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小米卖这么便宜,怎么做成了市值两千多亿的公司?

a67ac9825acaeee50555c8603590d2031be1052c

大家好a1a0311ae98217f7f5ba895161617b9b086e4707,我是视知数据研究院的殷罗毕479f23498d31a1f89d4ceaa6bd6ba101a09199ac,今天我们来聊聊小米这家公司——为啥明明是手机公司XjVjNmVkNTA3ODk3NjE=,却总强调自己不是做硬件的?bac0c656367a23bc10eb502a9d554921

ITVjNmVkNTA3ODk0NmE=

cfedc78a0fad52ddd7c1fbfc3714f4f7

咱们都知道互联网公司就是比硬件公司更值钱7d5a315047327531ab4d25e5420b6f6fXjVjNmVkNTA3ODk0N2Y=

a181d3abffaf2270ceb43279102b5dfc4d4b38cb

上期我们聊过美团点评MDAwMDAwMDAwMHmzjtCEz7nPgopzZLN3omaxy62i,半年营收260多亿b767fee33f534957ad34fbbb17e87392,小米半年800亿KjVjNmVkNTA3ODk3N2M=,营收相差两倍以上249baa21cabc367b1d8678c2d23398bc3dfee757,但这两家公司都在香港上市2fe63ccd4c7c4d20984b2ee2d8fd62bf,市值却几乎一样JTVjNmVkNTA3ODlhNWQ=。按照2018年10月31日为止的数据XjVjNmVkNTA3ODk3OTI=,美团点评总市值2767.96亿港币69d0090217e6d7d8979e0377c41967ca6d57804e,小米总市值2731.89亿港币JDVjNmVkNTA3ODlhNjU=MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omOypcui

5999ead43dc3d10dacdb44cbc09221285af52928

MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omOyuKmi

MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omO8tbGi

NWM2ZWQ1MDc4OTRiNA==

JTVjNmVkNTA3ODk0YmM=

可见MDAwMDAwMDAwMHmNjtCEz7nPgopzZLN3omayuKmi,纯互联网业务的公司ITVjNmVkNTA3ODk3YTk=,因为海量用户对平台有更强的使用习惯和路径依赖JTVjNmVkNTA3ODk3YjI=,尽管营收规模可能相对小些XjVjNmVkNTA3ODk3YmE=,但在投资市场上会被评估得更有价值f0edcbd8ad216571665dea6141d29474KjVjNmVkNTA3ODk0YzQ=

所以雷军总强调要以互联网无限互联的态度看小米69fe5c0e1576c3f117e6701db811bf7f,那咱们就找找小米互联网的一面MDAwMDAwMDAwMHp9jtCEz7nPgopzZLN3o5uxzrmie026066e27056b7aaadf9e9ecd2e644e

前几年国内大大小小的公司都开始造手机8985b756ff148e923454217cf5bbce6498aae46f。做空调的格力开始做手机47a80a2ae6b827e5e5bc1fa16adba803,做家电的海尔开始做手机c1f7ed8ca9a99c2f719d8f4293f300e3,TCL 、联想、锤子还有那个大家现在可能已经想不起来的乐视也做了手机df26ee4c85f1a918dfc9bb1e3fd2dc335764be2b,除了因为销量大以外QDVjNmVkNTA3ODk3ZTM=,还因为手机是流量入口2e9bcef980cb54ad595318fb99aca665QDVjNmVkNTA3ODk0ZDg=

KjVjNmVkNTA3ODk0ZTE=

9f9f2bd6141b28a736e28c9ca25dbbea5e5bd3ff

MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omO9uK2i

NWM2ZWQ1MDc4OTRmYw==

KjVjNmVkNTA3ODk1MDU=

现在app想得到一个新用户MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3oma9tbWi,推广成本少说几十块IzVjNmVkNTA3ODk4OTQ=,多的要三五百JjVjNmVkNTA3ODlhOGY=。你算算一台小米手机里预装这些应用4a08a14cac1b87146aaa46d2c20d5018366cccbe,能省多少推广费?MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omSwpb2i

533921bc88fb980a55a6d6543ca000b63cf41490

预装的应用还能持续帮小米赚钱66867c1ffa3c8ff7388c384ef9063f3aed54f111,放广告XjVjNmVkNTA3ODk4YjE=,卖东西MDAwMDAwMDAwMH6QhZiQubSVgXqVZbOHn5yxoqGi,推游戏MDAwMDAwMDAwMHp9jtCEz7nPgopzZLN3ome8zq2i,根据第二季度公告MDAwMDAwMDAwMIijjtCEz7nPgopzZLN3ome827Wi,这部分收入有将近40亿00851a99410338ffd7ec0ba3ef498781cecb1f04IzVjNmVkNTA3ODk1MWQ=

MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omSwuLmi

JjVjNmVkNTA3ODk1MmU=

a5764d190ab2eff0d790245252d0ebed83f76411

XjVjNmVkNTA3ODk1M2U=

看着虽然不少MDAwMDAwMDAwMHmzjtCEz7nPgopzZLN3ome8k62i,但在小米总收入中一成都不到08988beac9f6d0876fd8e0cb6cd02569,和卖手机的收入根本没法比MDAwMDAwMDAwMIijjtCEz7nPgopzZLN3o5uytceif9aa9a62d633a267f4093e2366f3f94730739712

03d7da17c8e851e073e8ffd3ed1036bd08d6dc66

小米今年双十一之前就卖了1亿台IzVjNmVkNTA3ODk4ZTA=,提前完成任务MDAwMDAwMDAwMIF9jtCEz7nPgopzZLN3ome9tami,全球销量排第四03f4b5912dfd20dd0a72623f8a7b2485,排在三星、华为、苹果之后73f1ab38c8a979e254e5895b8ba13ca7KjVjNmVkNTA3ODk1NTc=

MDAwMDAwMDAwMH6QhZiQubSVgXqVZbOHjGS8sqGi

MDAwMDAwMDAwMH6QhZiQubSVgXqVZbOHjGWxyKGi

728f939e68222063b6410ede71a8fd14

c9b7665b06e0d4073bd3f4d40ffffa0d

4704169b72bf522352c191b5f9005763d7a2868c

可是手机卖得太好78036781d25d9ff0fe9ce87ab52d0489,不又成了硬件公司了吗?所以雷军总强调小米可不是靠卖硬件赚钱7177aedbc1d4d93beb51c19b7a782e63,他曾经公开宣布——小米所有硬件产品利润率不超过5%QDVjNmVkNTA3ODk5MDg=,多赚了钱要返还给用户bfe8350f203f7edef9a82bae15c946c1bb924f500a5f842f52e5ae832b03118d

MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omSytbGi

MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omSyuLWi

JTVjNmVkNTA3ODk1YWE=

6e7103b8f2ad959db1496da93c6c9ab679c1be91

视知数据研究院挖地三尺MDAwMDAwMDAwMIF9jtCEz7nPgopzZLN3omiwqKmi,从小米第二季度财报里挖到了数据MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3o5u8y6mi。2018年4-6月MDAwMDAwMDAwMHmzjtCEz7nPgopzZLN3omiwtami,小米手机的销售总收入305亿NWM2ZWQ1MDc4OTkyMQ==,整体成本是284.6亿JTVjNmVkNTA3ODk5Mjk=,剩下的20.4亿就是毛利43786ede471b2bc909a8bddda717d2297d8ef2cc。除一下e6f67ce93d713010ab489b2e957d3895,毛利是6.7%5e082f6265f3f4ed4cf757a6949f1fceXjVjNmVkNTA3ODk1YmE=

MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omS8zq2i

ff67c0b744403511b570cf68b1a1ab374ea422e2

KjVjNmVkNTA3ODk1ZDU=

XjVjNmVkNTA3ODk1ZGQ=

XjVjNmVkNTA3ODk1ZTg=

我之前看过中国企业家杂志的报道e1ecd6c3992de83e49b07c68cd004507,说苹果利润率35%MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omiwk6mi,三星是15% 左右c213f0885479ca79060a1cb1c2d239aa,国产手机低一点1ba9f847ab489212503dde0e2ba49d72,平均净利率大约为 10%f1f042984c906d290bb34bf7ac236799MDAwMDAwMDAwMIijjtCEz7nPgopzZLN3omS9tc-i

f72e6d2a48910ffc0f7640bb606004041e0f2951

这么看小米定价相当良心了MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3o5u8k72i。但小米很难对苹果、三星甚至华为的定价产生影响MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3o5u9pb2i。毕竟习惯花五六千买个手机的主2be8648a0a4f79b2527b0dbc5b1077620763794d,不会在意一两千元为主打的小米MDAwMDAwMDAwMHmNjtCEz7nPgopzZLN3o5u9qL2i。小米过去两年卖出的手机平均售价都在800左右MDAwMDAwMDAwMHqjjtCEz7nPgopzZLN3omixuLmi,扫荡的是大量山寨机和小品牌869579b834279ec963b9b0e76b09487ee9ca698235f29c6d0911f6a9affda9d77660f412

8daa10892a1f84952060528370e38a27

ITVjNmVkNTA3ODk2MGQ=

JjVjNmVkNTA3ODk2MTQ=

MDAwMDAwMDAwMHp9jtCEz7nPgopzZLN3omWwtbmi

小米还有一块互联网化的大业务46bff180ec8c55590bb32c6594dcec67,在公告栏目里写的是“IoT”bd2207dba5f116ee20d1ef6e97d99f9c,高大上的翻译方法是消费物联网(Internetof Things)6f6557249a5f8112ff7f96d3177c2e12,其实就是大家平时玩的电子手环、平衡车、扫地机器人和智能音箱之类MDAwMDAwMDAwMIF9jtCEz7nPgopzZLN3o5u9uLWi。再加上毛巾、拉杆箱、雨伞之类8456e288795244ece17d4d55ee90b4bc44a752e5。这些商品在第二季度卖了103.8亿b0dbf3e518037f1f48454b460010667e29b077b846e70acda272d03dc857989033c1a6fb

MDAwMDAwMDAwMIF9jtCEz7nPgopzZLN3omWwy8ei

和去年同期相比cb135cec5704f88fbc1cbf16dc00e88f,这部分收入翻番了07fd7684c07c27eb0233f903184ec19d7d235ada,可以说从战略上提升了小米的格局d7a8acec8b0e79e8e7e73fd1c678eb5488c262dca5555b6bd9e84f1715405213bf8708f1730975b6

MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omWw28ui

但这里有个大问题QDVjNmVkNTA3ODk5OTE=,手机作为媒介给小米带来的流量MDAwMDAwMDAwMHp9jtCEz7nPgopzZLN3omiyta2i,其实并没有转化出太多销售MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omiytc-i,小米能卖大量其他产品0ae5b6adf09e5e05c22a6e42b9576e529ef27b81,靠的其实是小米这个品牌的认知度KjVjNmVkNTA3ODk5YWY=,这才是所谓生态链的主体MDAwMDAwMDAwMHqjjtCEz7nPgopzZLN3o5ywpc-i7f65c9aec62e248eb855c30130ac66f427c61596

 fcd2204a4db5338c8f8646e401f252d9

MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3omWxtami

e4dc0c6a7738a60a07bac1d7cbc0bac89fed34b5

IzVjNmVkNTA3ODk2NjU=

40ee44dbb43a80e19c50e8fbc735d41c2146046c

这些生态链里的公司很多都是雷军和小米投资的MDAwMDAwMDAwMH6QhZiQubSVgXqVZbOKgKuw2KGi。招股书里说ad48b0fca53dbdae9cfd77de69f8f935,小米共投资和管理超过210家公司d4c7d5d0f90d01ac44a786d68063bc6fb75db92a,其中硬件公司有90多家MDAwMDAwMDAwMIijjtCEz7nPgopzZLN3o5ywuK2i61f1916b9fd6817f2dfa4ff589f1dba962df04a4

MDAwMDAwMDAwMHmzjtCEz7nPgopzZLN3omWx27mi

KjVjNmVkNTA3ODk2ODI=

JTVjNmVkNTA3ODk2ODk=

IzVjNmVkNTA3ODk2OTA=

7b736e053e4d4d1fa5986f80018635c6cf8c6e96

595b9ebffdecb13d7689ce7435ee2b3f

这些产品其实可以分成三个生态链圈层08751164f0099aa59a33720802494910,第一圈层是手机周边——耳机、移动电源、手环;第二圈层是智能家居——扫地机器人、智能音箱、空气净化器、智能血压计;第三圈层是家庭日常消耗品1123dc292b898232e512992e629eda4d,如小米浴巾、雨伞之类58f9c53522dc0938f4c2bb4f05d12067XjVjNmVkNTA3ODk2YWI=

eba551900301d6c6c9f276f894c1461c

本身也能吸引更多流量来到小米的平台bf1ffc0de427957e4b290793f87dad30f741c3f7,成功绕开BAT之前架构的流量平台JDVjNmVkNTA3ODk5ZWU=,建立了相对独立的商业生态圈XjVjNmVkNTA3ODk5ZmQ=,让小米自己也成了一个巨大的流量池409a9b1b5f5f8bbdfc0be331f52cc108fb974f72,而且获得这些流量的过程不但不用多花钱13b88044203e53a12f8dcc40380acaa028c9fd37,甚至还能赚钱JjVjNmVkNTA3ODliMzI=MDAwMDAwMDAwMIF9jtCEz7nPgopzZLN3omW8y7Gi

486c21c9763b7fca67737f9b8a7181bddc2d3454

ITVjNmVkNTA3ODk2Y2E=

49157435195ecbeefb2f67dcb88487fa

461a87dedf199b021eaaca75ac22792c

19f1e565bf5345673dd235832111251f

要是单从技术研发投入来看JjVjNmVkNTA3ODlhMTM=,小米2017年的研发投入只有32亿人民币JjVjNmVkNTA3ODlhMWE=,占总收入的2.7%1579849f74a01e66ac587ea720ff25fa,称不上典型的技术驱动型公司ec1c1f111363e982ed306a47827b3222e3a33e748d565e25ed0b7e2b3db07b7ec7b367b50951c2b1

e42c3d08222515bbb9a76c92bd38983f

但从应用场景的搭建和用户渠道的建设来说JjVjNmVkNTA3ODlhMjg=,小米确实是一家有着一定生态链构架的互联网公司JTVjNmVkNTA3ODlhMzE=,而不是一家纯硬件公司MDAwMDAwMDAwMHqNjtCEz7nPgopzZLN3o5ywk62i。既然是生态嘛48c9b56d071d1c79ef13e0ca51adf1fa7cd5c4b3,理论上会比纯卖硬件的格力更有前途IzVjNmVkNTA3ODlhM2Y=,但长远能长啥样MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3o5uxpaWi,还得靠雷布斯的努力了QDVjNmVkNTA3ODliNDg=MDAwMDAwMDAwMHqjjtCEz7nPgopzZLN3omW9y8ei

JjVjNmVkNTA3ODk3MDY=

MDAwMDAwMDAwMHmNjtCEz7nPgopzZLN3omawpcei

MDAwMDAwMDAwMHujjtCEz7nPgopzZLN3omawqLmi

MDAwMDAwMDAwMIijjtCEz7nPgopzZLN3omawtbmi

信息与数据来源:1.小米招股书2.2018Q2季度业绩公告3.小米官网4.老虎证券5.艾瑞咨询6.IDC咨询7.雪球周刊71ae864413016ff95d63f160d058f1f67016de85

MDAwMDAwMDAwMH6QhZiQubSVgXqVZbOHmqyyoqGi

THE ENDIzVjNmVkNTA3ODk3Mzc=

ad258d399a5612ceeb19be800944554282846e7c

MDAwMDAwMDAwMHmzjtCEz7nPgopzZLN3omawk72i

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