1. Real bucket machine Vivo NEX Ultimate evaluation;
Summary: Vivo NEX has been on sale, many netizens want to know how such a mobile phone? Is it worth buying? Look at our evaluation to know the answer.
Set micro network message (text / Luo Ming) The domestic mobile phone manufacturer vivo released on June 12 a highly-viewed full-screen mobile phone NEX because its use of a lifting camera design successfully solved the contradiction between the user self-photographing demand and the pursuit of ultra-high-screen ratio forced to use Liu Haiping design. At the beginning of product warm-up, we were highly anticipated. After the conference was over, we also got the vivo NEX flagship test machine for the first time. We carried out a detailed evaluation of the user's concern. The following are the specific contents.
Appearance of mobile phone
In the state of blank screen, the front of the mobile phone is integrated, the boundary between the screen and the border is difficult to distinguish, and the entire screen can even be used as a mirror because it can reflect the surrounding things.
In the case of a bright screen, a very powerful visual impact is formed, which makes people have to sigh. This is the real full-screen mobile phone.
On the side, in order to maintain its beauty, Vivo moved the SIM card slot to the bottom of the phone, leaving the buttons on the side with the power button, volume +/- keys and NEX's unique Ai button.
On the back, due to the use of under-screen fingerprint technology, the back of the NEX is very simple. Only the flash and vertical twin cameras are left. The words 'NEX' on the back highlight its unique position in the vivo product line.
The top is a lift camera with a 3.5mm headphone jack. Consumers who like to listen to music with traditional wired headsets are blessed, saving the money to buy headphones and patch cords.
The bottom is the SIM card slot, Type-C interface and speakers. The impression is that NEX is vivo's mobile phone adopting Type-C interface. With the powerful influence of the vivo line and a wide range of users, the introduction of NEX means Type-C interface. Will accelerate the popularity.
Performance points
Vivo NEX Ultimate equipped with Qualcomm Xiaolong 845 processor, supplemented by 8 +128 GB of storage, configuration that is the top of the appropriate, security Bunny 281,898 points, Geekbench4 single core 2460 points, multi-core 8150 points, Lu master 213149 points, full Shows the power of vivo NEX Ultimate Monster-level configuration.
About RAM and ROM
From the results of multiple software displays, the use of Vivo on NEX is relatively sufficient. The flagship version of 8GB RAM is LPDDR4X, and the 128GB ROM is UFS. As for UFS2.0 or UFS2.1, you can determine It's not eMMC5.1. What is the combination of LPDDR4X and UFS? They can make the phone run faster and more smoothly, consume less power, read and write many small files faster, and take less time. Summarized in one sentence, it is to greatly enhance the user experience.
We selected "Glory of the King", "Jesus Survival: Stimulate the Battlefield", "QQ Speed" three games, test in the environment of the game mode and e-sports mode that comes with vivo.
After an hour of testing, we found that the three games ran smoothly in high frame rate or high quality mode, and there were few cases of falling. As for the Caton that does not exist, the body is warm and hot. Part of the camera's rear camera section, NEX's overall game performance is satisfactory.
System UI
Vivo NEX Ultimate is pre-installed with the Android 8.1 deep customization Funtouch OS 4.0, equipped with a newly designed EnergyUI, full of dynamic.
NEX's built-in Jovi Smart Voice Assistant, deep coverage head and system applications, with deep natural language understanding technology, easy to handle complex commands.
Under the support of independent AI keys, NEX supports global one-click activation of artificial intelligence services and provides smart mapping services, such as searching information, translating and scanning questions, shopping prices, etc., which greatly improve user work, learning and life efficiency.
Fingerprint recognition
The NEX Ultimate is equipped with vivo's third-generation fingerprint technology. It is smaller and more powerful. Its fingerprint image accuracy has been improved by 50%, and its unlocking speed has increased by 10%. We have entered 5 fingerprints and found that it takes an average of 15 Only one fingerprint can be recorded in this time, and the fingerprint speed is normal.
In terms of fingerprint unlocking, the unlocking speed is very fast. Under the background of the fingerprint unlocking animation, NEX's screen fingerprint unlocking process is full of sense of technology. (Note: If the option of displaying the fingerprint icon on the screen is turned off, it is impossible to use the screen fingerprint to unlock , need to light up the screen
Taking pictures
Vivo NEX equipped with a new generation of Sony IMX363 sensor, dual-core 12 million pixels, unit pixel size of 1.4μm, F/1.8 large aperture, high-precision 4-axis OIS optical image stabilization + EIS image stabilization. Photographs support DCI-P3 wide color gamut imaging, The color richness is equivalent to 135% of the sRGB traditional standard. Let's look at a few NEX rear dual camera photos.
Whether it is indoor or outdoor light complex environment, vivo NEX performs well, can respond freely, white balance slightly warm, accurate exposure.
Although NEX has only 8 million front-facing cameras, Xiao Bian feels that its photographic effect will not be very good before it is self-timed. However, after the Xiaobian self-timer finishes, it is stunned. This self-portrait effect is really a god, and it can put people in It’s no wonder that the 'Miss Sisters' who use vivo love to take selfies, 'Light your beauty' is not blowing.
Charging and battery life
Since the NEX Ultimate used the Type-C interface to pass more current, the vivo's twin engines were upgraded. The charging power mentioned in one shot was 22.5W, the charging time was shortened, and the built-in 4000 mAh battery was large. The vivo NEX flagship body is reflected. From 22:11 1% of the battery charge to 23:45 of 100% of electricity, which took 1 hour and 34 minutes, the charging rate is moderate.
Summary, beautiful appearance, powerful performance, great camera effect, strong battery life, plus screen fingerprints, lifting camera and other black technology blessing, use the current popular words to describe the vivo NEX Ultimate, that is a real bucket machine, no short Board. At present, vivo NEX has been officially launched. Interested friends may wish to go to the offline store to get started. Maybe you can't help but buy it. (Proofreading / Luo Ming)
2. Xiaomi IPO is suspected of disclosing the violation. Xiaomi first publicly acknowledged;
The key to the problem is not whether the millet supplier has a sewage discharge. Instead, the prospectus provided by Xiaomi to the HKEx conceals the supplier's environmental risk information. The environmental performance of the supplier may also affect the investment risk.
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Wen Wen | "Chinese Entrepreneur" reporter Tian Tian
Editing | Lin Wenlong
On the morning of June 23, after experiencing multiple versions of the listing plan, Xiaomi finally started a Hong Kong stock offering and held a press conference for the global offering at the Four Seasons Hotel in Hong Kong.
In 2017, Xiaomi’s annual revenue was RMB 114.6 billion, an increase of 67.5% year-on-year. Lei Jun explained why Xiaomi’s products are popular? “It's actually quite simple, that is, higher quality, half the price.”
However, environmental organizations have questioned whether Xiaomi is trading at cheaper environmental resources for cheap mobile phones.
On the eve of Xiaomi's IPO, a research report titled “Supply Chain Reappears More Seriously Contaminated, Xiaomi's IPO Alleged Disclosure Violation” was submitted to the Hong Kong Stock Exchange. The report was organized by the environmental protection organization Green Jiangnan Public Environmental Concern Center (hereinafter referred to as 'Green Jiangnan'). Published jointly with the Public Environmental Research Center.
Xiaomi has responded to the report's supply chain pollution problems. A few days ago, Xiaomi Group’s public offering of depository receipts was published on the website of the China Securities Regulatory Commission. Xiaomi said that “some of the company’s existing suppliers had violated environmental regulations”. Suppliers of environmental violations have 'corrected their non-compliance with environmental regulations'.
According to information released by the Public Environmental Research Center through its official media, 'Ulan Blue Map', this is the first time that Xiaomi has publicly admitted that his existing suppliers had violated environmental protection regulations. Several environmental protection organizations have been involved in the pollution of Xiaomi's supply chain for 4 years. Many, now, environmental groups have acknowledged Xiaomi's public recognition of pollution in his supply chain, but doubts have still not been eliminated.
The green Jiangnan base camp is in Suzhou. Green Jiangnan learned from the Suzhou High-tech Zone environmental protection department that the plating and etching shop of Yijia Electronics Suzhou Co., Ltd., a suspected supplier of millet, has been ordered to suspend production. The environmental protection department is conducting comprehensive inspections on groundwater and underground soil. Excavation monitoring.
'The information we learned was inconsistent with Xiaomi’s claim that its environmental compliance supplier had corrected the conditions that were not in compliance with the environmental regulations. 'The director of the Green Jiangnan Fang Yingjun told the China Entrepreneur’s reporter, 'said Yijia Electronics suspected of Xiaomi’s suppliers because of Xiaomi’s There is no public recognition, but it has never been denied. 'According to public information, in 2013, Egatronics established a supply relationship with Xiaomi.
Does it affect Xiaomi's listing?
The "Special Information of the Company's Main Business" section of Xiaomi Group's public offering of depositary receipts also mentioned that 'the company's environmental protection policy involves various internal departments, outsourcing partners and other suppliers. According to the environmental protection policy, Vendors must commit to providing raw materials and components in accordance with environmental policies, and suppliers must establish relevant internal control systems to monitor the use of contaminants or dangerous substances.
Obviously, the statement submitted by Xiaomi to the China Securities Regulatory Commission and its prospectus issued by the Hong Kong Stock Exchange has a huge difference from the statement of the supplier's environmental risk issue. The latter did not disclose supply chain pollution.
Green Jiangnan, Public Environment Research Center, Friends of Nature, Friends of the Circle, Green Xiaoxiang, Greenline Qilu 6 environmental groups have jointly sent letters to Xiaomi Company and asked Xiaomi to make corrections to the prospectus documents of the Hong Kong Stock Exchange to protect investors. rights and interests.
In addition, six environmental protection organizations also questioned Xiaomi, based on the evidence to make a statement that these suppliers have corrected their conditions of non-compliance with environmental protection regulations.
As of press time, Xiaomi has not made any further response. At the news conference on June 23, Xiaomi did not make any statement on the supply chain issue.
'We hope that Xiaomi will not regard the formulation of the supply chain environmental management policy as an expedient measure or as a means of exempting it, but instead effectively establish its long-short supply chain environmental management policy and system to avoid large-scale financing for listing. Development leads to greater pollution.' Ma Jun, director of the Public Environmental Research Center, said.
According to the news of the China Securities Regulatory Commission website on June 19, Xiaomi requested the China Securities Regulatory Commission to postpone the CDR review meeting. The Securities and Futures Commission has decided to cancel the audit of Xiaomi’s issuance filings. At the press conference on June 23, Xiaomi’s chief financial officer Zhou Zhouzi said: 'CDR currently has no plans.'
In the process of electronic product production, environmental pollution problems will inevitably occur. In fact, most high-tech companies outsource manufacturing processes, and the process of environmental pollution is often transferred to partners located upstream of the supply chain.
HKEx's regulations on listed companies are more stringent than those of A-share listed companies. The requirements for A-shares for environmental information disclosure are limited to the enterprises themselves, and the “Guidelines for Environmental, Social and Governance Reports” issued by the Hong Kong Stock Exchange stipulates that ' The environmental and social risk policies governing the supply chain are general disclosures, and companies have the responsibility to do 'non-compliance and explain'. It means that if companies do not disclose environmental, social, and governance information in their annual reports, they need to go to the Hong Kong Stock Exchange. Explain why. This provision has been in effect since 2015.
The "Chinese Entrepreneur" reporter reviewed Xiaomi's annual report for the past three years. Xiaomi did not disclose environmental risks in the annual report.
Xiaomi wrote in the prospectus document issued by the Hong Kong Stock Exchange that the environmental risk section states: 'We use outsourcing partners to assemble hardware products that we have independently researched and developed, and we rely on partners to supply the finished products of ecological chain hardware products. We do not operate any production or assembly. Facilities, only operate some of the key warehouses and engage third-party transportation products. Therefore, we do not face significant health, safety or environmental risks.
The above text only mentions that millet itself has no environmental risk, but does not meet the requirements of HKEx for information disclosure.
Millet accused of supply chain pollution will affect the Xiaomi market?
The key issue is not whether Xiaomi's suppliers are involved in the emission of pollutants. Instead, the information provided by Xiaomi to the Hong Kong Stock Exchange hides the supplier's environmental risk information. The supplier's environmental performance may also affect the investment risk, such as the supplier's Sewerage activities are required to suspend production for rectification, and failure to deliver products in a timely manner may result in disruption of the supply chain. ' A CSR person told the Chinese entrepreneurs.
Fang Yingjun told Chinese Entrepreneurs that they had received a reply from the Hong Kong Stock Exchange. The Hong Kong Stock Exchange has stated that it has filed a record on the pollution of Xiaomi's supply chain and began to review relevant information. The results will provide feedback.
Green Supply Chain Forces Corporate Pollution Control
Millet was contaminated by a supply chain explosion at this time on the eve of the IPO. There was 'rice' on the Internet that the environmental organization was deliberately doing something.
The “supply chain re-enacts more serious pollution, Xiaomi IPO suspected of disclosure violations” mentioned in the rapid expansion of the past four years, millet's supply chain has repeatedly appeared pollution problems, the face of environmental protection organizations questioned, millet blindly silence and avoid.
The only one response was in 2015. Xiaomi expressed through its official Weibo: 'The opinions of the environmental organizations we will feedback to supply chain cooperation companies, urge them to take measures to improve.' However, Xiaomi did not point out the list of related supply chain companies. No follow-up follow-up.
In addition to Jiayi Electronics, the report of Green Jiangnan and the Public Environmental Research Center also pointed out four other suspected suppliers of Xiaomi who have experienced environmental violations in recent years, namely Shenzhen Shenchao Optoelectronics (suspected screen panel supplier), Xiamen Tongda Group (suspected shell suppliers), Kunshan Changying Precision Technology Co., Ltd. (suspected appearance parts supplier) and Qantas Group (suspected ODM manufacturers), these companies have experienced varying degrees of environmental violations in recent years.
On the afternoon of May 12, 2018, staff from the Green South and the Public Environment Research Center discovered under the bridge on the north side of the Egatronics Co., Ltd. that there was a phenomenon of drainage into the river outside the west area of the Egatronics. The staff borrowed a boat and Drainage Department. They observed from close quarters that a pipe was protruding from the stone wall in the plant and was draining the river.
The staff sampled it, tested it with PH paper and showed a strong acidity, then submitted the water sample to a qualified third party testing agency.
The test results showed that the copper content in the sample exceeded 195 times.
'We started to pay attention to this company, Yijia Electronics in 2015. In March of this year, Yijia Electronics also was fined 117,000 yuan by the Suzhou Environmental Protection Bureau for excessive discharge of water pollutants,' said Fang Yingjun.
After obtaining the test results, staff from the Green Jiangnan and the Public Environment Research Center contacted Xiaomi for the first time, but they had not received a response. They then issued a research report and submitted it to the Hong Kong Stock Exchange.
The green supply chain is a basic project of the Public Environmental Research Center. This project collects environmental data of companies and correlates these information with the industrial chain to form a searchable database. The Public Environmental Research Center hopes to promote the attention of large brands at home and abroad. The environmental performance of its supply chain, using green procurement to promote green production, forced corporate governance.
In fact, more and more companies have realized the importance of green supply chain in enterprise evaluation.
On June 5, 2016, Alashan SEE and the Midtown Alliance, the All-China Real Estate Chamber of Commerce and other five institutions launched the 'Green Supply Chain Action for the Real Estate Industry'. On the same day, a total of 48 real estate companies joined the operation, including Vantone. Vanke, Landsea Group and other well-known enterprises.
Companies joining the 'Real Estate Industry Green Supply Chain Action' will train all of the company's procurement managers in the form of internal documents, refusing to reject suppliers with excessive pollutants in the production process, and will instead adopt environmental standards rather than procurement costs. Put it in the first place to assess.
'To know that China's carbon emissions, real estate construction industry accounted for 40%, China accounted for 20% of the world, we manage a big number, do a good job this is a world-wide significance. ' Sunac China, Alashan Qian Xiaohua, the sixth president of the SEE Ecological Society, once said in an interview with "Chinese entrepreneurs."
For the first time, millet publicly acknowledged that there was pollution in its supply chain. According to Zhao Liang, the founder of the environmental protection organization Air Man, the attitude of Xiaomi facing the problem is uncertain, but it has progressed.
'Environmental organizations have been tracking the supply chain of brands for many years and have caused companies to start paying attention to the environmental performance of their own supply chains. The consideration of environmental responsibility by the Hong Kong Stock Exchange has also caused companies to respond to problems.' Zhao Liang said.
According to his observations, another trend is that the public’s awareness of environmental protection is increasing day by day. In addition to considering the price and quality of products, they also begin to increase corporate social responsibility and environmental performance.
Attached to "The Millet Group Public Offering Deposit Receipt Proposal Notes" (Excerpt):
Tiantian@iceo.com.cn
3. Legend Holdings reduced its holding of Lenovo Group Even if there are 5G, it also creates bad associations;
“What will the world lose when humans lose their association?” The original patriotic company Lenovo Group (stock code: 00992.HK) may not have thought that this slogan has now become a curse and has gradually become a trend. .
In May, Lenovo Group released its 2017 annual report. The annual report shows that Lenovo Group achieved revenue of US$45.3 billion in 2017, a record high in three years. However, while the revenue is at a record high, Lenovo Group remains in 2017. The loss was 189 million US dollars, which was more than the market expectation of a loss of 147 million US dollars. Among them, the fourth quarter net profit was 33 million US dollars, lower than the market expectation of 113.8 million US dollars. In fact, Lenovo's performance in these years has not been very good. From 2013 Entering the Hang Seng Index in March and now being excluded from the Hang Seng Index, Lenovo's share price has fallen 56%.
Why Lenovo does not increase profits? What are the causes of the stock price collapse? How should Lenovo develop next? With these questions, the reporter of Investor Daily sent an interview syllabus to Lenovo Group and Legend Holdings and repeatedly called for contact. To Ms. Gui, the head of Legend Holdings’s brand division, the other party said that it will be forwarded to Lenovo Group, but as of the press release the reporter has not received a reply.
Trade frictions The main battlefield in North America is weak
The 2017 annual results report released by Lenovo Group shows that although Lenovo achieved revenue growth in 2017, its overall performance is still not optimistic.
In this report, Lenovo’s three main business segments all declined. Among them, the PC business that has been the focus for the first time in four years lost the status of PC global leader for the first time. The highly anticipated smart phone business and the data center company that has been the highlight of business growth have been lost. IT business also showed a significant decline.
In the previous quarterly report of 2017, Lenovo still claimed that its global market share had reached a record high, and further consolidated its position in the market. However, this statement was quickly hit by the international data company IDC. According to 2017 4 The first quarter of 2017 global PC shipments and market share report (predicted) released by IDC on the 11th of the month show that HP has replaced Lenovo's success as a PC's 'one brother'.
Another market research firm, Garter, also believes that the global winter of the PC market is still not over. Garter data shows that the global PC market in the first quarter of 2017, shipments fell 2.4% year-on-year to 6.22 million units, which is also since 2007 Global PC shipments for the first time were below 63 million units for the first time.
The reasons for the decrease in PC shipments may be related to the increase in the prices of raw materials for production PCs. Gartner also pointed out in the report that the PC industry is experiencing price increases. Two years ago, the price increase in the PC industry was mainly due to the devaluation of local currencies against the US dollar. This round of price increase is mainly due to the shortage of spare parts, resulting in price increases.
Lenovo surpassed Hewlett-Packard as the No. 1 PC maker in 2013 and has been consistently occupying the top spot since then. During this fall, IDC analysis stated that Lenovo lost its first place or was related to its setback in North America.
As far as the future does not seem to see signs of obvious improvement, especially from the recent encounters with ZTE in the United States, it can be seen that the days of high-tech companies in the United States are not that good.
The market value shrinks by half
According to an analysis from Bloomberg, since Lenovo reached its peak in 2015, it has now lost two-thirds of its market value, which is why the article calls it the 'world's worst performing technology stock'.
The 2017 annual report released by Legend Holdings (stock code: 03396.HK) shows that Lenovo's operating income for the fiscal year 2017 was 316.263 billion yuan, up 3% from the same period of last year; net profit attributable to equity holders of the company was RMB 5.548 billion. Compared with the same period of last year, the company's revenue was mainly from the IT industry (ie Lenovo Group), financial services, innovative consumption and services, agriculture and food and new materials. Among them, Lenovo Group's strategic investment accounted for the largest proportion of operating income, about 299.363 billion yuan, accounting for more than 95% of Lenovo's total revenue, an increase of 6% over the same period.
However, like Lenovo Group, the high revenue also does not bring high profits to Legend Holdings. The net profit of Lenovo Group, which has the largest share of revenue, and net profit attributable to equity holders of the company are at a loss. The amount reached 670 million yuan and 246 million yuan respectively.
Under this circumstance, the “Investor” reporter found that in Lenovo’s 2017 semi-annual report, Lenovo’s holding of Lenovo Group’s shares was 31.48%. As of the latest annual report, the shareholding ratio has decreased by 2.38% to 29.10%.
In early May, Hong Kong's Hang Seng Index announced a quarterly adjustment and Lenovo Group was removed from the Hong Kong Hang Seng Index. The change took effect on June 4. In response, Lenovo Group Chairman Yang Yuanqing stated at Lenovo’s performance conference: 'That was not my concern. The fact that 'the performance continues to decline, the market value shrinks by half, and the Hang Seng Index has not been removed has caused the CEO's concern. What does he want to care about?
5G or the best opportunity to turn over
Lenovo was born in 1984. It was founded by Liu Chuanzhi and 10 technicians from the Institute of Computing Technology of the Chinese Academy of Sciences. From this perspective, Lenovo has the background of a business unit. Lenovo should be regarded as the first batch of the most successful technology after China's reform and opening up. One of the companies, which has won more than 10 years of PC sales in China and the world's first laurel, it can be seen that its research and development strength still has a certain foundation.
According to the data, Lenovo's Motorola has more than 2,000 patents, which is the basis of Lenovo's mobile phone technology. In addition, Lenovo has developed over 5 years in 5G technology.
International data company IDC had previously expected the first commercial 5G handset to be born in the second half of 2019. It also stated that the scale of 5G handsets could quickly reach 212 million in 2020 and then increase to 18% by 2022. The smartphone industry will Ushered in a new round of shuffle integration.
Some analysts believe that Lenovo is expected to become the first wave of companies to launch 5G mobile phones. According to the news, Lenovo will acquire the right to launch the Qualcomm Snapdragon 855 processor, and may become the first domestic 5G mobile phone manufacturer. So far, domestic The focus for mobile phone manufacturers is who can get the right to use Qualcomm's 5G chip. If Lenovo can catch this 5G train, then it is very possible to turn over with 5G. However, even with this possibility, Legend Holdings still chooses to reduce its holdings. Why is this?
Investor
4. Meizu's 'midfield crisis': layoffs and fermentation, frequent rotation of senior executives;
Recently, Meizu Technology released an internal letter saying that based on the principle of 'staying lean and efficient', a new round of layoffs will be launched. The number of layoffs is 610. After a lot of media speculation and breaking news, the layoffs were Confirmed by Meizu insiders.
Not only that, after the layoffs were announced, Meizu also re-adjusted the company's personnel structure, and the chief marketing officer CMO Yang Lan and the chief problem officer CSO Li Nan changed their positions.
As two high-profile and controversial Meizu executives, Yang Lan and Li Nan have different personalities and ways of doing things. These two high-level positions also reflect the Meizu new thinking to some extent.
Although personnel reduction and personnel changes are inevitable in the operation of enterprises, combined with Meizu's recent business conditions and industry environment, Meizu's move is not optimistic, and this will also affect Meizu's future development.
Frequent personnel changes
This is already the second large-scale layoffs that Meizu has sent out this year. As early as March this year, there were media reports that Meizu will launch a layoff plan of over 1,000 people, but this news was officially rumored by Meizu at the time. .
Meizu's repeated layoffs and Meizu's own strategy also have a certain relationship. Time back to 2016, at the Meizu annual meeting on January 22 of that year, CEO Huang Zhang proposed Meizu to 'steadily grow, create profits, The goal of IPO's advancement. It is from this point on that Meizu launched the annual layoff plan.
Initially, Meizu's final layoff was 5%, but then the figure was raised to 10%. 'I think of Jack Welch's 2-7-1 theory, which is to eliminate the bottom 10% of the people each year', Bai Yongxiang, former president of Meizu Technology, had such an explanation for the redundancy plan.
At the beginning of 2017, the media claimed that Meizu’s layoffs reached 25%. However, Meizu responded that the proportion of layoffs remained at 10%. When layoffs became the normal status of Meizu, organizational structure and personnel adjustments continued.
In February 2017, Huang Zhang announced on Weibo that he had to go back to the mountains. Since then, Meizu has made a series of internal organizational adjustments. In June, Meizu was split into Meizu, Charm Blue and Flyme. In December, Meizu also announced the addition of three business divisions based on this, namely the Overseas Division, the Parts Division and the E-Commerce Division.
Until May of this year, with the merger of the Meizu and Charm Blue Independent Business Units, Meizu established a sales center and a market center, and the personnel structure of the company was changed again. The sales center was led by Li Nan, and the market center was controlled by Yang Lan. However, only After a month, the positions and positions of Li Nan and Yang Hao changed again.
Although the Meizu official has been very calm about the company’s layoffs over the past few years and has been firmly advancing the company’s listing as a target, Huang Zhang has also had reflections on the frequent changes in high-level personnel and organizational structures. “I haven’t been in charge for so many years. The company is a mistake. My return is also a negation of company strategy and personnel in previous years. It is expected that next year, I can completely run the company to the track I want.'
2019 is the estimated time for the Meizu CEO to get the company back on track. However, the time left for the stable development of Meizu is not as abundant as it seems.
Poor sales of products
According to the domestic sales statistics of domestic smartphones released by international research institute GFK in 2017, in the ranking of domestic mobile phone shipments in 2017, Huawei (including glory) reached 102 million, OPPO was 77.56 million, and vivo was 72.23 million, Apple 5105 Wanbu, Xiaomi 50.94 million, these mobile phone companies have accounted for nearly 80% of domestic mobile phone shipments last year.
In contrast, Meizu's domestic mobile phone shipments in 2017 were 16.81 million, with a market share of only 4%. Compared with the top-ranked Huawei, OPPO and other first-tier manufacturers, even in the early years, the products have been compared to the target millet. Not in the same breath.
Meizu's 2017 is not easy. In addition to the frequent adjustment of the organizational structure, Meizu also suffered a large number of offline stores closed last year, many executives have resigned, high-end mobile phone shocks and other events.
Objectively speaking, its last-generation high-end mobile phone PRO 7 series is an innovative mobile phone product. The novel 'painting screen' function is eye-catching. However, Meizu may be too confident about its flagship product, in a dazzling array of mobile phones. In the market, consumers are more likely to see the mediocre configuration that does not match the flagship positioning, so they are not competitive enough.
According to statistics, Meizu's total mobile phone shipments in 2017 were close to 20 million units, which is a decrease of 2 million units over the previous year. The mobile phone sales volume of 20 million units a year is obviously not enough for the Meizu people who are on the market. of.
Although Meizu has picked up momentum this year and launched a series of mobile phones equipped with Qualcomm processors, from the perspective of market feedback, compared with the domestic first-line manufacturers, Meizu is still not enough to compete.
According to data released by Sinomax on the overall sales of mobile phones in the first quarter of 2018, total mobile phone shipments of Meizu in the first three months of the year totaled 3.91 million, ranking seventh among mobile phone manufacturers, nearly 20 million more than OPPO, a quarter in vivo. There is still a big gap in the shipments of the ministry.
Meizu is now in an embarrassing state. It is in sales of about 20 million yuan a year. The sales pressure of 40 to 50 million is very high, but it will not be a big downward trend for the time being. In addition, Meizu's brand is not much improved at present, and investment in channels, etc. is not enough. 'The communications industry watcher Xiang Ligang told the Times Finance.
Increased competition in the industry
Frequent changes in personnel and poor product sales will inevitably lead to unstable factors in the company. This also reflects the continued intensification of competition in the current mobile phone industry.
According to the "China Mobile Phone Market Operational Analysis Report for March 2018" released by the China Institute of Information and Communications, China's smart phone shipments totaled 81.37 million in January-March 2018, a year-on-year decrease of 26.1%. Among them, domestic mobile phone brands Volume of 75.864 million units, a year-on-year decrease of 27.9%.
The mobile phone market is becoming increasingly saturated. The overall decline in handset shipments is currently a problem that all mobile phone manufacturers need to face. However, for Meizu and other second- and third-tier mobile phone manufacturers, the survival situation is even more severe. QuestMobile announced the first quarter of 2018 The China Mobile Internet Data Report shows that as of March 2018, the market size of Apple, OPPO, Huawei, Vivo and Xiaomi's five manufacturers is 82.3%, and other mobile phone brands are expected to expand in less than 20% of the market size. Intense strangulation.
Not long ago, Huawei, Xiaomi, vivo, OPPO and other domestic first-tier manufacturers have released highly competitive mobile phone products, and these mobile phone giants are also expanding into overseas markets. This series of actions reflects the domestic mobile phone market. Saturated, mobile phone manufacturers collectively want to increase the situation in overseas markets.
Xiang Ligang said, 'The mobile phone market is now more and more saturated, so many mobile phone manufacturers are guaranteeing profits by raising the price. Not only domestic mobile phone manufacturers, including Samsung and Apple, are developing in this direction, except Huawei, OPPO. In addition to the better development of domestic manufacturers such as, vivo and Xiaomi, other mobile phone manufacturers will still have greater pressure.
For the future development of Meizu, industry expert Hong Shibin believes that Meizu wants to catch up with the rhythm of the industry and needs to position products more clearly. At the same time, Meizu’s brand strategy will have a more compact spread after the launch of new products, so that consumers have More opportunities to get in touch and get to know Meizu's products.
In today's fierce competition for mobile phones, many mobile phone manufacturers ranked lower have gradually fallen behind, and have been eliminated by the market. As for Meizu after a series of organizational structure and personnel structure adjustment, whether it can improve the performance of the company and achieve listing The target has yet to be further tested by the market.
Times Finance
5. The core assets of Le Rong have a new hidden hidden worry. LeTV executives are arguing that they are still in trouble;
Our reporter Rao Shouchun reports from Beijing
At 10:00 on June 22, LeTV (300104.SZ) held an annual general meeting of shareholders at LeTV Building in Beijing to review and include the 2017 annual report, and apply for 18 proposals including comprehensive credit lines from banks and other financial institutions. It is shown that the 18 proposals of LeTV have been voted by the shareholders' meeting.
In response to a question from a reporter from the 21st Century Business Herald, Liu Shuqing, chairman of LeTV, stated that the future development of the business of Lelux to New Electronic Technology (Tianjin) Co., Ltd. (hereinafter referred to as "Leverage to New," the original "LesVision to New") It will remain an important foundation for the entire listed company system, and believes that other business sectors of listed companies are also facing heavy historical debt and financial difficulties, and have achieved partial business innovation.
In a subsequent interview on whether the company might be delisted, LeTV replied that the company has been working hard on debt optimization, cost control, etc., but whether or not the delisting is not a matter that the company can unilaterally judge.
On the 22nd, LeTV.com's stock price rose 3.02% to close at 3.41 yuan per share. The latest market value came to 13.6 billion yuan.
Dangerous alarm is far from being lifted
At the shareholders meeting of the LeTV Group held on June 22, only 22 shareholders or shareholder representatives attended the meeting, and most of them were media members who participated as shareholders. In this total shareholders meeting, there was only 45 minutes. , Leave the time for shareholders to ask questions and exchange only less than 10 minutes, and then announced early to end.
Since 2017, LeTV's net profit attributable to shareholders of the parent company was a huge loss of 13.878 billion yuan, becoming the 'loss king' of the A-share market. At the shareholders meeting, the 21st Century Business Herald reporter put forward a question about whether the LeTV online half-year operation has reversed. , And the development plan in the second half of the year.
Liu Shuqing did not directly respond to the previous part, only said that after the disclosure of the company's semi-annual report, it is naturally visible.
However, Liu Shuqing is still arguing about the current difficulties of LeTV. She said that all employees, including management, still know that the company's funding problems have not been resolved and are facing extreme shortage of funds. The original business has limitations and stagnation.
For the second half of the question, Liu Shuqing said that with the future development of Lerong's new business, it will promote the performance of the LeTV listing system, which is in line with the company's sustainable development direction and long-term interests.
'Especially in the current situation that the company as a whole has not yet emerged from the financial difficulties, the company management has made every effort to restore the super TV's service capabilities and content advantages to its users. We hope that through the company's continuous efforts, the outside world will be able to feel the good of the company step by step. The change. ' Liu Shuqing said.
However, a person close to LeTV.com revealed that, whether it is LeTV or Lemax, the business situation in the first half of 2018 has not changed fundamentally, and the probability of insolvency from a distance is also increasing. As of the first quarter of this year At the end of the year, the owner equity of the parent company within the scope of the LeTV.com consolidated statement totaled only 004 million yuan.
In response, LeTV.com responded to the question raised by the 21st Century Business Herald reporter as to whether there was a possibility of bankruptcy and reorganization, and stated that if the listed company continued to lose money in 2018, there would be a possibility that the net assets of the parent would be negative.
'In the face of such serious situation, the company has been actively looking for and introducing strategic investors. For example, the previous paragraph will be able to ease capital shortages to a certain extent. In the future, the company will further expand its financing channels and obtain company business development. The capital and business resources needed to solve the company's current urgent funding needs. ' LeTV replied 21st Century Business Herald reporter said.
Le Rong to create a new furnace carbon
In the process of the recovery and development of LeTV.com's business in the future, Lemax has been given a key core position.
At the shareholders' meeting on June 22, Liu Shuqing told 21st Century Business Herald that based on the open platform strategy of Super TV, the company actively introduced Tencent video, Mango TV and other third-party premium content, which greatly expanded the content of Super TV. Richness. ' Liu Shuqing said.
At the Second Extraordinary General Meeting of 2018 held two weeks ago, Liu Shuqing said that with Tencent, JD.com and others implementing a new capital increase to the company, it will not only ease the tensions of the new funds caused by the company, but also help Recover the company and enjoy the new brand, credit.
It is worth noting that, due to the problems involving loan guarantees, LeTV has repeatedly mentioned the risk of losing the new control rights of Leflux.
The above-mentioned people close to LeTV.com stated that the development path of Lemax to the new future may refer to Lechuang Entertainment (ie, the original LeTV), and it has evolved independently of the listed company system. However, he also believes that the emergence of this situation is currently For LeTV, it will be a huge blow.
At the same time, Liu Shuqing stated that at the fund level, the company is still actively negotiating loan extensions with relevant financial institutions, focusing on reactivating the company's cash flow and supply and sales system by resuming the development of various key businesses.
LeTV's financial director Zhang Wei said that LeTV has some short-term debts that are about to expire. The company is actively communicating with financial institutions and has solved certain problems, but there are still some debts that are about to expire in July and August. Currently, it is in the process of progress.
21st Century Business Herald
6. Comments: Xiaomi's 'now' may be difficult to support high valuations
Revenue is too dependent on hardware, there is a bottleneck in revenue growth, and Xiaomi still has a long way to go.
According to media reports, on June 22, Xiaomi founder Lei Jun and other senior executives officially signed the Xiaomi prospectus, Xiaomi will also become the first company in the HKEx to have the same rights. According to investment bankers, according to Xiaomi’s offer price, The market value range after the listing is 54 billion to 70 billion US dollars. This valuation range and the previous 70 billion -100 billion US dollars in market expectations have shrunk.
However, on June 21, Lei Jun said: Many people ask me whether it is the valuation of Xiaomi Tencent or Apple's valuation. I said that I want Tencent to take Apple's valuation, because Xiaomi is all-round. In Xiaomi valuation On the other hand, Lei Jun is very high-key, or unwilling, but his actions are still pragmatic and compromise with reality.
The valuation of millet is not expensive, but the market's core difference is whether Xiaomi is a hardware manufacturer or an Internet company. Although the prospectus claims to be an innovation-driven Internet company, Lei Jun also said that it is global. Rarely, at the same time, it can be an all-powerful company for e-commerce, hardware, and the Internet. 'But we still have to distinguish what is the company's 'reality' and what is 'ideal'.
From the revenue data disclosed by Xiaomi, we can see that smartphones still account for most of Xiaomi’s income, with a share of 70.3%. This, coupled with Xiaomi’s recent development of the eco-chain consumer products that are experiencing rapid growth, is now Xiaomi’s mobile phone. Together with other hardware businesses, it accounted for 90.8% of total revenue. For the moment, Xiaomi still prefers a company with a hardware income.
There is a big uncertainty in the hardware competition prospects of Xiaomi. According to the National Bureau of Statistics, China’s smartphone production increased by 5% in April 2018, and the output in January-April increased by 4.7%. The data of consulting firm Couterpoint shows that in 2018 In the first quarter, China's smartphone shipments fell by 8% year-on-year and 21% quarter-on-quarter. It has to be acknowledged that the current domestic smartphone market is approaching saturation and competition is becoming more and more fierce. Xiaomi is still fighting with Huawei and Apple. Among them, and there is no absolute competitive advantage, so hardware revenue is difficult to provide a solid guarantee for the company's high valuation. Therefore, hardware as a entry point for Xiaomi to enter the consumer life, launch a series of Internet services, the future will be limited by the market.
More crucially, under the premise of over-reliance on hardware revenue, Xiaomi hoped to pin its hopes on the Internet of Things and Internet services, and depicted a grand blueprint for investors. However, for now, the reason why Xiaomi's ecological chain products are hot It may not be the perfection of the Internet of Things and ecology, and the cost-effectiveness is still the main reason for choice. Xiaomi relies on price advantage to win market share for himself. However, when the productivity of the whole industry increases, the price strategy may not be sustainable.
Moreover, Xiaomi's ecological chain industry is no less competitive than smart phones. Today, smart speakers control most of Xiaomi's ecological products, while Tmall Elf and Baidu Xiaodu are also making strides in this area. The technical foundation of Xiaomi's ecology. It is human-computer interaction and artificial intelligence. However, Xiaomi did not occupy a leading position in these two fields. Baidu and the University of Science and Technology are the leaders of human-computer interaction speech recognition. Xiaomi is still under the control of people in the technical foundation.
The core of a company's valuation or foundation is still the company's business. When Xiaomi first began to value, the target was Amazon, but compared to Amazon, there was still a big gap between the millet. Amazon's development gradually tended to 'winner'. After all, even if the company has not been profitable for nearly two decades, there are still a large number of investors believing that Bezos has a strong network effect. As Bezos said, more than 100 million people worldwide are Amazon’s main subscriptions. , sold more than 5 billion products worldwide, and the amount of rice flour for millet has yet to be improved; Amazon