1. Xiaomi is listed today: Li Ka-shing/Ma Yun/Ma Huateng subscribes, Wu Xiaobo buys 200,000 US dollars;
Episode micro-network reported on July 8
Established 8 years ago, the top three IPOs of global technology stocks. The founder of Xiaomi Lei Jun will ring the bell in Hong Kong tomorrow morning.
This morning, Lei Jun once again published to the outside world "Tomorrow, let us witness the great moment!" signed article.
Lei Jun reviewed the experience of opening a small office in Zhongguancun Yingu Building, a small office, on April 6, 2010, to create history and become the world's fourth largest smartphone manufacturer.
He said that in the past eight years, the typhoon pigs, we have been, ups and downs, we have also experienced... Numerous facts have proved that we are a hero team who dares to fight, indomitable, and constantly create miracles!
When talking about the listing process, Lei Jun said that the recent ups and downs of the capital market, the successful listing of Xiaomi means great success.
The IPO price of Xiaomi IPO is HK$17, with a valuation of US$54.3 billion. It has become one of the top three IPOs of global technology stocks in history. It is also the first pilot project in Hong Kong's capital market with the same rights and different rights. Lei Jun said that this belongs to all The great success of the millet!
At the same time, Lei Jun revealed that at the critical moment of the Sino-US trade war, the international capital market has changed dramatically. More than 100,000 investors have actively participated in the subscription of Xiaomi's stock, including Li Ka-shing, Ma Yun, Ma Huateng and other industry leaders. This is the management of Xiaomi. And the trust and trust of the employees. We can only repay this trust if we continue to struggle.
Lei Jun also said that the successful listing is only the summary of the first chapter of Xiaomi's story, and the second chapter is more gorgeous.
In addition, today's financial writer Wu Xiaobo also published an article saying, 'On Thursday, I opened an account in the Hong Kong business department of Futu Securities, and subscribed for 200,000 US dollars of Xiaomi stock. This is the first time I have opened a stock account for 20 years.'
The following is the full text of Lei Jun’s open letter:
Xiaomi classmates,
Tomorrow will be an exciting day. After eight years of hard work, we will be listed on the main board of Hong Kong.
Since its establishment, Xiaomi’s journey has been supported by courage and trust. In retrospect, eight years of ups and downs have been vividly witnessed. On April 6, 2010, a small office in Zhongguancun Yingu Building, a family called Xiaomi The small company quietly opened, and I have vaguely remembered it until now, there were only 13 employees, except for me, Lin Bin, Ali and KK, four co-founders, and Fan Dian, Liu Xinyu, Wang Haizhou, Li Ming, Qu Heng, Qin Zhifan, Li Weixing, Sun Peng and Guan Yingzhi are the nine founding team members. Their 9 students are still active in all important positions of Xiaomi today. On that day, we drank a bowl of millet porridge. It’s done. No one thought of this insignificant small company, and since then it has achieved an epic glory.
'Mingzhishan has a tiger, preferring Hushanxing', we will enter the mobile phone industry as soon as we come up. This is the most competitive industry in the world. For start-up companies, it is undoubtedly a challenge to 'hell difficulty', and there are Apple and Samsung in the world. There are Huawei and Lenovo in China, each of which is a distant giant. Xiaomi, such a small company with more than 10 people, has no hardware industry experience at the beginning, and relies on courage and great innovation for less than three years. Time, it was unexpectedly the first in China. After only three and a half years, it became the first in India.
In the past eight years, the pigs in the typhoon have been used, and we have been ups and downs. We have also experienced... Numerous facts have proved that we are a team of heroes who dare to fight, indomitable, and constantly create miracles!
In the past eight years, with our participation and promotion, China's cottage has been completely eliminated; Chinese smart phones, smart hardware quality is getting better and better, prices are getting cheaper, and it is rising globally; The emphasis on experience is deeply rooted in people's minds; the rapid spread of mobile Internet applications has deeply penetrated our daily life. Xiaomi has also become the world's fourth largest smartphone manufacturer, changing more than 100 industries through eco-chain products, and fully promoting business efficiency. Upgraded to 74 countries and regions around the world, built the world's largest consumer Internet of Things platform. Not only mobile phones, Xiaomi TV has also won China's first, Xiaomi bracelet, mobile power, balance car, etc. also seized ten Many first, in many fields, proved the advanced nature of the 'millet mode' again and again.
The numbers show everything: In 2017, we earned 114.6 billion yuan. In 7 years, we crossed the threshold of 100 billion yuan. In 2017, revenue increased by 67.5% year-on-year. In the first quarter of this year, the growth rate was 85.7%. Our e-commerce and The revenue contributed by the new retail platform accounted for 63.7%. In addition, Internet service revenue accounted for 8.6%, and reached an astonishing scale of 9.9 billion yuan. This year's Q1 Internet service revenue ratio increased to 9.4%. This fully proves our Internet. Our business capabilities, we can convert the flow of hardware and e-commerce into revenue and profit.
Tomorrow, Xiaomi will be listed. At this moment, I am as excited as every Xiaomi employee!
First, the recent ups and downs of the capital market, the successful listing of Xiaomi means great success.
Xiaomi IPO has an issue price of HK$17, with a valuation of US$54.3 billion. It has become one of the top three IPOs in the history of global technology stocks. It is also the first pilot of the 'shares of different rights' in Hong Kong's capital market. This belongs to all millet people. Great success!
After eight years of hard work, all Xiaomi entrepreneurs will win the fruits of struggle! As of today, we have more than 7,000 employees holding stocks or options. After IPO, everyone will get the blessing from the capital market.
Huge success also belongs to trusting Xiaomi along the way, supporting Xiaomi's investors. For example, the earliest VC, the first $5 million investment, today's return is as high as 866 times!
I believe that Xiaomi's entrepreneurial story will inspire and inspire more entrepreneurs! If people evaluate Xiaomi 100 years later, I hope they think that the biggest value of Xiaomi is not how much equipment is sold, how much profit is earned. But we change People's life, exploring and practicing the final form of business - making friends with users, achieving the greatest degree of unification of business value and user value, proves the courage of innovation, perseverance, hard work, and solidity can succeed .
Second, listing also means huge challenges and heavy responsibilities.
At the critical moment of the Sino-US trade war, the international capital market has changed dramatically. More than 100,000 investors have actively participated in the subscription of Xiaomi's stocks, including Li Ka-shing, Ma Yun, Ma Huateng and other industry leaders. This is a great deal for Xiaomi's management and employees. Trust and trust. We can only repay this trust if we continue to struggle.
In the future, we will always insist on making friends with our customers. We will always insist on being a good product with a strong price and a good price. We will always insist on innovation and quality. Innovation determines how high we can fly, and quality determines how far we go. Quality is always our lifeline. We will be determined to build a respected Chinese brand around the world.
3. Listing is just the beginning of Xiaomi's new.
The world will silently reward people who are diligent and kind. Tomorrow, Xiaomi will be listed soon, which is part of our reward. But this is just the beginning, listing has never been our goal. We are not fighting for listing, we are listed for better struggle. Successful listing is only a summary of the first chapter of the Xiaomi story, and the second chapter is more gorgeous.
Our executive team has been repeatedly measured and believes that we still have unlimited room for growth in the future. First, our smartphone business ranks fourth in the world, and smartphones only look at stocks is a huge market. We must strive to ensure continuity. The rapid growth, and strive to rush into the world's top three as soon as possible; Second, we will have plans, rhythmically expand the category, there are many hundreds of billions of markets waiting for us to hit the past, continue to move from victory to greater Victory; Third, the international market is promising. In the first quarter, Xiaomi’s international business accounted for 36% of total revenue. We need to further promote internationalization, and realize international business income as much as half of total income as soon as possible. 3. The three strategies guarantee the future growth of Xiaomi.
Great companies are always born in a great era, and new species always resonate with the new era. Today's China has entered the golden age of entrepreneurs, and has produced a number of new economic companies that lead the world. As a new Internet species, Xiaomi is fortunate. In such soil and environment, it has become a versatile company with rare global, e-commerce, hardware and Internet services. Our ambitions are not limited to this. We came into being in a new era and wanted more. Hands-on advancement of the times.
At this moment, I am very excited. In my heart, there is a slogan from Xiaomi a few years ago:
'Our name is young. On the way to chase dreams, we keep moving forward, fearless, to explore, to change, to fight, to let the world see what we look like, our time is coming!'
I love Xiaomi, I am proud of Xiaomi!
I love you, Xiaomi classmates, I am proud of you!
Tomorrow, let us witness the great moment!
Lei Jun
2018.07.08 Hong Kong
2. Xiaomi's dark price fell sharply. Will it break on the first day of listing?
In the case of poor performance in the Hong Kong market, new stocks were flat, and Xiaomi Group (01810.HK), which is known as valuation equal to 'Tencent multiplied by Apple', will be listed on July 9, but from the current Hong Kong market In terms of trading, Xiaomi is likely to go down the IPO when it goes public, and there is news that Xiaomi’s off-market price has fallen more than 10%, and no one has taken it.
Dark disk price drops more than 10% at most
According to the market of Yao Cai Securities's dark trading market, Xiaomi's dark price was reported at HK$16, and it has been nearby. The highest intraday price was HK$16.58, which closed at HK$16.2, down 4.7% from the offer price of HK$17. The trading price of the trading market was also reported at HK$16, which was 6.25% lower than the IPO price and closed at HK$16.1, which was 5.3% lower than the IPO price.
According to some sources, the price of the off-market dark disk is lower than the price of the dark disk. Some institutional investors have offered a low bid of HK$15.4 in the Xiaomi dark trading, which is 9.4% discount to the offer price of HK$17. The family took over.
Zhang Zhiwei, co-director of Xincheng Securities, expects that the stock price will be repeated downwards after the listing of Xiaomi, but in fact, the safety of the doctors, Yi Xin, Zhong An and other stocks are also very general, but the rebound of the market may also have its share price. Helped.
Yao Yaohui, director of Yaocai Securities Research Department, said that he has not been optimistic about the prospects of Xiaomi's business, so regardless of the short-term performance of the stock price, he will not consider buying, because the volume of dark trading is not active, even if there is an uptrend on the first day of listing. , investors are advised not to chase.
Some market participants said that from the perspective of Xiaomi's dark price, the possibility of breaking the first day of Xiaomi's listing is very high, and many institutional investors will still use traditional hardware companies to understand Xiaomi, so Xiaomi's estimate The value is indeed very high, it is not worthwhile for investors to start at the time of listing, it is better to wait for the stock price to fall to a certain extent, and then lower the absorption.
According to the placement document released by Xiaomi on July 6, the public offering for retail investors is only slightly oversubscribed, and the subscription of a total of 1.035 billion shares is equivalent to 8.5 times oversubscription, as the public offering for retail investors is only slightly Oversubscription, there is no need to trigger a redistribution mechanism.
The final number of the Offer Shares allocated to the International Offering Placees is approximately 2.398 billion shares, representing approximately 110% of the total number of initial Offer Shares available for subscription under the Global Offering. .
Hong Kong's new shares are relatively bleak
Compared with other new economic companies, Xiaomi's subscription situation is very bleak. In fact, many new economic companies in the past are more optimistic than Xiaomi in the process of listing in Hong Kong. In the first half of this year, Ping An Good Doctor ( 01833.HK) At the time of listing, the over-subscription of the public offering for retail investors' subscriptions reached 653 times, and the frozen funds reached 376.8 billion Hong Kong dollars, which is the 11th place in Hong Kong's new stock 'Frozen King'.
The Yixin (02858.HK), which was listed in November last year, was subscribed by 300,000 people. The retail investors need to subscribe for 50 hands to get 1 lot, like Zhongan Online (06060.HK), which is available for retail investors in Hong Kong at the time of listing. The public offering part recorded an oversubscription of 392 times, but the share price has plummeted since then, and the current share price is 22% lower than the listed price.
At the same time, the Hong Kong market has been weak recently, and the performance of new stocks has been poor. Except for the poor performance of Xiaomi's dark price, Jiujiang Bank (06190.HK), which recently announced the results of the IPO, only subscribed for 0.28 times for the public offering of retail investors. A total of 72% of the shares that have not been subscribed have been reassigned to the International Offering.
The isotope and irradiation technology supplier China Tongfu (01763.HK) H shares was listed on the first day of last Friday, but it is difficult to escape the fate. The stock finally closed at HK$20.1, down 6.94% from the listed price.
In the case of poor market conditions, Qiqi Technology (01739.HK), which specializes in Internet home improvement platforms, said that after consulting the joint bookrunner and considering the current market conditions, it announced that the new share issue price will be lowered to HK$4.85, and the original offer price. The range is 6.8 to 9 Hong Kong dollars. The latest offer price is 29% lower than the lower limit price. If the calculation is based on the upper limit price of HK$9, the price cut will reach 46%, and the offer will be postponed until July 12.
According to market news, Zhejiang Cangnan Instrument (01743.HK) may also delay listing. Due to the temporary cancellation of subscription by large investors, the international placement part for institutional investors subscribed for insufficient subscription, so it is necessary to delay the listing plan. Listed on July 13, it plans to raise 640 million to 900 million Hong Kong dollars.
Although many people are worried about the prospects of Xiaomi's listing, in fact, it can be seen from the latest details on the market that the stability of Xiaomi's share price may be strengthening.
According to the announcement of the Hong Kong Stock Exchange on the evening of July 4, Xiaomi will be listed on the approved short-selling designated securities at the same time as Xiaomi's listing on July 9. Xiaomi's futures and options will also be launched. Secondly, Xiaomi IPO has enabled 'green' "Shoe mechanism", that is, the over-allotment option mechanism, and issued about 200 million new shares through Green Shoes, almost double the Hong Kong public offering shares, which is also conducive to enhancing stability and certainty.
3. Huawei believes that it will not be subject to US sanctions. It will continue to purchase US chips this year;
Reuters, Paris, July 8 - China's Huawei's rotating chairman Hu Houkun told a French newspaper that Huawei believes that it will not become a US sanction target and will continue to purchase US chips this year. Huawei is the world's largest telecommunications network equipment manufacturer.
Huawei is a private enterprise and the third-largest smartphone manufacturer in the world. It is believed that Huawei has a very different relationship with the Chinese government, but Huawei has repeatedly denied this.
Last month, several US lawmakers claimed that Huawei's research funding for American universities constituted a 'significant threat' to national security and became the latest difficulty for Huawei to conduct business in the United States.
The French newspaper Le Journal du Dimanche asked Hu Houkun if he was worried that Huawei might also be sanctioned. Hu Houkun said: 'It is hard to imagine this. Ten years ago we established a system to control our exports. This system is very effective. Our policy is to closely comply with all laws and regulations introduced by Europe, the United Nations and the United States.'
When asked if Huawei can start a business without US parts, Hu Houkun said that Huawei's logistics chain is international. 'We must be open-minded and choose the best technology, the best product. So we This year will continue to purchase US chips. '
Earlier this year, US lawmakers asked Google (GOOGL.O)'s Google to reconsider its cooperation with Huawei, a Chinese communications equipment company, saying it has security threats. In addition, Huawei and US telecommunications company AT&T (TN) sell Huawei mobile phones in the United States. The agreement was also broken at the last minute because of security concerns. (End)
4. Liu Qiangdong: Learning from Lei Jun, it is a matter of doing things to make it possible for investors to make money;
Episode 7 and 8th report
Next morning, Xiaomi will be listed in Hong Kong. According to the disclosure, Xiaomi's valuation is far from the previous boom of 100 billion US dollars, and the final IPO issue price is 17 Hong Kong dollars, with a valuation of 54.3 billion US dollars. This is also the lowest price disclosed at that time.
Today, the founder of Jingdong Group, Liu Qiangdong, expressed his views on the micro-headlines.
He said, I saw that Lei Jun was finally set at the lowest price when he finally priced. I don't know why he was relieved! In the past few years, capital has been rampant, and many startups have enjoyed super-high-level market valuation, which gives many entrepreneurs It creates an illusion, and some people even really believe that they can value so much money! It may be time for nude swimming!
He also said that he advised the unicorns behind: Learn from Lei Jun! It is a savvy thing to make the stockholders make money! Going to the stock market to cut the leeks is not qualified to become an entrepreneur!
5. South Korea's 5G equipment is not shared. LG's operators are bound by Huawei to sprint commercial;
Every reporter Zhang Honglei, intern editor, Wei Guanhong
Global 5G racing, the crowds compete. At present, the global communications operators are beginning to race in the 5G field. For the 5G fat, China's communications operators have long seized the opportunity to compete for layout. In overseas markets, The 5G auction spectrum results of the three major communications operators in South Korea, which ran away from 5G, were released, which once again attracted much attention in the market.
Recently, the reporter of “Daily Economic News” visited the pioneering industry in South Korea, and exclusively interviewed Jin Daxi, vice president of 5G strategy of LG Uplus, one of the three major communication operators in Korea, to reveal the difference in 5G commercial competition between China and South Korea. In fact, LG Uplus reached a cooperation with Huawei on 5G related content as early as 3 years ago.
Kim Dae-he told the Daily Economic News that South Korea is expected to open 5G at the end of this year, and South Korea's 5G equipment is not 100% shared by major operators reported by relevant media. He said that even to reduce investment, Accelerate 5G deployment, and post-operation related equipment cannot be shared among operators.
China and South Korea rush to the 5G commercial circuit
Not long ago, South Korea's three major communications operators 5G auction spectrum results were released. LG Uplus won the 3.42GHz-3.5GHz band (80MHz) and 27.3GHz-28.1GHz band (800MHz); KT won the 3.5GHz-3.6GHz band ( 100MHz) and 26.5GHz-27.3GHz (800MHz); SK Telecom won the 3.6GHz-3.7G (100MHz) and 28.1GHz-28.9GHz bands (800MHz).
Referring to the results of the auction spectrum, Jin Daxi told the reporter of "Daily Economic News" that the above results are the result of a government intervention and mutual consultation.
In February of this year, at the 23rd Winter Olympics held in South Korea, Korean telecom operator KT teamed up with various links in the industry chain to provide 5G network services and realize the 5G commercial debut. Great Wall Securities’s research report showed that this is expected. It will further promote global operators and other companies in the industry chain to accelerate their 5G layout.
During the just-concluded Shanghai World Mobile Conference, China's three major telecom operators announced the latest development of 5G. China Unicom will conduct demonstration and application of 5G business scale in 2019, and plans to officially commercialize it in 2020. China Mobile strives to be in 2018 Scale trial, pre-commercialization in 2019, full commercial use in 2020.
In fact, the operators of China and South Korea and even the world are eager to announce their 5G commercial blueprint because the 5G industry has entered the sprint phase.
On June 14th, the 3GPP 5G NR Standard SA (Standalone, Independent Networking) solution was officially completed and released at the 80th TSG RAN Plenary of 3GPP, which means that 5G has completed the first phase of full-featured standardization work and entered the stage of commercial landing. .
In the process of 5G industry development, the cooperation and cooperation between enterprises has been quietly opened. In July 2015, LG Uplus and Huawei signed a joint memorandum of understanding on 5G network technology cooperation, which will be in 5G technology, equipment development, and new network solutions. All areas of cooperation.
'Many media are guessing that LG Uplus and Huawei are working together. Is Huawei's products cheap? But this is not the reason for complete accuracy and completeness. The introduction of Huawei is because the price of equipment is competitive, and the biggest advantage is the higher technical advantage. When talking about cooperation with Huawei, Jin Daxi recalled that before the cooperation with Huawei, many investigations were carried out, but in the end, Huawei's technology and cost performance were very high, so it decided to cooperate. From July 2015 to now, the two sides have been Maintain strategic cooperation.
Korean 5G devices will not be fully shared
At the same time as the 5G standardization progresses, in order to promote the commercialization of 5G, the paths adopted by countries are not the same.
Telecom industry analyst Fu Liang told the reporter of "Daily Economic News" that all countries now attach great importance to the development and application of 5G. Many operators regard the promotion and application of 5G technology as an important factor in competing for the right to speak in the future communication market. At present, both China and South Korea have already ranked the first echelon of 5G technology research and development and application, and will also release large dividends for industrial chain enterprises.
Different from some Chinese communication operators, the form of independent networking is preferred. Previously, some media reported that the three major operators in South Korea decided to share 5G networks and equipment. For the above statement, Jin Daxi responded to the “Daily Economic News” reporter: Not particularly accurate, not fully shared. '
Jin Daxi said that in fact, the three major operators are not 100% shared networks and equipment. In order to reduce investment, accelerate 5G deployment, effectively use resources, reduce duplication of investment, and share only some of the equipment attached to the 5G construction. Sharing. Jin Daxi further explained that the equipment can not be shared, due to the different broadband frequencies of each communication company, the core equipment still needs to be solved by each operator.
As Jin Daxi said, the three major operators in South Korea share some of the construction equipment with investment considerations, which is inseparable from the cost of 5G. Jin Daxi believes that from the perspective of equipment cost, the cost of 5G exceeds 4G, but this is not 5G. The obstacle to industrial development. Jin Daxi mentioned that the price of 5G equipment will decrease with time. In addition, the cost of 5G is more for the manufacturer, the equipment manufacturer is responsible, and the cost incurred by the user is not high.
At the same time, the competition of major operators 5G also triggered people's speculation on the time to market of 5G mobile phones. Jin Daxi told reporters that South Korea's Samsung, LG are preparing for 5G mobile phones, LG Group has prepared 5G mobile phones, the earliest Will be listed in March 2019, the specific shipments are not clear. With the listing of 5G mobile phones, LG Uplus's 5G commercialization will go further.
In China, at present, all manufacturers have set the timetable in the second half of 2019. Xu Zhijun, chairman of Huawei's rotating company, has publicly stated that the terminal will launch a 5G-supported Kirin chip in 2019, and will be in June 2019. Launched a smartphone that supports 5G.
6. Sony mobile phone defeat: Software and service business gradually become the focus
Transformation of content and Internet revival
Sony mobile phone lost
Wu Junjie
The Sony mobile phone that used to be against Apple and Samsung, is now a thing of the past.
Recently, it was reported that Sony (TYO: 6758)'s smartphone business in the Middle East, Africa and Turkey will be closed in October 2018. Sony told the China Business News that it has noticed similar information, but it has not A positive response. Sony stressed that the smart phone is a strategic and important business of the company. It will focus on camera functions to enhance the competitiveness of its products, and is expected to enter commercial 5G in the near future.
However, in FY2017, Sony’s mobile communication business covering smartphones recorded an operating profit of -276 billion yen, becoming the only business in the eight business segments that turned from profit to loss. The potential for this loss is expected to continue, Sony It is estimated that its mobile communication business will lose 15 billion yen in FY 2018.
Today, under the leadership of the new president and CEO Yoshida Kenichiro, Sony hopes to realize the turnaround of the mobile phone business and seek development opportunities in the three main business areas of electronics, entertainment and financial services.
From center to edge
Sony mobile phones have had a brilliant past. It has been a flagship product in the field of mass consumer electronics, with CMOS hardware, double-sided 3D glass body, 4K HDR screen, waterproof technology and other black technology blessings.
Integrated IDC, Counterpoint data, Sony seized the opportunity to upgrade from the function machine to the early generation of high-priced smart phones, mobile phone shipments before and after 2010, Samsung, Apple.
However, Japanese companies generally advocate the idea of hardware innovation, which makes Sony not sensitive to the fleeting changes in the consumer electronics market. The emergence of the iPhone, the launch of Google Android, etc., allows consumers to download software from the app store according to personal preferences. 'Manufacturing' is unique and unique to its own mobile phone, 'One machine, one world' has become mainstream.
'And Sony is still immersed in the cool inspiration of the cool technology, ignoring the software development that allows users to feel the 'temperature'. 'Communication observer Xiang Ligang said that the competition of mobile phone companies is not pure hardware, but hardware , software, channels, marketing and other comprehensive strength competition.
Later, along with Xiaomi, the Chinese mobile phone army, such as 'China Cool Alliance (Zhongxing, Huawei, Coolpad, Lenovo)', set off a low-priced smart machine. Sony mobile phones were classified by IDC to 'others' around 2013.
Disappointing to 'Suo Powder' is that Sony's black technology advantage has become increasingly bleak. 'The core configuration, basically behind other competitors. In the comprehensive screen, Liu Haiping, FaceID, AI studio lighting and other mobile phone companies competing Leading the field of micro-innovation, Sony is almost absent. ' 'Suo powder' Lin Lin bluntly, not enough stunning Sony Xperia XZ and other products are corresponding to the high price of 4,000 yuan.
'Sony mobile phone has gone, stop loss is the first essential.' The first mobile phone industry research institute director Sun Yanxi bluntly, in the background of the mobile phone industry into the downward channel superimposed significant head effect, Samsung with vertical industrial chain model Apple, which adheres to the software and hardware integration model, has built competitive barriers in the lucrative high-end machine market.
In Sun Yanxi's view, Sony has missed the golden period of functional machine development. Sony, which has two wave of low-cost machine-to-smart machines, has no advantages in hardware technology, software development, price, product matrix, channel, etc. In the annual report, the proportion of revenue contributed by its mobile communications business has dropped from more than 20% in 2012 to less than 10% in 2017.
'In the face of the homogenization of mobile phone products, Sony mobile phones are not completely without the chance to go beyond. But the short board that it has to make up is systematic.' Sun Yanxi said that Sony mobile phones from appearance to function to humanized small The design is not convincing.
Software is dawning
Compared with the hardware business, the software and service business represented by content has gradually become the focus of Sony's layout in recent years.
As early as 1995, at that time, Sony was in the field of home appliances, and when Sony’s head of the company was out, he was keenly aware that the IT industry would replace the electronics industry. However, due to misjudgment of industrial trends, Japanese management was constrained, Sony During the tenure of Ishii, he did not realize the transformation. Howard Stringer, who took over from the well, since he took office in 2005, proposed to save the technology through content, centering on the three core businesses of electronics, entertainment and games. Hirai Kazuo from 2012 On the occasion of the inauguration, the three medium-term plans covered by 'One Sony' are also coming out. In addition to breaking the rigid and other Japanese management dysentery, 'One Sony' emphasizes Sony's core business focus to games, digital imaging, mobile devices.
Sony, which has undergone several rounds of business adjustments, has always been enthusiastic about content such as games and Internet services. As of FY2017, Sony's transformation performance has achieved initial success. Game and network services, home entertainment and audio services and financial services business contribution In terms of revenue, the revenue of the game and network services business has led the business segments since 2015. From the perspective of profit composition, the game and network services industry, financial services have become Sony's profits. engine.
Kenji Yoshida also continued the idea of 'one Sony'. The increase in content IP in the multi-service category was considered by Sony to be the primary strategy. The integrated entertainment business, including music, film and games, set the basic strategy as 'Strengthen the use of content IP'. In the music business, for example, Sony acquired a 60% stake in the EMI copyright agency held by Abu Dhabi's sovereign wealth fund Mubadala for about $2.3 billion, becoming the world's largest music copyright agent. Meanwhile, Sony also Payment of $185 million from DHX Media to acquire a 39% stake in Snoops copyright company Peanuts Holdings, achieving a 'pan-music' IP acquisition.
This strategy of emphasizing content IP is also reflected in Sony's gaming and web services business. 'The core of the game and network services business is to connect users and creators through PS4 game consoles. The basic strategy is to further expand the PS network (PSN). ) Business. 'Sony introduced to this reporter. The reporter was informed that PSN covers products such as PS VR platform, cloud game service, video service and music service.
'It can be said that the sale of PS4 game consoles, PS VR and other hardware products, in fact, is to sell a variety of content and Internet services on the adhesion platform. ' Consumer electronics observers nickname, this is compatible with hardware manufacturers to hardware and software The main logic of the transformation of manufacturers is also a compromise in the development of the mobile phone market.
According to Sony's previous "Electronics and Entertainment Business Expectations for the Next Three Years", as of the 2020 fiscal year (March 31, 2021), the three major business segments of the game and network services, music and video related to Sony's content IP will be Contribute nearly half of the operating profit.
Sony's choice of content IP to tap the potential of hardware business is considered a wise move. 'With the mobile phone business difficult to shoulder the burden, Sony is turning to game entertainment and other content and Internet services is expected to achieve higher profit margins and greater The space for growth. ' Xiang Ligang said.
Long road to revival
However, this does not mean that Sony's future is bright.
The reporter noted that home entertainment and audio, imaging products and solutions, and mobile communication services were integrated into the brand hardware business in the post-Pingjing era. In the “E-Year Performance Expectations for the Next Year of the Electronic and Entertainment Business”, as of the 2020 fiscal year, The brand hardware business has become Sony's largest operating profit target. Among them, the mobile communication business's operating profit target for FY 2018 is set at a loss of 15 billion yen, and in fiscal year 2020 it is a profit of 20 billion to 30 billion yen. This means that the hardware business will still be the fulcrum of the search for performance growth in the Sony transformation.
Sony also confirmed this development strategy to our reporter. 'The brand hardware business will become the most important source of cash flow in the group business on the one hand; on the other hand, it will provide technical support for Sony's new business, become medical and AI robots, etc. Black technology engine for new business development. 'Sony said, 'The rising status of the content business does not mean that Sony is going to be hard and soft. Hardware black technology is the important cornerstone for the company's future development.'
Sony's emphasis on hardware is indeed extraordinary. Due to the loss of mobile communication business, Sony first implemented the annual dividend in 2014, and launched a global layoff of its mobile phone division. At that time, Hirai Kazuo In the face of external questioning on where the mobile phone business will go, it is still firmly stated that 'in order to successfully enter new areas, the smartphone market is a bridge that can open up existing markets and future markets.'
Earlier, some insiders told this reporter that in the era of mobile Internet, hardware companies accurately said that they are essentially a combination of software and hardware. Apple, Xiaomi, Huawei, OV and other hardware companies are all looking to expand the Internet outside the mobile phone business. Service and other income boundaries. Sony's understanding of the transformation trend is in line with many companies. But Sun Yanxi also pointed out that 'the mobile phone as the entrance of the mobile Internet directly determines the radius and height of the enterprise software and hardware exploration. Sony mobile phone from childhood The return of the brands to the mainstream brands is a challenge. '
There are not a few people who hold this view. Lin Lin bluntly, Sony has gone too far on the road of mobile phones. 'When Apple leads the sleek shape of the design, Sony still insists on the shape of Founder; on the full screen, Sony Still obsessed with the screen ratio. ' Lin Lin said that Sony and the industry trend has been a long way to go.
Compared with Sony's mobile phone hardware business, Sony's star products PS4 game consoles, PS VR and other products have ranked the top in the industry in recent years. However, game commentator Zhang Shule said that Sony is in the game content IP reserve and development, PS hardware manufacturing and other aspects have advantages, but the main players of PS console games are mainly concentrated in the United States, Japan and other places. Due to the lack of domestic host game soil, VR consumer environment is not mature, Sony's game and network services business still It is difficult to fully penetrate.
'When Sony reduces the loss of the mobile phone sector, it must ensure that other business segments are quickly grounded, so that it can maintain a strong core competitiveness. ' Xiang Ligang bluntly, the current good financial performance, technology precipitation in the semiconductor business and other fields, etc. Will help Sony transformation. China Business News