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SFC Disclosure of Xiaomi CDR Prospectus: Revenue of 34.4 Billion Yuan in the First Quarter

via:博客园     time:2018/6/11 9:02:17     readed:202

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Tencent "first line" author Wang Pan

In the early hours of June 11, the official website of the China Securities Regulatory Commission disclosed that Xiaomi Group (hereinafter referred to as Xiaomi) had issued a CDR (China Depository Receipt) application for a share. It was reported that Xiaomi had passed a listing hearing in Hong Kong on June 7. The prospectus disclosed that CITIC Securities Co., Ltd. was the sponsor institution and lead underwriter for this offering.

CDR's full name is China Depository Receipts, which means China Depositary Receipts, issued by the depositary and issued on the basis of foreign securities in China, representing securities of overseas basic equity. The conditions for the application include: high-tech industries and strategic emerging industries, with a market capitalization of not less than RMB 200 billion, or operating income of not less than RMB 3 billion in the most recent year and a valuation of no less than RMB 20 billion; establishment of a continuing operation for more than three years, The actual controller has not changed within the last 3 years. According to the published format content requirements, the company submits the application documents to the CSRC for approval by the CSRC. The public issuance of CDR requires the submission of a listing application to the Shanghai and Shenzhen Stock Exchanges. After the Exchange has verified the agreement, both parties will sign a listing agreement.

On June 7, the China Securities Regulatory Commission accepted and accepted the application for submission of the “IPO depository receipt and listing” submitted by Xiaomi. This means that the first CDR pilot company applied for the company to drop out of Xiaomi.

The prospectus disclosed that while Xiaomi was planning to issue CDRs in China, he also prepared to list in Hong Kong. In other words, Xiaomi is expected to realize the listing in both Hong Kong and China.

According to intermediaries close to Xiaomi's IPO project, investors are currently cornerstone investors, and “finalists” are fiercely competitive. The valuations given are generally between US$75 billion and US$85 billion. A group of organizations have given over 800. Billion dollar valuation, but no cornerstone investors have yet been finalized. It is worth noting that, in the recent "Internet Queen" 2018 Internet Trends report, Xiaomi ranked 14th among the world's top 20 Internet companies with a valuation of US$75 billion.

According to the CDR prospectus, Xiaomi’s operating income was RMB 66,811 million, RMB 68,434 million, RMB 114,625 and RMB 34,412 in the first quarter of 2015, 2016, 2017 and 2018; Xiaomi’s ownership after deducting non-recurring profit and loss The net profits of the common shareholders of the parent company were negative 2.248 billion yuan, 233 million yuan, 3.945 billion yuan and 1.038 billion yuan respectively; it is noteworthy that the CDR prospectus disclosed in the "discrimination differences between domestic and overseas information" chapter, Millet's adjusted operating net profit during the reporting period was reported to be 303 million yuan, 1.895 billion yuan, 5.362 billion yuan and 1.699 billion yuan.

Compared with the prospectus previously disclosed by Xiaomi on the Hong Kong Stock Exchange, the new data in this prospectus is the financial data for the first quarter of 2018. In this quarter, millet revenue was 34.412 billion yuan, and adjusted operating net profit was 1.699 billion yuan. In the global smartphone market, which fell 2.9% year-on-year, millet handset shipments reached 28 million units, an increase of 87.8% year-on-year.

The prospectus reveals that Xiaomi’s internationalization is deepening, and the rapid development of overseas markets has driven the company’s income to continue to grow. In the first quarters of 2015, 2016, 2017, and 2018, Xiaomi's overseas market sales were 4.056 billion yuan, 9.154 billion yuan, 32.081 billion yuan, and 12.47 billion yuan, respectively, accounting for 6.07% of the company's total revenue. 13.38%, 27.99% and 36.24%.

The prospectus also disclosed that in the first quarter of 2015, 2016, 2017, and 2018, the income of Xiaomi IoT and consumer products was RMB 8.691 billion, RMB 12.415 billion, RMB 23.448 billion and RMB 7.697 billion, respectively. In the first quarter of 2018 alone, revenue reached 32.8% of the entire year of 2017.

Focus 1: The first quarter earnings growth, mobile phone business rose 87.8% year-on-year

According to the CDR prospectus, Xiaomi’s operating income was RMB 66,811 million, RMB 68,434 million, RMB 114,625 and RMB 34,412 in the first quarter of 2015, 2016, 2017 and 2018; Xiaomi’s ownership after deducting non-recurring profit and loss The net profits of the common shareholders of the parent company were negative 2.248 billion yuan, 233 million yuan, 3.945 billion yuan and 1.038 billion yuan respectively; it is noteworthy that the CDR prospectus disclosed in the "discrimination differences between domestic and overseas information" chapter, Millet's adjusted operating net profit during the reporting period was reported to be 303 million yuan, 1.895 billion yuan, 5.362 billion yuan, and 1.699 billion yuan, with good profitability and enhanced profitability.

The Xiaomi CDR prospectus announced "net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses" and the "adjusted operating net profit" disclosed in the Hong Kong stock prospectus, the main difference between the two is: equity payments The expenses are not considered as non-recurring gains and losses. Were we not to deduct investment income and government subsidies for wealth management products.

Xiaomi CDR prospectus disclosed that during the reporting period, Xiaomi’s smartphone revenue was 53.715 billion yuan, 48.764 billion yuan, 80.564 billion yuan, and 23.239 billion yuan respectively. The prospectus cited IDC data showing that in the first quarter of 2018, the global smartphone market was down 2.9% year-on-year, with Xiaomi's mobile phone up 87.8% year-on-year.

It should be pointed out that the first quarter of each year is usually the off-season sales of the mobile phone industry. It is no surprise that Xiaomi's mobile phone performance is expected to be better than the first quarter.

Two Aspects: IoT Platform Connects 100 Million Non-Mobile PC Devices, Super Apple Amazon

The prospectus disclosed that during the reporting period, the income of Xiaomi IoT and consumer products was RMB 8.691 billion, RMB 12.415 billion, RMB 23.448 billion and RMB 7.697 billion, respectively. In the first quarter of 2018 alone, revenue reached 32.8% of the entire year of 2017.

According to the prospectus quoted by iResearch, the shipment of Xiaomi's box in 2017 ranked first in China. According to data from Avid Cloud (AVC), the total shipment volume of Xiaomi TV online and offline jumped to No. 1 in China in April.

The prospectus also disclosed that Xiaomi’s IoT platform connected 100 million devices (excluding smart phones and laptops). According to the number of connected devices, Xiaomi’s share of the global consumer Internet of Things market was 1.9%, while Amazon’s and Apple’s were 1.2%. and 1%.

According to the prospectus submitted in Hong Kong earlier, as of the end of 2017, Xiaomi’s share of the global consumer Internet of Things market was 1.7%, and both Amazon and Apple were 0.9%. Xiaomi consolidates its leading position on Amazon and Apple.

Aspect 3: Ranked among the first camps of global Internet companies, the increase in gross profit of Internet income

Mary Meeker, who has been named “The Queen of the Internet” in the 2018 Internet Trends Report, lists the top 20 Internet companies in the world, and Xiaomi ranked 14th in the world with a valuation of US$75 billion.

The Xiaomi CDR prospectus disclosed that, in 2015, 2016, 2017, and the first quarter of 2018, Xiaomi’s Internet service revenue was 3.239 billion yuan, 6.537 billion yuan, 9.896 billion yuan, and 3.231 billion yuan respectively, and gross profit was 2.99 billion yuan respectively. , 4.285 billion yuan, 6.344 billion yuan and 2.119 billion yuan. Both figures are about one-third of the whole year of 2017.

At the same time, Xiaomi's Internet service revenue and gross profit accounted for the proportion of its main business, which rose from 8.65% and 34.75% in 2017 to 9.43% and 40.18% in the first quarter of 2018 respectively. The increase in the proportion of Internet services indicates that Xiaomi is further verifying that it is an Internet company.

Aspect 4: The millet model has been verified globally, accounting for 36% of overseas revenue

The Xiaomi CDR prospectus shows that Xiaomi’s internationalization is deepening and the rapid development of overseas markets has driven the company’s revenue growth.

In the first quarters of 2015, 2016, 2017, and 2018, Xiaomi's overseas market sales were 4.056 billion yuan, 9.154 billion yuan, 32.081 billion yuan, and 12.47 billion yuan, respectively, accounting for 6.07% of the company's total revenue. 13.38%, 27.99% and 36.24%.

Xiaomi’s mobile phone has entered 74 countries and regions, and has entered the top 5 markets in 14 overseas countries and regions. Take India as an example. According to IDC statistics, the market share of Xiaomi's mobile phone reached 30.3% in the first quarter of 2018, and it was the first time in India in three quarters. Recently, Xiaomi also officially entered the French and Italian markets. In the first quarter of 2018, the Canalys research report showed that Xiaomi’s European market growth rate exceeded 999%, and sales volume has become Europe’s fourth in less than a year. Xiaomi’s model is currently producing global results.

Aspect 5: Over 23 million AI speakers installed and 13 million monthly active users

The prospectus also disclosed that millet and eco-chain partners launched artificial intelligence related products in 13 vertical areas, including the millet MIX 2S, the millet TV, the millet box and the small love speaker, and equipped with artificial intelligence assistants. ”.

The prospectus quoted data from iResearch. In 2017, Xiaomi’s artificial smart speaker shipments ranked first in China. As of March 31, 2018, “Little Love” installed more than 23 million units of equipment. , With 13 million monthly active users, can control 118 types of products of the Xiaomi platform. The application scenarios cover content, productivity tools and other forms of interaction, and a large number of unique consumption and behavior data, bringing big data and artificial intelligence to Xiaomi. The advantages of the field.

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