Text: Poems and Stars (ID: SingingUnderStars)
When Xiaomi announced to build a car, Mr. Xingkong thought of one thing. In a sense, Xiaomi actually has its own car: the number nine. The No. 9 company is a company in the Xiaomi industry chain, and the No. 9 balance bike was once all the rage. According to the No. 9 prospectus, Xiaomi, through its controlled People Better, holds 10.91% of the shares of No. 9 Company, which corresponds to 5.08% of the voting rights. People Better affiliate Shunwei (Shunwei Capital) holds 10.91% of the shares of No. 9 Company. Corresponds to 5.08% of voting rights. In addition to the balance bike, No.9 launched a kart co-branded with Lamborghini in August 2020. 
No matter how big the car is, it can be listed, and Xiaomi is only one step away from building a car. 1 Nine’s performance Careful investors may find that there are a few letters hanging behind the stock abbreviation of No. 9 Company: UWD. This is a unique logo on the Science and Technology Innovation Board, where U indicates that the company has not yet made a profit; W indicates that the company has different rights in the same share; D indicates that the company is listed in the form of CDR (Depository Receipt). However, the annual report shows that the company is profitable in 2020, why is there U? In 2020, the company’s consolidated financial statements will achieve a net profit of RMB 73,473,100, of which the net profit attributable to shareholders of the listed company is RMB 73,473,100. This is because the company’s accumulated undistributed profit is still a loss: as of December 31, 2020, the company’s accumulated undistributed profit in the consolidated financial statements was -3,482,0641 million. During the reporting period, the company achieved sales of 23,17,415 units of smart electric scooters, with a sales income of RMB 4,258,277,100, sales of 5,834,064 units of smart electric balance bikes, with a sales income of RMB 1,104,034,600, and sales of 1,141,320 smart electric two-wheelers with a sales income of RMB 432,057.1. Data source: iFind for flush, drawing: starry sky data Due to the special regulations that allow loss-making listings on the Science and Technology Innovation Board, when looking at profit, you should not only look at the current year’s profit, but also the accumulated undistributed profit. What is interesting is that the undistributed profit will be reflected in the owner’s equity column of the balance sheet after the financial carry-over process. Everyone remembers to come here and look at it, and the detailed accounting entries will not be discussed. Although the economic situation in 2020 is not optimistic, on the 9th, it has turned losses into profits. Is it the secret that No. 9 has mastered? There are two secrets, one is to hug Xiaomi’s thigh, and the other is the mysterious supplier behind the company: Xinwangda. 2 Mr. Lei’s true love: Xinwangda The No. 9 company’s largest supplier is Xinwangda. Those who are familiar with Xingkongjun’s article know that Xinwangda is an old friend of Mr. Lei. Although Xiaomi still has no signs of investing in Xinwangda, Xinwangda is Lei’s most loyal partner. Xiaomi’s sweeper is manufactured by Xinwangda, Xiaomi’s mobile phone and laptop batteries are purchased from Xinwangda, and Xiaomi’s drones are manufactured by Xinwangda…… The largest supplier of No.9 is also Xinwangda. The battery is purchased from Xinwangda, and the entire production line of electric scooters is made by Xinwangda. Why is the relationship between Xiaomi and Xinwangda so ambiguous? This starts with Steve Jobs. Around 2010, Jobs reorganized Apple’s mobile phone supply chain and launched the iPhone 4s, which became a smash hit. When the entire supply chain was fed by Apple’s huge production capacity, Xinwangda, which had just expanded its production capacity, fell into a trough, and it was kicked out of the supply chain by Apple. At this time, Lei Jun, who was about to be laid off and re-employed, found Xinwangda and wanted to be a Xiaomi mobile phone. It is still unknown what deal the men who cherish each other finally reached, but since then, Xinwangda has become the strongest man in the supply chain of Xiaomi. Over the past ten years, Xinwangda has quietly contributed to Xiaomi with a very low gross profit margin. With Xiaomi’s new mobile phones and new products one after another, stock prices have reached new highs. 3 The big millet family staged a Gongdou drama Later, Xinwangda ended with a happy ending. Because of the excessive demand for Apple and the demand for anti-risk, Xinwangda later entered Apple’s supply chain. However, will there be similar risks in Xiaomi’s industrial chain? The so-called Mijia ecological chain was once prosperous. Recently, there are often discordant sounds. For example, the latest Xiaomi Mi Watch has “abandoned” the imperial company of Mi Watch: Huami invested by Xiaomi itself. After Huami went public on the Nasdaq, it wanted to be bigger and wanted to strip off the label and influence of Xiaomi. In turn, Xiaomi used the method of replacing the foundry to “play side by side.” To be an ecological chain company for Xiaomi is also like a Gongdouxi. Mijia industrial chain companies are actually divided into three to six or nine grades. Some have more investment shares in Xiaomi or Lei Jun and have actual control rights; some have fewer investment shares and only have limited influence. The shareholding structure of No. 9 is quite similar to that of Huami, and similar situations may occur in the future. The company even specifically mentioned in the annual report: During the reporting period, the company strengthened the development and maintenance of non-related party channels and customers. Non-related sales accounted for more than 50% of operating income, which continued to increase compared with the same period last year. The structure continues to be optimized, and the operating stability has improved year by year. This sentence, Mr. Xingkong has seen the original words in the annual report of Huami. Of course, the consequences afterwards are also obvious. 4 Breakthrough pressure for electric scooters Similar to sweeping robots, the style of Xiaomi’s series of products is to conquer the world with the ultimate price-performance ratio. The company’s electric scooters already have considerable market competitiveness, Data source: iFind for flush, drawing: starry sky data The annual report data shows that the scooters manufactured by Xinwangda are part of the company’s core revenue. However, what is different from sweeping robots is that electric scooters have road restrictions in many cities. Currently Beijing, Shanghai, Taiyuan, Nanjing, Ningbo, Guangzhou, Kunming, Fujian, Jiangsu, Changzhou, Shenzhen, Ganzhou, Jiujiang, Zhangye, Nanning, Yangquan, Tianjin City, Hainan Province, Shaoyang City, Weifang City, Xuchang City, Chenzhou City, Shiyan City, Xi’an City, Zhangjiajie City, Xiamen Special Economic Zone, Wuhan City, Yangzhou City and other regions have restrictions on electric balance vehicles and electric scooters on the road. Regulations. With the emphasis on road safety, more and more cities will join the army of restricting electric scooters. This casts a shadow on the company’s future development breakthroughs. -END- Disclaimer: This article is an analysis and research based on the public company attributes of listed companies and the core information (including but not limited to temporary announcements, periodic reports, and official interactive platforms) disclosed by listed companies according to their statutory obligations; Poetry and Xingkong strives to be objective and fair in the content and opinions contained in the article, but does not guarantee its accuracy, completeness, timeliness, etc.; the information or opinions expressed in this article do not constitute any investment advice, and the poetry and Xingkong are not correct because of the use of this article. Take any responsibility for any actions taken. Copyright statement: The content of this article is original by Poetry and Starry Sky, and may not be reproduced without authorization.
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