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A text to understand Xiaomi CDR prospectus and Hong Kong stocks are different

via:新浪科技     time:2018/6/11 8:01:36     readed:69

I. Differences in financial indicators under different accounting standards

The Hong Kong Stock Exchange prospectus shows that Xiaomi’s income from 2015 to 2017 was 66.811 billion yuan, 68.434 billion yuan and 114.625 billion yuan; net profit was -76.27 billion yuan, 492 million yuan, -438.89 billion yuan; if deductible convertible Affected factors such as the fair value of redeemable preference shares, adjusted net profit from 2015 to 2017 were -3.04 billion yuan, 1.896 billion yuan and 5.362 billion yuan respectively.

According to the CDR prospectus, in 2015, 2016, 2017 and the first quarter of 2018, Xiaomi’s operating income was RMB 66.811 billion, RMB 68.434 billion, RMB 114.625 billion and RMB 34.412 billion respectively; net profit attributable to shareholders of the parent company They were -7.581 billion yuan, 553 million yuan, -43.826 billion yuan, -7.005 billion yuan; the CDR prospectus disclosed in the section "Discrimination of domestic and foreign information disclosures" Xiaomi's adjusted operating net profit was -3.03 during the reporting period. Billion yuan, 1.895 billion yuan, 5.362 billion yuan and 1.699 billion yuan.

In addition, the CDR prospectus added a new phrase “net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses”. Xiaomi’s net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses was -2.248 billion yuan, 233 million yuan, 3.945 billion yuan and 1.038 billion yuan.

It is learnt that the "net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses" and "adjusted net profit from adjusted operations" announced by the Hong Kong stock prospectus announced in the CDR prospectus are: Calculate non-recurring gains and losses, whether to deduct investment income and government subsidies and other financial products.

In addition, there are differences in the accounting of operating costs due to the financial statements prepared by China Accounting Standards for Business Enterprises and International Financial Reporting Standards. Hong Kong stocks disclosed that Xiaomi’s operating cost in 2017 was RMB 99.47 billion and its gross profit margin was 13.2%. According to the Chinese Accounting Standards for Business Enterprises, Xiaomi’s operating cost was RMB 96.48 billion and its gross profit margin was 15.8%.

Second, add the latest business data in the first quarter

The CDR prospectus also disclosed the latest business data of Xiaomi's first quarter this year. There are several key points:

1, hardware aspects

According to IDC data, in the first quarter of 2018, with the global smartphone market declining by 2.9% year-on-year, Xiaomi's handset shipments reached 28 million units, an increase of 87.8% year-on-year;

According to the CDR prospectus, Xiaomi built the world's largest consumer IoT IoT platform and connected more than 100 million smart devices (excluding mobile phones and laptops). In the first quarter of 2018, as well as the number of connected devices, Xiaomi accounted for 1.9% of the global consumer Internet of Things market;

In terms of revenue, in the first quarter of 2018, the proportion of Xiaomi’s smartphone revenue fell from 70.43% in 2017 to 67.80%; the proportion of IoT and consumer products increased from 20.50% to 22.45%.

2. Software and Internet aspects

As of March 2018, MIUI’s monthly active users exceeded 190 million, and the average time for users to use Xiaomi’s mobile phones is about 4.5 hours per day;

In the first quarter of 2018, Xiaomi's Internet service revenue was 3.231 billion yuan, accounting for 9.43% of revenue in the first quarter of 2018. The gross profit of Internet service income was 2.119 billion yuan, gross profit margin reached 65.58%, and gross profit accounted for 40%.

3, new retail

Xiaomi also disclosed online and offline distributor data for the first quarter of 2018. According to the CDR prospectus, Xiaomi added 15 online cooperative distributors in the first quarter of this year. The increase was mainly due to business expansion. However, there were 25 online distributors who terminated their cooperation during the same period. As of the end of the first quarter, the number of online distributors that cooperated with Xiaomi was 99, a decrease of 10 compared to the end of 2017;

On the offline front, Xiaomi added 680 offline distributors in the first quarter, and 190 offline distributors ceased cooperation in the same period. As of the end of the first quarter, 1593 offline distributors cooperated with Xiaomi, an increase of 490 compared to the end of 2017.

4. Internationalization

According to the CDR prospectus, in Xiaomi's overseas market sales in the first quarters of 2015, 2016, 2017 and 2018 were 4.056 billion yuan, 9.154 billion yuan, 32.081 billion yuan and 12.47 billion yuan respectively, accounting for the company's total revenue. They were 6.07%, 13.38%, 27.99%, and 36.24%, respectively.

Xiaomi said in the CDR prospectus that the company’s revenue ratio from overseas has continued to increase, mainly because the company began to promote its internationalization strategy in 2014 and successively deployed in emerging markets such as India, Southeast Asia, and Eastern Europe, especially the Indian market has achieved pioneering success. Xiaomi Mobile became the smart phone brand with the highest share of smartphone shipments in the Indian market. At present, Xiaomi’s mobile phones have entered 74 countries and regions, of which 15 have entered the top 5 markets.

In addition, Xiaomi also announced the latest operating status of Xiaomi India. As of March 31, 2018, Xiaomi India had total assets of 5.729 billion yuan and net assets of 4.9 billion yuan; in March-January 1818, Xiaomi India had revenue of 6.127 billion yuan and net profit of -131 million yuan.

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