In April 2015, Lei Jun, who went to India to inspect the market, received an unexpected invitation. Manu, the head of Indian market of Xiaomi, asked Lei Jun to provide platform for Xiaomi 4I. It’s a classic that has never been thought of. < p > < p > the strong Xiantao accent and a little tension made Lei Jun’s English pronunciation trigger a climax. Up Master of station B Mr.Lemon After editing the video of Lei Jun’s speech at the press conference in India, the number of hits soon exceeded 10 million, which made Lei Jun famous in the first World War. < / P > < p > it’s not only Lei Jun who is proud, but also Xiaomi who has made great achievements. In 2013, the sales volume of Xiaomi mobile phones reached 18.7 million units, an increase of 160% over the same period last year, exceeding the promise of supplying 15 million units at the beginning of the year. The sales volume including tax was 31.6 billion yuan, an increase of 150% over the same period last year. < p > < p > however, Lei Jun was not happy at this time, because in April, when checking the sales data, someone reminded Lei Jun that the delivery of goods in India was slow. When Lei Jun wanted to come to India for the sales data, he could not help but raise his voice, “God, the flow rate of each week is so slow, how much inventory have you accumulated? Why didn’t you say such a big thing earlier? ” < / P > < p > it turns out that on the day of the meeting, the Indian market has accumulated 500000 units in stock, and the total price is 1 billion yuan based on 2000 yuan per unit, which is bad news for any mobile phone manufacturer. < / P > < p > just one year before Lei Jun’s success, Xiaomi completed a total financing of 4 billion US dollars with a valuation of 45 billion US dollars, which brought a bad sign. Because the spotlight was too dazzling, it attracted more competitors, and Xiaomi did not choose a larger amount of financing, and then missed the opportunity to squeeze out the opponents through the “unreasonable” way. Lei Jun later said when he resumed the game, “everyone has expanded, including me.” < / P > < p > for the high-end market, Xiaomi has coveted it for a long time, but the rotten Xiaomi note and mix have frustrated its high-end road again and again. Last year’s mi 10 series saved Xiaomi’s face on the ground, but it still looks imperfect. Mobile phone mobile phone sales in
, which did not like the two quarter, emphasized the sales of high-end mobile phones in the third quarter, and disclosed only the total number of smartphones priced in the Chinese mainland at 3000 yuan or above and priced overseas at 300 euro or more. The number of smartphones sold in the world has exceeded 8 million. < / P > < p > according to canalys, the sales volume of red rice note 8 series exceeded 10 million in three months in the third quarter, and the cumulative sales volume reached 40 million. Of the 64 million Xiaomi units shipped in the first half of the year, Hongmi note 8 and pro together accounted for almost a third. < / P > < p > even if the sales volume of 8 million is included in the top of MI 10 series, compared with the general sales volume of Hongmi, it still can’t move the market of Xiaomi, and the fact that medium and low-end mobile phones are still the main sales force of Xiaomi remains unchanged. < / P > < p > in the third quarter, the ASP of Xiaomi mobile phone was 1022.3 yuan per unit, which increased by 15.8 yuan year on year, but decreased by 94 yuan month on month. < p > < p > Lei Jun himself once said, “what do you understand about high-end mobile phones? Is it expensive? I don’t know. But we can only make efforts to recognize your products. < / P > < p > from the price point of view, the MI 10 series is indeed more expensive, and the price range refers to 3000 + to 6000 +, but it does not help Xiaomi get rid of the label of low price, and it does not drive Xiaomi to a higher level. < / P > < p > although the second high-end series, MI 11, released yesterday, has made several upgrades, it may still play the same role as his predecessor Mi 10 in terms of the overall sales volume of Xiaomi and the average price of mobile phones. < p > < p > the market value of Xiaomi group has exceeded US $800 billion at the level of HK $2.3 billion. About the birth of millet, the idealistic version starts with a bowl of steaming millet porridge. But more realistically, Lei Jun had a clear plan for Xiaomi’s model before the bowl of Xiaomi porridge, and Xiaomi’s future development route was roughly the same as he imagined. < / P > < p > this route is called “software + hardware + Internet service” of triathlon. Different from the three-stage rocket mode of Sogou’s “input method + browser + search”, the “hardware” of Xiaomi’s customer acquisition means is cost-effective, but it is not just “making friends”. < / P > < p > the same as Sogou’s search business, Xiaomi’s Internet service is also the main force to make money. The difference is that the scale of Internet service business is smaller than that of mobile phone business, and it is still shrinking. < / P > < p > in the third quarter, the revenue of Internet service business was 5.8 billion yuan, which was 100 million yuan less than that in the second quarter, and the growth rate also dropped from 29% in the second quarter to 8.7%. Worse than the shrinking revenue scale, the gross profit of Internet services was surpassed by the mobile hardware business, which was 3.49 billion. < / P > < p > on the surface, it is a good thing for Xiaomi to get rid of the dependence on Internet service as a single business in terms of profit, but in fact, it is fundamentally bad news. < / P > < p > let’s review the responsibilities of software, hardware and Internet services in the “iron man three”. As mentioned above, hardware is Xiaomi’s means of gaining customers, and making money is not its task. Moreover, although the gross profit margin of mobile hardware business has increased in Q3, it is only 8.4%. If we adjust it to the position of Internet services, Xiaomi’s business model will change. Without access channels, there will be no place for Internet services to sow seeds, and the saline land of mobile phone hardware will not be able to feed the whole village. At that time, it will be useless for Lei Jun to screw a lot of screws in the factory. < / P > < p > of course, Lao Dao’s Lei Jun has planned the route for Xiaomi in the next decade, which is the “mobile phone x aiot” he mentioned in his letter to all staff published in August this year. Lei Jun said very clearly, “at the moment of further integration of intelligent Internet, the core strategy of” mobile x aiot “will put more emphasis on multiplication effect.” Aiot business should become the catalyst and combustion promoter of mobile phone business, penetrate more scenes, win more users, obtain massive traffic and data, and become the moat of Xiaomi business model. < / P > < p > in fact, IOT is not a new story for Xiaomi. Before it went public, Xiaomi had been “scavenging” in the hardware industry in the form of investment, among which several dark horses were also hit. Recently, the stock price soared, and even stone technology, which is the industry leader, is one of the representatives. < / P > < p > in addition to ecological chain enterprises and IOT businesses, the performance of IOT business is also very good. In the third quarter, the revenue from IOT business was 18.1 billion yuan, a year-on-year increase of 16.1%, which is the second largest revenue source of Xiaomi. < / P > < p > the reason why Lei Jun officially announced that IOT business became the next core at this time is actually related to the tuyere theory that Lei Jun had witnessed and verified with his own eyes. Data show that the IOT, which was not popular before, is on the eve of the outbreak. < / P > < p > according to the report of foresight Industry Research Institute, the scale of smart home market will reach about 153 billion yuan in 2019 and 182 billion yuan in 2020. In 2020, the market shipment will reach 215 million units. < / P > < p > under various factors, Xiaomi’s Triathlon began to update. However, this time waiting for Xiaomi is not a loss for traditional enterprises. In fact, once Xiaomi has lost its ecological layout, it thinks that Xiaomi has lost its ecological layout. Although it will have an impact, it is not as serious as the outside world imagined, because Xiaomi realized at the beginning that the core of IOT is software rather than hardware. < / P > < p > after the eco chain products are engraved with the mark of Xiaomi through Xiaomi’s chip, Xiaomi has created the entrance of Mijia app, enabling IOT hardware to realize cross platform operation. < / P > < p > Xiaomi’s biggest risk in IOT lies in the competition with traditional household appliance enterprises. On the one hand, no household appliance wants to miss the opportunity in this trillion yuan market. On the other hand, although Xiaomi has cooperated with Midea, a household appliance giant, and even become a shareholder of Midea, this cooperation ended after a short honeymoon period with Xiaomi’s full entry into the household appliance market. This shows that there is an irreconcilable gap between traditional enterprises and rookies in IOT. < / P > < p > and Xiaomi’s enterprises don’t have much advantage in most of the subdivided industries such as air conditioner and refrigerator, which makes Xiaomi lose many opportunities in hardware. < p > < p > in his recent speech at the 20th Annual Conference of China’s entrepreneurs, Lei Xiaoli didn’t mention that he was confused about his products. < / P > < p > Lei Jun, who has learned to dominate the halo and knocked 160000 lines of code, naturally has no doubt about his technology, but the reality of Xiaomi is that it is difficult to tear off the label that Xiaomi has no technology with low R & D investment. < / P > < p > from 2016 to 2019, the R & D expenses of Xiaomi were 2.104 billion yuan, 3.151 billion yuan, 5.777 billion yuan and 7.493 billion yuan respectively, with growth rates of 52.38%, 81.25% and 29.31% respectively. R & D investment in the third quarter was 2.3 billion yuan, accounting for 3.2% of the total revenue, lower than 3.7% in the same period last year. < / P > < p > even if the scope is expanded, the R & D investment of Xiaomi is not high. In the past eight quarters, Xiaomi’s R & D investment accounted for 3% – 4% of the total revenue. Huawei spent 131.7 billion yuan on R & D in 2019, accounting for more than 15% of the total revenue. Apple’s R & D investment in the same period was similar to Huawei’s, reaching $16 billion. < / P > < p > this emphasis on the importance of R & D to Xiaomi is not only due to apple and Huawei’s Zhuyu, but also Xiaomi’s “Triathlon” model, which is not only no longer unique, but also has met challenges in many aspects. < / P > < p > in terms of new retail, glory, which started online, has a large number of offline stores. Although it will be affected by the separation from Huawei, it is still a force that can not be ignored. Although the online channel of OV is relatively weak, it is also making frequent efforts. Oppo has launched realme and vivo has also used iqoo to enter online. At the same time, both of them have capillary channels offline. < / P > < p > according to the financial report, the shipment volume of Xiaomi smart phones in the European smart phone market remained the third for two consecutive quarters, and the shipment volume of smart phones in Western Europe entered the top three for the first time. < / P > < p > if the success of Xiaomi in the first decade is due to the dividend of the times, then in the next decade, only technology can be used to create its own wind. To be invincible. Huawei has finally made a choice! Xiaomi and ov have also followed up. Have you ever thought about today?