When the No. 9 company and Xiaomi "two -way unbundling": Xiaomi's channel income fell nearly 60 %, Lei Jun cashed out 2.1 billion yuan a year

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The science and technology board will be listed for two years, and the company No. 9, which enters the "Juvenile" after listing, is experiencing the pain of "two -way unbinding" with Xiaomi.

On the one hand, Company 9 is reducing its dependence on Xiaomi. In the first half of 2022, the sales revenue of Xiaomi fell 59%year -on -year, which made the company's revenue growth rate of only 2.16%in the first half of the year, a record low in recent years.

On the other hand, Lei Jun is investing in company No. 9. In the past year, the two companies of Lei Jun were reduced to the number 9, and the new round of reduction was underway.

Xiaomi's brand and channels are the cornerstone of the No. 9 company. How can the No. 9 company No. 9 go through the "de -Xiaomi" performance pain period?

15. The growth rate of dark horse with a income of nearly 10 billion slows down slowly

In July 2022, the science and technology board ushered in the third anniversary of the opening of the market. Wang Ye, CEO No. 9, said, "Without the bold reform of the science and technology board, it will be difficult for companies No. 9 to list on A shares."

In October 2020, the No. 9 company landed on the Science and Technology Board and became the "CDR first share" in A shares. At that time, the No. 9 company created a number of "first" in China's capital market: the first registered place of registered places abroad, and the first listed enterprise with an agreement control structure (VIE).

In the video of congratulations to the listing of No. 9, Lei Jun once said: "Company No. 9 is the most passionate company in Xiaomi ecological chain, and the largest investment project with Xiaomi ecological chain, reaching tens of millions of dollars."

Ten years after this company established in 2012, based on electric balance cars, it gradually expanded product categories such as electric scooters, electric two -wheeled vehicles, service robots, all -terrain cars. It seems to be a highly long -term company.

From 2017 to 2021, the revenue of No. 9 companies was 1.381 billion, 4.248 billion, 4.586 billion, 6.03 billion, and 9.146 billion, with a compound annual growth rate of 60.42%; net profit was -627 billion, -18.04 billion, -455 billion, and -455 billion, respectively. 73 million and 411 million, turned losses into profit.

However, Company 9 recently disclosed a semi -annual report that could only be called "not bad".

In the first half of 2022, No. 9 Company revenue was 4.82 billion, an increase of 2.16%year -on -year; net profit of home mother was 256 million, a year -on -year increase of 0.63%; and non -net profit of 236 million, a year -on -year increase of 7.56%.

According to the quarter, in the first quarter of 2022, the company No. 9 revenue was 1.917 billion, a year -on -year increase of 7.80%; net profit of returning to the mother was 38 million, a year -on -year increase of 51.32%; the revenue in the second quarter was 2.903 billion yuan, a year -on -year decrease of 1.26%; the net profit of the mother was 2.18.18 2.18 2.18 was 2.18.18 was 2.18.18 was 2.18.18 was 2.18.18 was 2.18.18 was 2.18.18 was 2.18. 100 million, a year -on -year decrease of 5.00%.

The revenue and profits of the No. 9 company are still growing, but the growth rate is significantly slowed, which is difficult to compare with the company's past.

02. Go to Xiaomi to usher in the painful period of performance

Like other Xiaomi ecological chain companies, the early company No. 9 relied on Xiaomi's order to laid the foundation of high growth and became famous.

In 2014, the No. 9 company obtained more than 80 million US dollars in round A investment in Xiaomi, Sequoia, Shunwei and other institutions, ranking among the Xiaomi ecological chain.

In 2017, the revenue of the No. 9 company from Xiaomi Group exceeded 1 billion, and its income accounted for 74%. In 2018, the income from Xiaomi Group doubled to 2.434 billion, but with the development of the company's own brand No. 9 The proportion of Xiaomi revenue dropped to 57%.

Before the company No. 9 "wings", Xiaomi's order supported the size of No. 9, but the positioning of Xiaomi products was cost -effective, which greatly compressed the supplier's profit space. From 2017 to 2019, the No. 9 company against Xiaomi to Xiaomi The gross profit margins were 22.46%, 20.79%and 15.11%, respectively. In 2019, the gross profit margin of the 9th Company 9 was 42.58%, which was 27 percentage points.

From 2019 to 2021, the revenue from Xiaomi on the 9th increased slightly, with revenue of 2.400 billion, 2.756 billion, and 2.953 billion, respectively, and the revenue accounted for 52%, 46%, and 32%, respectively.

In 2021, the revenue of nearly 10 billion companies in Company No. 9 mainly stems from the growth of its own brand. At the same time, it can be seen that the dependence of Xiaomi No. 9 has gradually decreased.

However, the first half of the company's first half of the year was almost stagnant, which was the pain caused by Xiaomi's "unbinding".

In the first half of 2022, the sales revenue of the independent brand of No. 9 Company was 2.633 billion, a year -on -year increase of 43.41%; TOB product sales revenue was 1.455 billion, an increase of 33.66%year -on -year; Fall to 15%.

However, with Xiaomi, the gross profit margin level of Company No. 9 was gradually unblocked. In the first half of the year, the company's gross profit margin was 24.84%, an increase of 2.11 percentage points year -on -year.

Zhejiang Business Securities believes that the income of Xiaomi channels has declined, which has a certain pressure on the income of Company No. 9 in the short term, but the market size is large in the long term, leaving a large space for the company's independent brand channel development.

03. Lei Jun Shen Nanpeng Investment 3.5 billion yuan

Company 9 has said that the company "does not belong to the typical ecological chain company defined by Xiaomi": the cooperative relationship between the company and Xiaomi includes only Xiaomi's financial investment and Xiaomi as one of the company's main channels to sell customized products. In the past year, companies No. 9 and Xiaomi have not only decreased their business associations, but Xiaomi has also invested in company No. 9.

After the Ninth Company was listed, the PEOPLE Better and Shunwei of Lei Jun were the second largest and third largest shareholders of the No. 9 company, respectively, holding 9.82%of the equity, and a total of 19.64%of the shares. The largest shareholder of the No. 9 company is Sequoia, a wholly -owned subsidiary of Shen Nanpeng's Sequoia Fund.

In November 2021, after some stocks were released for a year after the listing of companies No. 9, Lei Jun and Shen Nanpeng were anxious to reduce their holdings on Company No. 9.

According to the announcement of the No. 9 company, from November 18, 2021 to May 12, 2022, the total reduction of Shunwei's holdings was 1.180 billion yuan, and the reduction price was between 34 yuan and 70 yuan.

In addition, from November 18, 2021 to June 5, 2022, the reduction of each of Sequoia and PeOPLE Better was 1.427 billion and 965 million, respectively.

Among the last rounds, Shen Nanpeng's SEQUOIA and Lei Jun's two companies were cash out 1.427 billion and 2.145 billion, totaling 3.572 billion.

After the completion of holdings, Sequoia is still the largest shareholder of Company No. 9, holding 9.56%of the shares, while PeOPLE Better and Shunwei have been reduced to the fifth and sixth largest shareholders, with 6.36%and 5.82%of the shares.

Immediately, on June 20, Company 9 announced that three deposit vouchers holders such as Sequoia, PeOPLE BETTER, and Shunwei, and planned to reduce the number of deposit vouchers in the 9 -month company within 6 months occupying the company's deposit The total number of vouchers does not exceed 11.00%. Among them, Sequoia is expected to reduce its holdings by not more than 5%, and PeOPLE Better and Shunwei are expected to reduce their holdings by not more than 3%respectively.

According to this estimation, after the completion of the two companies in the Lei Jun Department, the shareholding ratio of Company No. 9 will be reduced to less than 5%. If the 36.6 billion market value of the market value of 36.6 billion was estimated on August 19, this time the Lei Army company can cash out about 2 billion yuan.

With Lei Jun's investment evacuation of No. 9, Company No. 9 will also strengthen its determination to dependence on Xiaomi channels. It can also be seen from this semi -annual report that the performance of the No. 9 company will inevitably encounter some challenges, and going to Xiaomi will inevitably experience the pain period.

04. New products and channel promotion demand enhances

With the gradual departure of Xiaomi and the development of new products, such as electric two -wheeled vehicles and driving throughout the country, the promotion of brands and channels needs to increase. The company's CEO Wang Ye also said that more than 80 % of the end users of Company No. 9 are in Europe and the United States, and their foreign awareness is higher than in China.

In 2021, the sales cost of Company No. 9 was 592 million, an increase of 62.19%year -on -year; R & D expenses were 504 million, a year -on -year increase of 38.08%. In the first half of 2022, the No. 9 Company further increased its publicity. In the first half of the year, the sales cost of 316 million, an increase of 28.60%year -on -year; R & D costs were 262 million, a year -on -year increase of 17.47%.

In the past year and a half, whether it is the total amount or the growth rate, the company No. 9 has a higher investment in the sales terminal than R & D investment.

In early July, company No. 9 also invited the mainland traffic star Yi Xi Qianxi as the brand spokesperson. However, shortly after the official announcement, Yi Xi Qianxi fell into a "test storm" and stood on the opposite side of tens of millions of ordinary people, which also had a certain impact on the brand endorsed by Yi Xi Qianxi.

In addition, electric two -wheeled vehicles are the new format of No. 9 and new growth points. In the first half of 2022, the income of electric two -wheeled vehicles was 930 million, an increase of 81%year -on -year. The speed is 67 percentage points higher than the scooter.

However, domestic electric two -wheeled vehicles are mainly offline channels. The offline stores of Yadi and Emma have exceeded 10,000, Mavericks electric vehicles exceed 3,000, while No. 9 is only 1,700. At the end of 2022, the No. 9 company plans to open the number of offline operating stores to 3,500, which is close to the Mavericks.

However, the current two -wheeled business is still in its infancy. In 2021, the gross profit margin was only 11.19%, which was far lower than the scooter and robotic business. However, some securities firms believe that with the further optimization of the product+channel structure, the gross profit margin will be improved after the two -wheeled shop subsidies are reduced.

Wang Ye once said, "After the listing, many changes have undergone the company, just like entering the 'adolescence' from 'childhood'." There are still two months. Company No. 9 will be listed for two years for the science and innovation board. How will the No. 9 company that is experiencing a painful period and a successive reduction of investors, how will the challenge be matured further?

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