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Step into the story behind the business
The whole house is in full swing, but Yun Mi is behind
Written by Chen Dengxin
Editor/Lee Ha-lin
Yun Mi, which has been established for eight years, has not been smooth recently.
Half a year ago, Yunmi hired Deng Lun as a global brand spokesperson, and is eager to use its traffic to create momentum for the "2022 Yunmi Spring Strategic New Product Launch" held on March 17, 2022.
However, on March 15, Deng Lun "overturned the car", and the Fourth Inspection Bureau of the Shanghai Municipal Taxation Bureau pursued Deng Lun for paying taxes, collecting late fees and imposing a total of 106 million yuan in fines.
After the hasty termination, Yun Mi's new product launch was also exciting.
Zinc Scale paid attention to its release of the one-stop whole house intelligent solution "1=N44", launching a set of 60,000 to 300,000 yuan for different groups of people.
Before and after the conference of Yun mi, Huawei and Oerlibo also released similar plans, compared to the products of Yun Mi have no advantages, as for the volume of sound can not be compared with Huawei.
Compared with the new product launch, the outside world is more interested in the situation of Yunmi: the stock price is on the verge of $1, how long is it from sounding the "delisting" alarm? Trying to "de-milletize", why are the sequelae becoming more serious? The industry took the lead in playing the banner of "whole house intelligence", but how did it fall behind?
Revenue declined, net profit turned into a loss, and fundamentals were shaken
In the capital market, Yun Mi is lamentable.
On September 25, 2018, Yunmi landed on the NASDAQ with a market value of 709 million US dollars, becoming the second Xiaomi ecological chain company to go public in the United States after Huami.
At that time, Yun mi told a story of "whole house intelligence" for the capital market.
Yunmi, which started with water purifiers, has embarked on the road of diversification, involving refrigerators, TVs, hoods, dishwashers, washing machines and water heaters, covering smart living rooms, smart kitchens, smart bedrooms and other life scenarios.
It is no exaggeration to say that in addition to not having a mobile phone, Yun Mi is the "pocket version" of Xiaomi.
In this context, the market value of Yunmi once hit a record high of $1.334 billion, but since then it has taken a sharp turn and become less and less popular with the capital market.
As of March 15, Yunmi's stock price was $1.19 and its market value was only $83.58 million, which was the largest market value of 93.73%, while the decline of the China Stock Index in the same period was 75.23%.
According to the NASDAQ listing regulations, the price of listed companies per share fell below $1, and this state lasted for 30 trading days, it will receive a delisting warning, and within 90 days after being warned, it will still not be able to take corresponding measures to save itself to change its stock price, and it will be announced to stop stock trading.
On March 16, the Chinese stock market staged a big miracle day, the Chinese stock index rose as much as 39.72%, while Yun Mi rose 26.05%.
Chen Tingtao, a manager of a private equity investment department, told Zinc Scale: "The Chinese stocks have generally declined in the past two years, and it is not only Yun Mi that has fallen numbly, but yun mi fell more fiercely than most Chinese stocks when it fell, and rose more slowly than most Chinese stocks when it rebounded, just attributing external factors can not be said, there must be internal problems, if you can't find out the problem to make up for the shortcomings, it is difficult to change the fate of being abandoned by the market." ”
In fact, there is something wrong with the fundamentals of Yun mi.
According to Yunmi's financial report data, the growth rate of operating income from 2018 to 2020 was 193.3%, 81.5% and 25.3% respectively, and the trend of weak growth was visible to the naked eye.
By the third quarter of 2021, the single-quarter operating income was 1.057 billion yuan, down 28.9% year-on-year; among them, the operating income of Yunmi Smart Home Appliance Portfolio was 644 million yuan, down 39.3% year-on-year; small household appliances and other revenue was 177 million yuan, down 15.9% year-on-year.
To make matters worse, the net profit in the single quarter was -29.147 million yuan, compared with a profit of 35.11 million yuan in the same period last year, which means that Yun mi is in a profit dilemma.
Net profit turned from profit to loss
From this point of view, the "delisting" is still the sword of Damocles hanging above Yun mi's head.
It is difficult to get rid of the sequelae of "de-milletization"
Yun Mi has come to this step, which has a great relationship with "de-milletization".
For Xiaomi ecological chain enterprises, it has been impossible to avoid the troubles of growth: relying on Xiaomi's popularity and mature channels, so as to have a high starting point, the initial stage is fierce, after the wings are gradually enriched, they are thinking about how to stand on the shoulders of "giants" to surpass "giants", thus giving birth to the demand of independent brands and channels.
Cloud rice is no exception.
According to public data, the revenue from xiaomi sales accounted for 95.9% in 2016, and by 2020, the proportion of revenue fell to 49.6%, and the dependence on the xiaomi ecosystem was reduced by nearly half.
In this way, Yun Mi has become a marketing-driven company in its bones.
In 2016, Yunmi's marketing expenses were 20.929 million yuan, and R&D expenses were 29.926 million yuan, and the R&D expenses were greater than the marketing expenses, which was a standard R&D-driven company.
By the third quarter of 2021, Yunmi's marketing expenses were 343.9 million yuan and research and development expenses were 139.3 million yuan, the former was 2.47 times that of the latter.
Yun Mi became a marketing-driven company
Obviously, the commercial core of Yunmi has changed dramatically.
Some insiders told Zinc Scale: "Yunmi blindly pursues large and complete, but the R & D investment can not keep up, how to support the innovation and research and development of dozens of products every year?" This is also an important factor for the lack of explosive models in Yun mi, in addition to the water purifier for Xiaomi OEM, the sound volume of the rest of the products is not high. ”
According to the data of Aowei Cloud Network, the online market share of Yunmi's refrigerators, range hoods, gas stoves, dishwashers, sweeping robots and so on is less than 1%.
For example, as of August 1, 2021, the online market share of Yunmi refrigerators was only 0.63%, down 0.6% year-on-year; Yunmi claimed to have more than 2,000 stores offline, but in the offline market TOP 20 brands, there was no presence of Yunmi refrigerators.
In addition, Yunmi launched a high-end brand coKiing (Kochi), taking the dual-brand route, eager to open up the brand premium space through high-end, but did not set off any storm.
Without sales, there is no sound, and without sound, the brand is an empty word.
An Internet observer told Zinc Scale: "The main brand of Yun mi is not done well, the basic disk is not solid, the rush to high-end is tantamount to pulling up seedlings, and the underlying logic of high end is better product quality and higher research and development level, and research and development is not the background color of Yun Mi." ”
In a word, "de-milletization" superimposed on the decline of self-operated double brands is the root cause of the shrinkage of Yunmi's main business.
Out of the head echelon?
In addition to fading the "millet aura", the "whole house intelligence" envisioned by Yun Mi has also failed.
As the industry's first enterprise to play the banner of "whole house intelligence", Yunmi once became the industry's vane, yunmi CEO Chen Xiaoping was quite hesitant and full of ambition, shouting out the slogan of "three points of the world has yunmi".
However, I don't want to, Yun mi's voice in the whole house intelligence is gradually lost, and Chen Xiaoping's lightning expansion plan is blocked.
Falling behind and becoming a true portrayal of Yun Mi's current situation.
The reason for this is related to the consensus that "whole house intelligence" has become the industry, and giants such as Huawei, Xiaomi, Midea, and Haier have come down to try to occupy the commanding heights of the industry.
For example, Huawei's posture on the "whole house intelligence" is quite high, introducing the Hongmeng system, claiming that more than 1900+ brand partners have settled in, and 4500+ smart products can be accessed.
Whether it is a traditional home appliance giant or a technology giant, Yunmi is difficult to compare with in terms of volume, and is obviously at a disadvantage in terms of brand, research and development, innovation, capital, and services.
Then, yunmi and giants compete for consumer recognition, the difficulty can be imagined.
More critically, Yunmi is eager to monetize on the "whole house intelligence", which reduces the user experience and is widely criticized by consumers.
For example, on September 27, 2021, consumers complained that Yun mi large-screen refrigerators forced ads to play, which was listed on Weibo hot search, although the official statement that "ads can be closed", but also indirectly admitted to the problem of using free time to push ads.
In fact, Yun Mi's reputation has been unbearable.
On the Sina Black Cat complaint platform, the total number of complaints against Yun mi is 888 cases, involving quality problems such as smart toilet cracks, hot water tank cycle restart, dishwasher leakage, and refrigerators not refrigerating; and Weibo, Tieba and Zhihu platforms also have voices about poor product quality and chaotic after-sales service.
Source: Sina Black Cat
The reason is that Yun Mi is an asset-light playing method, and the manufacturing process relies on foundries, so the quality traceability requirements are quite high.
A home appliance analyst told Zinc Scale: "Seeking speed has always been the core appeal of Yun mi, especially after 2020, there is a trend of acceleration, the so-called desire for speed is not reached, lightning expansion is at the expense of product quality, and word-of-mouth collapse is inevitable." ”
It can be seen above that after the "de-milletization" of Yun mi, it encountered a growth ceiling, and after the performance leaked, the story of "whole house intelligence" could not be told, and the capital voted with its feet, and its market value suffered a collapse.
From this point of view, Yun Mi is getting farther and farther away from the original intention.
END
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