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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?

2d0542c5d10f55ffe77790d3ccbcbfe5

大家好MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGteKuw28-i,我是视知数据研究院的殷罗毕c024acae2be08decab836dffffc6cb96,今天我们来聊聊小米这家公司——为啥明明是手机公司7373d6f2e925a16f0fd24d9580168f23,却总强调自己不是做硬件的?MDAwMDAwMDAwMHmzjtCDtryXjYp_ZbGgkZ-wuLWi

MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGgkZ-wzq2i

e32fb48c197d5a688d4298f1fbf3eaa8504154b9

咱们都知道互联网公司就是比硬件公司更值钱MDAwMDAwMDAwMHmzjtCDtryXjYp_ZbGteK28tbmiMDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGgkZ-wk7mi

800c8843112b19fbbba7e555366bd19f6a83b5f9

上期我们聊过美团点评f54e50bc8f8cf72dd095c1a474c169d7,半年营收260多亿5060eb19a3fbb600a70e65ec89a0b7508f24d9e6,小米半年800亿ca7b182c2ed42cfd1359eee5e524db4d0210a853,营收相差两倍以上960b1e81fef995f022bdafc8902e79d781995f5b,但这两家公司都在香港上市389c9c06eb906b7c7c7bbb6508b2ef6e,市值却几乎一样343c554086936a5d20709bd039a05225。按照2018年10月31日为止的数据641e5e40a8d6f8b404cc691d842c9c7d04446f22,美团点评总市值2767.96亿港币d010db8a867220dd27fb02a04f8037e4,小米总市值2731.89亿港币03fb1aa9491774bc7d57917d538fc7c7NWMxNjdhMzgyZmU1OA==

5a41bd1f4ceadb45218ddc36ab4bec6d9c1eb3f1

XjVjMTY3YTM4MmZlNjk=

QDVjMTY3YTM4MmZlNzE=

375c13dc07e79401da75bdcf28d72df2

MDAwMDAwMDAwMHmzjtCDtryXjYp_ZbGgkZ-xk7Gi

可见45343ecaba1e96cf3f92c757ae57a0c9,纯互联网业务的公司dc7e8807efcb5bdaf5de8618735acfcb,因为海量用户对平台有更强的使用习惯和路径依赖3b7c42cc68e00d616d0ffd4ab785aabb71395a55,尽管营收规模可能相对小些f34fb37514335d15a11d48a287a5241ab6288c87,但在投资市场上会被评估得更有价值MDAwMDAwMDAwMIF9jtCDtryXjYp_ZbGteK28zr2i6a374177ad80a6942e6b2c40dca7aa10

所以雷军总强调要以互联网无限互联的态度看小米44767bcca634f56de34b13905cd8054c,那咱们就找找小米互联网的一面3e15e2e2139b9bb6a8de9e45e89bec86KjVjMTY3YTM4MmZlOTU=

前几年国内大大小小的公司都开始造手机JTVjMTY3YTM4MzAzZTg=。做空调的格力开始做手机0b514359023ccb357ea907ae243c9892896f5810,做家电的海尔开始做手机19fe0db16f3b6f3fb818786243f06abab6e7ba48,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JDVjMTY3YTM4MzAxZGE=,除了因为销量大以外JTVjMTY3YTM4MzAxZTI=,还因为手机是流量入口JDVjMTY3YTM4MzAzZjM=MDAwMDAwMDAwMHujjtCDtryXjYp_ZbGgkZ-ytb2i

a6b121b5529750c9b9b400b540d9763a288c122e

3ba225192fa3501c177a4ddd55c9e6b0

dfccef8fe11c2c2aea0ad3c601a2c2d8dc052629

c9629455abf2a42475f5106c60d03115

d2367d1b5959799b3c5f6e3015ad5e9da4a8bd32

现在app想得到一个新用户MDAwMDAwMDAwMHqNjtCDtryXjYp_ZbGteKu9tbWi,推广成本少说几十块KjVjMTY3YTM4MzAxZjQ=,多的要三五百MDAwMDAwMDAwMH6Qhd6EzMfMgbCZq7F3haCxyKGi。你算算一台小米手机里预装这些应用JTVjMTY3YTM4MzAxZmM=,能省多少推广费?8a61ad54e63457df923fc73a0b0ff294

JDVjMTY3YTM4MmZlZDc=

预装的应用还能持续帮小米赚钱JTVjMTY3YTM4MzAyMDM=,放广告0f5e46c550d358a7d7067dea71ec8f77,卖东西1b945c4b97111dbe71ecc5557990092f,推游戏KjVjMTY3YTM4MzAyMWE=,根据第二季度公告KjVjMTY3YTM4MzAyMjM=,这部分收入有将近40亿f8245701ac0f62fdaaf252d41bb1284f094479b118174c858f1de9b9619032ed07d0c263

MDAwMDAwMDAwMHmNjtCDtryXjYp_ZbGgkZ-9taWi

XjVjMTY3YTM4MmZlZWY=

3a363d48bdeef73e01371071e30f62dcd8da7ace

ITVjMTY3YTM4MmZlZmY=

看着虽然不少ed861e342c807dcb03fb771543475ef8,但在小米总收入中一成都不到MDAwMDAwMDAwMHqNjtCDtryXjYp_ZbGteKywzrGi,和卖手机的收入根本没法比NWMxNjdhMzgzMDQwZg==31bb2d9751520b101d4804e6e74e0a8561498e04

0c7832a8f24cfca5bee9d59a319810e8

小米今年双十一之前就卖了1亿台JDVjMTY3YTM4MzAyM2I=,提前完成任务MDAwMDAwMDAwMIF9jtCDtryXjYp_ZbGteKywk7Gi,全球销量排第四XjVjMTY3YTM4MzAyNGE=,排在三星、华为、苹果之后391d6a98d5699d8c33b142a8c0e5b79cb8f48335MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGgkaCwtaWi

7e8a16a84d698ca1ab6eb7d4af4cba8c1bfc9429

194007084181921935692b5fb8ae9da1

QDVjMTY3YTM4MmZmMzg=

45aad569ccd97283ffe1baced1e0e18076704a66

MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGgkaCxpami

可是手机卖得太好XjVjMTY3YTM4MzAyNTM=,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MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGteKyxtbWi,他曾经公开宣布——小米所有硬件产品利润率不超过5%MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGteKyxuLGi,多赚了钱要返还给用户f58503f5b97be49d1712e41d60bc3033162d945a8852613bab97612c8d4939940d7a1e87

f0eff93609f24059b082e47655260e2f

MDAwMDAwMDAwMHmNjtCDtryXjYp_ZbGgkaCxuK2i

e50bbbbc2cc3ac99f9890cd0f9407cf8

368746e0c0e5b286de1bc7b921a8974d

视知数据研究院挖地三尺dbd91b86b509a06ca5bbd7b4d6ffb7c7,从小米第二季度财报里挖到了数据8d76ea4a7aa95049ea1916ef9d70da68。2018年4-6月27086617a6183a7b2dafaf2edb1be777,小米手机的销售总收入305亿c8abee0f1953aa393b2969c38ea376c1c8b860fd,整体成本是284.6亿MDAwMDAwMDAwMHmNjtCDtryXjYp_ZbGteKyxk72i,剩下的20.4亿就是毛利QDVjMTY3YTM4MzA0MzI=。除一下JTVjMTY3YTM4MzAyOGY=,毛利是6.7%9453ab0bae55022c8a7a688f7ba00cfcc98c240d9a97720d3ec0ff50e1ca295bee1baf18ed5cbb92

2d6be99a89b1559dfc571ae82df6f8d7

4fa2a2ac6018b37ce43bf267c54d0353

757a2b47a1628cf32e1de24834b9fff0

f9fc593e643928ffe5026e1cbdfa170f4ad7623b

9a9d209fc27465e6bb92ca6ddbd72bb6

我之前看过中国企业家杂志的报道KjVjMTY3YTM4MzAyOTc=,说苹果利润率35%5701d4517f9ef7ead8aefba38787f05b,三星是15% 左右6677f634f554fd75ee96cfac0e2936bd,国产手机低一点MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGteKy8tc-i,平均净利率大约为 10%7f27d84c13f14ea90737d6bc14993dc9012c4993MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGgkaC8uLWi

NWMxNjdhMzgyZmZiZA==

这么看小米定价相当良心了40b203fffa3484d85f288709393ac760。但小米很难对苹果、三星甚至华为的定价产生影响bb6e993f29ccebbca739ed51341a9a3e。毕竟习惯花五六千买个手机的主740e0f715678cbfa6750490f71d669cb36b3ea6e,不会在意一两千元为主打的小米b110f0966185f1cd1eff00edb98b9642。小米过去两年卖出的手机平均售价都在800左右XjVjMTY3YTM4MzAyYzU=,扫荡的是大量山寨机和小品牌JjVjMTY3YTM4MzA0Njc=XjVjMTY3YTM4MmZmYzY=

81bc2f92f021b29097769acab97abe638e00268b

KjVjMTY3YTM4MmZmZDY=

MDAwMDAwMDAwMHqNjtCDtryXjYp_ZbGgkaC9pcei

92329a32bba2760f4a94a1b7c955d541

小米还有一块互联网化的大业务ed8604e727bb4448951a8e538b53467c,在公告栏目里写的是“IoT”MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGteKy8k7mi,高大上的翻译方法是消费物联网(Internetof Things)MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGteKy9pbmi,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MDAwMDAwMDAwMHmzjtCDtryXjYp_ZbGteGOxy8ui。再加上毛巾、拉杆箱、雨伞之类e7568f787531e8befd076ccbf67a0850。这些商品在第二季度卖了103.8亿91579ffc61fd590c2ece6f6fd2c8755538e5c9f3MDAwMDAwMDAwMHp9jtCDtryXjYp_ZbGgkaC9uLGi

65cf41402c76a43dad09cda36d58fb86d87244ea

和去年同期相比MDAwMDAwMDAwMHujjtCDtryXjYp_ZbGteKy9qLWi,这部分收入翻番了04d60921873fe75724378e8c03090b89b098fe92,可以说从战略上提升了小米的格局b87b85a5dc73ea3e3bf33779ba0d672913abceb4bd0991edf3c6bbc192c76542c6bc09370f47112a

0790059fc577064101a3979f90a32602

但这里有个大问题JDVjMTY3YTM4MzAyZjU=,手机作为媒介给小米带来的流量MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGteKy9y72i,其实并没有转化出太多销售d3735de6fdcad968a216a70d4f9d1872,小米能卖大量其他产品19b63334d4983260960a0f93cec8200a6101aac3,靠的其实是小米这个品牌的认知度MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGteK2wqLmi,这才是所谓生态链的主体0cbedebe79abf2aa370ebd2843318339NWMxNjdhMzgzMDAyMw==

 1583987da089f946f130a4f81b99901538f9d076

de79bdce4b33666f36c82384a7d8ba05

107efc976c9d63cb59fc423542c079e5d70cfece

d45daef1e752da2630da13feb2bfabef

cf89b8abc5d678d7cfb3266b41f5a37848738e31

这些生态链里的公司很多都是雷军和小米投资的5b0d7e6994da8e2b8e93f499cb4848ba5e43e2c9。招股书里说3aa36dba8d03de9ea7df9a376b9f21cc60496bea,小米共投资和管理超过210家公司MDAwMDAwMDAwMHmNjtCDtryXjYp_ZbGteK2wuL2i,其中硬件公司有90多家3aaea332e904c15c5185ad0d888846d5799780e8MDAwMDAwMDAwMHmNjtCDtryXjYp_ZbGteKqxta2i

KjVjMTY3YTM4MzAwNjE=

623a41e223507e7341486f81afb98085

da276851dcbc24fb2272192251f9069e20c21ccc

QDVjMTY3YTM4MzAwN2I=

5effd6d93fa3b82188fc3b7ee2a285d2

XjVjMTY3YTM4MzAwOGQ=

这些产品其实可以分成三个生态链圈层MDAwMDAwMDAwMIF9jtCDtryXjYp_ZbGteK2wy8ei,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IzVjMTY3YTM4MzAzMzY=,如小米浴巾、雨伞之类XjVjMTY3YTM4MzA0YjA=JjVjMTY3YTM4MzAwOTU=

MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGteKqytb2i

本身也能吸引更多流量来到小米的平台NWMxNjdhMzgzMDM0MA==,成功绕开BAT之前架构的流量平台34304b840932fef212e6a4831afeb327,建立了相对独立的商业生态圈77d7b16c4260ef3d5d468efe6c3bea48,让小米自己也成了一个巨大的流量池4fe8ca662505240d097352c0b0d2ff8eca9092de,而且获得这些流量的过程不但不用多花钱b906b9ab248edecc494666723514265085cd6714,甚至还能赚钱MDAwMDAwMDAwMHqNjtCDtryXjYp_ZbGteGO8y62iIzVjMTY3YTM4MzAwYTQ=

95467d30644e79e79291bdec172fbbcd602d5f65

5792be7ae83e01c915cbb373e0f704fa

MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGteKq8y8ei

754ba065ffcd61c5cb471e8399423fc3

25f520d28254af16bb9bc1070b01a54b

要是单从技术研发投入来看JjVjMTY3YTM4MzAzNjc=,小米2017年的研发投入只有32亿人民币JjVjMTY3YTM4MzAzNmY=,占总收入的2.7%MDAwMDAwMDAwMHujjtCDtryXjYp_ZbGteK2x26Wi,称不上典型的技术驱动型公司MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGteGO8zqmiJDVjMTY3YTM4MzAwZDc=

KjVjMTY3YTM4MzAwZGY=

但从应用场景的搭建和用户渠道的建设来说74775d44061354ba59dbae8eead7c3134e026f8d,小米确实是一家有着一定生态链构架的互联网公司565858db7d3581be112b8964f78e4d9b987a409a,而不是一家纯硬件公司ITVjMTY3YTM4MzA0Yzk=。既然是生态嘛XjVjMTY3YTM4MzAzOGY=,理论上会比纯卖硬件的格力更有前途MDAwMDAwMDAwMIijjtCDtryXjYp_ZbGteK2ytaWi,但长远能长啥样9802581e09361c9a957966648ab62bcc81b8ebaa,还得靠雷布斯的努力了MDAwMDAwMDAwMH6Qhd6EzMfMgbCZq7F3iZ282KGic3bb2c3ced3ca40cd69f430e90db79c984bbfe46

MDAwMDAwMDAwMHqjjtCDtryXjYp_ZbGteKq9uKmi

JDVjMTY3YTM4MzAwZjk=

NWMxNjdhMzgzMDEwMw==

692fd5915aaadf011c86b32183e115b92e93f02d

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1fb2229c2b630ef592334f4fd05aae70

IzVjMTY3YTM4MzAxMWQ=

THE ENDMDAwMDAwMDAwMIF9jtCDtryXjYp_ZbGteKuwuLmi

XjVjMTY3YTM4MzAxMmQ=

9fbc30cc3499215258972bd243bdad9c01cb0a16

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