 67.5%. This growth rate ranks second among large companies in the world and first among Internet companies. Lei Jun explained why the prospectus showed that Xiaomi suffered a heavy loss last year. He said that this was due to financial accounting reasons. In fact, Xiaomi made money last year, with a net profit of 5.4 billion yuan. Lei Jun said, "Because our company has received a lot of venture capital in the past, the preferred shares have to be converted into common shares at the time of listing. There are financial accounting reasons. Excluding these reasons, our profit last year was 5.4 billion yuan. How is the first quarter financial report this year? It continued to grow at a high speed of 89.5%. Xiaomi is not only growing at a super-fast revenue, but also at a high-speed growth in profitability. ” Never make more than 5% hardware profit Lei Jun said that Xiaomi promises that the net profit of hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a commitment. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.5%. Xiaomi's revenue is not only growing at an ultra-high speed, but its profitability is also growing at a high speed. " Never make more than 5% profit from hardware Lei Jun said that Xiaomi promises that the net profit from hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a promise. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.5%. Xiaomi's revenue is not only growing at an ultra-high speed, but its profitability is also growing at a high speed. " Never make more than 5% profit from hardware Lei Jun said that Xiaomi promises that the net profit from hardware will not exceed 5%. If it exceeds, the excess will be returned to users. This is the only company in the world that has made such a promise. Lei Jun also said: "I told these investors that Xiaomi's philosophy is very different from that of other hardware companies. Xiaomi will never make more than 5% of hardware profits. This ensures that Xiaomi has very strong competitiveness regardless of its market share." It is foreseeable that there will be 10 times the growth space in the future Lei Jun said that many people think that the mobile phone industry is not growing, and he agrees with this. Mobile phones will grow slowly in the next ten years and will not grow as fast as in the past. "But the mobile phone industry is a huge market. Last year, 1.47 billion mobile phones were sold worldwide, and Xiaomi sold more than 90 million units. I think the mobile phone market is a huge market. Even if the mobile phone market does not grow, Xiaomi still has huge room for growth." Lei Jun also said, I think what we need to think about is that we already have a 12% market share in TV in China. Do we have the opportunity to do better in the future? Do we have the opportunity to gain market share in more countries? Is it possible for our notebook computer market share to further accelerate? Is it possible for us to enter some new categories? All these can prove that Xiaomi has a strong ability to expand its categories. I believe that in the next eight or ten years, Xiaomi will steadily enter new fields one after another to achieve sustained growth. Another major factor driving Xiaomi's growth is overseas. Xiaomi has entered 74 countries, and there are still many countries around the world that it has not entered. Xiaomi will enter new markets step by step and do well in these markets step by step. I think it is possible to achieve more than ten times the growth space in the future. Lei Jun said that Xiaomi and iQiyi have formed an alliance to achieve a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi goes public in the United States, Xiaomi holds shares worth US$2 billion. In the future, iQiyi will also become a source of profit for Xiaomi.Lei Jun said that the alliance between Xiaomi and iQiyi has achieved a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi went public in the United States, Xiaomi's shares are worth 2 billion US dollars. In the future, iQiyi will also become a source of profit for Xiaomi. Lei Jun said that the alliance between Xiaomi and iQiyi has achieved a win-win situation. Xiaomi is the second largest shareholder of iQiyi. After iQiyi went public in the United States, Xiaomi's shares are worth 2 billion US dollars. In the future, iQiyi will also become a source of profit for Xiaomi.
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