At 9 am on July 9, 2018, Xiaomi Group was listed on the Hong Kong Stock Exchange with an issue price of HK$17 per share, corresponding to the company’s market value of 380.394 billion Hong Kong dollar, equivalent to 48.47 billion U.S. dollars.
A year ago today, Smart Things has seen revenue, profit, technical reserves, ecological chain concerns, and share price ,Valuation and other dimensions have carried out a deep dismantling of Xiaomi Company, and restored 6 hidden worries after Xiaomi's layers of armor. (Great moment: Xiaomi’s fate)
the entire A year has passed.
In the past year, smallMi has frequently carried out 21 share repurchases with 1.175 billion Hong Kong dollars of funds, but still cannot restore the decline in stock prices. Xiaomi's stock has dropped from a high of HK$22.2/share to today's HK$9/share, corresponding to the company's market value of 231.122 billion Hong Kong dollars, equivalent to US$29.62 billion (closing data on July 8, 2019).
In other words, within a year, the market value of Xiaomi lost nearly HK$150 billion.
——Xiaomi’s market value of less than 30 billion U.S. dollars today is not only a far cry from the "100 billion U.S. dollars market value" that Lei Jun called out before the listing. Even better than the valuation of Xiaomi's E round of financing at the end of 2014The US$45 billion is still 1/3 lower.
In the past year, the mobile phone industry Turbulence, the top players became more and more powerful, Gionee, Meitu, Hammer Technology, and 360 lost their voices one after another. 5G has become the hottest topic nowadays, everyone is asking, what happened to Huawei? What happened to Qualcomm? Where is 5G? The Xiaomi mobile phone, which once knew the topic marketing best, seems to be weaker in this round of 5G propaganda battle.
In the past year, 12 months, Xiaomi has carried out more than 12 intensive personnel/structure adjustments, and newly established a major appliance division, AIoT Strategy Committee. Xiaomi has entered the air-conditioning industry for the third time. Lei Jun announced that it will be "All in IoT" starting in 2019.
Also in this year, Lei Jun After losing the much-anticipated 1 billion bet with Miss Dong, Xiaomi’s IoT business still only accounts for 25.1% of total revenue and 20.3% of total gross profit. (Depth: What is behind the gap between Xiaomi and Gree’s 25.1 billion revenue ?)
In the past year, the global situation has been turbulent, technology has been shaped into weapons, and chips and 5G have been given a political significance. Inverse The undercurrent of globalization rises from every corner of the world, and black swans fly out frequently.
Now, on the first anniversary of Xiaomi’s listing, Zhitong once again focused its attention on this to see if Xiaomi is not the same Xiaomi, and is the world the same?
The market value has shrunk, and the stock price has collapsed strong>
At this time a year ago, Xiaomi was listed on the Hong Kong Stock Exchange at a price of 17 Hong Kong dollars per share. Within 10 days of its listing, its stock price once rushed to a record high of 22.2 Hong Kong dollars per share. Position.
However, in the next oneThroughout the year, Xiaomi could not reproduce the glory of that day.
Starting on July 19, Xiaomi’s stock price began to turn around and fall.
On August 30, Xiaomi closed at 17.14 Hong Kong dollars per share. This was the last time Xiaomi’s stock closed at an IPO price higher than 17 Hong Kong dollars.
The next day, Xiaomi’s stock price fell to 16.8 Hong Kong dollars per share, officially broke, and never returned to more than 17 Hong Kong dollars.
In the following four months, Xiaomi’s stock price continued to fluctuate and fall, but it has also beenMaintained at around 12 Hong Kong dollars per share.
The first stock price crisis occurred in January this year.
In January 2019, affected by news such as the lifting of the ban on 3 billion restricted shares, Xiaomi’s share price continued to plunge, falling below HK$12, HK$11... …
On January 16, Xiaomi officially "breaks through 10", and its stock closed at HK$9.7/share , Hitting the lowest point in history at that time.
It was also after the end of this day that Xiaomi announced the stock repurchase for the first time—stock repurchase refers to " The “listed company’s repurchase of the company’s stock from the open market” is generally used to stabilize and increase the stock price and prevent operational crises caused by the collapse of the stock price.
Xiaomi conducted three intensive stock repurchases on January 17, 18, and 22. Subsequently, XiaomiThe stock price began to pick up slowly and climbed back to around 11 Hong Kong dollars per share.
The second crisis occurred at the end of May.
As May ended, Xiaomi’s stock price continued to fall again. On May 31, Xiaomi closed at 9.58 Hong Kong dollars per share, another record low. If this continues, Xiaomi's "breaking 9" is just around the corner.
This time, Xiaomi took out a more violent and violent pallet determination than last time, and clung to the "breaking 9" red line. In the short 30 days of June, Xiaomi intensively carried out as many as 16 stock repurchases. The repurchase news intensively bombed the stock market.Repurchase every 1.875 days.
The most thrilling scene occurred on June 4 , On that day, Xiaomi once fell to 8.91 Hong Kong dollars per share in intraday trading, and seeing the "guarantee 9" hopeless. Fortunately, Xiaomi closed the market with a thrilling price of HK$9.02 per share that day, and the red line "breaking 9" was held.
——You must know that Xiaomi’s net profit (non-GAAP) in 2018 was only 8.55 billion yuan. The share repurchase used up 12%.
As of now, Xiaomi’s stock price is still hovering around 9-10 Hong Kong dollars per share, corresponding to the company’s market value of approximately US$30 billion. This figure is a far cry from the US$48.4 billion market value of Xiaomi’s IPO. .
Before going public last year, Lei Jun promised investors that he would make people who buy Xiaomi’s shares "earn at least twice."
It's hard to say whether you can double the profit by buying Xiaomi in the future, but at least you are losing money now.
Furthermore, because Xiaomi was issued at a price of 17 Hong Kong dollars per share, it repurchased 123 million shares at a price of about 9-10 Hong Kong dollars per share. On the contrary, there should be a lot of investors who have lost money to Xiaomi.
The struggling main business, where is the increment?
The mobile phone business is not only the armor of Xiaomi, but also its weakness.
Xiaomi’s ecology has a "bamboo forest theory", which is theoretically unplugged One millet bamboo (industry), the entire millet ecological bamboo forest is still intact. But now, once the "big bamboo" of millet mobile phones is unplugged, millet will be in a very dangerous situation, and the story of its business closed loop will be difficult to tell .
From the 2018 financial report released by Xiaomi in March this year, Xiaomi’s dependence on the "Big Bamboo" mobile phone business is still obvious. In 2018, Xiaomi’s smartphone business accounted for the total Revenue is 65.1%, and it is still dominated by mid-range and entry-level devices below 2,000 yuan.
At the Xiaomi annual meeting in January this year, Lei Jun once said After these two sentences:
"Classmates, maybe everyone feels that winter has come."
"We are about to face the most severe challenge in 2019. There is no room for blind optimism."
Lei Jun is not exaggerating.
According to IDC data, global smartphone shipments totaled 1.404.9 billion units in 2018, a year-on-year decrease of 4.1%.
This also means that the global smartphone market has already entered negative growth and has entered the era of zero-sum games-someone who wants to win a few more chips is bound to have someone To lose capital. This is an era where there is no "win-win" anymore.
Previously, IChengdong once put aside his "big words"——"In the future, there will only be three mobile phone brands in the world, and all others will be gradually eliminated."
In the past year, Huawei’s mobile phones not only rushed to the third place in the world, they even surpassed the second-placed Apple in some quarters, aiming for the first place. At the same time, Gionee, Meitu, Hammer Technology, 360, Meizu and other second-tier players have been aphasic one after another, or sold themselves, or struggled.
Faced with this situation, not only Xiaomi, but also other first-line players shuddered.
According to IDC data, among the top five mobile phone brands in the domestic market in 2018, only Huawei and vivo are experiencing positive growth, while the remaining OPPO, Xiaomi, and Apple are all experiencing negative growth .
For these mobile phone brands that are still in the first camp, a life-and-death "soul torture" is in front of them-incremental marketwhere is it?
Xiaomi gave two answers: Overseas emerging markets, female users.
1. Redmi is independent, POCO is independent, seizing overseas emerging markets
In January this year, Xiaomi announced the independent operation of the Redmi brand. The former Gionee President Lu Weibing joined Xiaomi as the group vice president and general manager of the Redmi brand. On the same day, Redmi launched its first new mobile phone, Redmi Note 7, equipped with Snapdragon 660 processor, priced at 999 yuan.
"Stopping the extreme cost-effectiveness, smashing the e-commerce market"-this is the instruction given by Lei Jun to the Redmi brand.
Subsequently, Redmi launched the second new mobile phone product Redmi Note 7 Pro.To India. Redmi Note 7 Pro is equipped with Qualcomm Snapdragon 675 processor, and the starting price is 13,999 rupees, or about 1,300 yuan.
At the same time, in August last year, Xiaomi also released its sub-brand POCO in India. Its first new mobile phone product, POCO F1, is known as "the cheapest Snapdragon 845 mobile phone" with a starting price of only 2050 yuan.
Yes, India, Indonesia, Africa, as well as emerging markets such as Vietnam, the Philippines, Thailand, etc. are the last piece of cake in the global mobile phone market, and it is also a must for Xiaomi place.
Xiaomi’s determination to grab this market is undoubtedly strong.
On January 18 this year, Lei Jun announced the establishment of Xiaomi’s Africa Region to promote business development in Africa. Vice President Wang Lingming was responsible (in May of this year, Wang Lingming After being detained by the public security administration for 5 days, he was dismissed by the Xiaomi Group).
In addition, in order to integrate resources and improve efficiency, Xiaomi has integrated the former Indonesia, South Asia, and Southeast Asia regions into the new Southeast Asia region, and appointed Shi Yan as the Southeast Asia region. General manager of the department, reporting to Liu Yi.
Between 2016 and 2017, Xiaomi had experienced a sharp decline in sales due to production capacity and other issues, and it was in a critical situation. At that time, it was India, an emerging incremental market, that saved Xiaomi. In Q4 2017, Xiaomi even surpassed Samsung to become India's largest smartphone brand.
However, In 2019, time has passed, and India is no longer dominated by Xiaomi.
In May last year, OPPO launched its flagship online sub-brand Realme in the Indian market.
According to Counterpoint data, Realme has been In less than a year, it has rushed to the top position of the Indian mobile phone market. In Q1 of 2019, Realme occupied 7% of the Indian smartphone market, ranking fourth.
In Q1 2019, the three brands OPPO, vivo, and Realme accounted for 26% of the market share, which is close to Xiaomi's 29%. A year ago, they combined were only 12%.
but in nonIn the European market, Xiaomi’s situation is even less optimistic. TRANSSION firmly controls the position of the top smartphones in Africa. According to IDC data, in 2018, the shipment of African smart phones was 88.2 million units, of which TRANSSION accounted for 34.3%, Samsung ranked second with 22.6%, and Huawei ranked third. 9.9%.
In the incremental market of Asia, Africa and Latin America, everyone wants to grab it. Before Xiaomi, there are Samsung and Transsion firmly entrenched, and afterwards there are OPPO, vivo, and Honor. The melee has just begun.
2. Merge Meitu to target the female market
Last year 11 On the 19th, the long-rumored"Buy Meitu" has finally settled. Meitu announced that it will license its mobile phone brand and imaging technology to the Xiaomi Group. Since then, the Meitu brand will be produced and sold by Xiaomi, and Meitu will extract 10% of the gross profit of each mobile phone from Xiaomi.
On the evening of July 2nd, one week ago, Xiaomi Marriage with Meitu-XiaomiCC9 Meitu customized version, finally meet the world.
In fact, it’s nothing new for Xiaomi to take aim at the huge vertical user base behind Meitu. In the domestic mobile phone market, there has long been a practice of making mobile phones to meet the "demand for beauty" of female users.
▲Samsung A408, T508 and TCL gem mobile phones
As early as the era of functional phones, Samsung has launched a series of female mobile phones such as A408 and T508. Quite popular in the market. Since then, TCL has also relied on the outstanding "jewel phone" to make a big success. In the future, OPPO and vivo will take advantage of the momentum.
▲Xiaomi CC9 Meitu customized version
However, as the first product launched after the marriage between Xiaomi and Meitu, the pricing, configuration, and appearance of the Xiaomi Mi CC9 Meitu customized version can only be described as "satisfactory, no work done", not too bright Eyes. The brand temperament, product positioning, and market play of Xiaomi and Meitu need to be further adjusted.
At present, Xiaomi has 5 mobile phone product lines. , Although the user groups have certain intersections, they are still relatively independent in general:
1) Xiaomi series (based on mid-to-high-end + flagship market, online and offline omni-channel layout)
2) Redmi series (deadly cost-effective, focusing on e-commerce channels)
3) Xiaomi CC series (for young users and female users)strong>
4) POCO series (for overseas geek users)
5) Black Shark series (for game users)
In addition to Xiaomi and Redmi, the other three tracks are all aimed at expanding the incremental market And prepare.
In addition, The "make-up lesson" of Xiaomi offline channels is still continuing. According to Xiaomi's financial report data, in 2018, Xiaomi fully opened its offline authorized stores. By the end of the year, there were 1,378 stores, all located in small and medium-sized cities and rural areas in China. Last year, this number was only 62.
On June 12 this year, Xiaomi also established the China Offline Business Committee, which was appointed by Zhang Jianhui, Vice President of ChinaChairman, report to CEO.
However, the offline world is still OV after all— —At the beginning of 2018, OPPO Vice President Wu Qiang once stated that OPPO has 250,000 offline stores. Xiaomi still has a lot of lessons to make up.
5G without voice, skipping technology
In 2019, what is the hottest in the mobile phone industry?
The fire of 5G has not only burned the mobile phone circle, but even the technology circle, burned out of the country and burned to the world. In the early stage of 5G promotion, this is the main battlefield for the three major baseband technology vendors, Huawei, Qualcomm, and Samsung, and even Apple has to stand aside.
In this era of universal 5G, even OPPO and vivo, which have always been criticized as the king of marketing, are competing to show their 5G technology accumulation.
▲Xiaomi released the MIX3 5G version at MWC Barcelona
Although Xiaomi is not far behind, it released the 5G version of Mi MIX3 at MWC Barcelona this year , But overall it was still weakening in the round of 5G propaganda wars, and did not grab much attention.
Technology research and development has always been Xiaomi’s shortcomings.board.
Previously, with its strong product definition capabilities, Xiaomi had proposed full-screen technology early, but due to shortcomings in R&D capabilities, it was unable to convert the first-mover advantage in time For the technical advantage, the advantage is not obvious in the full-screen battle.
At the cusp of the “national speculation” in 2018, Xiaomi’s Pineguo Company was almost completely misfired, and the next generation of surging S2 chip audio was completely absent.
——In April this year, Songguo was split into Songguo Company and Nanjing Dayu Semiconductor Company. Nanjing Dayu will focus on AI and IoT chips in the semiconductor field Research with the program and conduct independent financing. Songguo will continue its research on mobile phone SoC and AI chips.
In the past year, Xiaomi has announced new technologies on Weibo three times. They are:
On January 23, 2019, Xiaomi President Lin Bin showed the Xiaomi folding screen mobile phone in a Weibo video.
On March 25, 2019, Xiaomi’s official WeChat account Bo announced tomorrow that it will announce the Super Charge Turbo technology, which is said to be a fast charging technology with a maximum power of 100W. In the demo video, it can fill a 4000mAh mobile phone in only 17 minutes..
June 3, 2019, Xiaomi President Lin Bin showed Xiaomi’s “under-screen camera” technology on Weibo, which uses an under-screen camera on the front, so that the front of the phone has no openings and no bangs.
foldStacked screens, 100W fast charging, and under-screen cameras, these three are all hotspot technologies that have attracted much attention in the current mobile phone industry, once again proving Xiaomi's keen insight into market demand.
The timing of the release of these three microblogs also happened to be the date when Xiaomi’s stock price fell. I don’t know if it is a coincidence or a marketing need.
However, it is a pity that these three new technologies of Xiaomi have not been officially released yet. On the contrary, friends and merchants have come up with product prototypes in advance.
▲Huawei’s folding screen mobile phone
In this year’s MWC Barcelona and MWC Shanghai, both Huawei and OPPO have demonstrated their own folding screen phones or " "Invisible screen" mobile phones, smart things have also been seen or experienced on the spot, but Xiaomi's new products can still only be seen in Weibo videos. (5G folding screens completely detonate the new mobile phone revolution! 48 hours of shopping in Pakistan exhibition pure dry goods) ( China's first industrial gathering after 5G commercialization! A day of violent development to reveal the truth of domestic 5G commercialization)
▲OPPO’s off-screen camera technology
AI, 5G, chips...In the rounds of publicity bombing , Users are becoming more and more sensitive to the core technology of mobile phones. In the current mobile phone industry, OEM players who lack core technologies have been gradually eliminated.
On February 26 this year, Xiaomi carried out the largest structural adjustment in six months-the establishment of the group technical committee, and the appointment of Cui Baoqiu as the group vice president and chairman of the group technical committee , Report to the CEO.
At the same time, Xiaomi’s original artificial intelligence and cloud platform department was split into three new departments: the artificial intelligence department, theThe heads of the data department and cloud platform department report directly to the CEO.
At the group meeting, Lei Jun firmly told everyone, "Technology is a matter of life and death for Xiaomi and is the most important driving force and engine for Xiaomi's sustainable development. ”
If you have to compare, Xiaomi’s R&D investment is on a par with Gree.
Xiaomi has problems with Xiaomi.
The result of the main “small profits but quick turnover” is that although Xiaomi made more than 100 billion yuan in annual revenue in 2018, its annual profit attributable to the mother was only 8.55 billion yuan . If you compare the return to the mother’s profit with the R&D investment, Xiaomi has actually invested a high proportion in R&D and worked very hard.
Unfortunately, this effort It seems not enough.
"Triathlon" curtain call, AIoT debut
At the Xiaomi annual meeting in January 2019, Lei Jun changed the company’s strategy from the "Triathlon (hardware + newRetail + Internet)" is replaced with "mobile phone + AIoT".
The dual-engine strategy of "mobile phone + AIoT" will be the core strategy of Xiaomi in the next five years .
Lei Jun said that AIoT was previously AI+IoT, which is an artificial intelligence + Internet of Things platform. However, from 2019, Xiaomi In terms of AIoT, it is "All in IoT". In the next 5 years, Xiaomi will continue to invest more than 10 billion yuan in the AIoT field.
Lei Jun then added: “IoT is the intelligent interconnection of all things, it is the super Internet. After winning AIoT, Xiaomi has won the future'hardware + internet'. "
Previously, Xiaomi has persistently defined itself as an “Internet company.” However, in the past few years, its Internet service business has never exceeded its total business. Receive 10%.
This decision is wise.
As the overall mobile phone customer base is obviously biased towards the low-end and the high-quality traffic is weak, Xiaomi's Internet business has not seen any improvement in recent years.
In 2018, Xiaomi’s MIUI user average revenue (ARPU) increased to 65.9 yuan, which is 8 yuan more than last year’s 57.9 yuan-but still far lower than Ali Prices range from one hundred yuan to several hundred yuan with Tencent.
Xiaomi’s Internet business is mainly concentrated in advertising, games, etc., and in the current mobile Internet barriers, giants headed by Ali and Tencent have already built high traffic walls. Xiaomi wants to grab business here. Eat.
Therefore, Xiaomi decided not to mention the "triathlon" story and instead focus on AIoT.
But what exactly is AIoT?
In the financial report, Xiaomi announced that in 2018, the number of connected IoT devices on its IoT platform reached 151 million (not including Mobile phones and laptops), a year-on-year increase of 193.2%.
In the article “The Great Moment: Xiaomi’s Fate”, Zhishi has removed the makeup for “100 million IoT connected devices”, so I won’t go into details here, only the conclusion.
Among Xiaomi’s 151 million IoT devices, the four explosive products, bracelets, routers, TVs, and TV boxes, account for a very high share. If you include Xiaomi’s air purifiers, Smart rice cookers, smart cameras, and other hot-selling products with shipments that have already exceeded one million units, we can see that among the 90+ smart hardware eco-chain companies like Xiaomi, not many have really penetrated the market.
▲The layout of 95 Xiaomi smart hardware ecological chain enterprises (the statistical date is as of July 2018)
The next stop, home appliances?
When a term is broad such as "Internet of Everything", it often includes everything, and often nothing.
The IoT era has been in the air for so many years, and there has been no outbreak.
In addition to the initial wave of Xiaomi bracelets, mobile power supplies, air purifiers and other products, the speed of the emergence of explosive products in the Xiaomi ecological chain has also declined in recent years (striped 95 Miscellaneous"Goods shop" company! The layout of 10 major areas is explosive and weak).
Now, Xiaomi’s AIoT has turned around and returned to home appliances.
At the end of July 2018, Xiaomi released aMijia Internet Air Conditioner for 1999 yuan. This is Xiaomi’s third attempt to enter the air-conditioning industry. (Depth: Will Xiaomi’s air conditioner be cool?)
Although it has made some achievements in the TV field, Xiaomi still has too few positions in the heavily-blocked home appliances field Too little.
In May of this year, Xiaomi also announced the establishment of a major appliance business unit. Senior Vice President Wang Chuan was appointed as its president. Reporting to the CEO for home appliance business.
Gree, Haier, Midea, Hisense and other traditional manufacturers continue to dominate the major appliance industry. They have not only mastered a strong lineDown channels, high brand awareness, and strong control over core components. Xiaomi's "Young People's First XX" model is not so easy to use here.
After all, there is a paradox behind the "young people's first XX" model: A "young man" who needs to buy an air conditioner may already be a The "young man" who can afford to buy a house is not the "young man" who used Xiaomi phones.
According to the China Commercial Industry Research Institute, in 2018, the top three retail sales of the offline air-conditioning market were: Gree (37.86%), Midea (24.59%), Haier (11.05%), Xiaomi did not make the top ten.
The top three online retail sales are: Oaks (26.02%), Midea (23.37%), Gree (22.12%), Xiaomi is also not in the top ten.
The organizational structure is turbulent and personnel adjustments are frequent
At the same last year’s Xiaomi annual meeting, Lei Jun said, The two main contradictions currently facing Xiaomi’s development are:
The contradiction between the public’s expectations of Xiaomi and the speed of Xiaomi’s innovation and development;
The contradiction between Xiaomi’s rapid development needs and existing organizational management capabilities.
So in order to changeThe organizational and management capabilities are weak. In the past year, Xiaomi has been extremely turbulent, with major business departments disassembling and reorganizing, and frequent personnel transfers.
▲Xiaomi co-founder Wang Chuan
such as the joint founding of XiaomiWang Chuan, he was first appointed as the Chief of Staff of the Group Staff and the President of China in Q4 last year;
Then in Q2 this year, Wang Chuan’s China President The position was concurrently held by CEO Lei Jun. Wang Chuan assumed the post of President and Chief of Staff of the Major Appliances Division;
In July this year, Wang Chuan assumed the position of Chief of Staff of the Group Staff. Zhang Feng, vice president of the group, took over. Zhang Feng also served as chairman of the group procurement committee.
on The picture shows the 12 structural adjustments/personnel appointments carried out by Xiaomi Group in the past year according to the statistics of Zhidongzhi. One of the most noteworthy points is that in the newly established multi-department, at least 22 department heads are Report directly to CEO Lei Jun.
Although Xiaomi has previously announced the reorganization of "flat" and the establishment of "hierarchical management", from the current point of view, it is also chairman Lei Jun, with three positions of CEO, President of China, still has a very heavy management burden.
Conclusion: A protracted battle
Xiaomi, the company that broke through the 100 billion yuan revenue mark in just 7 years and became the world’s fifth largest mobile phone manufacturer in just 8 years, was led by countless rice fans under the leadership of Lei Jun. Co-createdThe phenomenon-level super-large IP is also an entrepreneurial myth that is surrounded by a desperately powerful enemy BAT.
As a rare listed company among local mobile phone brands, it is also the first listed company with “same shares with different rights” on the Hong Kong Stock Exchange. Its particularity and importance Sex is self-evident.
In the past year, the global situation has been turbulent, and the Matthew effect in the mobile phone industry has become more and more serious. The stronger the stronger and the weaker the weaker, technology has become a real The first productivity of China-leading players headed by Huawei have smashed massive resources, smashed offline channels, and spent money to push 5G. A large number of second-tier mobile phone brands with too thin family bases were forced to retreat and had to quietly cut meat. Sell oneself, dim out.
According to Xiaomi’s annual report data, in 2018, Xiaomi Group achieved total revenue of RMB 174.92 billion, a year-on-year increase of 52.6%, and adjusted profit of RMB 8.55 billion, a year-on-year increase of 59.5%.
For Xiaomi, this report card is quite satisfactory.
In the past year, Xiaomi has not completed the transformation from qualitative change to quantitative change. Evolution. The "two main contradictions" proposed by Lei Jun are still severe:
1. Xiaomi has not completed the breakthrough of technology research and development, the breakthrough of offline channels, and the problem of Internet services. Breakthrough, breakthrough in the IoT industry, public expectations of Xiaomi and Xiaomi’s innovative developmentThere are still contradictions between speeds;
2, Xiaomi has made 12 frequent structural adjustments, but still failed to complete the breakthrough of organizational ability, excellent Management talents and high-quality management experience are still lacking. There is still a contradiction between the needs of Xiaomi's rapid development and the existing organization and management capabilities.
In the past year, we have seen Xiaomi’s efforts as well as Lei Jun’s efforts. They have all worked very hard, but unfortunately they are still not enough.
As Lei Jun said--"This will be a protracted battle."