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Jackson Yee, the protagonist of May Day’s MV premiere, was praised for his acting skills.

  [Explanation] The May Day Golden Melody Award winning work "Fame in Sight" MV was officially premiered in Shanghai on the evening of September 1st. Jackson Yee, a member of TFBOYS, plays A Xin in his youth as the leading actor of the MV, and is unanimously praised as "good acting" by Mayday members such as A Xin.

  [Concurrent] (A Xin, the lead singer of Mayday)

  The persuasiveness of this master and this teenager is very important, because this (MV) is a very long story, in which 20 years are concentrated. At that time, we discussed that Jackson Yee was the best candidate in our mind.

  [Explanation] Mayday’s autobiography album has been released for one year, and the song "Fame in sight" is of great significance to them. A Xin, the lead singer of Mayday, said that the original intention of the album Autobiography was not only to review the band’s own history, but also to let future people know about people’s lives in this era.

  [Concurrent] (A Xin, the lead singer of Mayday)

  This time, Mayday released the ninth album "Autobiography" in the hope of telling it in one album, which is actually not just Mayday’s 20-year musical history. I also hope that it will write a biography for all the young friends of our generation. Maybe people on earth will find that people in this era are living like this after dozens or hundreds of years.

  [Explanation] It is reported that Jackson Yee performed Mayday’s real fame experience in the MV. Jackson Yee’s MV male host is a child who loves music but is not recognized by his family, and a teenager who fights alone in order to persist in his dream. In the MV, he challenged various roles such as crying, fighting and odd jobs.

  A Xin said that Jackson Yee was very serious in the process of filming the MV. "Seriously, we are all impressed with him.".

  [Concurrent] (A Xin, the lead singer of Mayday)

  From the first day he turned it on, he broke through everyone’s imagination. Qian Xi himself is serious, so it’s not a problem. During the whole four or five-day shooting process, he went directly to the studio as soon as he got off the plane. Seriously, we all looked at him with new eyes.

  Xu Mingrui Guo Rong reports from Shanghai

Israeli experts reveal the inside story of Israeli air strikes on suspected Syrian nuclear facilities


  


The latest F-16I fighter of Israel Air Force [data picture]


  



Israeli Air Force F-15 fighter formation [data picture]


On September 6th, the Israeli Air Force dispatched fighter planes to attack a nuclear facility allegedly under construction in Syria, but so far, Israeli and Syrian officials refused to disclose the details of the air raid. A well-known Israeli nuclear expert recently revealed to the outside world for the first time the inside story of Israeli air strikes on Syria’s suspected nuclear facilities.


Uzi-Ivan, the founder of Dimona nuclear reactor in Israel and a professor of nuclear physics at Tel Aviv University, said that Syria was actually a plutonium processing plant under construction when it was attacked by the Israeli military. Syria has purchased a considerable amount of plutonium from abroad through secret channels, and this highly radioactive substance can also be used to make nuclear weapons. Uzi-Ivan said that from a purely technical point of view, this nuclear facility in Syria is also a nuclear bomb factory, and this factory has posed a more direct security threat to Israel. By analyzing the satellite images released later by Israel and the United States, we can find that this nuclear facility under construction in Syria has no cooling tower and chimney, which is often one of the two typical characteristics of nuclear reactors. Syria quickly filled these facilities with soil after the air raid, indicating that it has been subjected to very obvious nuclear pollution and radiation. Israel’s surprise action shows that it is not interested in waiting for a diplomatic solution to the problem involving nuclear weapons.


  



Senior Israeli military officer hinted at possible air strikes on Iran’s long-range missile base.


Senior Israeli military officials hinted on the 27th that if Iranian missiles pose a threat to Israel’s national security, Israel will not rule out launching air strikes against the bases of these long-range missiles. On the same day, the Iranian Defense Minister announced that he had successfully developed a missile with a range of 2,000 kilometers, which was enough to cover some military targets of the United States and Israel in the Middle East. Read the full text ""


The Israeli government approved the supply of weapons and ammunition to the Palestinian security services.


Israeli Prime Minister Olmert approved on the 21st local time to provide 1,000 rifles and 2 million rounds of ammunition to the Palestinian security department in the West Bank, and once again made a good gesture to the Palestinian side before the Middle East Peace Conference. It is reported that Israel has also decided to allow Russia to provide 25 armored vehicles to Palestine. Russia proposed to provide armored fighting vehicles to the Pakistani security forces as early as two years ago, but the deal has not been realized because of Israel’s opposition. Read the full text ""


Israeli soldiers face up to 10 years’ imprisonment for possession of arms and being accused of helping the enemy.


Israeli media reported on the 21st that an Israeli soldier may face up to 10 years’ imprisonment because he was accused of aiding the enemy in the battlefield in lebanon war last year. The Jerusalem Post reported that Israeli army investigators found a large number of weapons and ammunition from the soldier’s home, including explosive devices, machine gun bullets, 2.5 kilograms of military explosives, smoke bombs and sniper rifles. Read the full text ""


  


Editor: Cao Jin

Is BMW i5 worth buying? Are you paying IQ tax? You will understand after reading it.

Hello, everyone, welcome to watch today’s talk about cars by Da Li, your old driver. It’s time for Da Li to talk about cars with you again. Many people say that you can sell BBA for fuel cars, but it’s not recommended to sell BBA for new energy. Many people even think that buying BBA’s new energy car is just paying IQ tax. So the guide price of this BMW i5 we are going to talk about today is close to 470,000. Is it really paying IQ tax to buy it? Let’s get to know each other. Fasten your seat belt, let’s start ~

The guide price of 24 BMW i5 eDrive 35L exclusive luxury suits is 465,900 yuan, targeting medium and large cars. BMW i5, the pure electric version of the 5 Series. In terms of appearance, I personally think that there are not many amazing places in the design of this generation of 5 series, although it is highly recognizable.

Great progress has been made in interior decoration. Many things on the new 7 series have been taken over, such as steering wheel, double screen, gear control area, penetrating atmosphere light, rear LCD screen, etc. The texture visible to the naked eye is still very good. However, there are some details, such as the increase of hard plastic visible to the naked eye everywhere, especially the door panels. Moreover, it takes a lot of effort to close the door, which has a significant gap with the previous generation.

In terms of driving quality, the chassis of i5 is excellent, which can effectively filter the large and small vibrations on the road surface, and has no strong vibration when passing through the speed bump, but it is not as soft as the previous generation 5 Series, and the overall adjustment level has risen to a higher level.

In terms of space, the length, width and height of this car are 5175*1900*1520, and the wheelbase is 3105. Needless to say, the space is a little more spacious than the previous generation 5 Series, but the seat comfort has declined, and the central uplift caused by changing oil to electricity still exists. In terms of power, the i5 is driven by a single motor, with an output of 210 kW and 410 Nm. The acceleration of 100 km can be about 6.7 seconds, and the performance is between 525 and 530. Of course, the advantage of trams lies in the linearity and compactness of acceleration. Unlike oil trucks, there is no rhythm and gap in shifting gears, and there is no need to wait for garbage time such as downshifting and turbine intervention. The overall driving experience is more advantageous.

Finally, Da Li concluded: Regarding this BMW i5, I would like to say that the sound insulation of the i5 is really damaged, mainly because the rolling noise of Michelin’s e primacy tire is too large, and the noise introduced into the compartment during daily driving is very obvious, which is completely different from the performance of this class. If you put on a quiet tire, there may be a thoroughly remoulded change. Of course, switching from oil to electricity has also dissuaded many consumers. Even with the BMW logo blessing, most people don’t like this car on the Internet. In short, the i5 looks, drives and sits quite well, but under the fine products, you will find some degradation in texture and poor sound insulation. Of course, if there is a big discount in the future, maybe these problems will not be a problem.

What do you think of this BMW i5? Thank you for your patience. Da Li will bring more new trends in the car circle every day. Welcome to pay attention.

Interpretation of Ruifeng M3 of JAC Passenger Car with Front Rear Drive and Manual (MT)

Today, let’s discuss the JAC passenger car Ruifeng M3, a car that combines practicality and charm. In terms of design, the front of Ruifeng M3 shows a simple and refreshing style, and the exquisite headlights are like the finishing touch, adding a tough atmosphere to the overall shape. In terms of configuration, the functions of LED daytime running lights, headlight height adjustment and automatic opening and closing all show its sense of science and technology.

The side lines of the car are smooth, and the body size reaches 5145 mm * 1765 mm * 1900 mm. Through exquisite contour design, Ruifeng M3 is endowed with a young and fashionable appearance. The rear design is also eye-catching, with sharp taillights and unique exhaust pipe design, showing a simple but not simple style.

Stepping into the car, the interior design of Ruifeng M3 is full of movement, showing design aesthetics. The cool shape of the steering wheel with manual up-and-down adjustment function shows the driver’s sense of control. The center console adopts touch-sensitive LCD screen, with clean interface and convenient operation, and the details reflect ingenuity. The design of instrument panel and seat is also eye-catching, providing a comfortable experience for drivers and passengers.

In terms of power, Ruifeng M3 is equipped with a manual (MT) transmission, with a maximum power of 98KW and a maximum torque of 182N.m, and its power performance is sufficient to meet daily needs. In terms of functional configuration, it is equipped with traction control (ASR/TCS, etc.), Bluetooth /WIFI connection, cruise control and voice control, which fully considers the convenience and comfort of driving.

瑞风M3

Generally speaking, can Ruifeng M3 impress your heart with its unique design and practical configuration? If you are interested in it, you might as well learn more about it and see if it meets your needs and expectations.

In-depth analysis of Xiaomi model: efficiency wins, cost performance is king, and intelligent life ecosystem is built.

In-depth analysis of the new share Xiaomi model: efficiency wins, cost performance is king, and an intelligent life ecosystem is built. March 1, 2018, 12:15:40.

This article comes from WeChat WeChat official account’s "Guangfa Business Retail". The authors are Hong Tao, Ye Qun and Lin Weiqiang, the business retail group of Guangfa Securities Development Research Center. The original title is "In-depth Analysis of Xiaomi Model: Cost-effectiveness is king, efficiency wins, and the ecological circle of national intelligent life is built-the beginning of the research series of new retail model..

There are a lot of researches and debates on the "new retail" model in the market. We aim to explore the innovation of each model and its reference significance for industry reform through in-depth combing and thinking of typical companies. As the beginning of the series of reports, we first pay attention to Xiaomi. Compared with Ali and Tencent’s (00700) new retail layout of "empowerment" and "buy buy Buy" and online and offline retail companies "standing in line", Xiaomi’s "single-handedness" new retail is more like a "clean stream". we thinkThe rise of Xiaomi’s "cost-effective explosion", "Xiaomi House" and "Xiaomi ecological chain" reflects the rise of "manufacturing retail" and the huge excavation space of offline retail channel efficiency.

In the domestic PC Internet era, Baidu, Alibaba and Tencent are known as the "BAT" giants, which respectively control the three major Internet portals of search, e-commerce and social networking. After the rise of mobile Internet, the market always expects the rise of emerging Internet companies to challenge the Big Three. Especially in recent years, Baidu’s layout in the mobile Internet market is slightly backward, and its market value has been widened by Alibaba and Tencent. Who will succeed Baidu as the third Internet force outside AT has become the focus of discussion.

The growth experience of Xiaomi Company is legendary:Xiaomi, founded in 2010, started from scratch in just four years, and reached the top of the first smart phone brand in China in 2014, becoming the lucky one to take off with the mobile Internet. Long before the phrase "Are you ok" spread all over the Internet, with the outbreak of Xiaomi, Xiaomi founder Lei Jun’s theories of "Pig on the Wind", "Focus, Extreme, Word of Mouth, Fast" have been regarded as the standard of Internet thinking. After the low tide in 2016, Xiaomi miraculously broke out on the three fronts of mobile phone, ecological chain and Xiaomi House in 2017, and the king returned, becoming the only mobile phone brand that can be successfully reversed after the sales decline. Xiaomi has experienced great ups and downs in less than eight years since its establishment. Lei Jun, who is "my brother in the society, and there are not many people and goods", has once again become the godfather of Internet entrepreneurship.

Under the Xiaomi system, the cumulative number of users of MIUI system exceeded 300 million, the cumulative shipment of mobile phones was 260 million, and the monthly users were 130 million. Another 85 million IoT networking devices were awakened through Xiaomi AI speakers. Just as Apple encircles "fruit powder" with iPhone, Xiaomi has actually encircled "rice flour" with mobile phones and eco-chain intelligent hardware products. Xiaomi, who "refuses to run a score" and never forgets the cost performance, is actually an eco-company built by Apple in hardware in strategy, while practicing the cost performance boutique strategy represented by MUJI and Costco in tactics.

Study millet,It is not only the combing and learning of this ecological giant company, but also the insight and grasp of the consumption trend of the younger generation. And just as Apple has driven the industrial chain, Xiaomi, as an eco-giant company in the future, its growth is bound to benefit the upstream and downstream companies in the industrial chain.

Based on Xiaomi’s layout in the three major areas of IoT hardware, new retail channels and Internet-Internet of Things services, and the positioning of the national science and technology life ecosystem, the future development potential of Xiaomi’s ecological user scale and product boundary is great. Xiaomi is expected to become a force to be reckoned with in the new Internet retail market in China besides Alibaba and Tencent!

Understanding Xiaomi: Apple Strategy+Good Tactics, Hardware Building Ecosphere

In April 2010, Xiaomi was formally established. In just four years, Xiaomi started from scratch. In 2014, it surpassed Samsung to become the largest smartphone brand in China, and the investment valuation in the primary market has reached 45 billion US dollars. After the low tide in 2016, in 2017, Xiaomi once again became the absolute protagonist of the hot market discussion with the popularity of Xiaomi mobile phone, Xiaomi ecological chain and Xiaomi home.

Xiaomi currently has three major business segments: intelligent hardware, new retail and Internet/Internet of Things. To understand Xiaomi, we should look at the company from two dimensions of strategy and tactics: Xiaomi is an eco-internet company strategically. Similar to Apple, they are rare eco-companies with hardware-based infrastructure in the market. In addition to the core entrance of mobile phone, Xiaomi has occupied users’ cognition with the ecological chain product matrix, and strengthened the attraction of Xiaomi brand to "rice noodles"; Tactically, Xiaomi is more practicing the cost-effective boutique strategy of MUJI and Costco. The core tactic running through Xiaomi’s product line is to pursue the ultimate cost-effective explosion, and promote consumption upgrading from two directions: popularization of high-end products and quality of mass products.

(1) Breaking through the mobile phone, entering the IoT, Xiaomi ran wild for eight years.

In April 2010, Xiaomi was formally established after receiving $41 million in angel investment. In August and December of the same year, Xiaomi successively released MIUI operating system (one of the earliest Android customization optimization systems in China) and Michao (an instant messaging App released by WeChat), which accumulated great popularity among early smartphone enthusiasts. In August 2011, Xiaomi’s first-generation mobile phone MI1 was officially released, and Xiaomi officially entered the public’s field of vision. After the low tide in 2016, in 2017, with the popularity of mobile phones, eco-chain products and Xiaomi Home, Xiaomi became the only mobile phone brand that could be successfully reversed after the sales decline. Looking back on Xiaomi’s eight-year entrepreneurial history, it can be divided into three main stages:

1) The outbreak period of Xiaomi mobile phone (2011-2014). In the early days, Xiaomi fully enjoyed the popularity of smart phones in China and the bonus of online shopping channels, and built two series of mobile phones, namely "Fever" and "Entry", at a price of 1,999 yuan for Xiaomi /799 yuan for Redmi. With the combination of "high-quality and low-price" of big-name high-end flagship machine configuration and domestic cottage prices, Xiaomi quickly seized the younger generation to change phones and try new markets, and became the "first smart phone" for young people.

In 2014, the annual sales of Xiaomi reached 74.3 billion yuan, the annual mobile phone shipments reached 61.12 million units, and the domestic market share climbed to 12.5%, surpassing Samsung to become the largest mobile phone brand in China. In December of the same year, Xiaomi officially announced the completion of $1.1 billion financing and introduced well-known investment institutions such as Yunfeng Fund and DST, with a post-investment valuation of $45 billion.

2) Layout period of Xiaomi ecological chain (2014-2016). After the explosive growth, the lack of control over the supply chain has become a constraint to Xiaomi’s growth. In 2015, Xiaomi’s fifth-generation flagship mobile phone (Xiaomi 5), which was originally scheduled to be released at the beginning of the third quarter, was postponed to February 2016 due to supply chain problems, resulting in Xiaomi’s lack of heavy flagship new products for the whole year, and Xiaomi’s mobile phone suffered from Waterloo. However, the bottleneck period of the mobile phone market was made up by the ecological chain layout. In 2014, Xiaomi began to invest in the ecological chain model along the three major circles of mobile phones, intelligent hardware and daily consumables to build the Xiaomi ecological circle.

From 2014 to 2016, Xiaomi invested in 77 hardware start-ups in three years, of which 30 released products. By 2016, the sales of eco-chain hardware exceeded 10 billion. In the two years when Xiaomi’s mobile phone encountered a bottleneck, it effectively maintained the popularity of Xiaomi brand and seized the IoT (Internet of Things) outlet.

3) The second take-off period of Xiaomi’s new retail (since 2017). Xiaomi’s mobile phone regained its strength after making up the shortcomings of the supply chain in 2016. The success of the MIX series of high-end machines led the trend of comprehensive screen innovation in the industry, and the overseas market represented by India replicated the success of Xiaomi’s cost-effective strategy in the domestic market; Eco-chain enterprises that have continuously invested in the layout since 2014 have also entered the product outbreak period.

At the same time, offline Xiaomi Home has become one of the most successful offline new retail samples, and online "products" rank among the mainstream quality e-commerce. The two dimensions of product and channel broke out, which helped Xiaomi to take off for the second time: According to IDC data, in the first three quarters of 2017, Xiaomi’s mobile phone shipments reached 61.8 million units, up 71% year-on-year, and its shipments returned to the top five in the world; In October, Xiaomi completed the annual sales target of 100 billion yuan set at the beginning of the year ahead of schedule; In the whole year, the sales scale of eco-chain enterprises increased by 100% year-on-year to 20 billion, and about 235 to 287 new Xiaomi Home stores were opened.

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(2) Hardware+New Retail+Internet Iron Triangle to build a "rice noodle" quality life circle

Xiaomi’s current business is mainly divided into three parts: intelligent hardware (terminal products), new retail (omni-channel sales) and Internet/Internet of Things (value-added services).

1) The hardware section is Xiaomi series intelligent terminal products.. Among them, Xiaomi itself mainly produces mobile phones, televisions, routers and AI speakers (core entrance & control products). In addition, through the eco-chain investment layout, we will fully export the methodology and values of Xiaomi products, provide all-round support in design, research and development, supply chain and channels, ensure the product style is unified, and comprehensively expand the boundaries of Xiaomi eco-products along the three dimensions of mobile phone periphery, intelligent hardware and daily consumables.

2) The new retail sector is the Xiaomi retail channel.In the early stage of its business, Xiaomi positioned itself as an Internet mobile phone brand, focusing on young people (with high Internet acceptance), and the product line under the explosion strategy was extremely limited (only 1-2 main phones were promoted each year), so it focused on online official website channels. In 2014, the sales of official website on Xiaomi Online reached 35.1 billion yuan, and the market share of e-commerce reached 3%, second only to Tmall & JD.COM among B2C e-commerce; Since 2015, with the rapid expansion of Xiaomi’s eco-chain product line, the combination of offline "Xiaomi Home" stores and online "quality" e-commerce has become a new layout of Xiaomi’s new retail channels, which is an important channel for Xiaomi’s eco-chain product experience promotion and user group expansion.

3) The Internet sector is the Xiaomi connection and value-added services sector.Around the current 300 million MIUI users, 130 million monthly users of mobile phones and 85 million users of IoT networking devices, Xiaomi Internet-Internet of Things service is first and foremost a bridge connecting Xiaomi’s intelligent terminals in series. At the same time, Xiaomi has laid out businesses such as e-commerce (goods), games (Xiaomi Entertainment), film and television (Xiaomi Film) and finance (Xiaomi Finance). With reference to the proportion of Apple service revenue in total revenue (FY17 accounts for 13.1% in total revenue and 34% in gross profit, and continues to increase), there is great room for improvement in Xiaomi’s value-added service revenue in the future, which is expected to become the most important realization channel of Xiaomi’s ecological system.

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We believe that Xiaomi is similar to Apple in strategy, and it relies on smart hardware with mobile phone as the core as a fist drainage product to build a user ecosystem. But tactically, Xiaomi practices a high-cost boutique strategy similar to MUJI and Costco.

From a strategic point of view, Xiaomi, like Apple, is an eco-company with hardware as its infrastructure, and mobile phone is the core hardware entrance. The difference is that Apple is a leader in innovation, and its product positioning is high-end. The subversion of iPhone to the industry and the specificity of IOS system make it extremely attractive to users and brand premium, and the hardware itself has extremely strong profitability.

Product strategy focuses extremely on core items (excluding discontinued ipod players, and Apple’s core product lines are only iPhone, iPad tablets, Macs and iWatch watches), attracting "fruit powder" with absolute innovation of products; Xiaomi is more of a mass promoter of smart phones, and the MIUI system is also born out of the customization of Android system, so the migration of mobile phone users is much less difficult than that of Apple users. In addition to the four core imported items of self-produced mobile phones, televisions, routers and AI speakers, Xiaomi needs to occupy users’ cognition through a series of eco-chain products and strengthen the attractiveness of Xiaomi brand to "rice noodles".

From a tactical point of view, Xiaomi practices a cost-effective boutique strategy similar to Muji and Costco. The core tactic running through Xiaomi product line is to pursue the ultimate cost-effective explosion, reduce the difficulty and cost of supply chain with the strategy of selecting SKU, and let users create explosion, thus further realizing mass production and cost control; At the same time, the upstream supply chain is deeply controlled by the ecological chain incubation mode, so as to ensure the interconnection and unified style of different products, strengthen the brand awareness of Xiaomi, and promote consumption upgrading from two dimensions: the popularization of high-end products (such as smart phones, balance cars, sweepers, etc.) and the quality of mass products (such as wiring boards, suitcases, rice cookers, etc.).

From the perspective of profit model, it is estimated that the core profit sources of Xiaomi in the future mainly include three aspects:1) Select the aggregate demand of cost-effective SKU, so as to realize the combination of financial indicators of "low net interest rate, high turnover rate and high ROE" under the effect of economies of scale (similar to MUJI); 2) Service charges, that is, relying on value-added services such as games, advertisements and finance to bring service income (similar to Costco’s membership fee income and Apple’s value-added service income); 3) Tying high-margin peripheral small products (such as mobile phone shell films, etc.), as well as advertising and commission income of branded merchants with products.

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Hardware Xiaomi: Cost-effective is king, Xiaomi IoT ecological entrance.

Intelligent hardware is the bottom entrance of Xiaomi’s ecology. To understand the innovation of Xiaomi model, we must first grasp Xiaomi’s product strategy. The core strategy of Xiaomi system products is to create cost-effective explosions and pursue the consumption upgrade of "high quality+reasonable price". Aggregate massive demand with high cost performance, and realize the rapid outbreak of single product scale; Further promote the efficiency improvement of supply chain and the control of procurement cost by scale effect, optimize the terminal price and stimulate the sustained release of demand.

Xiaomi mobile phone is the core hardware entrance of Xiaomi and the cornerstone of Xiaomi’s ecology. The success of Xiaomi mobile phone is not only an industry dividend that benefits from the transformation of functional machines into smart phones and the rise of e-commerce channels, but also benefits from the successful application of Xiaomi’s cost-effective explosion strategy and the accurate grasp of the upgrading direction of mass consumption in the era of consumption upgrading.

In 2014, when the mobile phone business was in full swing, Xiaomi began to lay out the Xiaomi ecological chain with IoT intelligent hardware as the general direction. For Xiaomi, the core value of the vigorous development of eco-chain enterprises lies in maintaining and strengthening Xiaomi brand awareness through continuous promotion, building Xiaomi lifestyle through product chain, and then building Xiaomi ecological circle. Xiaomi Eco-chain Company is neither a simple OEM/ODM foundry nor a loose alliance formed by joint-stock investment, but a vertical product company that exports all aspects of supply chain, capital, brand and channel support, replicates Xiaomi product logic from 1 to n, and rapidly extends Xiaomi brand product line.

(A) Xiaomi product strategy: the main cost-effective explosion, ecological chain empowerment to expand the border.

Xiaomi products practice strategies similar to Muji and Costco, so the pursuit of cost performance is the core strategy of Xiaomi products. The foothold of high cost performance is to improve the comprehensive quality of products such as product performance, design, face value and innovation rather than absolute low price, and to pursue the consumption upgrade of "high quality+reasonable price" in the mass consumer goods market.

Secondly, the product development starts from the principle of "meeting 80% demand of 80% users" and focuses on the functional demands of mainstream mass core products; Simplify the product line with explosive thinking, concentrate on resources such as design and research and development, reduce the difficulty of supply chain, and further improve the product cost performance by relying on the scale effect of single product.

Finally, the product line layout expansion adopts the ecological chain investment model. The front-end ensures that the tonality of product design is unified into a system and consolidates the brand awareness of Xiaomi; The back end empowers traditional manufacturing, giving full play to the enthusiasm of entrepreneurs and the advantages of China manufacturing.

1) Quality-oriented high cost performance is the core demand of mass consumption upgrading and the core strategy of Xiaomi products. Compared with the last round of consumption upgrading centered on the popularization of consumer goods (typical household appliances), this round of consumption upgrading is more a replacement upgrade under the accumulation of income and wealth of millennials:

① When the popularity of consumer goods is basically completed (new products and new categories are difficult to appear) and consumers have the ability and willingness to pay a premium, compared with simple price competition, products that meet the quality and personalized demands of the younger generation are more likely to stand out;

② The popularity of the Internet eliminates information asymmetry. Convenient supply and price comparison channels make it difficult to maintain the false high price under the traditional redundant channels. While the consumption capacity is improved, it also pays more attention to the cost performance of goods. Behind the popularity of cross-border e-commerce and fast fashion brands with low markup ratio is the cost performance logic of consumption upgrading;

(3) The increase of income level drives the increase of consumers’ price affordability: According to statistics, during the decade from 2006 to 2016, the average urban employment wage/household disposable income increased by 224%/186%, much higher than the overall CPI increase of 33% in the same period. The foothold of the corresponding consumers’ pursuit of cost performance will gradually shift from absolute low price to the pursuit of comprehensive quality of products such as performance, design, value, innovation and tonality at a reasonable price.

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The business model of hardware building ecology and service realizing user resources determines that Xiaomi has been the benchmark of high cost performance in the industry since its birth, and after continuous innovation in product design, research and development, technology and other fields in recent years, the definition of high cost performance of Xiaomi products has gradually changed from "sufficient low price" to "value for money" at reasonable prices.

① The core hardware parameters of the first-generation Xiaomi MI1 mobile phone such as processor, screen resolution, RAM, camera, etc. are compared with international brands such as Samsung and HTC, but the price is less than half of that of rivals; According to Counterpoint data, in 3Q2017, the average stand-alone profit of Xiaomi mobile phone is only US$ 2, which is not only far below the level of Apple’s US$ 151, but also far below the level of domestic Android mobile phone manufacturers such as Huawei (US$ 15) and OPPO (US$ 14).

② Xiaomi’s mobile phone and eco-chain product ID design are leading peers. As of the first half of 2017, it has won 36 world top three design awards (German Red Dot, German IF and American IDEA); The MIX high-end flagship machine launched in September 2016 led the industry’s comprehensive screen innovation trend, and together with the MIX2 mobile phone launched in 2017, it was collected by Pompidou;

③ In February 2017, Xiaomi independently developed the mobile phone chip 澎湃 S1 and released it, becoming the second mainstream domestic mobile phone brand to release its own research chip after Huawei.

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2) The 8080 principle defines product positioning, and the popularization of high-end products & the high quality of mass products promote consumption upgrading.Accurate product positioning includes many dimensions such as target users, function setting, quality control, product pricing, etc. Among them, the core problem lies in user group positioning and satisfaction of core functions (that is, solving "pain points"). Xiaomi’s product development follows the principle of "meeting 80% needs of 80% users" and is committed to the development and optimization of core functions, so as to focus on limited resources and solve the core pain points of users.

In the early years, Xiaomi’s mobile phone "refused to accept running a point" is an intuitive expression of the performance of the mobile phone, and the focus behind it is the common stuck problem of Android mobile phones in the early years; Mi band focuses on the three core functions of pedometer, alarm clock and sleep monitoring, and realizes 30-day long battery life by canceling the screen (adding the screen after the second generation technology upgrade), thus solving the embarrassment that peer products generally need frequent charging.

Under the principle of Xiaomi 8080 product development, the product line focuses on functional products with high standardization and versatility, and at the same time, it prevents the development cost from being too high due to the generalization of product functions, and the price of end products is greatly reduced in exchange for the improvement of efficiency, creating explosions, and further reducing the production cost of products by scale effect, realizing a virtuous circle of production and sales. The price of Xiaomi M1 mobile phone in 1999 and the price of Xiaomi 1st generation bracelet in 79 yuan were absolute "price butchers" with similar core functions in the industry at that time, which laid the foundation for the sales of phenomenal products.

From the perspective of consumption upgrading, the significance of Xiaomi 8080 principle lies in promoting mass consumption upgrading from two dimensions: popularization of high-end products and quality of mass products: the former focuses on lowering the price threshold for users to try (reducing non-core functions & mass production), while the latter focuses on improving product quality (solving and optimizing pain demand). Looking at Xiaomi’s eco-chain product line, products such as mobile phones (early days), smart TVs, bracelets, sweepers and balance cars can be classified as high-end products, while wiring boards, charging treasures, IH rice cookers and mobile phones (now) can be classified as mass products.

3) Ecological chain empowers to expand product boundaries and build a "rice noodle" lifestyle.Xiaomi focuses on functional products, but the product line expansion far exceeds that of ordinary companies. According to product types, it is mainly divided into four categories: ① Smartphone is the lowest core hardware and the starting point of the whole ecological chain; ② Expand mobile phone peripheral products such as mobile power supply, headphones and protective covers around different consumption scenarios of mobile phones; ③ Focus on home intelligent hardware products such as AI audio and video, smart TV, air purifier, balance car, smart desk lamp, etc. according to the IoT layout idea; ④ In addition to intelligent hardware products, develop functional consumables such as towels, bags, pens and mattresses. From intelligent hardware to daily consumables, create a "rice noodle" lifestyle in all directions.

From the perspective of product line layout expansion, Xiaomi adopts the eco-chain investment incubation mode to ensure that the single product development team focuses on four eco-chain entrances and control products: mobile phones, televisions, WIFI routers and AI speakers, and the rest of the eco-chain products set up joint ventures with leading enterprises in the industry (for example, 90-minute luggage cooperates with Kairun, a listed company, and iHealth smart sphygmomanometer cooperates with Jiu ‘an Medical, a medical device listed company), or invest in entrepreneurial teams with deep product and industry resources (for example) The founder of Huami Technology, the parent company of mi band, is the earliest technical expert who used Linux in embedded system in China.

Xiaomi exports a full set of resources such as brand, channel, supply chain and capital, and leads the product ID design, and the front-end ensures that the tonality of product design is unified into a system to consolidate Xiaomi brand awareness; The back end empowers traditional manufacturing, gives full play to the professionalism of entrepreneurs and the advantages of China manufacturing, replicates the successful model of Xiaomi mobile phone, and forms a pan-group and ecological growth model.

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(2) Xiaomi mobile phone: the industry dividend is superimposed on the cost-effective revolution to create the ecological cornerstone of Xiaomi.

Just as QQ/ WeChat is the gateway to Tencent and Taobao is the gateway to Ali, mobile phones are the hardware cornerstone of the whole ecosystem (iPhone is the cornerstone of Apple’s ecology), because mobile phones have become the core infrastructure of the mobile Internet economy and the source of traffic connecting users and Internet services: According to CNNIC data, as of 1H2017, the number of domestic mobile phone users reached 724 million, accounting for 96.3% of the total netizens; The national average weekly online time is 26.5 hours. 1H17 The market scale based on mobile Internet (including mobile marketing, games and shopping) increased by 48.7% year-on-year to 584 billion yuan.

Xiaomi’s success first stems from the success of Xiaomi’s mobile phone. The explosive growth of Xiaomi mobile phone, on the one hand, benefited from the transformation of functional machines into smart phones and the rise of e-commerce channels, on the other hand, benefited from the successful application of Xiaomi’s cost-effective explosion strategy and the accurate grasp of the direction of mass consumption upgrading in the era of consumption upgrading.

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The rapid replacement of traditional function machines by smart phones is an industry dividend for the rise of Xiaomi mobile phones. The commercial roll-out of 3G(2009) and 4G(2014) networks has greatly accelerated the mobile Internet. The launch of Apple iPhone(2007) and Google’s joint HTC& Samsung (2008) to develop Android smartphones has subverted consumers’ understanding of mobile phones in the traditional functional machine era. After the domestic mobile network accelerated greatly in 2010 (3G was officially rolled out), the wave of smart phones came quickly. According to the data of the Ministry of Industry and Information Technology, in 2011, domestic smartphone shipments reached 95 million units, accounting for 23% of mobile phone shipments in that year; By 2016, smartphone shipments reached a high of 522 million units, accounting for 93.2% of the total mobile phone shipments.

The outbreak of online shopping is the channel dividend for the success of Xiaomi mobile phone. The core distribution channels of mobile phones in the era of functional machines are operators and offline public channels. After 2010, domestic e-commerce began to rise rapidly: at that time, Taobao was deeply rooted in the hearts of young people. In that year, the sales of Double Eleven reached 940 million yuan, which witnessed the powerful explosive power of online shopping for the first time (the sales of the first Double Eleven in 2009 were only 50 million yuan); Two representative platforms, Dangdang and JD.COM, have successively listed/obtained huge financing (Dangdang landed on the NYSE in 2010 and raised $270 million; JD.COM received $1.5 billion in financing in 2011). Driven by the explosive power and capital of online shopping, major platforms started large-scale subsidy expansion, and online shopping entered an explosive growth period.

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In addition to the two major bonuses of smart phones and online shopping, the success of Xiaomi’s mobile phone first cut into the two core pain points of high initial price of smart phones and stuck Android system, smoothing out the premium of international big brands and high brands, and filling in the quality worries of domestic shanzhai machines.

In the initial stage, smart phones were limited by supply chain efficiency and high R&D investment. Under the single-machine profitable sales strategy, branded mobile phones were priced in the high-end market. According to IDC statistics, in 2010, the average selling price of Apple’s iPhone series phones was $710, and the average selling price of Android phones reached $441 (3,000+RMB). Although the price of domestic knockoffs is low, there are frequent quality risks. Xiaomi’s pricing of 1999 yuan (Xiaomi series) and 799 yuan (Redmi series) greatly fills the lack of mass consumer-grade mobile phone brands, which is a typical representative of the popularization of high-end products and the quality of miscellaneous brands in the mobile phone market.

In 2016, domestic brands represented by Xiaomi have lowered the average selling price of Android phones to $215; At the same time, the number of models listed in the domestic mobile phone market dropped from 4,745 in 2011 to 1,054 in 2017; The market share of the top five mobile phone brands increased from 56.1% in 2012 to 76% in 3Q17, and the market share of Xiaomi mobile phone increased to 13.7% in the same period (Xiaomi mobile phone did not enter the top five in 2012).

In addition to the price, the initial Android mobile phone was limited in hardware configuration and insufficient in software optimization (the native Android system is similar to a "rough room" and needs fine decoration), and the problem of operation jam was widely criticized. On the one hand, Xiaomi insists on "high price and low allocation" in the hardware layer of mobile phone, and makes up for the inherent deficiency of mobile phone software with hardware performance; On the other hand, before Xiaomi officially released the mobile phone products, the MIUI system based on Android optimization had been iterated at a high speed for one year, accumulating hundreds of thousands of users (breaking a million in January of 12), which was one of the most popular third-party UIs for mobile phone enthusiasts at that time. The dual efforts of software and hardware made Xiaomi mobile phone almost the "best to use" mobile phone at that time, and the famous slogan "I don’t want to run a point" was an intuitive expression of the performance and smooth use of Xiaomi mobile phone.

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Specific to the style of play, the success of Xiaomi mobile phone is the best practitioner of the cost-effective explosion product strategy:

1) Product line restraint.Xiaomi followed Apple’s example in the early years and maintained a flagship product strategy every year. In 2013, Xiaomi introduced the low-end product line Redmi series, introduced the business big-screen Note series in 2015, and opened the high-end MIX flagship series in 2016. Up to now, classified by price segment, Xiaomi mobile phone mainly includes four product lines: MIX flagship focuses on high-end (more than 3000 yuan), MI series &Note series (big screen) focuses on mid-end (2000-3000 yuan), and Redmi series focuses on entry market (1000 yuan).

2) "Sufficient materials" for core components.The supply chain of core components of Xiaomi mobile phone adopts the same quality suppliers from Apple and Samsung to ensure the basic quality control of products and the stability of the supply chain. At the same time, Xiaomi is also in the leading group in China in R&D investment. In February, 2017, Xiaomi officially released its first mobile phone chip, Songguo S1, and put it on the market in its new Redmi 5C machine. Xiaomi became the second mainstream mobile phone manufacturer in China to release self-developed chips after Huawei. In November 2017, MediaTek COO Zhu Shangzu joined Xiaomi as a partner in the industrial investment department, and Xiaomi’s independent mobile phone chip research and development investment went up a storey still higher.

3) ID design of "face value is justice".With the rapid iterative development of smart phone industry, there is little difference in performance between brands, especially among flagship phones, so ID design has increasingly become an important factor to distinguish brands from flagship machine. Xiaomi officially launched the MIX full-screen mobile phone in September 2016, which immediately led the full-screen trend of mainstream mobile phone manufacturers in 2017. In December 2017, after being collected by the National Design Museum of Finland, the small MIX series mobile phones were collected by the Pompidou Center of France (listed as the three major museums in Paris together with the Louvre and the Art Museum of Ossetia), and were hailed as "the perfect integration of technology and art, which is an outstanding masterpiece leading the design and technology in the intelligent age".

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In March, 2014, Xiaomi mobile phone entered Singapore, and started the internationalization and expansion of Zhang Zhilu. Since then, with the Indian market as the core, Xiaomi mobile phone has effectively replicated its cost-effective explosion strategy in China in major developing countries, and overseas markets have blossomed in an all-round way:

According to India’s Economic Times India report, FY2017 (as of the end of March) Xiaomi’s revenue in India reached 83.79 billion rupees (about 8.44 billion RMB), a year-on-year increase of over 700% and achieved profitability. According to IDC data, the market share of 3Q2017 Xiaomi mobile phone in India climbed to 23.5%, which tied with Samsung as the largest mobile phone brand in India. In addition, Xiaomi has gained a firm foothold in Southeast Asian markets such as Indonesia and Vietnam, Eastern European markets such as the Czech Republic and Ukraine, and Middle East markets such as Israel and the United Arab Emirates. The market share of Xiaomi’s mobile phones in 14 overseas countries and regions has entered the top five.

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(C) Xiaomi ecological chain: layout IoT, bamboo forest ecology copied from 1 to N.

In 2014, when the mobile phone business was in full swing, Xiaomi began to invest in incubating Xiaomi eco-chain enterprises with mobile phone peripherals and intelligent hardware products as the core. According to the data of Tianyancha, in 2014, Xiaomi’s foreign investment increased to 40 (only 4/8 in 2012/2013). By the end of 2017, Xiaomi’s accumulated foreign investment reached 185, focusing on the early financing of Angel Wheel (53) and A Wheel (56) in the fields of intelligent hardware (46), culture and entertainment (32) and game services (21), and comprehensively arranging IoT.

According to the official disclosure, by the end of 2016, there were 77 Xiaomi eco-chain enterprises, of which 30 released products, 16 companies had an annual income of over 100 million, and 3 companies had an annual income of over 1 billion, including Huami Technology (mi band & Watch), Zimi Technology (Xiaomi Mobile Power Supply), Wanmo Acoustics (Xiaomi Headphones), Power Future (Xiaomi Wiring Board) and Runmi Technology (90 Suitcases).

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For Xiaomi, the core value of the vigorous development of eco-chain enterprises lies in maintaining and strengthening Xiaomi brand awareness through continuous promotion, building Xiaomi lifestyle through product chain, and then building Xiaomi ecological circle.

1) The success of the mobile phone market has established a basic user disk for Xiaomi’s ecosystem. However, compared with the high user stickiness built by Apple’s mobile phone with absolute product strength and IOS system specificity, Xiaomi’s mobile phone needs to face the competition from many manufacturers in the Android camp. Under the background that the competitiveness of a single product cannot be absolutely ahead, it needs to rely on eco-chain products to strengthen the user’s stickiness to the ecosystem;

2) The mobile phone is a durable consumer product, and under the rhythm of the main product of "one flagship every year", it is difficult for Xiaomi to maintain a sustained brand popularity by relying solely on mobile phones, and the exposure and release of products of eco-chain enterprises has greatly broadened the Xiaomi user base while maintaining the brand popularity (according to the Xiaomi Eco-chain Battlefield Notes, as of 2016, only about one third of Xiaomi eco-chain product users are Xiaomi mobile phone users, and the rest are Apple).

3) In addition to the core entrance of mobile phones, the IoT boom represented by smart homes is in the ascendant. The deep cultivation of Xiaomi eco-chain enterprises in the field of intelligent hardware is undoubtedly the ticket for Xiaomi’s leading peers to the IoT era.

In 2017, the revenue of Xiaomi Eco-chain enterprises exceeded 20 billion yuan, doubling year-on-year, and has already formed a new product growth point outside the mobile phone. Taking the data of Xiaomi Tmall flagship store in November 2017 as an example, the total sales volume of Xiaomi mobile phones in stores has dropped to 23.5% (the sales amount accounts for 43%).

On the day of the Double Eleven, Xiaomi TV (32/43/49/55-inch same-foot segment Tmall sold first), Xiaomi notebook (Tmall notebook sold first), Xiaomi air purifier (Tmall/JD.COM/Suning three platforms first), mi band (Tmall/JD.COM/Suning three platforms bracelet category first), No.9 balance car (No.

In terms of capital market operation, many Xiaomi eco-chain companies have/intend to land in the capital market. By the end of 2017, Runmi (parent company Kairun shares) and Qingmi (parent company power future) have landed on A shares and New Third Board respectively; Chuangmi (parent company Longqi Technology) and Huami Technology plan to IPO in A shares and US stocks respectively; Wanmo Acoustics acquired a total of 15.27% equity of the listed company in cash of 995 million yuan and became its controlling shareholder.

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Xiaomi Eco-chain Company is neither a simple OEM/ODM foundry company nor a loose alliance formed by equity investment, but a vertical product company that exports all aspects of supply chain, capital, brand and channel support, replicates Xiaomi product logic from 1 to n, and rapidly extends Xiaomi brand product line. Specifically, Xiaomi mainly provides seven major supports for eco-chain companies:

1) Brand support. Xiaomi opens two brands of "Mijia" and "Xiaomi" to the products of eco-chain companies that meet the requirements. The former is mainly aimed at smart home, consumer hardware, and products oriented to "art in life"; The latter is mainly aimed at technology and geek products.

2) Supply chain support. Xiaomi gives full play to its accumulated credibility and bargaining power in the electronic industry chain, and provides endorsements for eco-chain companies.

3) Channel support. Open omni-channel sales support such as Xiaomi.com on PC side, Xiaomi Mall on mobile side, Mijia Youpin and Xiaomi House offline, and provide crowdfunding channels for new product research and development.

4) Investment and financing support. Xiaomi & Shunwei Fund leads the investment (usually holding 10-30% of the shares), and at the same time, according to the development stage, Xiaomi invites first-line investment institutions to participate in the financing roadshow of eco-chain companies in batches.

5) product definition. Xiaomi and Eco-chain Company have deep cooperation in product definition, and all products on Xiaomi platform need to be jointly decided by both teams;

6)ID design. Xiaomi guides eco-chain enterprises in design, and reserves one vote of veto in the ID department of eco-chain companies to ensure that the design styles of "Mijia" and "Xiaomi" brand products come down in one continuous line and their values are unified.

7) Quality requirements. Xiaomi’s output quality management requirements require that all eco-chain products must pass Xiaomi’s internal testing and screening when landing on all platforms of Xiaomi.

In terms of product pricing and sales, "Xiaomi" and "Mijia" brand products must abide by the exclusive cooperation agreement between the two parties (self-priced sales of self-owned brand products of eco-chain enterprises): 1) Xiaomi and Mijia (including other channels operated or licensed by Xiaomi, such as Xiaomi Tmall flagship store and offline Xiaomi specialty store) are the only exclusive sales channels of eco-chain products; 2) Xiaomi purchases the products in full at the product manufacturing cost price (including raw materials, packaging and transportation, depreciation of labor and special equipment, etc.); 3) Xiaomi and Eco-chain Company divide the product sales profit (generally 50:50); 4) Product terminal pricing is jointly decided by Xiaomi and eco-chain enterprises.

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Taking Huami Technology (mi band manufacturer) as an example, we illustrate the operating mode of Xiaomi Eco-chain enterprise.

Huami Technology was established in January 2014. The founder is Huang Wang, a continuous entrepreneur of technical intelligent hardware who graduated from China University of Science and Technology (once worked for Huawei, and was the first technical expert to use Linux in embedded systems in China). The main products are mi band (the core item) and Xiaomi weighing scale, and smart wearable products are produced and sold under his own brand Amazfit. According to the disclosure in the prospectus, Xiaomi holds 19.3% equity of Huami Technology through its fund People Better limited, and Xiaomi’s related party Shunwei Capital holds another 20.4% equity.

The core product of Huami Technology is mi band, and its operation completely follows the product operation idea of Xiaomi Migao’s cost-effective explosion: 1) In terms of functional design, mi band focuses on the three core functions of step counting, alarm clock and sleep monitoring, and removes secondary functions such as call, touch and music playback; 2) Cancel the screen (added after the second-generation product technology upgrade) to reduce power consumption, achieve 30-day long battery life, and solve the pain point of frequent charging of peer products; 3) Pricing in 79 yuan (the second generation product is priced at 149 yuan), which is much lower than that of peers with a price of more than 1,000 yuan, greatly reducing the cost of early adopters. At the same time, colorful wristbands are provided for young users to change colors.

Financial data confirms the success of Huamei’s product strategy of high price explosion. Under the strategy of high cost-effective explosive products, we rely on the large-scale production and sales of single products to improve operational efficiency and achieve large-scale profitability with "low net interest rate+high turnover rate". The first three quarters of 2017:

1) The shipment of Huami bracelet reached 11.6 million, surpassing Fitbit to become the world’s largest smart wearable brand; Operating income increased by 37.4% year-on-year to 1.296 billion yuan (the proportion of revenue from Xiaomi decreased from 92.1% in 2016 to 82.4%); The net profit was 95 million yuan, a year-on-year loss; In the same period, Fitbit revenue decreased by 34.5% year-on-year to $1.04 billion, with a net loss of $230 million.

2) The overall gross profit margin of Huami reached 25.3%, which was significantly higher than that of 17.7% in 2016, mainly due to the increase in the average sales unit price of products (the proportion of second-generation and private brand products in mi band increased) from 87.4 yuan to 111.7 yuan, and the scale effect of the supply chain was highlighted after the sales of single products increased significantly, but compared with Fitbit’s gross profit margin of 42.3% in the same period, the characteristics of Huami bracelet with high cost performance were still obvious.

3) The advantages of cost and turnover are the core of Huami’s profit. The R&D expense ratio of Huami is 8.4% (equivalent to the level of Fitbit in 2015), and the sales expense ratio/management fee rate is only 2.3%/6.4%(VS Fitbit is 25.6%/9.5% in the same period); At the same time, the turnover days of Huami inventory is only 39.9 days (annualized), which is much better than Fitbit’s performance of 61.3 days, thus achieving a net interest rate of 7.3% and a ROA (annualized) of 12.3% with a gross profit margin of 25.3%, and the large-scale profitability began to stand out.

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New Retail Xiaomi: Omni-channel Strategy for Winning Efficiency

New retail is Xiaomi’s channel strategy, which seeks to improve the efficiency of product circulation. Xiaomi was born in the Internet, and fully enjoyed the channel bonus of online low traffic cost in the early stage of growth. In addition, the number of SKUs under the explosion strategy is extremely limited. From brand image building to sales channels, focusing on the younger generation, the Internet is undoubtedly a more efficient choice. After 2016, the traffic dividend faded and the brand competition intensified, and the Internet channel became more and more crowded. The expansion of the eco-chain product line, on the one hand, makes the brand positioning of Xiaomi gradually expand from "Internet geek with high cost performance" to "national science and technology life" brand; On the other hand, smart new products continue to be launched, and the demand for offline physical experience is getting stronger and stronger, and the comprehensive cost-effective advantage of physical channels reappears.

No matter what the presentation form is, the new retail is the reconstruction of the three retail elements of people, goods and markets, and the essence behind it is the omni-channel integration and data operation promoted by technology, thus achieving a significant improvement in operating efficiency. The promotion of Xiaomi’s eco-cost-effective product strategy not only needs to focus on the core pain points in the production process with the "8080 principle" to create explosions, but also needs to optimize the circulation and promotion links to achieve efficient operation of the whole product link. From the focus line to the omni-channel layout, Xiaomi consistently pursues the ultimate efficiency.

(A) from the Internet, reputation is king of national science and technology brand of life.

Xiaomi was born and rose on the Internet, and fully enjoyed the online traffic dividend. It is also one of the few models that successfully landed and turned into an omni-channel national brand. From the perspective of brand building, the Internet thinking of "focus, extreme, word of mouth and fast" put forward by Lei Jun in his early years is the brand building and communication idea that Xiaomi’s word of mouth is king: focus and extreme are product goals; Fast, is the code of conduct; Word of mouth is the core of Internet thinking.

In the shaping of good word-of-mouth, good products are the engine, which is the first in establishing word-of-mouth, and all brand marketing is the second. Social media is the accelerator of word-of-mouth communication, which promotes the viral spread of brand image on the Internet. Equal user relationship is the relationship chain of word-of-mouth communication, making friends with users, allowing users to participate in product discussion, design and demand collection, and becoming the "tap water" of products.

Li Wanqiang, vice president of Xiaomi, described the process of brand building of Xiaomi in detail in "Sense of Participation", which can be summed up as three strategies: "making explosive products, being fans and being self-media" and three tactics: "opening up participating nodes, designing interactive ways and spreading word-of-mouth events".

In terms of strategy, 1) "making explosive products" is a product strategy, that is, we should focus on the product scale stage, achieve the first market segmentation, and gather resources to form scale effect; 2) "Being a fan" is a user strategy, that is, to seek the transformation from weak user relationship (purchase) to strong user relationship with stronger trust ("tap water") and become a fan of products and even brands; 3) "Being self-media" is a content strategy, that is, making the enterprise itself an information node of the Internet, encouraging employees and users to become product spokespersons, and guiding users to participate in interaction and share diffusion.

Tactically, 1) "open participation nodes" means opening all links of products, services, sales and brand promotion, looking for nodes that benefit both parties, so that users can deeply participate in them; 2) "Design interaction mode" means following the design idea of "simple, beneficial, interesting and real" to facilitate users to participate in interaction; 3) "Spreading word-of-mouth events" means screening a group of "fans" with high product recognition in advance, fermenting the sense of participation on a small scale, making the content generated based on interaction into topics and events that can spread, and making word-of-mouth fission and spread.

The "orange Friday" development model of Xiaomi’s early MIUI system is not only a typical example of the "three three" rule. With 100 core official engineers, MIUI has established a development team covering 100,000 forum users to realize a new experience of refreshing every Friday. 1) Open participation nodes: except for the engineer’s code writing part, product requirements, testing and release are open to users to participate, Xiaomi iterates the system according to users’ opinions, and users get the functions and products they want; 2) Design the interactive mode: based on the forum discussion and feedback, collect the requirements, and regularly release the system update package every Friday; 3) Spreading word-of-mouth events: In addition to MIUI’s encouraging sharing mechanism, Xiaomi also filmed the micro-film "Sponsor of 100 Dreams" for the first 100 users who participated in the measurement, amplifying the "sense of participation".

In 2014, the sales scale of Xiaomi official website reached 35.14 billion yuan, and the market share of e-commerce reached 3% in that year. The scale of B2C e-commerce was second only to Tmall and JD.COM, ranking the third largest e-commerce platform in China; In 2017, the sales scale of Xiaomi Tmall flagship store reached 2.46 billion yuan in a single day, occupying the Tmall Double Eleven brand store king for many years in a row and being the first Internet brand.

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After 2015, the online traffic dividend tends to decline, and after years of popularization of smart phones, the incremental demand has shifted from the first and second lines to the third and fourth lines and even the township-level market, while the e-commerce that Xiaomi relies on to grow has not yet dominated the low-line market, and the short board missing offline has begun to stand out. In September, 2015, the first Xiaomi House under Xiaomi Line opened in Beijing Contemporary Mall (previously, "Xiaomi House" was only positioned as an after-sales service and maintenance outlet), and Xiaomi began to enter offline retail.

In response, in July 2016, Xiaomi changed its tradition and invited three popular stars, Wu Xiubo, Liu Shishi and Haoran Liu, to endorse the red rice mobile phone, highlighting the positioning of Redmi’s "national mobile phone"; In October of the same year, Xiaomi launched the Note2 mobile phone with a big business screen, and invited Tony Leung Chiu Wai to speak for it. After entering 2017, with the omni-channel transformation and the positioning of national mobile phones, Xiaomi further invited Wu Yifan and SNH48 to speak for their mobile phones, fully enabled traffic stars of all ages, and sponsored popular variety shows such as "Qi Pa Shuo", "Hip-hop in China" and "Our Travel". In addition, the eco-chain product line and Xiaomi House stores were quickly rolled out, and Xiaomi was fully launched by the Internet.

According to GFK data, in July 2017, the offline sales of Xiaomi mobile phones accounted for 41%; Aurora big data shows that in 3Q2017, among Xiaomi mobile phone users, young users aged 16-25 accounted for only 29.6%, main users aged 26-35 accounted for 57.2%, and users over 36 accounted for 13%; At the same time, female users accounted for 35.8%. In addition, among the users of Xiaomi’s ecological chain, Xiaomi’s mobile phone users only account for about 1/3, and Xiaomi has completely changed from positioning young people’s Internet mobile phone brands to national technology life brands.

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(2) E-commerce Xiaomi: quality e-commerce, a new generation of e-commerce platform.

In April, 2016, Netease launched the e-commerce platform Netease YEATION. The front end relied on the entrance diversion of Netease departments, such as Netease Mailbox and Youdao Cloud, and the back end skipped the traditional distribution link and directly docked with big brands’ foundries. The platform endorsed the product quality and focused on the high quality and cost performance of "good life, not so expensive", which was a great success. According to publicly disclosed data, as of September 2016, Netease YEATION released a total of 30 million registered users for half a year, with a monthly flow of 60 million yuan; Ding Lei, CEO of Netease, set a "small goal" for Netease YEATION to reach 7 billion yuan/20 billion yuan in 17/18 in the earnings conference call at the beginning of 17 years.

Since 2017, quality e-commerce platforms (or brands) have been launched one after another, including Xiaomi’s products (born out of Xiaomi’s smart home control platform "Mijia App"), Ali’s Taobao Heart Selection, Suning’s polar products, JD.COM’s Beijing-made products, etc., and become an absolute hot spot in the market. Although the specific operation modes are different, we believe that the main focus of quality e-commerce is mass consumption upgrade, the core keyword is quality-oriented high cost performance, and the realization method is platform folding supply chain docking upstream factories, and relying on platform credit endorsement quality.

The basic meaning of selling is to meet consumers’ consumption demand, and the changes of core consumption demands of main consumer groups in different social development environments will promote the evolution of corresponding dividend formats. The particularity of the domestic market lies in the huge difference in regional development level, which makes different formats parallel at the same time dimension. Judging from the overseas mature markets and domestic development experience, offline retail has basically gone through the process of free market, hypermarket-department store (such as Wal-Mart), outlet (strictly speaking, outlet is a variety of department store), and gradually evolved into selected stores (such as Costco Costco Costco and Muji).

The logic of market operation has correspondingly undergone a transformation from product-oriented (material scarcity) to channel-oriented (information asymmetry), and then to user-oriented (meeting the diversified needs of users such as cost performance and experience). During this period, the control of channels on the supply chain has been continuously improved, and channels have been deeply involved in the supply chain to improve efficiency and meet the increasingly critical product needs of users.

Different from the traditional e-commerce form, we believe that quality e-commerce is essentially the evolution of online e-commerce format, and its direction corresponds to the trend of offline dividend format change: the migration of C2C Taobao to B2C Tmall & JD.COM is the evolution of e-commerce low-price drive to brand & service drive; The rise of quality e-commerce is a process of e-commerce quality-selection and cost-effective drive migration based on one-stop shopping of B2C integrated e-commerce.

At present, it is the initial stage of the outbreak and growth of the quality e-commerce platform, which has yet to be expanded from the niche to the mass. According to Aurora Big Data, in October 2017, the number of monthly users of quality e-commerce was about 5.73 million (only counting the number of users of Netease YEATION, Mijia Youpin and Necessary three independent apps), which increased by 170% year-on-year, accounting for only 0.58% of the total mobile Internet users, about one-tenth of the 580 million monthly users of mobile phone Taobao (12M17); From the perspective of user distribution, the proportion of quality e-commerce users in first-and second-tier cities reached 63.6%, which was much higher than the proportion of users in first-and second-tier cities as a whole among netizens in the same period of 37.6%.

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Xiaomi’s Mijia Youpin e-commerce platform was originally an e-commerce module under Xiaomi’s smart home control platform "Mijia" App. In April 2017, Mijia Youpin (now renamed "Youpin") independent App was officially launched, and the Xiaomi system quality e-commerce platform went to the front desk. Product e-commerce focuses on Xiaomi and Mijia eco-chain products, and absorbs high-quality third-party brands to settle in, forming a quality e-commerce platform with intelligent hardware and technology products as the mainstay and full category coverage. Compared with Netease YEATION, Mijia has the following advantages:

1) Anterior drainage. Mijia Youpin started with "rice flour", with online traffic resources of Xiaomi intelligent software and hardware, and store experience promotion resources with Xiaomi House as the core (opening a hotel in YEATION in conjunction with Atour is also an expansion of offline experience resources, but the short-term quantity is extremely limited);

2) Back-end supply chain integration. There are products that focus on Xiaomi and eco-chain enterprise intelligent hardware products, which are unparalleled in the supply chain resources of scientific and technological hardware products in China. And after accumulating sticky user resources with high-priced hardware, select third-party brand merchants to expand low-priced products such as daily shopping, home furnishing, catering, etc. to achieve full category coverage, and the expansion difficulty is relatively small (as an analogy, JD.COM also started with low-frequency consumption, and started with 3C with high customer list, which was originally less difficult than Dangdang with low customer list books);

3)IoT "remote control e-commerce" function. Xiaomi IoT ecosystem is leading in China, and its potential application has great imagination. As far as e-commerce sales are concerned, the precise push and one-click purchase that Mijia intelligent platform can achieve by monitoring the accumulated big data in real time is far from being comparable to the general platform. Related recommendation (for example, Xiaomi humidifier monitors the poor water quality of users and pushes water purifier products; Xiaomi rice cooker recommends brand rice according to users’ preferences), consumables purchase (for example, air purifier & automatic recommended purchase when the filter element of water purifier runs out), and overall collocation (the design style of Xiaomi ecological products is unified, and all of them can be controlled by Mijia App), etc. The potential "remote control e-commerce" system of Xiaomi Ecology has great development potential.

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(C) the new retail millet: channel integration, efficiency jump.

In September 2015, Xiaomi’s first offline direct sales store "Xiaomi Home" opened in Beijing Contemporary Shopping Mall, and Xiaomi officially entered the offline retail market. After exploring the experiment in 2016, Xiaomi put forward the goal of 1,000 stores in three years at the beginning of 2017, and began to rush to accelerate the expansion. In the whole year, 235 stores were opened to 287 stores, which became one of the most eye-catching offline new retail formats in 2017.

We believe that after the 8090 generation rose to be the main consumer group, the change of consumption habits brought about the reconstruction of the three retail elements of people, goods and markets, promoted the omni-channel integration and digital operation, improved the user experience, and brought about a significant improvement in operational efficiency.

1) The change of "people" is the core factor to promote industry change. The generation of 8090 has grown into a new main consumer group, thus giving birth to industry changes, and new brands, new ideas, new services, new marketing and new formats that meet their needs have gradually emerged; At the same time, it also puts forward new requirements for retail employees, from the past simple commodity sales to service users;

2) The change of "field" means the transformation and innovation of retail format to meet the needs of users for consumption anytime and anywhere and omni-channel integrated operation (such as unified inventory management with electronic price tag as standard in stores; Hanging system store picking support online operation); At the same time, it is also necessary to combine omni-channel data accumulation to guide site selection, dynamic line design and combination of formats and categories to promote the digitalization of offline user behavior;

3) the change of "goods" lies in returning to the essence of retail efficiency, guiding the selection of goods by data, improving the efficiency of supply chain, and screening quality and branded goods in line with the trend of consumption upgrading; And achieve omni-channel inventory access, providing unified inventory management for front-end formats.

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Xiaomi’s new retail core pursuit is omni-channel coverage of users, which promotes the significant improvement of store operation efficiency;

1) The offline channel is mainly direct-operated Xiaomi Home, and at the same time, two types of franchisees are opened, namely, Xiaomi Specialty Store (franchisee site selection and construction, Xiaomi operation) and Xiaomi Home Authorized Store (franchisee site selection and construction, Xiaomi provides guidance), and settled in Suning and other offline mainstream electrical chain stores;

2) Online channels are dominated by e-commerce platforms with products (including the entrance of Mijia platform) and Xiaomi Mall, and at the same time, they are stationed in mainstream e-commerce platforms such as Tmall, JD.COM and Suning.cn;

3) All categories are covered online and offline, but offline stores select traffic explosions and new products, emphasizing experience and efficiency; Online, the whole line of products is covered, emphasizing one-stop satisfaction.

According to official public data, the typical store area of Xiaomi Home is about 200-500 square meters (Shenzhen flagship store opened in November 2017 is about 650 square meters), and the floor efficiency of the store reaches about 270,000 yuan/square meter/year, which is much higher than the level of ordinary offline chain stores of 10-50,000 yuan/square meter/year, and is second only to Apple’s official experience store in the world (about 400,000 yuan/square meter/year). Apple and Xiaomi are both star product companies involved in the retail sector ("manufacturing retail companies"), and the economic effect of brand fans built by the strong competitiveness of their products is the basis for their success. However, comparing the two phenomenal retail stores of Apple and Xiaomi, there are some differences in their operations:

1) Store positioning and expansion strategy.Apple retail stores are located as product experience, image promotion and after-sales service centers, with a large store area (1,000-3,000 square meters). They are located in core business districts and large shopping centers, and the number of stores and SKUs of store products are limited. As of 2017, there are about 500 official retail stores in the world, of which only 41 have opened stores in China for ten years (the first store was Sanlitun store opened in 2008).

Store products are mainly Apple core products such as mobile phones, computers and watches, and related peripheral products such as headphones and keyboards; Xiaomi Home is also positioned to promote product experience, but its sales attributes are stronger (the store does not support after-sales service), and its store area is smaller (200-500 square meters, Shenzhen flagship store is 650 square meters). Compared with fast fashion brands, the site selection focuses on shopping centers in the core-community business district, with intensive stores (295 stores have been opened on New Year’s Day in the past 18 years; Only 15 stores have been opened in Beijing), and the number of SKUs in the stores is about 200-300, covering the full range of hot-selling explosions and new products of Xiaomi and Eco-chain Company.

2) product pricing and profit strategy.Apple attracts "fruit powder" with absolute product innovation, leading the industry, high brand premium, high-end pricing of all series products, and strong profitability of hardware itself (the proportion of software service revenue is increasing, but the proportion is still limited, FY2017 is 13.7%). FY2017, the gross profit margin of overall hardware sales of Apple products is 29%, and the average single-machine profit of mobile phones reaches 151 US dollars (3Q17); Xiaomi products are based on high cost performance, pursuing to build an ecosystem with intelligent hardware, and then realizing user value with services. The pricing of the whole series of products is close to the people, and the profitability of hardware items is limited. The unit price profit of core mobile phone products is only 2 dollars (3Q17), and the gross profit margin of store products is only 8-10%.

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Lei Jun, the founder of Xiaomi, disclosed Xiaomi’s new retail core play in an exclusive interview in October 2017, that is, according to the formula of retail = flow x conversion rate x customer unit price x repurchase rate, retail (flat efficiency) was disassembled into four steps and eight strategies, and each step was done to the extreme:

1) flow.Traffic is passenger flow, and the promotion depends on the location of stores and the combination of goods. The location of Xiaomi House is mainly located in shopping centers in the core or community business districts of first-and second-tier cities, and fast fashion and leisure brands such as Uniqlo, Starbucks and MUJI, which are close to the target customers, set up stores on the benchmark and drain each other. At the same time, we pay attention to the collocation of consumption scenes in the store product sampling. The products cover 200-300 SKUs in 20-30 categories, and are updated in time (even on the leading line) to ensure the "shopping" of the store.

2) conversion rate.The core of improving the conversion rate of passenger flow to store consumption is that the products are attractive enough. On the one hand, Xiaomi’s own brand gene emphasizes the ultimate explosion, which is known for its cost performance, and the product itself has enough consumer appeal. On the other hand, the selection of SKUs in stores is based on the accumulation of online sales data, and 200-300 SKUs in stores are based on the secondary selection of 20,000 SKUs of quality e-commerce, which promotes the transformation of high consumption of store passengers.

3) Customer unit price.The increase of customer unit price is not to raise the price of single product, but to achieve it by increasing consumption. The appearance design value of Xiaomi ecosystem products is unified, and the technical functions are interrelated (which can be controlled by Mijia App or Xiaomi AI speaker network), and the proportion of joint sales and even overall arbitrage is high. In addition, offline stores naturally have the advantage of experience, coupled with offline synchronization of new products online, and experience the charm of Xiaomi products in kind.

4) Repurchase rate.The improvement of repeat purchase rate is not only the result of strengthening brand awareness, but also the need to provide convenient purchase channels. Xiaomi products consistently adhere to the concept of high cost performance, and the online content and offline store three-dimensional communication with word of mouth are king, shaping Xiaomi Migao’s cost-effective national science and technology life brand awareness. Through the omni-channel layout, users can consume at any time and place, and at the same time, the online registration experience of consumer guide users in the store is used, and the offline selected explosions are used to drain the full range of Xiaomi ecological products with richer online experience for users.

In December 2017, we conducted a grassroots survey of Xiaomi Home Shanghai Joy City Store and Shanghai Wujiaochang Store, and measured the operation of Xiaomi Home based on the survey data of first-hand stores. Among them, Joy City Store covers an area of about 500 square meters (including warehouse and office) and its business area is about 400 square meters. It is located on the third floor of Joy City in Jing ‘an, Shanghai. The store opened in May 2016. It is the first store of Xiaomi House in Shanghai and one of the six benchmark stores with annual sales exceeding 100 million. Wujiaochang Store opened in November, 2017, with an area of about 250 square meters (including warehouse) and a business area of about 200 square meters. It is located in B1 Building, wanda plaza, Wujiaochang, adjacent to Wujiaochang University District. We conducted a half-hour grass-roots investigation on the store in the afternoon on weekdays, and recorded the operation of the store from the dimensions of passenger flow, transaction, goods and clerk.

1) passenger flow.Neither of the two stores is located in a prime location on the first floor, but the passenger flow is far superior to the surrounding stores, and the passenger flow composition obviously breaks through the typical user impression of Xiaomi’s "young men aged 18-30". During our observation for half an hour: ① Joy City Store has accumulated 61 customers, and the number of customers staying in the store is maintained at around 50; The ratio of male to female customers entering the store is close to 2:1(39:22), mainly young people, but also including 5 elderly people and 8 foreign customers; ② Wujiaochang Store has accumulated 58 people into the store, and the number of customers staying in the store is maintained at more than 30; The ratio of male to female is also close to 2:1(38:20), including two elderly people and three foreign customers.

2) Deal.The turnover rate (more than 10%) of passenger flow in Xiaomi’s lower store is much higher than that of online website, and the joint sales of Xiaomi ecosystem products effectively drive the increase of customer unit price. Also in the half hour we observed: ① Joy City Store has accumulated 17 transactions, and the transaction conversion rate reached 28% (based on the number of customers entering the store); The customer’s unit price is about 302 yuan. In addition to the mobile phone, the products sold include charging treasure & headphones and other mobile phone peripherals, intelligent hardware such as sweeping robot & desk lamp, and daily necessities such as backpacks & suitcases. ② Wujiaochang Store has accumulated 9 transactions, the transaction conversion rate is 16% (based on the number of customers entering the store), and the customer unit price is about 469 yuan. Considering that Wujiaochang Store has only been opened for 2 months, the subsequent stores are mature and have location advantages (close to the university area), and there is a lot of room for improvement in store passenger flow and transaction.

3) commodity SKU.The SKU of Xiaomi Home Store is mainly based on Xiaomi and Mijia brand eco-chain products, and also includes a few eco-chain self-owned and third-party brand products, covering most products of Xiaomi technology lifestyle, but it is more selected than online. According to our on-site inventory: ① There are about 250 SKUs from Joy City stores, including 48 mobile phones (including the same model) and 8 TVs; ② Wujiaochang Store has about 180 SKUs, including 32 mobile phones and 8 TVs. New products such as Xiaomi MIX2 mobile phone, Xiaomi Kongjing 2S, AI audio and video are all synchronized, and the product prices and promotions are synchronized with online (for example, the store synchronized online to buy Xiaomi MIX2 mobile phone to send AI speakers).

4) shop assistant.Xiaomi Home Store does not undertake the after-sales service function of Xiaomi (there are also official and authorized service outlets), and there are many shop assistants, but their main work is product function introduction and shelf tally, and they rarely take the initiative to promote it. According to our on-site inventory: ① There are 17 on-site clerks in Joy City Store, including 2 cashier, 15 in-store service and tally, and several people in the warehouse who work in two shifts, with more than 40 employees in the whole store; ② There are 11 shop assistants in Wujiaochang Store, including 1 cashier, 10 in-store service staff and about 30 employees.

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According to the field grassroots research, we calculate the annualized single store model of Xiaomi House, and the main assumptions include:

1) The business hours of the store are 12 hours from 10: 00 am to 10: 00 pm, in which the peak passenger flow at 18:30-20:30 pm is about 3 times as usual, and the passenger flow at weekends and holidays is 3 times as much as that on weekdays;

2) Taking mi band as an example, according to Huami’s prospectus, the gross profit margin of mi band’s sales in 2016 was 17.5% (Xiaomi and Huami shared the profits 50-50), and the gross profit margin increased to 24.8% after the scale of 1-3Q17. Considering that mi band is a mature star product, and its gross profit margin is higher than the overall level, combined with grassroots research, it is estimated that the average gross profit margin of store products is about 8-10%, taking 9%;

3) According to DTZ data, in 2017, the rent of the first-floor high-quality retail property in Shanghai was about 40 yuan/day/square meter, and the average listing rent of shopping centers and department stores in SouFun Shanghai was 15 yuan/day/square meter. Considering that Xiaomi House is mostly located in the underground or high-rise of shopping malls and the brand effect of Xiaomi, it is conservative to take the store rent as 25 yuan/day/square meter;

4) According to Zhaopin’s recruitment data, the average salary of waiters in Shanghai in 2017 was 4,050 yuan/month, and the recruitment salary of Xiaomi Home Store Manager was 140,000-210,000 yuan (Beijing). Considering the staff structure of Xiaomi Home Store and combining with grassroots research, the average salary of employees was conservatively taken as 6,000 yuan/person/month.

Based on the above grassroots survey data and main assumptions, we estimate:

① The mature store of Xiaomi Home (Joy City Store) has an annual passenger flow of 960,000 person-times, annual sales of 104 million yuan and annual floor efficiency of about 259,000 yuan (in terms of operating area); Gross profit is about 9.3 million yuan, after deducting 4.5 million yuan of rent, 3.2 million yuan of labor costs and 1 million other expenses (water and electricity, cargo damage, etc.), the annual operating profit is about 600,000 yuan.

② The annual passenger flow of Xiaomi Home New Store (Wujiaochang Store) is about 930,000, the annual sales is about 57.3 million yuan, the annual floor efficiency is about 286,000 yuan, and the gross profit is 5.2 million yuan. After deducting 2.3 million yuan of rent, 2.2 million yuan of labor and 500,000 other expenses, the annual operating profit is about 200,000 yuan. Considering the increase in passenger flow and conversion rate after the store matures, there is still much room for improvement in store sales and profitability.

③ According to the data disclosed by Xiaomi Home in official website, in 2017, Xiaomi Home opened 235 to 287 new stores, covering 29 provinces and 170 cities. In the whole year, the cumulative number of customers entering the store reached 67.13 million, including 4.59 million buyers. The annual sales of six stores exceeded 100 million, and the average floor efficiency of a single store reached 270,000/m2/year. Our grassroots research and calculation basically confirmed the official disclosure data of Xiaomi, and Xiaomi House is indeed a sample of new retail stores under the phenomenal level!

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Internet Xiaomi: hardware architecture platform, service realization and profit

As mentioned above, we think that from a strategic point of view, Xiaomi is an eco-company with hardware-based infrastructure similar to Apple, in which mobile phone is the core hardware entrance, and it occupies users’ cognition by means of product matrix, strengthening the attraction of Xiaomi brand to "rice noodles"; From a tactical point of view, Xiaomi practices a cost-effective boutique strategy similar to MUJI and Costco, focusing on consumption upgrading from the two dimensions of high-end product popularization and mass product quality, and achieving a national science and technology life brand with word of mouth as the king. The omni-channel layout of online quality e-commerce and offline Xiaomi Home will optimize the product circulation and promotion links, realize the efficient operation of the whole link of products, and create a new retail format with phenomenal level and efficiency.

In Xiaomi’s "Iron Triangle" business layout, the success and rapid expansion of "Hardware Xiaomi" and "New Retail Xiaomi" have verified the feasibility of Xiaomi’s ecological strategy with hardware, while "Internet Xiaomi" is not only the connector of Xiaomi’s ecosystem, but also the core profit source for realizing users of Xiaomi’s services in the future. At the present time, we believe that the channels for realizing Xiaomi’s services mainly include: e-commerce (income from self-operated and third-party brands), finance (Xiaomi Jinfu), entertainment (Xiaomi Mutual Entertainment & Film Industry) and cloud computing (Jinshan Cloud).

1) e-commerce.The e-commerce platform with products as the core is not only Xiaomi’s own channel layout, but also the direct channel for Xiaomi to realize ecological user resources. Just like the platform road of self-operated B2C e-commerce, represented by JD.COM, the eco-chain product "rice flour" with the gathering of quality e-commerce is a young generation with strong e-commerce consumption habits and spending power. The presence of third-party brand merchants not only enriches the category structure of quality e-commerce, but also directly brings paid brand sellers to Xiaomi.

At present, Xiaomi’s e-commerce platform is still dominated by its own brand products. With reference to the development history of JD.COM, the revenue from services such as advertising and payment is expected to increase rapidly after the merchants of third-party platforms increase their volume (in 2016, the proportion of GMV of Beijing’s third-party platforms reached 43.4%, and the contribution of gross profit accounted for 56.9%).

Different from general e-commerce, Mijia smart home control platform has built a comprehensive platform of "hardware-technology platform-e-commerce platform-consultation platform-user sharing": the technology platform built by intelligent hardware connection is embedded with e-commerce and information functions, and users can control the hardware with Mijia App, and at the same time, they can purchase related products and share their feelings and suggestions (UGC content) with one click; The accumulation of user purchase and hardware usage data is further reversed, which makes the platform make accurate portraits and product recommendations for users (not only the preferences of related products, but also the accurate reminder and one-click purchase of consumable products), which is the next generation of "remote control e-commerce" that is closer to users and better understands users.

2) Entertainment.Entertainment is the layout of Xiaomi’s ecological content. At present, it mainly includes two platforms: Xiaomi Mutual Entertainment and Xiaomi Film. Xiaomi’s mutual entertainment is mainly based on the layout of entertainment channels, focusing on the layout of three major areas: games (such as Xishanju, Palm Fun, Fun Fun and Mutual Entertainment, etc.), information (a little information, more reading, etc.) and entertainment (Youku Tudou, Iqiyi, etc.); In addition to investing in Huace Film, Xinshengtang and other film and television content companies, Xiaomi Film also participated in the film announcement by itself. In April 2017, the first film invested by Xiaomi Film was released in Shock Wave 2, with a cumulative box office of over 400 million RMB (according to the statistics of China Box Office Network).

Game distribution is the most direct way to realize the Xiaomi entertainment sector. According to Xiaomi’s official disclosure, as of 9M2017, the cumulative download volume of Xiaomi’s official app store application reached 106 billion times; In 2016, the download volume of Xiaomi channel games reached 2.24 billion times, a year-on-year increase of 58.9%; The share of Xiaomi game developers reached 2.2 billion yuan, a year-on-year increase of 100%.

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3) finance.Xiaomi already owns financial business licenses such as banking (co-sponsoring the establishment of Sichuan New Network Bank, holding 29.5% of the shares), third-party payment (acquiring 65% of Jiefu Ruitong’s shares), Internet securities (leading Tiger Securities’ A round of financing), small loan & wealth management (Xiaomi Finance), insurance (Xiaomi Insurance) and crowdfunding (Shanghai Michoujinfu), and related businesses have started to increase in volume in 2017.

According to the data of China E-banking Network, as of the beginning of November 2017, the accumulated lending scale of Xiaomi’s consumer loans has exceeded 30 billion yuan, with a loan balance of about 10 billion yuan, serving more than 1 million customers. In May 2017, Xiaomi’s loan of 3 billion rack ABS was approved on the Shanghai Stock Exchange (it can be registered and issued many times within the quota), becoming the third Internet finance company to be approved for rack ABS after Ali and JD.COM.

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4) Cloud computing.Cloud computing is an Internet infrastructure. Besides meeting its own business needs, the service output of redundant computing power has become the consensus of various Internet giants. In December 2012, Xiaomi began to lead Jinshan Cloud. In December 2017, Jinshan Cloud completed 520 million US dollars of financing, and its post-investment valuation reached 2.12 billion US dollars, making it the largest single financing in the domestic shared cloud field. According to IDC data, in 1H2017, Xiaomi Jinshan Cloud reached 6.5% in the domestic public cloud market, making it the third largest domestic public cloud service provider after Alibaba Cloud and Tencent Cloud.

According to official website of Jinshan Cloud, Jinshan Cloud has 19 large data centers, more than 80,000 servers, 600 global CDN nodes and 20T CDN broadband. Service customers include Xiaomi Mutual Entertainment, WPS, Thunder, Today Headline, Mango TV, Aauto Quicker and other leading companies in the field of Internet segmentation inside and outside Xiaomi system.

Investment suggestion: the rise of manufacturing retail, pay attention to Xiaomi eco-related companies.

We believe that,Xiaomi is an Internet eco-giant company with the same latitude as Alibaba, Tencent, Apple and Amazon, all of which have fist drainage products and diversified service realization channels.Among them, Xiaomi is the closest to Apple in terms of strategy, and both are ecosystems with intelligent hardware as the core architecture. In addition to the core entrance of mobile phone, the IoT intelligent hardware system with Xiaomi ecological chain mode layout is unparalleled in China, occupying the "rice noodle" mind with product matrix.

At the same time, tactically, it focuses on cost-effective quality consumption upgrade. Compared with Apple, Xiaomi is an intelligent ecosystem with more complete product layout and more affordable prices. At the same time, the omni-channel new retail layout of Xiaomi’s efficient operation has already built a Xiaomi Home store with off-line phenomenal efficiency and a high-quality e-commerce platform with great online potential. In the future, it is expected to rely on the Mijia platform to build a next-generation "remote control e-commerce" that is closer to users and better understands users.

Based on the services such as e-commerce, finance, entertainment and cloud computing built by the "rice flour" ecology, Xiaomi now has a quick way to realize profits. It should be pointed out that Xiaomi’s layout in the three major areas of IoT hardware, new retail channels and Internet-Internet of Things services and the positioning of the national-level scientific and technological life ecosystem have great potential for the future development of the number of ecological users and product boundaries, and the corresponding profitability and volume will also require us to re-examine.

From an investment perspective, in addition to Xiaomi’s own growth potential, we suggest looking for investment opportunities from two dimensions:

1) The success of Xiaomi’s new retail model, on the one hand, verifies the huge space for improving the efficiency of traditional offline retail channels, injects Internet genes, integrates omni-channel and digital operations, and promotes the reconstruction of people, goods and fields. The offline channel reform is expected to bring surprises; On the other hand, in addition to front-end drainage and business innovation, Xiaomi Migao’s product strategy of cost-effective explosion also reflects the demand for consumption upgrading with the quality of a new generation of consumers as the core. The "manufacturing retail" company that controls the back-end supply chain resources will be the main theme of the times, and it is suggested to focus on the reference significance of this trend in the new retail reform of the industry.

2) Just like Apple Industrial Chain Company driven by Apple and Ali Industrial Chain related companies driven by Alibaba, Xiaomi, as an eco-giant company in the future, its growth is bound to benefit the upstream and downstream companies in the industrial chain. Starting from this main line, it is suggested to focus on the impact of Xiaomi model on retail industry ecology and listed companies in Xiaomi ecological chain.

Risk warning

1. The decline of Xiaomi’s mobile phone business: competition in the smart phone industry has accumulated, and Xiaomi’s domestic market is facing competition from international brands represented by Apple and Samsung and domestic brands represented by Huawei, oppo and vivo. The mobile phone business has the risk of decline due to intensified competition and insufficient innovation;

2. Risk of Xiaomi’s eco-chain product line expansion: Xiaomi’s eco-chain enterprises are not directly controlled by Xiaomi, and the product quality control ability of related companies and the expansion of new products will greatly affect the expansion of Xiaomi’s own product line. In addition, with the expansion of eco-chain company’s own brand products, there is a lower-than-expected risk in the expansion of Xiaomi’s eco-chain product line;

3. Intensified competition in new retail: New retail is a hot spot in the market, and Internet companies represented by Alibaba, Tencent and JD.COM have all started to lay out offline business. Coupled with the competition of traditional offline retail companies, the expansion of Xiaomi’s new retail stores is not up to expectations;

4. The liquidity of Xiaomi eco-users is lower than expected: the overall consumption power of Xiaomi eco-users is weaker than that of Apple. User brand loyalty, willingness to pay, etc. still need time to verify, and there is a lower-than-expected risk in realizing user value. (Editor: Hu Min)

Important principles to be grasped in building a modern industrial system

  Modern industrial system is the material and technical foundation of modern countries. Report to the 20th CPC National Congress of the Communist Party of China put forward the important task of building a modern industrial system. The first meeting of the 20th Central Committee of Finance and Economics emphasized the "five persistences" in accelerating the construction of a modern industrial system, namely, persisting in focusing on the real economy, striving for progress steadily and step by step, persisting in the three-time industrial integration and development, persisting in promoting the transformation and upgrading of traditional industries, and persisting in open cooperation. This is an action guide for building a modern industrial system with integrity, advancement and safety in the future.

  To build a modern industrial system, we must first accurately grasp the era connotation of this concept. On the whole, the modern industrial system should have at least three main characteristics. One is integrity. Integrity not only refers to the complete industrial categories, but also refers to the complete production capacity of high-end products within the industry. In addition, integrity also refers to adapting to the characteristics of China’s huge population, and the labor-intensive industries are fully developed and can provide sufficient jobs. The second is the advanced nature. Advanced nature not only refers to the high level of production technology and management, but also refers to the strong industrial competitiveness, which can support industrial upgrading under the current situation of two-way extrusion of developed and developing countries in China. In addition, it can also provide high-level factor returns and effectively promote common prosperity. The third is security. Safety means not only being able to achieve a high level of self-reliance without highlighting shortcomings and weak links, but also that key resources such as grain, energy and minerals can meet development needs, and that the industrial system should be environmentally friendly and take the road of sustainable development. Generally speaking, the three characteristics of "integrity, advancement and safety" fully reveal the important connotation and development requirements of modern industrial system.

  According to the era connotation of modern industrial system and the current situation of industrial development in China, we need to grasp five important principles to accelerate the construction of modern industrial system supported by real economy.

  First, insist on focusing on the real economy and prevent it from being divorced from reality. It is the key to build a modern industrial system to optimize the allocation of production factors and allocate high-quality production factors to the most critical industries. The nature of capital is to flow to the place where the highest return can be obtained, and its sensitive sense of smell can always compare the average profit rate of different industries. This natural profit-seeking, that is, "from the real to the virtual" or "from the virtual to the real" flow valve. It is the real economy that really creates wealth for the society, creates more jobs and opens up the track of scientific and technological innovation. The real economy is the foundation of the country and is of great significance to maintaining long-term economic prosperity and social stability. China started from the real economy, and it also depends on the real economy to move towards the future. At any time, we can’t "break away from reality". The most fundamental thing is to make the real economy grow stronger and make the manufacturing industry, especially the advanced manufacturing industry, profitable and promising.

  To prevent the reality from becoming illusory, we must first effectively improve the benefits of the real economy and enhance its attractiveness to factors such as funds and talents. Manufacturing industry is the main industry participating in international competition and the core of the real economy. In order to comprehensively improve the efficiency level of manufacturing industry, we should not only attach importance to the "addition" policy, support and guide enterprises to strengthen innovation, develop with specialization and novelty, and enhance the differentiation of products and services, but also combine the "subtraction" measures, especially to guide low-quality and inefficient enterprises to withdraw from the market in time, shape a reasonable competitive market structure, and supplement it with the policy of expanding demand to improve pertinence and directness. Secondly, while strengthening "reality", we must also make up "emptiness". In the financial field, it is necessary to improve the diversified and efficient financial service system and guide finance to better play its role in serving the real economy. It is necessary to further deepen systematic, institutional and rule-of-law reforms, gradually and steadily solve the obstacles that affect the stability and healthy development of the capital market, so that abundant social funds can be more effectively invested in the real economy and provide more solid industrial support for high-quality development.

  Second, we should persist in striving for progress steadily and step by step, and we should not be greedy for foreign countries. Building an advanced modern industrial system does not mean that all localities should develop high-tech industries at the same time. Emerging industries, high-tech industries and major projects are growing rapidly and have good development prospects, which have a great pulling effect on the local economy, and often become the focus of attention in various places. However, it is also easy for all places to rush headlong into the herd and compete excessively, and a few places succeed, while most places invest a lot but fail to achieve benefits. Although some places or cities have succeeded in developing high-tech industries by leaps and bounds, they do not have simple replication, and blindly launching projects without considering the actual situation may produce fallacy of composition. To implement the requirements of striving for progress steadily and step by step, the core is to give full play to the different roles of the market and the government in industrial development. Local governments need to formulate industrial development plans to clarify and guide the upgrading and development of local industries, but the focus should be on constantly improving market supervision, strengthening services to enterprises, strengthening planning guidance and shaping a better business environment. Enterprises are the main body of investment decision-making and self-financing. The government can’t take the place of independent decision-making by enterprises, and it can’t attract projects with so-called preferential subsidies for "assessing performance".

  The third is to adhere to the integration and development of three industries and avoid separation and opposition. There is an inherent balance among the three industries, so we can’t unilaterally emphasize the development of any one industry. China is a unified big market, where goods and services circulate efficiently and help each other, and the industrial development of each region should mainly follow the principles of comparative advantage and efficiency priority. From various places, we should neither unilaterally pursue the proportion of tertiary industry and simply implement "retreat from two to three", nor unilaterally emphasize the proportion of manufacturing industry and inhibit the development of service industry. At present, we should pay more attention to the new trend of the integration and development of various industries. With the rapid development of the new generation of information technology and digital technology, its empowerment effect on various industries is more significant, and the traditional boundaries between many industries are also blurred. For example, in many typical manufacturing enterprises, the value-added from R&D, design, brand image, after-sales and other service links has greatly exceeded the manufacturing link. The deep integration of modern service industry with advanced manufacturing industry and modern agriculture has become an important direction of industrial upgrading. In guiding industrial development, all localities should fully consider the inherent requirements of the integrated development of local pillar industries, upstream and downstream industries and related industries, and reserve sufficient space and resources for the development of related industries.

  Fourth, we should persist in promoting the transformation and upgrading of traditional industries and should not simply quit as "low-end industries". Traditional industries are the base of modern industrial system, and the transformation and upgrading of traditional industries are directly related to the overall construction of modern industrial system. In the process of building a modern industrial system, China must always attach importance to the development of traditional industries. This is the requirement of maintaining and enhancing China’s industrial competitiveness. At present, China’s traditional low-cost advantages are weakening, and the establishment of competitive advantages such as technology and brand is not achieved overnight. The complete industrial system and strong supporting capacity are important sources of China’s industrial international competitiveness for a long time. The simple withdrawal of traditional industries will directly damage China’s industrial integrity, reduce its supporting capacity and ultimately weaken China’s international competitiveness. At the same time, the new round of scientific and technological revolution and industrial transformation has also brought new opportunities to improve the efficiency and international competitiveness of traditional industries. Many traditional industries can become advanced manufacturing industries after transformation and can have a longer development period. To promote the transformation and upgrading of traditional industries, we should continue to increase support for the digital intelligence and green transformation of traditional manufacturing industries, and solve the problems of low profit margin and weak self-upgrading ability of traditional industries; In the process of promoting industrial transformation and upgrading, local governments should attach great importance to the development of traditional industries with cluster effect, provide support and guarantee for the development of these traditional industries, and prevent simplification from retreating.

  The fifth is to adhere to open cooperation and not build a car behind closed doors. Persisting in opening to the outside world is an important experience of China’s rapid economic development in the past. Through "bringing in" and "going out", China not only introduced important capital and technology, but also participated in competition and learning in the global market, which promoted the product quality and competitiveness. Continuous open cooperation is an inherent meaning of building a modern industrial system and an inevitable requirement for achieving high-quality development. It should be clearly seen that the key core technologies can’t wait or not, and the key links of the industrial chain and supply chain must be mastered by China itself, but we can’t take the old road of closed development. Only by adhering to a high level of opening to the outside world and always keeping the domestic market fully open to domestic and foreign enterprises can we deeply participate in the global industrial division and cooperation, maximize the absorption of foreign advanced achievements, accelerate the pace of innovation, give full play to China’s super-large-scale market advantages and strive for a better external environment, and also better expand the potential of external demand, promote industrial upgrading and better build a modern industrial system.

  (Author Xu Zhaoyuan is the deputy director and researcher of the Industrial Economics Research Department of the State Council Development Research Center. Source: Economic Daily)

Huang Xiaoming played Tang Bohu, claiming to be Xiao Wang Miumiu, and went into battle in vacuum to steal the limelight.


Miumiu Gong Xinliang went into battle in vacuum.


Miumiu Gong Xinliang stole the show.

  Movie network news(Photo/Qian Jiayi/Yang Liu) At that time, "Tang Bohu Dianchouxiang" starring Stephen Chow and Gong Li was a classic in Chinese comedy movies. On November 30th, the sequel of this film, Tong Pak Hu Dian Qiu Xiang 2, was grandly launched in Beijing. It is Huang Xiaoming and Zhang Jingchu who challenge the combination of Xingye and Gong Li. On the same day, director Li Lichi, producer Xiang Huasheng, action director Lin Dian and two leading actors, as well as Miumiu, Richie Jen, Fan Shaohuang, Zhou Libo and Yang Chengang were present to help out.

Miumiu goes into battle in vacuum, beautiful back, sexy, fragrant and pressing Zhang Jingchu.

  Miumiu, who has always been known for her sexiness, appeared on the same day in a purple dress with a low back and a high slit. In a vacuum, she put on all kinds of charming POSE, showed off her beautiful legs and back, and stole the limelight of "Chou-heung" Zhang Jingchu. Zhang Jingchu appeared in a pink skirt. Although she showed her slender legs, Zhang Jingchu was obviously inferior to Miumiud on a large scale.


Huang Xiaoming and Zhang Jingchu.


Director Li Lichi.


Shaohuang Fan


Film master


Huang Xiaoming claimed to be "comedy king", "Chou-heung" and Zhang Jingchu "hit and jump".

  Following the TV series Tang Bohu, Huang Xiaoming once again played the role of Tang Bohu, challenging Stephen Chow’s performance. Regarding whether he has the confidence to surpass the classics, Huang Xiaoming said with a smile, "I think the classics can’t be surpassed, but I am confident to shape a more interesting Tang Bohu!" From Huang Xiaoming’s words, it is not difficult to see his confidence in his comedy talent. Huang Xiaoming also laughed and called Master Xing "the king of comedy" and himself "the king of comedy".

  Speaking of Chou-heung, Huang Xiaoming said that Zhang Jingchu and I met several years ago because of advertising, and even praised the beauty of our partner. "This is my first cooperation with Zhang Jingchu, and I am honored to be with such a beautiful ‘ Chou-heung ’ Acting. " Zhang Jingchu, who is playing costume drama for the first time, is also looking forward to "Tang Bohu Dian Qiu Xiang 2". "I am very happy to try a comedy movie for the first time, and this drama has also realized my three wishes of acting in costume movies, comedies and action movies!" Zhang Jingchu also revealed that in "Tang Bohu Dianchouxiang 2", she will not only recite poems and paint, but also dance, and she has already started practicing painting, calligraphy and dancing.

The lineup of "Four Talents" is eye-catching. Zhou Libo: "I can also be competent in Tang Bohu."

  Huang Xiaoming, Chen Baixiang, Richie Jen and Zhou Libo played Tang Bohu, Zhu Zhishan, Xu Zhenqing and Wen Zhiming respectively in this sequel. Zhou Libo, the founder of Shanghai style Qingkou, who recently became popular, described Chen Baixiang, Richie Jen and Huang Xiaoming as "ripe", "pure" and "handsome" respectively. For himself, Zhou Libo used the word "demon", and he even laughed that Huang Xiaoming was his favorite actor. As the second film, Zhou Libo starred in Wen Zhiming in "Tong Bo Hu Dian Qiu Xiang 2", but Zhou Libo was confident in his acting skills, saying, "If the director lets me play Tang Bohu, I can do it."

  Earlier, the comedy film The Talented Man and the Beautiful Woman with Three Smiles starring Degang Guo and Fan Bingbing was also undergoing intense post-production, while Zhou Libo joined Tong Bohu Dianqiuxiang 2 and played Wen Zhiming, one of the "four great talents". When two films with almost the same theme were publicized in such a close time, it was inevitable that they would "crash", and Degang Guo and Zhou Libo, who are also crosstalk actors, were even more inevitable. In this regard, Zhou Libo’s answer is very clever. "In my opinion, art is not the first. When a kind of happiness is mechanically repeated, this kind of happiness actually no longer exists, and my happiness will be more real. In addition, I make movies purely because I am interested, and the subject of Tang Bohu can be filmed by anyone, and there is no comparison. "

  In addition, "Mrs. Hua" Pei-Pei Cheng, "Tang Mu" Zhu Mimi and other supporting gold medals will continue to star in "Tang Bohu Dianchouxiang 2". The classic "secret weapon" in the old edition — — The cockroach "Xiaoqiang" and the dog "Wangcai" will not only be rejuvenated in this film, but also specially designed more secret weapons to surprise the audience.

[Movie Network]www.1905.com Exclusive manuscript, please indicate the source.

How many models does Tesla have? Introduction of all Tesla models

As a world-renowned electric vehicle manufacturer, Tesla has a rich product line to meet the needs of different consumers. The following is a detailed description of the models currently on sale by Tesla. Let’s come together: 1. Tesla Model Y
This pure electric medium-sized SUV is Tesla’s best-selling work, which is divided into rear-drive standard battery life, four-wheel drive long battery life and Performance performance version, and the price is between 16.19-36.19 million yuan. Model Y is favored by home users because of its spacious space, long battery life (up to 660 kilometers) and fast charging. Among them, the performance version of the 100-kilometer acceleration takes only 3.7 seconds, which undoubtedly provides excellent driving pleasure for drivers.

2. Tesla Model 3
As an entry-level model, Model 3 is priced at 229.9-329.9 million yuan, and it is available in rear-drive standard version and Performance four-wheel drive version. Its sporty adjustment attracts young drivers, and the acceleration of the performance version takes only 3.3 seconds. However, sports style may sacrifice comfort and is suitable for individual consumers who pursue passionate driving.

3. tesla model x
As a flagship model, Model X starts at 87.99-1.0399 million yuan and is available in dual-motor and three-motor versions. As a luxury medium and large SUV, Model X’s gull-wing door and car entertainment system are its distinctive features. Especially the car machine, which integrates games, light shows and wireless handles, makes life inside the car full of fun.

4. Tesla Model S
As a representative model of Tesla, Model S is priced at 78.99-100.99 million yuan, with the ultimate performance, and the acceleration of 100 kilometers takes only 2.1 seconds. The interior design is simple and full of technology. The combination of 17-inch central control panel and full LCD instrument panel reflects Tesla’s consistent high-end feeling.

The above is an overview of the highlights of Tesla models. For more comprehensive information, it is recommended to visit Tesla official website directly or experience it in person in a physical store. Each model has its own unique charm, and choosing the one that suits you is the best start.

特斯拉MODEL

Historical introduction of Toyota RAV4 car series, the pioneer of urban SUV

◆ The second generation (2000 -2005)
  Overall upgrade of appearance/size/power

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In October, 2000, the second generation RAV4 was launched, and the changes between this generation and the previous generation can be described as earth-shaking. In terms of body size,In addition to the height of the second-generation RAV4 being reduced to 1650mm, the body length, width and wheelbase have been increased to 4193mm, 1735mm and 2490mm respectively. The second-generation RAV4 models are also divided into front-wheel drive and four-wheel drive versions.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In terms of appearance design, the shape of the second generation RAV4 has become rounded and low as a whole, and the shape of the front air intake grille is a regular trapezoid, and the shape of the headlights with a sense of line has become more fashionable than that of the old models. The body lines are simple and smooth, and naturally connect with the rear spoiler, which makes the whole body side look brand-new. The rear taillight light group has been redesigned to be stable and generous. In addition, consumers can also choose wheel eyebrow baffle and integrated fog light.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  The interior of the second-generation RAV4 has also been redesigned. The central control area is designed as an ellipse, and chrome-plated strips are used to enhance the fashion sense. The position of the control buttons on the central control panel has been redesigned, making it easier for drivers and front passengers to operate. In terms of configuration, the high-profile models of the new RAV4 are equipped with control system, six speakers, etc. Now it seems that these configurations are still mainstream.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In terms of power, the second-generation RAV4 is equipped with a brand-new 2.0L four-cylinder 16DOHC. While the cylinder is made of aluminum to reduce the weight, it also has timing technology, with a maximum output of 148 horsepower. The transmission is still 5-speed manual or 4-speed.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In September, 2001, Toyota released a new RAV4 model for the first time. This car adopts Toyota’s latest 2.0L technology, with a maximum output of 114 HP and a maximum of 250 N m.. In addition, due to the installation of cooling device in the exhaust gas recirculation system, the emission of harmful substances has also been effectively controlled, which also makes the exhaust emission of diesel version RAV4 reach the Euro III standard.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In 2002, RAV4 underwent a small change, and the overall body changed little, mainly by adding a pearl-white body color, and taking side rubbing strips and flared wheels as the standard of the whole system. The body size has also increased, and the length, width and height of the five-door model are 4245mm*1735mm*1680mm respectively.

Toyota Toyota (import) Toyota RAV4 (import) previous classic edition

  In 2004, Toyota once again upgraded RAV4 from the inside out to varying degrees. The appearance changes include the new front bumper, headlights, grille and fog lights, the back door handle with the same color as the body, the new taillights and the spare tire cover design. ABS brake anti-lock system, system and vehicle stability system have become the standard of the whole system, as well as side air curtains and front seats. In addition, the 2004 RAV4 is equipped with a 2.4L four-cylinder engine code-named 2AZ-FE, with a maximum output of 161 HP and a maximum torque of 220 N m..

Toyota Toyota (import) Toyota RAV4 (import) 2006 2.4 standard model

  In 2005, Toyota upgraded the safety configuration of RAV4, installed brakes and full disc brakes, and readjusted the suspension and steering system. In addition, a series of options have been introduced, including a unique metal grille, a silver sports pedal and a new fog lamp.

  The second generation RAV4 is sold in China in the form of import. There are only two models, the 2.0L three-door version and the 2.0L five-door version, and the prices are 341,500 and 343,000 respectively. Because of the relatively high price, the sales of this car in China are not excellent.

Guangzhou Changan Auchan X5 is on sale! The maximum discount is 20,000, which is a great benefit today.

[car home Guangzhou Preferential Promotion Channel] is launching preferential activities in Guangzhou, with a maximum discount of 20,000 yuan and a minimum starting price of 68,900 yuan. If you are interested in Changan Auchan X5, you may wish to click "Check the car price" in the quotation form to get a higher discount.

广州长安欧尚X5正在优惠!最高优惠2万,今日钜惠

The exterior design of Changan Auchan X5 is mainly dynamic and fashionable. In the front part, a large-size air intake grille design is adopted, and with a sharp headlight group, it shows a strong visual impact. The lines of the vehicle are smooth, and the waistline on the side of the vehicle extends from the front to the rear, which enhances the sense of movement of the vehicle. On the whole, Changan Auchan X5 shows a youthful style in appearance, which meets the aesthetic needs of consumers at present.

广州长安欧尚X5正在优惠!最高优惠2万,今日钜惠

Changan Auchan X5 has a body size of 4490*1860*1580mm and a wheelbase of 2710mm, providing a spacious and comfortable interior space. The side lines of the car are smooth and dynamic, with 18-inch rims, creating a strong sporty atmosphere. The front and rear tyre size are both 225/50 R18, which provides excellent grip and handling performance for the vehicle.

广州长安欧尚X5正在优惠!最高优惠2万,今日钜惠

The interior of Changan Auchan X5 adopts a simple and fashionable design style, and the entire cockpit layout is reasonable, creating a spacious and comfortable seating space. The center console is equipped with a 10.25-inch high-definition touch screen, which supports rich multimedia functions and intelligent interconnection, providing drivers with a convenient operating experience. The steering wheel is made of leather, which feels comfortable and supports manual adjustment up and down to meet the needs of different drivers. The seat is made of leather/fabric mixed material. The main seat provides the functions of front and rear adjustment, backrest adjustment and height adjustment (2-way), while the auxiliary seat has the functions of front and rear adjustment and backrest adjustment, ensuring the comfort of passengers. In addition, the car is also equipped with USB and Type-C interfaces, which is convenient for passengers to connect devices to charge, further improving the practicality and convenience of the vehicle.

广州长安欧尚X5正在优惠!最高优惠2万,今日钜惠

Changan Auchan X5 is equipped with a 1.5T 188 horsepower L4 engine, with a maximum power of 138kW and a maximum torque of 300 Nm. With the 7-speed wet dual-clutch gearbox, it provides a strong power output and a smooth driving experience.

The owner of car home spoke highly of the appearance of Changan Auchan X5. He said, "The first thing I saw when I bought this car was its appearance. To be honest, my first impression of its appearance is that it is more advanced and sporty. The family-style net design is more recognizable and the line design of the car body is smoother. The design of the wheel hub is also fashionable, which matches the body of this car and looks sporty from the side. Moreover, the design of the tail is also beautiful, adding some sports atmosphere to this car. " This design makes Changan Auchan X5 not only eye-catching in appearance, but also reflects the innovation and vitality of the brand.