With Xiaomi’s IPO documents being disclosed, its more detailed financial information is known to the outside world, which is causing disputes between the parties on its valuation. Recently, foreign media believe that Xiaomi’s valuation is too high, and relevant investors give The valuation of Xiaomi is only 60-70 billion US dollars. Why are the parties not recognized the high valuation of Xiaomi? Difference between Xiaomi and investors Xiaomi and his founder and chairman Lei Jun insisted that Xiaomi is an Internet company rather than a hardware company. This is related to the recognition of Internet companies in the current capital market. However, it is difficult to recognize that it is Xiaomi’s own business composition. An internet company. IPO documents revealed that Xiaomi's revenue from hardware business accounted for more than 90%, of which mobile phone business revenue was 80.564 billion yuan, accounting for 70.3% of total revenue; IOT and consumer goods revenue was 23.448 billion yuan, accounting for total camp. The ratio received was 20.5%. Xiaomi has repeatedly stressed that he is an Internet company, but the revenue of Internet services is only 9.496 billion yuan, accounting for only 8.6% of the total revenue. Obviously, from the perspective of revenue, the proportion of Internet revenue is too low. It is really difficult to agree that Xiaomi is an Internet company, and the revenue from hardware business accounts for more than 90%. It is easier to identify it as a hardware company. This is the difference between investors and Xiaomi, which leads to major disputes over the valuation of Xiaomi. Of course, it is also possible that investors hope to lower the valuation of Xiaomi to gain room for stock price after listing. Get more profit. The author tries to explore the difficulties faced by Xiaomi in developing Internet business from Xiaomi's own business and the difference between domestic and foreign business. The description of the Internet service prospect is not very optimistic, which also has a significant impact on Xiaomi's valuation. Xiaomi's Internet business prospects are not optimistic In the domestic market, Xiaomi mainly obtains Internet service revenue through MIUI and services for users of eco-chain products. In the domestic market, Xiaomi's MIUI system's leading edge is becoming less and less obvious. Huawei's EMUI and Meizu's Flyme system are widely recognized by domestic users. Xiaomi's excessive advertising in MIUI is increasing the Internet service revenue and is annoying to users. Xiaomi inserts advertisements in bank messages, which makes people worry about information security, which is causing users to constantly vomit the MIUI system. In fact, after the recovery of Xiaomi’s mobile phone business in 2017, it has only rebounded to the fourth place in the domestic smartphone market share in the first quarter of this year. It is far from the position of the domestic smartphone market share in the third quarter of 2014. This also led to the MIUI users of Xiaomi not rising and falling. The peak of MIUI users has exceeded 200 million, and the number of MIUI users is now around 190 million. Xiaomi's ecological chain is not solid. In terms of the best Huami, Huami Technology has grown rapidly to become a domestic wearable device giant. However, Huami's financial report shows that its revenue ratio is about 80%. The profit is extremely limited. The main source of profit is the high-end brand AMAZFIT launched by Huami. Huami is expecting its AMAZFIT business to bring more profits and improve profit levels. Huami is also the same as other eco-chain companies. After growing up, another way out, this makes the outside world doubt about the income of Internet services that Xiaomi hopes to rely on the eco-chain business. In overseas markets, it is more difficult for Xiaomi to obtain Internet service revenue. MIUI is based on Android for deep customization. At present, Xiaomi's MIUI, including other domestic mobile phone brands, is facing the suppression of Android owner Google. Google is now clearly tightening control over Android. Xiaomi mobile phones sold in overseas markets have recently announced that they will adopt In the original Android system, in this case, Xiaomi is becoming a company that only sells mobile phone hardware in overseas markets, and cannot use its own MIUI system ecology. It is even harder to rely on MIUI system to develop its own ecological chain business. It is worth pondering that Xiaomi’s business rebound since last year is based on the expansion of Xiaomi’s mobile phone business in overseas markets. In 2017, Xiaomi’s overseas shipments doubled and domestic smartphone shipments increased by about 50%. It is also hoping to sell more Xiaomi mobile phones in overseas markets to promote the rapid growth of revenue. However, from the above, it is known that its mobile phone business sold overseas is not as good as the domestic market. So it is no wonder that there is a huge controversy over the valuation of Xiaomi. From these perspectives, it is reasonable for foreign media to say that the valuation of Xiaomi has been lowered from 100 billion US dollars to 60 billion to 70 billion US dollars. . Incremental Encoder is commonly used, and Absolute Encoder is used if there are strict requirements on position and zero position. Servo system should be analyzed in detail, depending on the application situation. 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