Original link: https://www.latepost.com/news/dj_detail?id=1281
The more Xiaomi phones sell, the less they make
Apple not long ago still expected to maintain iPhone sales this year, counting on the wealthy to continue to buy new iPhones to offset the slowdown in the market. They are confident that consumers are still willing to spend money on high-end products.
At the same time, poor demand for Android models still dragged down the global mobile phone market shipments by 9% in the second quarter, and IDC predicts that it will shrink by 3.5% this year. On August 19, Xiaomi also handed over a second quarterly report in which revenue, profit margin, sales volume, and average selling price all fell:
- Revenue was 70.1 billion yuan, a year-on-year decrease of 20%;
- Gross profit was 11.7 billion yuan, a year-on-year decrease of 22%;
- Gross profit margin decreased by 0.49 percentage points year-on-year;
- The operating profit margin after deducting investment income is approximately 1.74%;
- The chain turned around and decreased by 5.73 percentage points year-on-year.
- Smartphone sales were 39.1 million units, a year-on-year decrease of 26.09%, but a month-on-month increase of 1.5%;
- The average selling price is 1081.7 yuan;
- Last quarter and the same period last year were 1189 yuan and 1116.7 yuan respectively.
Xiaomi said in a prepared press release that factors such as global macroeconomic fluctuations and repeated epidemics have affected mobile phone demand. They cited Canalys data that in the second quarter, global and mainland China smartphone shipments fell by 8.9% and 10.1% year-on-year, respectively, compared with the previous quarter. They fell 7.7% and 10.9%, respectively.
At the performance meeting, the management said that the lower average selling price and the consequent decline in profit margins were affected by three factors: the “618 promotion”, the loss of exchange rate changes, and the increase in the proportion of low-end machine shipments in the international market.
After Huawei, there is no mobile phone market in China that can compete with Apple in the high-end market of more than 5,000 yuan. After manufacturers barely entered that price range and made competitive products, they eventually had to cut prices to gain the market.
- The price of the second-generation folding screen mobile phone released by Xiaomi this year is also 1,000 yuan lower than that of the first-generation first-generation mobile phone last year, entering the price range of less than 10,000 yuan.
- According to the analysis data provided to us by a market person in the industry, Xiaomi’s market share of newly sold mobile phones of 4,000 yuan and above in August is about 6%, which is smaller than that of Huawei (12%) and Apple (62%).
- For the time being, only Huawei is the only Chinese mobile phone manufacturer that successfully goes high-end. (Gong Fangyi)
Kuaishou loses the Hang Seng Index constituent stock, misses the investment fund of 22 billion US dollars
The Hang Seng Index Company of Hong Kong announced the latest adjustment list of constituent stocks this Friday (August 19). The core Hang Seng Index included 4 new companies, and the number of constituent stocks increased from 69 to 73.
Selected companies include China Shenhua, Chow Tai Fook, Hansen Pharmaceuticals and Baidu Group. Previously, Kuaishou and Bilibili, which were highly popular in the market, lost the election.
- Hengzheng Index Company will announce the list of index constituent stocks within eight weeks after the end of each quarter, including the Hang Seng Index (73 companies), the Hang Seng China Enterprises Index (50 companies), and the Hang Seng Technology Index (30 companies).
- If there is an index, there are corresponding investment products, such as various index ETFs. When a company becomes part of an index, these funds passively buy an equal percentage of the constituents.
- According to the Hang Seng Index, as of the end of 2021, the total value of assets under management of products passively tracking the Hang Seng Index series globally is about US$44 billion, of which about half (about US$22 billion) are tracked by the Hang Seng Index alone.
- According to CICC’s calculations, the size of ETFs tracking the Hang Seng Index, State-owned Enterprises and Hang Seng Technology Index is approximately US$23.42 billion, US$5.61 billion and US$9.49 billion respectively.
The report of CICC stated that Baidu, Kuaishou, JD Health and other Chinese Internet companies ranked at the forefront in the past several predictions, but they were not included in the end. decision making”.
- WVR companies (name ending with W), secondary listed companies (name ending with S), dual primary public companies, and profitable biotech companies (name ending with B) are all eligible.
With the increasing position of Chinese Internet companies in Hong Kong stocks (Tencent, Ali, and Meituan together account for 10% of the total market value of Hong Kong stocks), the voices calling for further adjustment and updating of the constituent stocks of the Hang Seng Index have become louder. real estate industry.
- Internet industrial and commercial companies such as Tencent, Alibaba, Meituan, JD.com, Xiaomi, NetEase, Baidu, and AliHealth are already constituent stocks of the Hang Seng Index.
- Kuaishou and Bilibili are constituent stocks of the Hang Seng China Enterprises Index and the Hang Seng Technology Index. As mentioned earlier, the two types of indexes combined have more than 10 billion US dollars of funds passively tracked. (Gong Fangyi)
Why did Tencent’s net profit gap increase more than 3 times month-on-month under the two accounting methods
Tencent’s IFRS net profit (International Financial Reporting Standards) in the second quarter was nearly RMB 9.52 billion more than that under Non-IFRS. The difference in the previous quarter was only 2.132 billion yuan.
- Second quarter: IFRS net profit of 18.619 billion yuan, Non-IFRS net profit of 28.139 billion yuan;
- The first quarter: IFRS net profit of 23.413 billion yuan, Non-IFRS net profit of 25.545 billion yuan;
There is no change in the adjustment accounts between the two accounting, and Tencent will use the IFRS net profit as:
- Add back stock incentive fee
- Subtract investment gains or add back investment losses
- Add back amortization of intangible assets (content rights, etc.)
- Add back pre-booked impairment losses
- Add back expenses related to the Mutual Wealth Program
- Add back other fees
- minus income tax
Finally get a non-IFRS net profit figure. The two variables with the greatest impact are investment gains and losses and impairment losses. The specific adjustment differences between the second quarter and the first quarter of this year are as follows:
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“Waidian Finance” explained Tencent’s investment composition in “After Meituan, Tencent Still Holds Over 650 Billion Yuan of Stocks” , “Other Net Income” at its peak brought Tencent more than 140 billion yuan in revenue a year , accounting for more than half of operating profit. “Other income, net” accounted for only about 14% of operating profit in the second quarter of this year. (Intern Xue Yujie Gong Fangyi)
Can the story of “Diamonds are forever, one will last forever”?
In the first half of the year, the military industry company Zhongbing Hongjian’s revenue was 3.203 billion yuan, an increase of 11.19% year-on-year; its net profit was 702 million yuan, an increase of 114.61% year-on-year. Half of the revenue and 90% of the profits come from the subsidiary Zhongnan Diamond, which is mainly engaged in the “superhard material business”.
- In the first half of the year, Zhongnan Diamond’s revenue was 1.604 billion yuan, and its net profit was 680 million yuan.
- Power Diamonds, which released its earnings report earlier, said that the gross profit margin of cultivated diamonds reached 83.44%.
- The two leading companies of cultivated diamonds both stated in their financial reports that the overall production and sales of cultivated diamonds are booming.
Compared with natural diamonds, the physical, chemical, and optical properties of cultivated diamonds are exactly the same. Not only are cultivated diamond manufacturers increasing their investment, but global natural diamond manufacturers and fashion jewelry brands have increased their attention to cultivated diamonds.
- In May 2016, Swarovski created the lab-grown diamond brand Diama;
- In 2018, De beers, the world’s largest diamond supplier, changed its firm support for natural diamonds and launched Lightbox, a cultivated diamond brand;
- In May 2021, Pandora announced that it will abandon the use of natural diamonds in favor of fully grown diamonds.
According to Bain, the global retail sales of lab-grown diamond jewelry will be $4.4 billion in 2021, a year-on-year increase of 167%.
- In 2021, the global sales of rough cultivated diamonds will be 11 million carats, and the global cultivated diamond penetration rate will be 8%.
- China’s cultivated diamond consumption market accounts for 10% of the global market, and the sales penetration rate of cultivated diamonds is 6.7%. (Intern Zeng Xing)
MINISO apologizes for calling itself a “Japanese designer brand”
On August 18, MINISO issued an apology statement, saying that it had apologized for being a “Japanese designer brand” and promised to complete the “de-daily chemical” rectification before March next year. This is MINISO’s second apology this month. Last Monday (August 8), MINISO Spain posted a tweet on its Instagram account, explaining that the Chinese cheongsam doll in the picture was a Japanese geisha, causing public opinion After the heated discussion, MINISO apologized.
- In the early days, MINISO directly claimed that it was a Japanese company, and the address of its headquarters in Japan was questioned by the Japanese media as a fiction.
- In its brand introduction on its Chinese official website in June 2017, it called itself a “Japanese fast fashion designer brand”, co-founded by “Japanese designer Junya Miyake” and Chinese entrepreneur Ye Guofu, “out of Japan since 2013” “Listed as the world’s most feared competitor by Muji, Uniqlo and Watsons”.
In the early days, MINISO used the story of Japanese brands and the franchisee model with low operating costs to rapidly expand the market. Four years after its establishment, the number of global stores reached more than 1,800, and three years after its establishment, it entered more than 30 countries. Only in 2016 In 2018, MINISO has signed contracts with more than 20 countries including Mexico, Malaysia and Turkey.
- MINISO has rarely packaged its Japanese identity in recent years, and it was mentioned in its 2020 prospectus that such misinterpretation may expose it to lawsuits.
- The core business model of MINISO has been questioned by franchisees. Last month, the short-selling agency Blue Whale Capital released a short-selling report on MINISO, arguing that MINISO fabricated a large number of directly-operated stores as franchisees Stores hide operating costs.
In the past few years after its listing, MINISO’s revenue has hardly increased. From fiscal year 2019 to fiscal year 2021, MINISO’s revenue was 9.39 billion yuan, 8.98 billion yuan and 9.07 billion yuan respectively, and the loss was 2010. The annual amount from July 1, 2021 to June 30, 2021 will reach 1.4 billion yuan. (intern Xue Yujie)
The possibility of dental implants and growth hormone being collected has increased again
On August 18, the National Medical Insurance Bureau issued the “Notice on Carrying out Special Treatment of Oral Implant Medical Service Charges and Consumables Prices (Draft for Comment)” to guide the formation of reasonable prices for dental implant crowns. In February this year, the Medical Insurance Bureau stated that it had decided to collect high-value medical consumables such as dental implants.
Human growth hormone may also be included in the collection. On August 17, the Zhejiang Provincial Pharmaceutical Equipment Procurement Center released the “Documents for the Third Batch of Centralized Procurement of Drugs by Public Medical Institutions in Zhejiang Province” (Draft for Comments). hormone).
Dental implants and growth hormone belong to consumer medicine, which means that the services provided to patients are not necessary, but to improve their personal quality of life. Such services are seldom carried out in public hospitals, and basically require individuals to pay high fees, but The demand it faces is not small.
- According to the “2020 China Oral Medical Industry Report”, the average number of missing teeth among young and middle-aged people aged 20 to 44 reaches 0.4. According to Pacific Securities estimates, it is expected that the number of dental implants in China will reach 100-200 per 10,000 people, with a market share of up to 280 billion yuan.
- The current incidence of short stature among Chinese children is about 3%, but the drug penetration rate is extremely low. According to Frost & Sullivan, the compound annual growth rate of China’s growth hormone market from 2018 to 2030 is expected to be 19.8%.
Due to the high cost of consumer medical care, the gross profit margin of consumer medical companies is higher than the industry average. For example, the gross profit margin of Changchun Hi-Tech, a subsidiary that produces growth hormone, is as high as 90%. The profit margin discount after centralized procurement is obvious. Based on Cinda Securities’ calculations and official notification information, China has completed six rounds of centralized procurement of medicines and consumables since 2018, and the prices of products included in the centralized procurement catalog have been reduced by half on average in each round.
- Jinsai Pharmaceutical is the only growth hormone manufacturer in China with a full product line such as powder injection. Affected by the news, the company’s parent company, Changchun Hi-Tech, once fell to the limit. Jinsai Pharmaceutical’s net profit in 2021 will be 4.46 billion yuan, which contributed more than 76% of Changchun High-tech’s revenue and 98% of its net profit last year.
- On the 19th, dental company Tongce Medical fell by 4.7% and fell by more than 6% during the session. In 2021, its dental implant revenue will account for 17% of its revenue. (intern Xue Yujie)
Controversy in Japan’s “Sake Long Live” contest
Recently, a contest by the Japanese tax authorities to support alcohol income by encouraging young people to drink has caused heated discussions on social media. Many users have criticized the behavior for interfering with people’s lifestyle choices, calling the event “ridiculous” and saying that young people avoid drinking. should be seen as a good thing.
A Twitter user who advocates alcohol abstinence in Japan said that “Sake Long Live” is a “drug addiction movement” led by the Japanese government. This is the same as Japan used to sell methamphetamine as a supplement in pharmacies, it is a mockery of the Japanese people and should be stopped seriously.
- According to Japan’s Ministry of Economy, Trade and Industry, Japanese izakayas have been hit hard by the outbreak. In 2019-20, sales were cut in half.
- About 30% of people in their 40s and 60s in Japan still drink alcohol regularly, which means drinking three or more days a week, compared to just 7.8% of those in their 20s.
- Japan’s tax agency shows that Japan will collect $8.1 billion in alcohol tax in 2021, accounting for only 1.7% of total tax revenue, compared with 3% in 2011 and 5% in 1980. (Intern Zeng Xing)
Ele.me enters Douyin, which is used by 600 million people every day.
Douyin has always wanted to live a local life. And Ele.me also takes a fancy to China’s traffic portal second only to WeChat. In the first half of this year, there were about 150,000 merchants and brands connected to Douyin’s local life, and the number of group-buying merchants there increased by about 40,000. At present, the Ele.me food delivery platform covers 670 cities and more than 1,000 counties across the country, with 3.4 million merchants and 260 million users.
Baidu Netdisk denies manual review of user photos, and users continue to submit evidence.
After Baidu Netdisk denied the manual review of user photos, the online writer who broke the news before posted another article, sorting out the time course of the incident and “response to Baidu Netdisk’s response”, saying that Baidu Netdisk’s behavior of infringing user privacy will be reserved and pursued to the law the right to responsibility. Previously, the online writer Bian wanted to say that Baidu Netdisk manually reviews user photos, and the reviewers can even cut and save the user photos. According to the chat records from the Internet, Baidu Netdisk recruits online auditors, 200 yuan/day.
State Grid has piloted the implementation of off-peak charging of electric vehicles in three provinces and cities including Zhejiang.
In order to ensure the safe operation of the power grid during peak electricity consumption, the State Grid has piloted the implementation of off-peak charging of electric vehicles in some provinces with high temperature and high load. The first batch of pilot projects are in Chongqing, Zhejiang, and Hubei provinces and cities, covering nearly 350,000 charging piles. The charging power will be adjusted moderately during peak hours of electricity consumption from 3:00 pm to 10:00 pm. Several charging and swapping stations of NIO and Tesla in Chengdu have ceased service.
At least 26 positive cases have been found on the Z22 train from Tibet to Beijing.
- On August 18, there were 559 new confirmed cases in the mainland, 441 in Hainan, 52 in Shaanxi, and 15 in Tibet. There were 2,119 new asymptomatic infections in the mainland, including 1,058 in Hainan, 665 in Tibet, and 221 in Xinjiang. The number of newly confirmed cases and asymptomatic infections in the country decreased from the previous day.
- Hainan added “441+1058”, a decrease from the previous day.
- From August 9 to August 18, Haikou and Sanya transported a total of 110,000 passengers off the island.
- At least 26 positive cases have been found on the Z22 train from Tibet to Beijing, involving 6 provinces.
- From 0:00 to 15:00 on August 19, Beijing added 2 new cases of local new coronary pneumonia virus infection, all of which were quarantined observers.
- Teachers and students of Beijing primary and secondary schools, kindergartens, and day care institutions can return to school after 7 days in Beijing.
- Recently, the Ministry of Human Resources and Social Security and the Supreme People’s Court jointly issued a document stating that they shall not violate the Personal Information Law and illegally inquire about the test results of the new coronavirus without authorization.
Wen’s loss in the first half of the year increased to 3.52 billion yuan.
In the first half of the year, Wen’s shares achieved operating income of 31.54 billion yuan, a year-on-year increase of 2.96%. Due to the low pig price in the first quarter, Wen’s losses in the first half of the year were concentrated in the first quarter, with a loss of 3.76 billion yuan. In the second quarter, it achieved its first single-quarter profit in a year. The operating income of Wen’s Co., Ltd. is composed of the sales income of broiler products and hog products, both of which account for more than 40% of the operating income.
From September 1, the funds in the Beijing medical insurance personal account will be used exclusively.
The Beijing Municipal Medical Insurance Bureau issued the “Notice on Adjusting the Municipal Employee Basic Medical Insurance Policies”. The notice clarified that from September 1, 2022, the medical insurance personal account will be used in a targeted manner, and the funds transferred into the personal account will be reduced to the base for the payment of the insurance. 2%. The notice clearly enhances outpatient treatment. Starting next year, the outpatient (emergency) medical expenses of insured persons will not be capped, and the maximum payment limit of more than 20,000 yuan will be paid at 60%.
In July, domestic game revenue fell by 15.1% year-on-year, the lowest level in the past six months.
According to the “July 2022 Game Industry Report” released by Gamma Data, the actual sales revenue of China’s game market in July was about 20.81 billion yuan, a year-on-year decrease. The actual sales revenue of the mobile game market in July was 14.63 billion yuan, a year-on-year decrease of nearly 20%, and the number of mobile game product outages increased by half from the previous month.
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Maoyan Entertainment’s net profit fell by more than 60% in the first half of the year.
Maoyan Entertainment’s revenue in the first half of the year was 1.19 billion yuan, a year-on-year decrease of 34%; net profit fell by more than 60% to 150 million yuan. In the first half of the year, the total box office of the Chinese film market was 17.18 billion yuan, a year-on-year decrease of 38%. According to the financial report, from March to May this year, the operating rate of theaters nationwide was below 50%. Against this background, Maoyan Entertainment’s three major business segments saw their revenue shrink simultaneously. Among them, the online entertainment ticketing service, which accounts for half of the total revenue, was hit by the epidemic, and its revenue was nearly halved year-on-year.
SOHO China’s revenue in the first half of the year was 896 million yuan, and the vacancy rate rose and rents fell.
SOHO China’s revenue in the first half of the year was about 896 million yuan, an increase of 11% year-on-year, all of which were rental income. SOHO China said that due to the impact of the epidemic, the office leasing market in Beijing and Shanghai was under pressure, with vacancy rates rebounding and rents falling. The average occupancy rate for investment properties fell to 80%. In addition, after SOHO China was fined several times, on July 7, it was announced that CFO Ni Kuiyang was under investigation for suspected insider trading in the company’s stock.
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Cha Yan Yue Se apologizes for the opening turmoil in Nanjing.
On the morning of the 18th, two stores in the Nanjing area of Chayan Yuese opened, and a large number of people lined up at the entrance. The Jiangning police dispatched police to assist the shopping mall to maintain order, and scalpers sold 200 yuan a cup. In this regard, Chayan Yuese issued an apology on the 19th, and said that it would adjust the business hours of the two stores and use the method of purchasing restrictions to resist purchasing and reselling.
Lotte Department Store’s last store in China will be sold.
On August 18, South Korea’s Lotte Shopping stated that the board of directors passed a resolution last month to sell Lotte Department Store in Chengdu, China, and Lotte’s last department store in China is about to close. Lotte Department Store entered China in 2008 and has since expanded in Tianjin, Weihai, Chengdu, etc. However, its business in China was blocked in 2017, and its stores in China have been sold since then. In recent years, foreign traditional retail giants such as Macy’s, Marks & Spencer, Lotte Mart, and Central have withdrawn from China one after another.
The China Securities Regulatory Commission approved Leapao Technology to list in Hong Kong.
According to the information on the official website of the China Securities Regulatory Commission, Leapmotor’s IPO on the Hong Kong Stock Exchange has been approved by the China Securities Regulatory Commission, which means that Leapmotor is one step closer to being listed on the Hong Kong stock market. According to the previously announced prospectus, 40% of the funds raised in the IPO will be used to expand the category of smart electric vehicles, expand the team, and invest in research and development of intelligent technologies such as autonomous driving, and the rest will be used to increase production capacity and enhance brand awareness.
U.S. streaming market share surpassed cable TV for the first time.
According to Nielsen, streaming accounted for 34.8% of total U.S. TV viewership in July, up more than 20% from a year earlier, and cable TV ratings fell to 34.4%. The rise in streaming viewership was driven by Netflix, YouTube, Hulu, Amazon Prime Video, Disney+ and HBO Max, among others. The Nielsen report only counts programming that is streamed on digital TV, and adding mobile would make streaming a bigger market share.
Text | Gong Fangyi, intern Zeng Xing, and intern Xue Yujie
Editor | Gong Fangyi
The title picture comes from the TV series “Friends”
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