Lu Weibing: 彼は Xiaomi SU7 を使用して、同じ業界の他のいくつかの自動車を規模で上回り、「規模の不経済」を回避したいと考えています。

Xiaomi Groupは本日、2024年の第2四半期財務報告書を発表した。総収益は889億元に達し、前年同期比32.0%増加し、純利益は前年同期の37億元に対して51億元となった。調整後の純利益は62億元で、前年同期比20.1％増加した。
財務報告書の発表後、Xiaomi Groupのパートナー兼社長のLu Weibing氏、副社長兼CFO兼Tianxing Digital CEOのLin Shiwei氏、その他の上級幹部がその後の財務報告電話会議に出席し、財務報告書の重要なポイントを解釈しました。数人のアナリストからの質問に答えました。
以下は、この電話会議のアナリストのQ&Aセッションの記録です: ゴールドマン・サックスのアナリスト、ティモシー・ジョウ: まず第一に、今四半期の好調な業績をおめでとうございます。運営の方に２つ質問があります。 1つ目はXiaomi Autoについてです。納品の第1四半期でXiaomi Autoの粗利益率は15％に達しており、これは非常に高い水準であることがわかりました。経営陣に詳しく聞きたいのですが、Xiaomi Auto の比較的良好な粗利益率の要因は何ですか?経営陣は、Xiaomi Motors は今年下半期も依然として粗利率が上昇傾向にあると述べました。経営陣は、Xiaomi Auto の売上総利益率が将来どのレベルに達することを望んでいるのか教えていただけますか?これが最初の質問です。
2番目の質問は、新しい小売について経営者に尋ねることです。特に、経営陣が公開した新規小売のオフラインビジネスデータは、実際にXiaomiの市場シェアを拡大​​する上で非常に重要な役割を果たしているのを見ました。経営陣は、新しい小売ビジネスにおける携帯電話とIoTに対するXiaomiのアプローチについてどう思うか教えていただけますか?経営陣は今後数年間にどのような計画を立てていますか?特に、Lu (Lu Weibing) 氏は過去数か月間、東南アジアとヨーロッパの市場も視察しているようですが、新しい海外小売業の計画や開発について、経営陣は現在どのような考えを持っていますか?
Lu Weibing: まず Xiaomi Auto について話させてください。
第 1 四半期の売上総利益率 15.4% は、確かにみんなの期待を上回ったと言うべきです。また、Xiaomi の最初の車の第 1 四半期の売上総利益率はなぜそれほど良かったのでしょうか?という共通の質問がありました。次に何が起こるでしょうか？次に私の考えをお話します。
Xiaomi Auto の粗利益率のパフォーマンスはかなり良いと思います。この背景にはいくつかの要因があるはずだと個人的には考えています。
第一の要因は、Xiaomi の将来見通しに対するサプライヤーの楽観的な姿勢が私たちに多大なサポートを与えてくれたことです。 Xiaomi が車を作るのはこれが初めてですが、(Xiaomi SU7) は私たちが作った最初の車でもあり、最初の生産量はそれほど大きくありませんでした。しかし、当社の主要パートナーは依然としてシャオミの将来の自動車開発について非常に楽観的であるため、当初から当社に非常に優れた顧客ポジショニングを提供しており、このポジショニングに基づいて比較的良好なビジネス条件も提供してくれました。これが私がより重要だと思う第一の要素です。
2番目に重要な要素は、Xiaomiが依然として「人気製品戦略」を堅持していることです。シャオミの「売れ筋戦略」のコンセプトとは？つまり、1台の車の規模が同業界の数台の車の規模を超えることを期待しています。これは誰でも実際に見ることができると思います。 「規模の経済」について話したい場合は、「規模の経済」を理解することだけを話すことはできません。「規模の不経済」を回避する必要があります。 「規模の不経済」とは何ですか?それは無数の車やモデルを使用することで達成できるスケールです。これを「規模の不経済」といいます。 「規模の経済」と呼ばれる車の数量を最大化する必要があります。 20万元以上の純粋な電気自動車であるXiaomi SU7が、7月にTesla Model 3を超えて業界ナンバーワンのヒット商品になったこともお分かりいただけたでしょう。これは、製品自体の規模がもたらす「規模の経済」です。
The third more important factor is that Xiaomi has been deeply involved in consumer electronics, especially mobile phones, for so many years, allowing us to reuse these capabilities in the automotive industry. When Xiaomi Auto was launched, we were not a start-up with very low management levels. We transplanted a lot of our previous management capabilities into Xiaomi Auto (management), allowing us to have very good management capabilities from the beginning. . And these management capabilities have brought us a lot of management dividends.
I think the above are the reasons why Xiaomi Auto’s gross profit margin performance is pretty good.
Of course, everyone has also seen that in the second quarter, our automobile business suffered losses, and the loss from new business was still 1.8 billion. This also shows that Xiaomi’s automotive business has just started today and is still in the period of heavy investment. This is the first thing I want to share with you.
The second question is that everyone is also very concerned about how Xiaomi Auto’s gross profit margin will perform in the future. I want to give you a certain piece of information, that is, Xiaomi Auto's subsequent gross profit margin will definitely be better than the current gross profit margin. I may not be able to disclose to you how much we can say or quantify it into specific figures, but our gross profit margin trend is definitely getting better. Why is the trend improving? I would like to talk about a few points here.
First point, everyone knows that our delivery volume in the second quarter is actually the order volume we locked in that night in April, which was 27,000 units. We delivered 27,000 units, which was the first batch of orders. As for the first batch of orders, everyone knows that we gave away a lot of rights, but we did cancel some rights for subsequent orders. This is the first point.
Second point, the beginning must be when the BOM (bill of materials) is the highest. Especially when our order volume (increases), we originally planned to sell about 70,000 units this year, but now we have mentioned 120,000 units. In other words, our production volume must be higher than 120,000 units to complete the delivery of 120,000 units. In other words, as production increases, BOM costs naturally come down.
Third point, everyone has also seen the cost changes in the entire supply chain and the industry as a whole during this period. Under such circumstances, it is a definite trend that our gross profit is gradually improving.
The above is my answer to your first question.
Regarding your second question, which is about new retail. In the past few years, after Xiaomi's new retail model took shape, we only did two things. The first one is whether Xiaomi's new retail can include all categories in new retail. In other words, whether Xiaomi's new retail can carry all the categories we sell. This is the first point. The second is whether Xiaomi’s new retail can go global from China. These two points are the issues we have been thinking about and practicing in the past few years.
All the Xiaomi cars we launched this time are expansions of Xiaomi New Retail. We just integrated the car category into Xiaomi New Retail. So you will immediately see that after Xiaomi Auto enters Xiaomi New Retail, it will have several huge values ​​for Xiaomi New Retail.
The first value is that our rent cost will be more and more advantageous compared to our friends, especially car dealers. Of course, Xiaomi already has the lowest rent in the mobile phone industry, which is much lower than that of cars, maybe several times lower. The second value is that because Xiaomi cars require a large area for display, you will see us opening more and more large stores in the future. In other words, in the future you will see more and more Xiaomi stores covering an area of ​​500 square meters. Rice's big store. In the future, these large stores will be in the best prime locations in shopping malls and have the best customer flow.
At the same time, due to the addition of Xiaomi Auto, we have accelerated the development of Xiaomi Home. At the beginning of the year, we decided to open 3,000 new stores this year. By the end of June, we had added 2,000 new stores. By the end of the year, we think we should be able to open 4,000 new stores. In other words, our store opening speed has been greatly improved. These will definitely bring huge support to Xiaomi mobile phones, especially Xiaomi high-end phones.
I can tell you that if a company does not build a brand store in the Chinese market, it will be impossible to sell high-end phones well. This is a very simple truth. If users want to buy high-end phones, they must choose brand stores or brand stores. The reason is very simple. Therefore, if you want to judge whether a company or a brand can develop high-end products, you have to look at how many brand stores it has. This is a very, very simple logic. At the same time, (Xiaomi New Retail) will also carry our IoT business, such as Xiaomi home appliances. Xiaomi’s air conditioners are selling particularly well this year. Xiaomi air conditioners are not just a sales and display, they also realize service and distribution, realizing an "integrated disassembly, delivery and installation" service.
These are the values ​​brought by Xiaomi’s new retail, and we also hope to bring this value overseas. This is one of the reasons why I visited more overseas this year. I have been investigating since last year. This year we have officially determined that Xiaomi New Retail will fully enter overseas markets.
I believe that if you travel around the world in the future, you will definitely see a lot of Xiaomi Homes in those shopping malls. Taking Hong Kong as an example, you should see a lot of Xiaomi Homes in Hong Kong.The day before yesterday, I accompanied Mr. Lei (Lei Jun) to visit the Xiaomi Home that just opened a month ago in Causeway Bay. In just over a month, our store’s sales were around 5 million. It can be said that the sales performance is still very, very good.
Therefore, we have full confidence that Xiaomi’s new retail will be universally applicable to the world, and this will become the most important carrier of Xiaomi’s “Full Ecological Strategy for People, Cars, and Homes”.
The above are my answers to your two questions.
林世伟：

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