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Publish: 2021-05-08 16:18:33
1. 1： Our previous judgment on Xiaomi company
1: Xiaomi company is a mobile phone hardware manufacturer
2: Xiaomi will face the growth ceiling when the sales volume of mobile phones is 100 million units / the revenue is 100-150 billion yuan
3: Xiaomi company should make 2-3 billion net profit in one year
4: Xiaomi's reasonable valuation is 30-50 billion yuan
2: did the IPO prospectus of Xiaomi hit us in the face
1: in 2017, only 70.28% of Xiaomi's revenue was mobile phone hardware revenue, and the remaining 30% was high growth new business. At the end of March 2018, Xiaomi's active customers were
190 million, with an average daily usage time of 4.5 hours. Xiaomi is not a manufacturer of mobile phone hardware
2: Xiaomi's revenue in 2017 was 114.624 billion yuan, up 67.5% from 68.434 billion yuan in 2016; The operating profit was 12.215 billion, up 222.72% year on year; The net profit after tax
was 5.362 billion, up 182.81% from 1.896 billion in 2016
Three: our problems
1: what is new retail
Xiaomi's wholesale revenue of mobile phone hardware in 2017 was 80.563 billion, accounting for 70.28%; The new retail revenue was 21.497 billion, accounting for 18.75%; Internet advertising revenue was
5.614 billion, accounting for 4.9%; Internet value-added revenue was 4.282 billion, accounting for 3.74%
the new retail is the mobile phone bracelet and other hardware sold by 109 offline stores and 1103 online distribution channels of Xiaomi. Our question is: "does mobile phone retail not count as hardware revenue when mobile phone batch
counts as hardware revenue?"
from 2015 to 2017, Xiaomi's total hardware wholesale + retail revenue was 223.06 billion, accounting for 89.27% of the total operating revenue of 249.869 billion in three years. Can't we say that a company with 89.27% of its hardware revenue is not a hardware manufacturer
2: the puzzle of mobile phone manufacturers adjusting revenue and gross profit rate
Nokia and other large mobile phone instries will achieve the capital market's demand for revenue growth by pressing goods from channel dealers. In short, the channel could have sold 10 million units, but the agent had to pick up 12 million units<
large mobile phones can meet the demand of capital market for high gross profit rate by delaying the return of sales rebate (including price protection / pick-up reward / terminal rebate / market Fee Rebate, etc.) of distribution channels for one year
we can't judge whether Xiaomi company has used the hidden rules of the mobile phone instry. However, we observed that the revenue of Xiaomi increased by 67.5% year on year in 2017, and the gross profit rate of mobile phone wholesale of Xiaomi
increased from 3.45% in 2016 to 8.81%, combined with the IPO needs of Xiaomi in 2018. We have to consider the characteristics of the instry
the mystery of 3:5% net profit margin< Other characteristics of the mobile phone instry,
A: fierce competition, the gross profit margin of most mobile phone manufacturers is between 3% and 8%, and it's very good that the after tax net profit margin can reach 2% to 3%
b: very poor customer stickiness. Just think about how you throw away your Nokia phone
C: the risk of inventory depreciation is huge. Too many mobile phone manufacturers are dying on inventory. We noticed that the inventory of Xiaomi at the end of 2017 was 16.343 billion, an increase of 7.965 billion compared with that at the end of 2016
8.378 billion
Mr. Lei promised before IPO: the after tax net profit of Xiaomi hardware will never exceed 5%
the leader of glory mobile phone laughed after listening. "If we can do that, it's beautiful," he said
4: 4.5 hours per day<
at the end of March 2018, the 190 million active customers of Xiaomi used Xiaomi mobile phones to brush micro blog / go to wechat / Jingdong shopping / Gaode navigation / iqiyi to watch videos. Whose
use time of the Japanese army
5: Xiaomi's profit killing device
from 2015 to 2017, investment in Xiaomi instrial chain contributed 846.4 million yuan to Xiaomi company, but the total pre tax profit was 11.911 billion yuan, which was 14.07 times of the income. Changes in fair value of Xiaomi's investment instry chain valuation are included in the current pre tax profit< There are several accounting methods for long-term investment,
A: Berkshire Hathaway included Coca Cola in the long-term investment item of the balance sheet according to the cost method, and included Coca Cola's current year dividends in the current year's profits
b: most companies include their investments in long-term investments according to the cost method, and include their profits in the current year according to the proportion of their net profits
C: a small number of companies include their investments in the available for sale financial assets in the balance sheet according to the equity method, which increases their net assets but does not affect their profits
D: Xiaomi company is directly included in the profit according to the fair change of valuation. And through the high P / E ratio of the capital market to continue to enlarge
for example: the accounting method of Xiaomi company is very similar to the angel round of 10 million valuation investment in a start-up company this year, which rose to 50 million in round a this year. We
directly record 40 million as pre tax profit and sell it to other investors after tax multiplied by dozens of times of P / E ratio
from 2015 to 2017, changes in the fair value of Xiaomi investment instry chain generated a pre tax profit of 11.911 billion, accounting for 68.56% of the total operating profit of 17.373 billion in three years. The pre tax profit of Xiaomi's main business was only 5.462 billion, with an average annual profit of 1.821 billion.
1: Xiaomi company is a mobile phone hardware manufacturer
2: Xiaomi will face the growth ceiling when the sales volume of mobile phones is 100 million units / the revenue is 100-150 billion yuan
3: Xiaomi company should make 2-3 billion net profit in one year
4: Xiaomi's reasonable valuation is 30-50 billion yuan
2: did the IPO prospectus of Xiaomi hit us in the face
1: in 2017, only 70.28% of Xiaomi's revenue was mobile phone hardware revenue, and the remaining 30% was high growth new business. At the end of March 2018, Xiaomi's active customers were
190 million, with an average daily usage time of 4.5 hours. Xiaomi is not a manufacturer of mobile phone hardware
2: Xiaomi's revenue in 2017 was 114.624 billion yuan, up 67.5% from 68.434 billion yuan in 2016; The operating profit was 12.215 billion, up 222.72% year on year; The net profit after tax
was 5.362 billion, up 182.81% from 1.896 billion in 2016
Three: our problems
1: what is new retail
Xiaomi's wholesale revenue of mobile phone hardware in 2017 was 80.563 billion, accounting for 70.28%; The new retail revenue was 21.497 billion, accounting for 18.75%; Internet advertising revenue was
5.614 billion, accounting for 4.9%; Internet value-added revenue was 4.282 billion, accounting for 3.74%
the new retail is the mobile phone bracelet and other hardware sold by 109 offline stores and 1103 online distribution channels of Xiaomi. Our question is: "does mobile phone retail not count as hardware revenue when mobile phone batch
counts as hardware revenue?"
from 2015 to 2017, Xiaomi's total hardware wholesale + retail revenue was 223.06 billion, accounting for 89.27% of the total operating revenue of 249.869 billion in three years. Can't we say that a company with 89.27% of its hardware revenue is not a hardware manufacturer
2: the puzzle of mobile phone manufacturers adjusting revenue and gross profit rate
Nokia and other large mobile phone instries will achieve the capital market's demand for revenue growth by pressing goods from channel dealers. In short, the channel could have sold 10 million units, but the agent had to pick up 12 million units<
large mobile phones can meet the demand of capital market for high gross profit rate by delaying the return of sales rebate (including price protection / pick-up reward / terminal rebate / market Fee Rebate, etc.) of distribution channels for one year
we can't judge whether Xiaomi company has used the hidden rules of the mobile phone instry. However, we observed that the revenue of Xiaomi increased by 67.5% year on year in 2017, and the gross profit rate of mobile phone wholesale of Xiaomi
increased from 3.45% in 2016 to 8.81%, combined with the IPO needs of Xiaomi in 2018. We have to consider the characteristics of the instry
the mystery of 3:5% net profit margin< Other characteristics of the mobile phone instry,
A: fierce competition, the gross profit margin of most mobile phone manufacturers is between 3% and 8%, and it's very good that the after tax net profit margin can reach 2% to 3%
b: very poor customer stickiness. Just think about how you throw away your Nokia phone
C: the risk of inventory depreciation is huge. Too many mobile phone manufacturers are dying on inventory. We noticed that the inventory of Xiaomi at the end of 2017 was 16.343 billion, an increase of 7.965 billion compared with that at the end of 2016
8.378 billion
Mr. Lei promised before IPO: the after tax net profit of Xiaomi hardware will never exceed 5%
the leader of glory mobile phone laughed after listening. "If we can do that, it's beautiful," he said
4: 4.5 hours per day<
at the end of March 2018, the 190 million active customers of Xiaomi used Xiaomi mobile phones to brush micro blog / go to wechat / Jingdong shopping / Gaode navigation / iqiyi to watch videos. Whose
use time of the Japanese army
5: Xiaomi's profit killing device
from 2015 to 2017, investment in Xiaomi instrial chain contributed 846.4 million yuan to Xiaomi company, but the total pre tax profit was 11.911 billion yuan, which was 14.07 times of the income. Changes in fair value of Xiaomi's investment instry chain valuation are included in the current pre tax profit< There are several accounting methods for long-term investment,
A: Berkshire Hathaway included Coca Cola in the long-term investment item of the balance sheet according to the cost method, and included Coca Cola's current year dividends in the current year's profits
b: most companies include their investments in long-term investments according to the cost method, and include their profits in the current year according to the proportion of their net profits
C: a small number of companies include their investments in the available for sale financial assets in the balance sheet according to the equity method, which increases their net assets but does not affect their profits
D: Xiaomi company is directly included in the profit according to the fair change of valuation. And through the high P / E ratio of the capital market to continue to enlarge
for example: the accounting method of Xiaomi company is very similar to the angel round of 10 million valuation investment in a start-up company this year, which rose to 50 million in round a this year. We
directly record 40 million as pre tax profit and sell it to other investors after tax multiplied by dozens of times of P / E ratio
from 2015 to 2017, changes in the fair value of Xiaomi investment instry chain generated a pre tax profit of 11.911 billion, accounting for 68.56% of the total operating profit of 17.373 billion in three years. The pre tax profit of Xiaomi's main business was only 5.462 billion, with an average annual profit of 1.821 billion.
2.
Hello, it doesn't matter if you fill in the application form and don't make an appointment right away. You can print out the form first
after entering the appointment website, you can select the place and type of visa submission, and it will come out this screen:
will let you fill in some information, such as passport number, name, telephone number, and a GWF code automatically generated on the form. After filling in the information, click Submit, and then some appointment time will come out for you to choose
it's impossible that we can't make an appointment this month. Let's see what's wrong
3. Unknown_Error
4.
The visa center has not announced the telephone number
address
Room 1501-d, dark blue Plaza, 203 Zhaohui Road, Xiacheng District, Hangzhou City, China zip code: 310014
office hours
08:00 to 15:00
5. First of all, you need to apply for a passport:
go to Hangzhou entry exit administration bureau with your ID card, household register and photo for 2 weeks to apply for a visa:
what kind of visa are you going to apply for? Family reunion, study
apply at the British Consulate in Shanghai with passport, letter of invitation or letter of acceptance and certificate of deposit. It will also take two weeks
at the age of 16, you can go there alone, if everything is arranged there.
go to Hangzhou entry exit administration bureau with your ID card, household register and photo for 2 weeks to apply for a visa:
what kind of visa are you going to apply for? Family reunion, study
apply at the British Consulate in Shanghai with passport, letter of invitation or letter of acceptance and certificate of deposit. It will also take two weeks
at the age of 16, you can go there alone, if everything is arranged there.
6. The middle-aged and young students in the West Lake gymnasium can study abroad.
7. Unknown_Error
8. What Huayun mainly does is cloud computing. Cloud storage is similar to Alibaba cloud, Tencent and Tencent cloud.
9. It's too late. Now the fastest
e-visa
takes 15 days. I am applying for a study abroad visa, which is not clear
tourist visa
. You can find Xintong office, which is the largest overseas agent in Zhejiang Province,
good luck!
e-visa
takes 15 days. I am applying for a study abroad visa, which is not clear
tourist visa
. You can find Xintong office, which is the largest overseas agent in Zhejiang Province,
good luck!
10. Hello, pro, I'd better continue to wait patiently. The visa center will mail the materials to the visa office of the British Embassy in Beijing for trial, and the weekend time is not included. After the trial, I will mail it to you. The time of mailing is not counting the five working days. The text message said that it has been submitted to the visa and immigration office of the United Kingdom for trial, that is, they are in the process of trial, and they should be able to draw a conclusion soon and start to arrange for it to be sent back. The above is the answer of happy learning and happy travel in the United States.
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