On July 23, Xiaomi launched a Mijia Internet air conditioner with a price of 1999 yuan. The "Securities Daily" reporter saw in Xiaomi Mall that the product is currently in the second round of public beta, only limited to 7 cities in designated cities. On, this is not the first time that Xiaomi has entered the air-conditioning field. As early as 2015, Xiaomi and the United States launched the first 2,699 yuan 'i·Youth Smart Air Conditioner'; in August 2017, Xiaomi Ecological Chain Enterprise Zhimi Technology again Released a 4399 yuan full DC inverter air conditioner, jointly developed by Zhimi Technology and Changhong Air Conditioning, and produced by Changhong Air Conditioning. However, neither of the two air conditioners has been splashed in the market.
Now entering the air-conditioning market for the third time, Lei Jun may seek new growth for the high valuation after the listing. At present, Xiaomi has created an IoT ecosystem. The Xiaomi prospectus shows that in 2017, IoT and consumer products revenue was 23.4 billion yuan. Accounted for 20.5% of total revenue. IoT and consumer products revenue mainly from its own products, including smart TVs, notebook computers, artificial intelligence speakers, smart routers, etc., and sales of eco-chain products. And 'hardware + new retail + Internet The service's 'triathlon' business model is considered to be the source of the high valuation of Xiaomi.
Zheshang Securities Research Institute believes that the ambition of Xiaomi's air-conditioning layout lies in smart home. In the future, Xiaomi will continue to leverage the domestic idle air-conditioning capacity to launch a variety of models of Internet air-conditioning, and use air-conditioning as a model to integrate many of the home's loT devices, so that Xiaomi Intelligent The home forms a closed loop of service. If it is, Xiaomi smart home will be the next city; if it fails, Xiaomi's light asset operation will not be overweight. This is also the core growth path of Xiaomi mobile phone and TV in the past few years.
Liu Buchen, a senior observer in the home appliance industry, told the "Securities Daily" reporter that Xiaomi cut into the air-conditioning field and has two logical starting points: First, like the logic of Xiaomi's mobile phones, TVs, and purifiers, it gradually penetrates into the home Internet field, and air-conditioning is the only way; Second, when Dong Mingzhu decided to make a mobile phone, it was doomed that Lei Jun would definitely do air conditioning. This is the logic of the Internet demolition.
'The success of Xiaomi is actually the success of the business model. It is the first company to start entirely on the Internet. It has won the favor of young consumers. But at the product level, the competitiveness of Xiaomi is not obvious. For example, this Mijia Internet air conditioner can do it. The beauty, Gree has already done it, and it does not have the advantage of substantial product innovation. ' Liu Buchen said.
The 1 billion yuan gamble of Lei Jun and Dong Mingzhu will expire at the end of this year. The Securities Daily reporter reviewed the Xiaomi prospectus and Gree Electric Appliances and found that the operating income of Xiaomi in 2017 was 114.6 billion yuan, up 67.5% year-on-year; Gree Electric Appliances 2017 Operating income was 148.2 billion yuan, a year-on-year increase of 36.92%. At present, the operating income gap between the two parties is 33.6 billion yuan.