标签归档 武汉生活

Product | company research room

Text | cookie

Recently, the performance of Xiaomi eco-chain enterprises in the capital market is very eye-catching.

Roborock, which was listed in science and technology innovation board in February, has become the second highest-priced A-share stock, with a closing price of 867.05 yuan on November 4th, second only to Kweichow Moutai. On October 29th, the second Xiaomi eco-chain enterprise No.9 was listed in science and technology innovation board, with an increase of 103.27% on the first day. As of November 4th, the market value of No.9 was 38.3 billion.

These two companies have achieved rapid development in just five years after joining the Xiaomi ecological chain, and now they have become companies with annual income exceeding 4 billion. However, after listing, it is not a long-term solution to develop into a larger enterprise by relying solely on Xiaomi. They all have a long way to go to "millet".

Why do Roborock and No.9 Company belong to Xiaomi Ecological Chain?

As a well-known angel investor, Lei Jun, the boss of Xiaomi Group, can be regarded as the invisible promoter of science and technology innovation board Company. In April 2019, when science and technology innovation board began to accept the application materials, at least five companies directly or indirectly invested by Lei Jun launched an attack on science and technology innovation board, including Roborock, No.9 Company, Juchen Company, Fangbang Company and Chuangxin Laser.

Of these five companies, four except Chuangxin Laser have successfully listed in science and technology innovation board. At the end of October, Chuangxin Laser officially decided to withdraw the relevant application materials of science and technology innovation board IPO to terminate its listing, which was the first time that Lei Jun failed in science and technology innovation board.

Although they are all invested by Lei Jun, Roborock and No.9 Company are slightly different from the other three companies. First of all, Lei Jun, the capital of these two companies, intervened earlier and held more shares. Secondly, it has a close relationship with Xiaomi. In the words of Lei Jun, it is "one of the earliest members of the Xiaomi ecological chain family."

Roborock was founded in 2014, and started out as an OEM Xiaomi sweeping robot. In 2015, it obtained Shunwei Capital and Tianjin Jinmi Investment from Lei Jun Department. After the company went public, Shunwei Capital held 9.64%, Tianjin Jinmi held 8.89%, and Lei Jun Department held 18.53% of the total shares.

Company No.9 was established in 2012, and its products include intelligent electric balance car and intelligent electric scooter. In the A round of financing in 2015, Shunwei Capital and People Better investment were obtained, among which People Better is the wholly-owned grandson company of Xiaomi. After the company went public, People Better and Shunwei Capital each held 9.82%, and Lei Jun held 19.64% of the total shares.

However, Fangbang shares and Chuangxin Laser only acquired the surprise shares of Lei Jun Department a few months before submitting the prospectus, and the shareholding ratio was not high. At present, Hubei Xiaomi Changjiang Industrial Fund only holds 2.50% of Fangbang shares.

With the rapid development of Xiaomi’s "halo" scale.

Roborock and No.9 Company have achieved rapid development after being invested by Lei Jun Department and becoming Xiaomi ecological chain enterprises.

In 2016, Roborock began to develop "Mijia Intelligent Sweeping Robot" for Xiaomi. In 2017 and 2018, Roborock successively launched its own brands of "Stone Intelligent Sweeping Robot" and "Xiaowa Sweeping Robot", and its revenue increased from 183 million to 4.205 billion. However, the growth rate of Roborock’s income has been declining year by year. In the first three quarters of 2020, the income was 2.98 billion, down 1.65% year-on-year.

Similar to Roborock, Company No.9 obtained the key fund to acquire Segway, the world’s largest balance car company, after obtaining Xiaomi investment in 2015, which became a turning point in the company’s development. However, since 2018, the revenue of Company No.9 has slowed down. In the first three quarters of 2020, the revenue was 4.318 billion, down 5.84% year-on-year.

According to the analysis of brokerage research report, the two companies relied on Xiaomi’s strong ecological potential in the early days of their establishment to quickly and smoothly spend the initial stage of the enterprise, which provided a good foundation for the subsequent development of their own brands. In the early days of the company’s establishment, Xiaomi found stable and high-quality suppliers for No.9 and Roborock with its brand advantages. Three of the top five suppliers in Roborock are also major suppliers of Xiaomi, namely Xinwangda, Side Battery and Avnet Technology.

In addition to the help of funds and suppliers, Xiaomi also has a huge user base, as well as strong online channels and extensive offline channels to help eco-chain companies quickly open the market. Eco-chain companies have advantages in sales. In 2019, the sales expense ratio of No.9 was 6.35%, the sales expense ratio of Roborock was 8.42%, and the sales expense ratio of similar companies was 23.19%. The sales expense ratios of the two companies were obviously low.

In the first three quarters of 2020, the net profit of Company No.9 returned to its mother was 85 million, and it finally achieved profitability. From 2016 to 2019, the company accumulated losses of 2.947 billion. In contrast, Roborock has a good profitability, with a net profit of 899 million in the first three quarters of 2020, a year-on-year increase of 54.47%.

The two companies grew up from scratch. In just five years after receiving Xiaomi’s investment, they succeeded in the two sub-sectors of sweeping robot and balance car respectively, which is closely related to Xiaomi’s help.

However, Xiaomi is mainly cost-effective, and supplying Xiaomi will greatly reduce the company’s gross profit margin.

Take Company No.9 as an example. The average unit price of the same product sold to Xiaomi is 15%-20% lower than the average selling price of the company. In the past three years, the gross profit margin of products sold to Xiaomi has decreased year by year. Roborock is similar to No.9. In 2018, the gross profit margin of Mijia sweeping robot was 14.99%, while that of stone sweeping robot was as high as 42.06%, a full difference of 27.07 percentage points.

The Difficult Road for Eco-chain Enterprises to "Millet"

The two companies quickly opened up the market awareness by OEM for Xiaomi, but relying solely on Xiaomi’s platform is not enough to support its long-term development. Therefore, Xiaomi eco-chain enterprises such as Huami, Stone and No.9 have started to launch their own brands, expand sales channels and promote "millet" after they started their brands.

For example, while Roborock and No.9 Company sell their own brands through Xiaomi’s channels, they cooperate with e-commerce channels such as JD.COM, Suning and Tmall, and go hand in hand online and offline.

However, it is not easy to "millet".

From 2016 to 2019, the first customers of the two companies were Xiaomi Group. In 2019, Roborock’s income from Xiaomi was 1.441 billion, accounting for 34.27%; Company No.9′ s revenue from Xiaomi was 2.400 billion, accounting for 52.33%. In terms of income, the income of the two companies from Xiaomi showed a downward trend. However, the decline in the purchase amount of Xiaomi in 2019 led to a sharp slowdown in the revenue growth of the two companies, and Xiaomi can still have a greater impact on the company.

Although Roborock’s dependence on Xiaomi has decreased significantly, there are still hidden dangers in the company’s development. The products are single, and the revenue of sweeping robot business accounts for 98%.

At present, the sweeping robot industry is still in the development stage, with more than 200 brands on the market and fierce competition in the industry. The data shows that from 2014 to 2019, the retail sales of sweeping robots in China increased from 2.2 billion to 8 billion, with a compound annual growth rate of 29%. The top three brands in the domestic market are Cobos, Mijia and Stone, with market share of 49.4%, 12.0% and 11.1% respectively. Although the market share of stone’s own brand ranks third, many of them are brought by Xiaomi aura. If we get rid of Xiaomi and rely on stone itself, will it still be competitive?

Company No.9 is similar to Roborock. According to the prospectus of Company No.9, the compound annual growth rate of China’s balance car production is only 2.3% from 2015 to 2019, and the demand in 2019 is only 3.9 million units, which is less than 25% of the production. The development space of the balance car market is not high. Moreover, No.9 is more dependent on Xiaomi in terms of income, and it is even more difficult to "millet".

The ultimate success of Xiaomi eco-chain enterprises is that every enterprise has the ability of self-survival, making efforts in products, channels, supply chains and other aspects, and gaining a bigger market and achieving higher returns on the basis of Xiaomi platform. It’s just a difficult road to "millet".

　　On October 23rd, 2016, Huang Xiaoming’s "Let Love Go Home and Prevent Lost Yellow Bracelet" free distribution activity came to an end in Qingdao. With the project entering the fourth year of the five-year plan, the Huang Xiaoming version of the yellow bracelet has been distributed to more than 10 provinces and cities in China, Hong Kong Special Administrative Region and the United States, and nearly 200,000 pieces have been distributed, radiating more than half of China, causing heated discussion. In 2016, the "Huang Xiaoming Let Love Go Home" anti-lost yellow bracelet project won the "Golden Reward" China Public Welfare Index New Media Communication Award, which was unanimously recognized by both inside and outside the industry.

　　Huang Xiaoming: I hope to improve people’s public welfare awareness of helping others.

　　It is reported that Huang Xiaoming personally made a five-year plan for "Let Love Go Home and Prevent Lost Yellow Bracelet in Huang Xiaoming", and this year is the fourth year of the project. Huang Xiaoming Tomorrow Love Fund continues to exert its strength. After being distributed in more than 10 provinces and cities nationwide in 2015, yellow bracelets will be distributed free of charge in Tianjin, Shandong, Fujian, Shaanxi, Zhejiang, Sichuan and Shenyang in 2016. In order to let more people know and receive the Yellow Bracelet, volunteers not only went deep into the community, but also specially chose hospitals, cinemas and other public places to distribute it. While benefiting the elderly, children and vulnerable groups, they also passed on Huang Xiaoming’s public welfare concept to more young people. In the past four years, Huang Xiaoming has repeatedly advocated the charity concept of actively helping others in Weibo and the media with the help of the Yellow Bracelet Project: When you see old people or other special people walking alone with yellow bracelets on the street, they may be in danger or confused. Please check their yellow bracelets and help contact their families.

　　As the highlight of the project in 2016, on the day of the Double Ninth Festival on October 9, Huang Xiaoming asked its love fund to come to the site of the Third Olympic Games for the elderly and distributed 3,000 yellow bracelets to the old people. With the orderly distribution and patient explanation of volunteers, the old people rushed to get the yellow bracelets, which became a beautiful landscape at the site of the "Old Olympics".

　　Huang Xiaoming, who has been insisting on charity for more than 10 years, not only pays attention to the vulnerable groups such as the elderly and children, but also has made great achievements in the charity industry: in April 2016, Huang Xiaoming and his wife Angelababy won the "Most Charitable Influence" award in the China Charity Celebrity List, becoming a veritable "celebrity first good"; In May, Huang Xiaoming appeared on the cover of The Philanthropist of China, becoming the first performing star with a single cover. Respecting, respecting and loving the elderly, Huang Xiaoming launched the project "Let Love Go Home-Anti-Lost Yellow Bracelet" in 2013. The beautiful and practical yellow bracelet not only benefited many patients with Alzheimer’s disease, the elderly, children and patients with independent disabilities, but also popularized the public welfare concept and knowledge of anti-lost yellow bracelet by leveraging the influence of Huang Xiaoming. Huang Xiaoming said many times in the interview: It is not the purpose to distribute the yellow bracelet to prevent loss for free, but our biggest purpose is to let people develop the public welfare consciousness of helping people in trouble when they see them.

　　Anti-lost yellow bracelet in China, word of mouth and professional double affirmation.

　　On October 19th, the project "Let Love Go Home in Huang Xiaoming-Prevent Lost Yellow Bracelet" won the 2016 "Golden Reward" China Public Welfare Index New Media Communication Award in Shanghai, making it one of the outstanding projects with both influence and professionalism in the industry.

　　"The yellow bracelet is so practical that I am never afraid of getting lost after wearing it!" On October 23, an old man in Qingdao, Shandong Province got a yellow bracelet for preventing loss, which was distributed free of charge by volunteers of Love Fund tomorrow, and repeatedly praised it. With the increase of the elderly population in China, the number of elderly people suffering from Alzheimer’s Harmo’s disease, disability and dementia has increased dramatically. In 2012, Huang Xiaoming launched the project "Let Love Go Home-Prevent Lost Yellow Bracelet", and advocated: "When I see elderly people, children or people with mental disorders who travel alone wearing yellow bracelets, they are probably in danger or at a loss. I will respond to Huang Xiaoming’s appeal, check the information on their yellow bracelets in time, and help them go home! I will do my best to influence people around me to do the same. "

　　Since the launch of the Lost Yellow Bracelet Project four years ago, Huang Xiaoming Tomorrow Love Fund has distributed nearly 200,000 yellow bracelets to 13 provinces in China for free, and all the yellow bracelets have been applied for everywhere, which is a hot scene. On the official Weibo of Huang Xiaoming Tomorrow Love Fund, the online application for the yellow bracelet has been forwarded by nearly 10,000 people. Among these netizens who applied for the yellow bracelet, there are many touching stories. Netizen HuMeng-J said that she once saw an old man wearing a yellow bracelet anxiously mistaking her for her family in a commercial street. Knowing about the knowledge of the yellow bracelet, she helped the old man to contact his family through the yellow bracelet, although only one street away, but the old man in a crowded commercial street could not contact his family. After this incident, the netizen applied for a yellow bracelet for his nephew in the online distribution of the Love Fund tomorrow, "I will bring it to my nephew when I go out later." Among the applicants for tomorrow’s Love Fund network, there are not only single mothers who can’t accompany their sons every day, but also many children of elderly people with Alzheimer’s disease. Some elderly people were veterans of the Anti-Japanese War, some elderly people were lost several times, which made their families anxious, and some children used to equip the elderly with mobile phones and carry information cards with them to prevent them from getting lost, but it was not a long-term move. "My grandmother is a die-hard fan of Huang Xiaoming, but she is old. She almost got lost last time. I want to send her a yellow bracelet from Huang Xiaoming on her birthday this year. My grandmother must be very happy to see the gift from her idol!" Behind the little yellow bracelet,It is a family’s affection for the old people that blood is thicker than water, and the practicality of the yellow bracelet is also vividly reflected in the continuous distribution.

　　Huang Xiaoming once said, "Let charity become a habit". With the joint efforts of Huang Xiaoming and Tomorrow’s Love Fund, I believe that the Yellow Bracelet will surely become a popular public welfare concept and a "love messenger" who warms thousands of families.

　　On June 6th, BYD Ocean Net Sea Lion 07EV & Seal 06 DM-i dual-vehicle listing tasting meeting Hefei Station was successfully held in Swan Lake wanda plaza. Two powerful "Wang Fried" models appeared on the same stage, attracting the attention of many citizens.Sea lion 07EV is the first model built by BYD e platform 3.0 Evo. The new car has four models in 550 km and 610 km pure electric versions, and the official price is 189,800-239,800 yuan. Seal 06 DM-i is equipped with the fifth-generation DM insertion and mixing technology, and the official price is 99,800 ~ 139,800 yuan.

　　"From January to May this year, BYD Ocean Network has delivered a total of 720,000 new energy vehicles+.Behind the gratifying data is the trust and support of consumers for marine models. As the backbone of BYD’s brand, Ocean Network faces the new generation of young users, bringing users diversified high-value choices in car purchase. " Juck Zhang, manager of Southern Anhui Region of BYD Ocean Network, introduced in his speech.

　　Sea lion 07EV, over 100 standard items meet the demand of rational young family cars.

　　As BYD’s latest masterpiece, Sea Lion 07EV is positioned as a "medium-sized urban smart electric SUV". The new car has more distinctive new energy attributes and younger product positioning, which fully meets the car demand of rational young families in all aspects.

　　Sea lion 07EV is the first to build a new generation of e platform 3.0 Evo, which integrates five latest technology clusters, namely BYD CTB vehicle safety architecture, 12-in-1 intelligent electric drive, intelligent wide temperature range high-efficiency heat pump, global intelligent fast charging and intelligent motion control. The platform will further improve the performance of vehicle safety, performance and handling.

　　In appearance, Sea Lion 07EV continues BYD’s design concept of marine aesthetics. The lines of the whole vehicle are elegant and smart, and the front face is shaped with an open X, which enhances the sense of strength. The low-lying body is not like an SUV, but more like a coupe. The new car has a length, width and height of 4830*1925*1620mm and a wheelbase of 2930 mm. The overall size has reached the level of medium and large SUVs, providing users with a comfortable driving space.

　　The interior of Sea Lion 07EV is mainly simple and practical, and the instrument panel with suspended wings is the first time to appear on BYD’s new products. The embossed hollowed-out structure is very distinctive, which is integrated with the door panel design on both sides, strengthening the overall embracing feeling of the interior.

　　Speaking of intelligent driving, Sea Lion 07EV not only has DiLink 100 advanced version of intelligent cockpit, but also takes DiPilot 100 Eye of God advanced intelligent driving assistance system, which can easily realize various advanced driving scenarios. The whole new car also comes standard with a new generation of intelligent wide temperature range high-efficiency heat pump system and 12-in-1 high-efficiency intelligent electric drive system to further improve the system efficiency of the whole car; The intelligent electric drive system is equipped with 1200V silicon carbide electronic control, and the maximum speed of the motor can reach 23,000rpm, and its top speed can reach more than 225km/h, which has a better acceleration experience and better endurance performance in daily travel. Sea lion 07EV supports 800V high-voltage fast charging technology, which can charge from 10% to 80% in just 25 minutes, and the terminal charging time is shortened from 30 minutes to 18 minutes, which greatly improves the charging efficiency.

　　"Safety is the greatest luxury". Sea lion 07EV is built with a new generation of CTB vehicle safety architecture, with 11 airbags and driver monitoring AIDS as standard, which provides users with all-round safety protection. The new car adopts the front double wishbone/rear five-bar independent suspension, and is equipped with FSD frequency variable damping shock absorber at the beginning. The four-wheel drive version is also equipped with Yunqi -C intelligent damping body control system, and iTAC intelligent torque control system and multi-scene mode are provided, which further improves the urban driving comfort and outdoor multi-terrain handling.

　　Seal 06 DM-i, Initiating "2 Times" of Fuel Consumption

　　Seal 06 DM-i adopts a brand-new marine aesthetic design. The front face is equipped with an inverted trapezoidal transverse front grille and a long and narrow matrix LED headlight group, which is highly recognizable after lighting. The side adopts a semi-hidden door handle and a slip-back tail design, with double 5-spoke petal-shaped wheels, which highlights the sports atmosphere.

　　In the interior, white+gray two-color color matching, plus chrome trim, highlights the young fashion sense of Seal 06DM-I. The central control adopts the layout of in the heart of the sea, with two colors of dark obsidian black and light sand gray, which further enhances the sense of quality. 8.8-inch full LCD instrument +15.6-inch floating multimedia touch screen, full of technology.

　　Thanks to BYD’s brand-new fifth-generation DM technology, the thermal efficiency of Seal 06 DM-i engine has increased to 46.06%, and the fuel consumption has been maximized. Under the condition of power failure, the fuel consumption of Seal 06 DM-i is only 2.9 liters per 100 kilometers, which is only 23 cents per kilometer, and its comprehensive cruising range has reached 2,100 kilometers, which is equivalent to driving from Shenzhen to Beijing without stopping to refuel.

　　In terms of configuration, Seal 06 DM-i is equally excellent. The whole system comes standard with 13 bright spot configurations, including front McPherson+rear E-type four-bar independent suspension, active air intake grille, NFC key of mobile phone, adaptive rotating suspension Pad, 6 airbags, etc. The high-equipped models will also be equipped with 22kW DC fast charging +6.6kW slow charging, panoramic sunroof, L2 intelligent assisted driving system, etc. Further improve in comfort, safety and intelligence.

　　Summary:

　　BYD’s marine double cars are in full swing, leading the new trend of green travel. From blade battery, easy Sifang, CTB body integration … to the launch of Sea Lion 07EV, the first model of E-platform 3.0 Evo, and the launch of Seal 06 DM-i, BYD constantly uses new energy technology to re-benchmark the industry. The fifth-generation DM directly hit the car fuel consumption to the "2 era", which made many Hefei consumers unable to help but marvel and directly wanted to have a try.