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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?

96d624f14986d39c2abc01d71e0f4c78c4e2f0d0

大家好IzVjZTRmY2JmMzAwMGM=,我是视知数据研究院的殷罗毕MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGteKqwqL2i,今天我们来聊聊小米这家公司——为啥明明是手机公司7427ac1b387cfbc4e29b9801945b5eebb6778522,却总强调自己不是做硬件的?MDAwMDAwMDAwMIF9jtCQtrXRjWh8nrGgkZyxy7Wi

MDAwMDAwMDAwMIF9jtCQtrXRjWh8nrGgkZyx27Wi

MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGgkZyypa2i

咱们都知道互联网公司就是比硬件公司更值钱a2ad1ac29e49cd5160e699d4539624189d5f4324MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGgkZyyqLWi

ITVjZTRmY2JmMmZiOWU=

上期我们聊过美团点评23e6668e23fcabcf671fe779124ab240,半年营收260多亿9819ce485c5732b63608b556ccb03041346c3761,小米半年800亿JjVjZTRmY2JmMzAwNTA=,营收相差两倍以上4d6609e05937edf394cc270b08b087f1,但这两家公司都在香港上市f495cc48cf6df8c8dbf0bfa9f51b2e77,市值却几乎一样2d09decdf112f3fd33ea7b8cd2791cf41a3ba4b1。按照2018年10月31日为止的数据619ecd0e4e5eecba83832997749665c64cb6e306,美团点评总市值2767.96亿港币4277078f94b8c8b438a83425585a63f25aa32cef,小米总市值2731.89亿港币506a8e6298f81f035fcc2f78df0acf00JjVjZTRmY2JmMmZiYTg=

MDAwMDAwMDAwMHqjjtCQtrXRjWh8nrGgkZy8uKmi

70164b39f61e3c2506b837773db0be3bc5148e67

NWNlNGZjYmYyZmJjMw==

1f8bbd4ba5d68f13f0f3e725fc339b656435a4a2

ab901b2ecc99d175e164422ab8a02eaa

可见7042634a35f27d3c65706ff7a635bbf49ea28c7d,纯互联网业务的公司7f9d0b9e26b31ae5908db08019a78e3e,因为海量用户对平台有更强的使用习惯和路径依赖3e20a3db78d696633bd9373d2fc9d80a,尽管营收规模可能相对小些f3012858853d93bd60e320ad8bc31929,但在投资市场上会被评估得更有价值MDAwMDAwMDAwMHqjjtCQtrXRjWh8nrGteGWxpbmiMDAwMDAwMDAwMHmNjtCQtrXRjWh8nrGgkZy9pcui

所以雷军总强调要以互联网无限互联的态度看小米JjVjZTRmY2JmMzAwYzM=,那咱们就找找小米互联网的一面IzVjZTRmY2JmMzA2NTY=cfa341fde70eb21e71da2c4f08255dcc2ac436fa

前几年国内大大小小的公司都开始造手机088d718a56b8377c6bcd8581c15dd40276e48ed9。做空调的格力开始做手机XjVjZTRmY2JmMzAwY2Y=,做家电的海尔开始做手机XjVjZTRmY2JmMzAwZGI=,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56074cabbfc2d90fe304b66b6578f96943137054,除了因为销量大以外MDAwMDAwMDAwMIijjtCQtrXRjWh8nrGteKq9uLGi,还因为手机是流量入口fc4d22e101e92d882f845d462bacb7a4MDAwMDAwMDAwMHmNjtCQtrXRjWh8nrGgkZy9uK2i

e878e00436a945b13ab23307e19bf6fb75036a5b

f93fe6e0bb99b4e941daf1211e39e2fe

MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGgkZ2wqKmi

MDAwMDAwMDAwMIijjtCQtrXRjWh8nrGgkZ2wuKmi

MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGgkZ2wy8ui

现在app想得到一个新用户ef8b57624e6671a9327adad022b709a77eb3d30c,推广成本少说几十块836390147939f372b4d8bb3949c6b146,多的要三五百MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGteGWxy7mi。你算算一台小米手机里预装这些应用MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGteKuwtbGi,能省多少推广费?ITVjZTRmY2JmMmZjNDU=

d4cb5ae6f86547dbf4fa12755c17995265132696

预装的应用还能持续帮小米赚钱MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGteKuwy7Gi,放广告MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGteKuw262i,卖东西f5aa483bf6dee5048b81da6faf2b15cd5ba00632,推游戏d77f42312daed117bba6758c50e6f9ef,根据第二季度公告8782f3c4d9f5e44d8173f62ef9f62222b56d0cc3,这部分收入有将近40亿9ba564cf9525b4ed92f360f5d91ade8ebed1e8deJjVjZTRmY2JmMmZjNWU=

MDAwMDAwMDAwMIijjtCQtrXRjWh8nrGgkZ2xy6Wi

2e8859e23085714dab4d03faa1ec14f5c1fb2eb9

MDAwMDAwMDAwMHmNjtCQtrXRjWh8nrGgkZ2x28ei

97f1549a61ec32b17140ed9b2472d18936412181

看着虽然不少MDAwMDAwMDAwMIijjtCQtrXRjWh8nrGteKuxzrmi,但在小米总收入中一成都不到7ae4a93fae53dafa2436029d92c5c1feae7162b1,和卖手机的收入根本没法比MDAwMDAwMDAwMHqjjtCQtrXRjWh8nrGteGWx28uiMDAwMDAwMDAwMIijjtCQtrXRjWh8nrGgkZ2yqK2i

3c1569381f3605d608c079615b67dd3d

小米今年双十一之前就卖了1亿台MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGteKuypcui,提前完成任务JDVjZTRmY2JmMzAxYTI=,全球销量排第四MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGteKu8tbWi,排在三星、华为、苹果之后QDVjZTRmY2JmMzA2ODc=MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGgkZ28uLWi

MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGgkZ28y8ei

dc3fded739db4cf59d15e1b941270674

QDVjZTRmY2JmMmZjZGM=

532e8e19140a16fb54f828b679707db3f3cddd79

MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGgkZ29tc-i

可是手机卖得太好MDAwMDAwMDAwMH6QhtKEqb3OjaOLq7F3fZy9oqGi,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1d5a7e03b83e913a5155c12aed065e1a0c4a52af,他曾经公开宣布——小米所有硬件产品利润率不超过5%MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGteKu9qLWi,多赚了钱要返还给用户2feafce59d2c52c9638ecf06fb9243fa03c4f5d8IzVjZTRmY2JmMmZkMDU=

f4ef82dac46db723e78c406988fa0e5761a70727

MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGgkZ6wta2i

XjVjZTRmY2JmMmZkMjk=

c4b006e2cfd723f42b497aad0b9fcb8031b1966f

视知数据研究院挖地三尺JTVjZTRmY2JmMzAxZjY=,从小米第二季度财报里挖到了数据ITVjZTRmY2JmMzA2OTU=。2018年4-6月0ca857d2fdd6485e0e22709a1c21797c,小米手机的销售总收入305亿MDAwMDAwMDAwMIijjtCQtrXRjWh8nrGteKywpcei,整体成本是284.6亿4f7e39088aed3e437842d32a281bc183,剩下的20.4亿就是毛利MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGteGWytb2i。除一下31fecb16d333428f2acbe060ce7b117b1b0477a2,毛利是6.7%f647ac57e7bb7bdf8e9368d4e9341fe71e7ad091b4b837aed29c68d51fe7192faedd71d526c4abf7

MDAwMDAwMDAwMH6QhtKEqb3OjaOLqr6giGO82KGi

MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGgkZ6xtcei

8a978c88c564cdcfbbcab5b2287b80e3922d6b2d

JDVjZTRmY2JmMmZkODA=

6e59bacd1d1edb4630371b88e6d8171f3159a312

我之前看过中国企业家杂志的报道dd0eff94d845d6a88f784c61d335a4870ed2e061,说苹果利润率35%03936ee122a1b4a66861312163991776,三星是15% 左右QDVjZTRmY2JmMzAyNWM=,国产手机低一点KjVjZTRmY2JmMzAyNjg=,平均净利率大约为 10%1c9cbb1a5a7ab3fbb0347420a04abd38JjVjZTRmY2JmMmZkOTk=

907ad6ecee7b6f3d71f7283bbbc9122b

这么看小米定价相当良心了46db1da9eaad2e55e87e0a0fb41d02589e0af567。但小米很难对苹果、三星甚至华为的定价产生影响b829da4b3f18315602713091bc5c0a5a。毕竟习惯花五六千买个手机的主MDAwMDAwMDAwMIF9jtCQtrXRjWh8nrGteKyxzqmi,不会在意一两千元为主打的小米cdc65d23b4f59fc8ec3088867ee867baae7dcc48。小米过去两年卖出的手机平均售价都在800左右f05d62cf84cc4b667b2767a8a4f6f2bf4bb0a7c9,扫荡的是大量山寨机和小品牌37ba8fd66feca23e78fa3bcd621f2eb9a18ec6ffaf4eb2de20f8a2e0ac09e696

MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGgkZ6826Wi

MDAwMDAwMDAwMHmNjtCQtrXRjWh8nrGgkZ69pc-i

NWNlNGZjYmYyZmRmZQ==

57285be87a73b1ca13135fdc2eb63fd2

小米还有一块互联网化的大业务2c70cb2bbb9dfee49a6efd96ebd72899cc4a6af2,在公告栏目里写的是“IoT”f8664c72288ba4be8d6e891176d4dc83,高大上的翻译方法是消费物联网(Internetof Things)QDVjZTRmY2JmMzA1MTE=,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JDVjZTRmY2JmMzA2ZGE=。再加上毛巾、拉杆箱、雨伞之类182e0c9e6295f2698012cf75ac4567bb。这些商品在第二季度卖了103.8亿MDAwMDAwMDAwMHujjtCQtrXRjWh8nrGteGW9ta2iJjVjZTRmY2JmMmZlMTk=

MDAwMDAwMDAwMHqjjtCQtrXRjWh8nrGgkZ-wuK2i

和去年同期相比e18388196c37b8692d81a115ad9f0812fce45bac,这部分收入翻番了1f0b27724df10fa945e710988a00fec3a9197fc8,可以说从战略上提升了小米的格局ITVjZTRmY2JmMzA2ZjM=74c8e9cf2b274304c3da0e0a29dd0c44

KjVjZTRmY2JmMmZlNDA=

但这里有个大问题820a0ec23a6ca3798c719ac5f308819bc8e35aca,手机作为媒介给小米带来的流量MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGteGSwk6mi,其实并没有转化出太多销售MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGteGSxqKmi,小米能卖大量其他产品MDAwMDAwMDAwMHqjjtCQtrXRjWh8nrGteGSxtcei,靠的其实是小米这个品牌的认知度4601e10d4fe954682d41a019e6b21827,这才是所谓生态链的主体e12e632cb68f4ad860583bc558981f5fce1d380a141329cb1754d0d4a9cbcd723810cae5

 KjVjZTRmY2JmMmZlNWQ=

KjVjZTRmY2JmMmZlNmM=

MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGgkZ-xzrmi

QDVjZTRmY2JmMmZlODU=

MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGgkZ-ypcei

这些生态链里的公司很多都是雷军和小米投资的b48c09d69b2da30963bfc5cd74d5f963b95f34b4。招股书里说MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGteGSx27Gi,小米共投资和管理超过210家公司MDAwMDAwMDAwMIF9jtCQtrXRjWh8nrGteGSypaWi,其中硬件公司有90多家99c512febda1336f44ae76ef1d631fc6MDAwMDAwMDAwMHmzjtCQtrXRjWh8nrGgkZ-ytbGi

28f57d66d32d0eb9fc5deb2bc1734cff1ae4d254

734bfc6fccdea1c601bfbc2ca4841a6f5633093d

NWNlNGZjYmYyZmVjNg==

2dbe978a46f0e01dfb21a723fe668a64

b86ef4486de0a60e20c601f8ab3f98bbe9fa3421

MDAwMDAwMDAwMIF9jtCQtrXRjWh8nrGgkZ-9tcui

这些产品其实可以分成三个生态链圈层XjVjZTRmY2JmMzA1OTc=,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11816d47cc2600e01d91cec85d41aec8,如小米浴巾、雨伞之类d29e2110e92d56e86ee288af0f86f5c5b57909a9d938600b6059951cf3a30e93666c5c49

JjVjZTRmY2JmMmZmMGM=

本身也能吸引更多流量来到小米的平台eb7d9d82f4969d6eb69475d0e88c9f24195f951b,成功绕开BAT之前架构的流量平台MDAwMDAwMDAwMHqNjtCQtrXRjWh8nrGteGS8zq2i,建立了相对独立的商业生态圈ae34ce916bc7bcb5653cc73dbe4d48d7,让小米自己也成了一个巨大的流量池NWNlNGZjYmYzMDVkMQ==,而且获得这些流量的过程不但不用多花钱df61fb96050a7463b24393dcd8ba608f8e64e50c,甚至还能赚钱JDVjZTRmY2JmMzA3MWI=XjVjZTRmY2JmMmZmMWM=

KjVjZTRmY2JmMmZmMjg=

JDVjZTRmY2JmMmZmMzc=

c553a075c5acc4be4d21ce07b99b87b0e65b474c

JjVjZTRmY2JmMmZmNTA=

b1529d4b7300a67c4f134ba8167bf743

要是单从技术研发投入来看6211ee8deb908faabb8eb5f67d1c5a34242f8d88,小米2017年的研发投入只有32亿人民币d5529a4dd1d3a82bf1a15ea496649950,占总收入的2.7%259e6b9a60a8b6918de373e5bebd703d779d0d4a,称不上典型的技术驱动型公司IzVjZTRmY2JmMzA3MjI=d444699883cebbed8cc3547b8ee36ec8d3bb1395

MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGgkaCxzrWi

但从应用场景的搭建和用户渠道的建设来说JDVjZTRmY2JmMzA2MDA=,小米确实是一家有着一定生态链构架的互联网公司989e352c55b93b98705aa6036433e8b4,而不是一家纯硬件公司a00aca5b6fece1ef3ae4c0d532108f3ead21e1e5。既然是生态嘛a1c40ec30495be6c1477f22b5ba2b5e7,理论上会比纯卖硬件的格力更有前途4f7ed7c2e6963f37e5fecb1b86f0f96e,但长远能长啥样MDAwMDAwMDAwMHp9jtCQtrXRjWh8nrGteGWwuLmi,还得靠雷布斯的努力了8c967a441cecebb9a7c4cba2d0a7d8a596f782486445038f28c1e10021b41fb9fff91eb62d255b92

JDVjZTRmY2JmMmZmOTE=

JDVjZTRmY2JmMmZmOWQ=

e1ec7636e6896a852578ed89589bb536bc8fb939

cf99855296e0b869fb9d7020f53a24ad58fe4467

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ca994a50621168c17614bd4e3547b5f4

6846e40d24fcd2ec5958b329d19ef8f6600553b8

THE END94feccf1d6fba2f106f306920436abb21fd5e85d

XjVjZTRmY2JmMmZmZTk=

b72e4006838b30fc37aa47d4c603d0aa

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