first said good news, the reserve requirement ratio is to be lowered. On the 23rd, the Prime Minister presided over a State Council meeting to increase financial support for the real economy, increase support for private enterprises to issue bonds, and use monetary policy tools such as the reserve requirement ratio reduction in time and appropriately to maintain a reasonable level of liquidity. Among the tools of monetary easing, the reserve requirement ratio cut is more moderate than the rate cut of . It releases the reserves deposited by commercial banks in central bank to the market, which not only increases the money on the market, but also increases the bank's capital utilization rate. It is finally a good thing. I hope that the warmth of A shares , which has been dry-grounding recently, can be felt.
Xiaomi released its third quarter financial report for 2022. According to the financial report, in the third quarter of this year, Xiaomi's total revenue was 70.47 billion yuan, and fell 9.7% year-on-year compared with ; net loss (loss during the period) was 1.5 billion yuan, compared with a profit of 788 million yuan in the same period last year; adjusted net profit was 2.1 billion yuan, down 59.1% year-on-year.
Xiaomi said that the operating profit before the adjustment in the third quarter and the profit of during the period were both losses. This is mainly due to the decline in the fair value of of the invested companies in the company's investment portfolio, and is not Xiaomi's actual performance loss. But it is obvious that the core business is not very good either. In terms of core business of
, in terms of smartphones, Xiaomi's total revenue in the third quarter was 42.5 billion yuan, a year-on-year decline of 11.1%, but increased by 50.6% month-on-month; global shipments were 40.2 million units, 43.9 million units in the same period last year, a year-on-year decline of 8.4% and a month-on-month increase of 2.8%.
Xiaomi has been thinking about high-end transformation. To put it bluntly, it is price increase. However, in the third quarter, Xiaomi’s smartphone ASP (average unit sales price of smartphones) decreased by 3% from 1,090.5 yuan per unit in the same period last year to 1,058.2 yuan per unit. The overall ASP reduction was mainly due to the strengthening of promotion efforts in overseas markets this quarter. It’s not that easy. Xiaomi President Wang Xiang has to admit: “The idea of a high-end market that can win quickly with one or two products is incorrect.”
Xiaomi’s car manufacturing business is still the focus of attention from the outside world. According to the financial report, Xiaomi invested 829 million yuan in innovative businesses including automobiles in the third quarter. Wang Xiang said that the efficiency and scale of Xiaomi's investment in car manufacturing will not have a significant impact on its operations. Currently, Xiaomi's R&D team has more than 1,800 people. This is a big guy who burns money, but the prospects are not clear. I have read a lot of books and articles about
Lei Jun , and I admire them very much. I bought a lot of Xiaomi products, and the cost-effectiveness is really great. But Xiaomi's stock has never dared to touch it.
There is a common sense in the business world: people's consumption behavior seems unreasonable, and bargains are not as good as luxury goods.
This is because the main consumer group in the business world is not a loser. Most people buy things not for the sake of being cheap, but for the sake of being face-saving. People don’t really like cheap, or even fair prices, but prefer to be face-saving and like to buy high-end and face-famous products. Think about it, if you give a gift to your friends, you have 5,000 yuan. Will you buy a scarf of BURBERRY, or add some money to buy an iPhone, or will you buy a cost-effective Xiaomi mobile phone ?
We have never seen a company achieve commercial success by relying on cost-effective products. The so-called brand value is largely based on whether this guy can sell it at a high price and get a brand premium. If you like a brand, you will lose all your money as soon as the price increases. These are all fake fans.
Lei Jun led Xiaomi to emerge from the ultimate cost-effectiveness. Later, he made good products with fair prices, but he never dared to use Xiaomi to change the world. Consumers hold a technology product in their hands and think it is easy to use and sufficient, or they still think it can change the world. Can this feel the same?
In addition to the ultimate cost-effectiveness of Xiaomi mobile phones, it later developed many Xiaomi ecological enterprises, and it still had the same way. It was priced according to the cost, which made the little brothers miserable, and it also became an industry light. Whoever was involved in it would be uncomfortable. Xiaomi's ecology has begun to flourish and has gradually declined in the past two days.
Now Xiaomi has started to build cars again. If it is still extremely cost-effective and ignores the healthy development of the industry, it is not difficult to imagine that the prospects are still not optimistic.
Let’s look at other people’s Apple , to create a high-end brand that changes the world, build a solid core competitiveness of chip + system + ecology, absorb the most advanced technology in the industry and integrate it into the products, and make high-end products. At the same time, the more you sell, the more expensive it is. Isn’t it good to take your friends to make money together?
has formed today's situation. On the one hand, Xiaomi is indeed insufficient in hardcore, chips, and system, it is just a design and assembly company. On the other hand, I'm sorry to take the liberty. Could it be that Rebs is not in place, lacks insight into the subtleties of human nature, and lacks care for the healthy development of the industry, and has taken the wrong path from the beginning.
I feel bitter, shareholders feel bitter, and the industry feels bitter, such a brand will last forever.
