February 2021


The opponent has gone ashore to watch, and Xiaomi is still in the same place to "kill monsters and upgrade"

"Monkey-playing" in the mobile phone circle is getting worse. Let's talk about this charging head. On the eve of Xiaomi's release of Mi 11, Lei Jun accidentally revealed that he might not send the charger, and it was fry for a while. However, in order to calm the "public anger", the globally popular company Xiaomi is very clever to provide a package version option, an additional independent charging head, but from the packaging design, Xiaomi Mi 11 has long planned not to send a charging head. 

Otherwise, how could the charging head of the set version be independent?

Of course Xiaomi can dump Apple and make Apple a bad guy, but it still can't hide the desertedness of the entire mobile phone circle. 

Except for Xiaomi's active promotion of Xiaolong 888, other mobile phone manufacturers seem to be absent-minded. 

Usually at this time, Xiaomi's opponents will ridicule them, and Xiaomi will also respond to them. This script has been repeated many times. But this year is obviously different. 

Even if Lu Weibing emphasized that “the first release of Mi 11 is very different from the first release”, in order to stimulate the opponents, Xiaomi's opponents seem to be "intellectual" and silent.


Xiaomi Logo

For example, vivo focuses on the X60 using Samsung Exynos 1080; Honor, which often interacts with Xiaomi, is undergoing a brand change and is also busy with the release of V40 recently. 

At the same time, OPPO has gained a lot in the European market. Data in the third quarter of this year showed that it had the fastest growth among the top five mobile phone brands, with a year-on-year growth of 396%. 

There was news that OPPO was actively increasing orders and had no time to take care of it. As a result, the usual excitement did not reappear.


Is the mobile phone industry going to change? 

Let's first look at what industry leaders are doing recently. On the one hand, Huawei has been suppressed and began to exert efforts to operate the operating system under the condition of limited hardware expansion. 

At the Huawei Developer Conference on December 16, Hongmeng OS2.0 Beta was announced, officially announcing that its own operating system will be stationed in mobile phones, and it is also compatible with Android apps. The most important thing is the extended connectivity of the IoT, which can be seamlessly connected with a "touch", which is a demonstration to Google's Fuchsia in advance.


Just about a week before Huawei announced the Hongmeng OS2.0 Beta, Google also open sourced Fuchsia. According to Google’s plan, Fuchsia is not used to replace Android, but it can cover Android. 

It is an operating system that attempts to open up various smart devices. . At this level, it is similar to Huawei's Hongmeng.


On the other hand, Google's first open source Fuchsia also has deep meaning. It has long been reported that the number of IoT devices and the amount of data in the future will greatly exceed the scale of current mobile phones. 

In the future, mobile phones will be used as a super terminal to take on the important task of connecting and controlling various IoT devices. 

To this end, Google has been preparing for 5 years, but contacting Google is currently facing antitrust investigations and factors such as the unsuccessful development of AI and smart driving business. 

At this moment, raising Fuchsia's popularity again is more like frustrating other new businesses rather than keeping Fuchsia always released. In the right place.


Apple, which has earned most of the profits of its smartphones, is also beginning to think that the car it is going to do will finally land, and it may be released as early as September next year, which is two years earlier than Guo Mingqi's expectation. 

The three companies that can change the world in the field of mobile phones have coincidentally looked beyond mobile phones and began to ride a donkey to find horses, weaken the status of mobile phones, and extend their tentacles into other industries. 

What has happened in the mobile phone industry has polarized the top manufacturers. 

Some of them seem to be wandering, and some of them continue to fight the defense of mobile phones. 

Does this mean that the turning point of the industry has come ahead of schedule, has Xiaomi's ongoing "fighting with monsters and upgrades" changed?

Others are hoarding technology, Xiaomi is hoarding money


Google and Huawei are making technical reserves (Huawei is also hoarding goods), Apple is doing cross-border exploration, Xiaomi is hoarding money, and the prelude to the rising smoke is indeed a bit nervous.


Shortly after the release of the strong 2020 Q3 earnings report, Xiaomi quickly carried out a financing operation. This was the first refinancing of Xiaomi after its listing. 

It is reported that Xiaomi was seeking to raise up to US$4 billion through the allotment of shares and the sale of convertible bonds. 

Part of the plan is to place 1 billion shares of stocks on a first-to-new basis, with a price range of 23.7 to 24.5 Hong Kong dollars per share. 

The other part is the signing of a convertible bond subscription agreement after the market on December 1, and the issuance of a seven-year zero-coupon convertible bond of US$855 million. This financing action also lowered Xiaomi's share price by 7%.


Despite causing dissatisfaction in the secondary market, Xiaomi still pushes forward strongly. 

According to Xiaomi's introduction, this financing is mainly used for: increasing operating capital to expand business; investing to increase market share in major markets. 

As for the strategic ecosystem and other general purposes of the company, it is a cover. The first two are the key. Then, Xiaomi conducted a series of quick operations.


On the afternoon of December 2nd, based on this financing, Xiaomi issued an organizational adjustment document, involving key elements such as the group's general office and the upgrading of the mobile phone manufacturing engineering department to the intelligent manufacturing department. 

Among them, the general office of the group established by Xiaomi is considered to enhance the status of public relations (this is easy to associate with the negative comments of a certain Xiaomi executive). 

And once again to enhance the status of the manufacturing department, there are intentions to deal with new challenges. 

However, Xiaomi's slightly impatient action is not at all like a happy face after financing. Instead, it writes anxiety on his face.


The situation may be more severe than imagined. For example, two days before the release of Mi 11, Lei Jun revealed that the included charging head was cancelled. But this is more like an early decision, not a temporary intention, because the upstream supply chain is really cold. 

Even if Lei Jun is kind and wants to send the charger, I am afraid that he has more than one heart and is not enough-the upstream components are starting to be out of stock.

Large factories are operating ahead of schedule. Huawei stockpiled large-scale stocks in advance, borrowing the banner of the US ban, and also caught up with the rising cycle of components. 

According to Huawei's own information, in the first half of 2020, Huawei's stockpile quota reached more than 180 billion yuan, which also led to a substantial increase in global sales of flash memory by 9%. 

Xiaomi also followed the trend and hoarded its goods. On the surface, it meant that Huawei had withdrawn its market share, but it also accidentally hit the bullseye of this price hike. 

So before the release of Xiaomi Mi 11, Xiaomi showed a rare generosity, saying that it could buy the machine soon, instead of "playing a monkey."


It is said that this time Xiaomi's stock of up to 240 million units is not like simply following Huawei. When it comes to Xiaomi’s precise financing of US$4 billion this time, it has the purpose of expanding its market share. 

From this point of view, it is sufficient for Xiaomi to stock up in advance. This premeditated plan can also be confirmed by its 2019 Q4 financial report. The quarterly financial report showed that its inventory increased by 6.344 billion yuan in the fourth quarter from 26.241 billion yuan in the third quarter to 32.585 billion yuan. 

Considering that Xiaomi has already cleared the inventory of 4G mobile phones and other stocks, and 2019 is a period of low component prices, "monkeys" such as Xiaomi have also been quietly hoarding stocks.


Xiaomi has to refine the supply chain

Without the experience of the sharp drop in 2016, Xiaomi may not be so calm in dealing with this year's supply chain tension. 

It is no coincidence that Lei Jun repeatedly mentioned the supply chain in public. For example, at the Xiaomi Core Supplier Conference on October 18, 2020, Lei Jun mentioned the supply chain again, but used the new wording "three years of supplementary lessons" and used a reborn to describe the current Xiaomi supply chain. But it is not a reborn, will be verified soon.


Xiaomi Company

Because the current supply chain environment is extremely embarrassing for Xiaomi in 2016-components have risen in price and are out of stock. Upstream suppliers generally announced the implementation of new prices on January 1, 2021, and even ST has joined the price increase army. 

As for the MLCC (Multilayer Ceramic Capacitors) and LTCC (Low Temperature Co-fired Ceramic Substrates) that can be used on various platforms, they are starting to be out of stock. 

The lead time of LTCC is as high as 20 weeks, and there will be more than 1 billion out of stock next year.


At the same time, affected by the continued tight production capacity of 8-inch wafers, MOSFETs, driver ICs, power management ICs and other components have heard news of price increases. 

After the iPhone 12 went on the market, it was delayed in November due to the shortage of power supply chips. Then, the shortage of chips spread widely in the consumer power supply field. 

Power Semiconductor’s Chairman Huang Chongren said that the current wafer production capacity has become unbelievably tight, and customers’ demand for production capacity has reached a level of panic. 

It is estimated that from the second half of next year to the second half of 2022, the logic and DRAM markets will be out of stock to an unimaginable level. 

"International Electronic Business Information" also published an article showing that global foundry production capacity is in short supply, including TSMC, UMC, World Advanced, Power Semiconductor Manufacturing and other foundries with full orders in the fourth quarter. 

Prior to this, Huawei defensively stockpiled and some small and medium-sized manufacturers followed suit, which also pushed up component prices and tension.

A price increase war is inevitable.

Source: Essence Securities Research Institute


"Intelligent Relativity" sees that the production capacity of 5G mobile phones and new energy vehicles has climbed, contributing most of the price increase momentum. 

5G mobile phones generally use 30% to 40% more components than 4G. For example, LTCC will even increase by 3-5 times year-on-year. 

On the other hand, the rapid growth of new energy vehicles has stimulated the penetration of components in the automotive field. For example, for MLCC components, the demand for new energy vehicles is more than 30% higher than that of traditional fuel vehicles, while the consumption of MLCC and LTCC in automobiles and 5G mobile phones is increasing simultaneously, leading to a shortage. 

The automotive and mobile phone industries have begun to compete head-to-head on the supply chain side.

Source: Prospective Industry Research Institute


In early December, North and South Volkswagen was preparing to suspend production for a period of time because it did not have ESP accessories, which visualized the situation in which the auto industry and the mobile phone industry compete for chip production capacity. 

Contacting Apple's recent news that it will build a car is also a clear proof of the competition between the two major industries on the supply chain side. However, no one would have imagined that the mobile phone industry is threatened by the auto industry. Apple's car building is like a "righteous act" to save the mobile phone industry.


But Apple's "righteous act", Xiaomi will be a little worried. The same is the price increase, which has a far greater impact on Xiaomi than Apple. 

Because the unit price of Xiaomi is very low, its average selling price is less than half of the average price of domestic mobile phones, and there are a large number of mobile phones less than 1,000 yuan.

On the other hand, to reduce the overall cost, low-priced mobile phones can also make a profit. Xiaomi cannot Get rid of low-priced mobile phones. 

Once the price of components increases on a large scale, it will be lethal to Xiaomi. With its overall net profit of no more than 5%, it is easy to be wiped out by a price increase. At that time, whether to respond to the price increase or to retreat will test Xiaomi's marketing wisdom.

Source: Tianfeng Securities Research Institute


Moreover, its entry into the industry is just to watch the slump of the electronics industry and obtain industry dividends, which is somewhat of a fluke. For example, in 2010, when it intervened in the industry, it was the card that allowed the price reduction cycle of components. 

Subsequently, Xiaomi kept up with the rapid development period from 2012 to 2014, and in 2014, Xiaomi rushed to the third place in the world. Among them, 2012 to 2014 is also the cycle of component price increase, but Xiaomi seems to have stepped on the drum point of development, and the journey has been smooth. Until 2016, Xiaomi plummeted and there were problems in the supply chain. However, Xiaomi did not announce the specific reasons. 

The outside interpretation is that Xiaomi is "floating". The more likely reason is that Xiaomi's supply chain is quite insufficiently prepared to deal with price increases.

Source: Gartner


We can ignore what happened in 2016. Xiaomi's actions after 2016 seem to be more illustrative. 

After Lei Jun regained control of the supply chain, Xiaomi spent much more generous. 

Then in 2017, Xiaomi became the 18th largest semiconductor purchaser in the world, and rapidly rose to the 10th place in 2018, with an annual growth rate of 62.8%, making it the fastest-growing top 10 semiconductor purchaser. 

In 2019, it became the only growth among the top ten buyers, and the ranking continued to rise to 8th. In recent years, Xiaomi's supply chain supplementary lessons have become more vigorous, which means that Xiaomi has been hurt more deeply in 2016. 

It is precisely because of the tingling in 2016 that Lei Jun now seems less worried about the outside world's evaluation of not sending charging heads.


Mobile phone industry getting more and more difficult

The mobile phone industry is indeed getting more and more difficult. In the past, it was basically competition within the circle. Now new energy vehicles have unexpectedly joined the battle, gradually replacing those mobile phone manufacturers that failed in the competition. 

According to various data, global mobile phone sales continue to shrink by 11% this year, and the total amount is only about 1.2 billion. 

These squeezed out supply chain capacity may also be acquired by other electronic equipment manufacturers. For example, Huawei will work hard in the field of automotive electronics and launch smart screens for vehicles. 

At the same time, Huawei will introduce HMS into automobiles and cooperate with Changan and other automobile companies to produce high-end electric vehicles. 

Huawei also released a 96-line medium and long-distance Lidar, with an annual output of 100,000 sets (yes, Huawei has a decisive and powerful march). 

SAIC, Pudong New Area, and Alibaba's Zhiji Auto are all entering the game, and the efforts of upstream manufacturers are gradually eroding the inherent boundaries of the previous industry.


In fact, Xiaomi and Honor's ODM Wingtech also acquired Nexperia with a large amount of money, taking the opportunity to enter the field of automotive electronics. 

The supply chain is very clear that the mobile phone circle will be broken by new directions. 

Of course, Xiaomi does not define itself as a mobile phone hardware manufacturer.


The capital market is very clear that Xiaomi's adherence to a cost-effective strategy can still be profitable. 

It is by no means as simple as a hardware company, but it has also been uncertain about its future. For example, Xiaomi’s stock price has been falling since its listing, and on August 25, 2019 and November 17, 2019, it recorded extremely low stock prices of 8.53 Hong Kong dollars and 8.39 Hong Kong dollars, respectively. 

After a long period of low stock prices, Xiaomi began to trade. Slowly climb up (now has broken through 32.5 Hong Kong dollars). The two sides of capital have always been the life and death of a company.


This is a sign that neither recognizes its hardware, nor does it feel cold about its hardware-based Internet gameplay. 

Also, he doubts that it is walking on the boundary between the Internet and hardware, because if the benefits of the two cannot be fully accounted for, the disadvantages of the two may be magnified. 

And the foundation of cost-effectiveness is not solid. It is difficult for users who pursue cost-effectiveness to have brand loyalty. 

Moreover, with fierce competition, the definition of cost-effectiveness will be updated repeatedly. 

Can Xiaomi continue to play?

Especially last year, under Huawei's fierce offensive, Xiaomi was weak online and weak offline, and then superimposed on OV also began to play cost-effective, the biggest loss. 

Online and offline attacks, in the third quarter of last year, Xiaomi's domestic market dropped as much as 35%. Xiaomi's cost-effective strategy has been questioned.


Xiaomi in 2019 has never had an easy time. Xiaomi’s 2020 Q3 financial report also proved that 2019 is not easy. 

This financial report shows that Xiaomi’s mobile phone has increased by 45.3% year-on-year, and the average selling price of Xiaomi’s mobile phone has also increased by 14.7% in China, including IoT, Internet services and even games. There is a substantial increase. 

To put it bluntly, the foreshadowing of 2019 may be one of the reasons why Xiaomi's growth in 2020 is dazzling.


"Intelligent Relativity" has to be said, another reason is that Xiaomi benefited from the ban of Huawei chips and grabbed the share of Honor phones with a price of less than 1,000. A year ago, Huawei did a similar thing. 

Through aggressive marketing, it almost ended Xiaomi's price-performance ratio. So after Huawei was affected, Xiaomi began to make some ideas for offline dealers.


Xiaomi Marketing releases a new intelligent marketing engine, should traffic give way to the scene?

"Marketing has never been as complicated as it is now. Advances in technology have completely changed and differentiated this discipline, and social issues such as the new crown epidemic and the climate crisis have increased the expectations of companies and consumers on marketers’ social performance. Leadership People have countless thoughts about the role of marketing and worry about their performance." Same is the case with China based company Xiaomi marketing expertise.


This is the beginning of a recent article on marketing in the Harvard Business Review. 

The epidemic is besieging the city, the marketing industry will have a difficult life in 2020. 

The market competition is extremely fierce. The brand budget is generally tight, the marketing logic is changing drastically. 

The general direction is that the traditional traffic logic is failing, and the scene logic based on AIoT technology is emerging.


Flow logic of Xiaomi Marketing New Intelligent Marketing Engine is invalid

The essence of marketing has always been the attention economy. However, in the era dominated by different media, there are different logics. 

In the paper media era, watch subscriptions, watch ratings in the TV era, watch traffic in the Internet era, and watch user time in the mobile Internet era.


The key role in the traffic marketing model is the traffic funnel. This model divides the user’s behavior into stages such as cognition, interest, evaluation, decision-making, and purchase. 

It believes that the brand only needs to attract traffic to the maximum and then convert it at different levels. 

Getting "real gold" is like scouring gold. The key to brand marketing is to increase the conversion rate of each layer of loopholes.


In the post-mobile Internet era, the logic of traffic marketing is failing, and the epidemic has accelerated this process.


First of all, China's economy has entered the era of stock, the demographic dividend has disappeared, and the Internet market has stopped growing as early as 2019. 

The China Mobile Internet 2020 semi-annual report released by QuestMobile shows that after the monthly active users of the entire network reached 1.164 billion in May in the first half of the year. 

It fell slightly in June, with an average monthly MAU of 1.155 billion (monthly MAU of 1.135 billion in 2019 and 2018). 

The monthly average MAU is 1.109 billion), basically no longer growing, and some mainstream tracks even declined. 

In such a general environment, the traffic costs of both public and private domains are increasing. 

Especially in the post-epidemic era, more and more brands are paying attention to digital marketing, and online traffic costs are rising, and brands are overwhelmed.


Secondly, compared to traffic management, brands are paying more and more attention to user life cycle operations: 

The former is a one-stroke transaction, and the core is to do a good job in traffic conversion.

The latter is sustainable operation, which constantly accumulates users from traffic and removes users. 

Become a marketing asset, and then continue to operate on it, continuously generating new value.


At the beginning of 2020, pointed out in the article "Internet Entrepreneurship in 2020: Rather than run into the air everywhere, it is better to dig up the stock patiently", "The Internet industry is actively and difficultly developing incremental methods. It may be a golden rice bowl to beg for food. Everyone is going around. 

When mining for incremental gains, it ignores the current stock. The gold mine has not been fully mined, but it is getting harder and harder to mine. 

The entire industry has moved from the age of gold rush to the age of gold alchemy.” 

While tapping the new value of old users and seizing the flow of super-platforms Spillover effects, digital transformation, etc. are typical stock thinking. Continuous operation of users and digging deep are also the survival rules of enterprises in the era of stock.


Secondly, the traffic model excessively strengthens the effect and weakens the brand. Internet marketing has been equated with performance marketing for a long time. 

Although the Internet has made marketing effects traceable for the first time, there is a problem of over-enhancing effects, making companies more and more short-sighted. This is because brand marketing that does not see results in the short-term is more important to the long-term growth of companies.


Finally, in the era of mobile Internet, traffic is fragmented, and traditional traffic acquisition methods have failed. 

In the traffic model, companies reach the largest population through large-scale advertising to obtain the largest traffic. 

However, in the mobile era, the media has become fragmented, especially in the AIoT era. 

Everything is media. People's attention has become more and more fragmented, discrete and scarce. 

It is becoming more and more difficult for companies to continue to expand the traffic entering the funnel. 

The refined acquisition, operation and conversion of traffic has become more and more important, which is also difficult to satisfy with traditional traffic models.


In the past two decades, although portals, BBS, search, social media, information streams, short videos, live broadcasts, and other platforms continued to emerge, the core logic of Internet marketing was traffic. 

The rise of each type of new platform will create a traffic depression, but when the platform realizes its value, the platform traffic will become more and more expensive until the next new platform appears.


Xiaomi Marketing Releases a New Intelligent Marketing Engine

The current mainstream marketing platforms such as Baidu and ByteDance’s huge engine, etc., are constantly promoting marketing reforms, launching native advertising, content marketing, smart marketing, short video/live marketing and other gameplay. 

But they are essentially doing traffic Marketing-The platform tries its best to get more traffic, and then sell it to the brand. 

The marketing that the brand does on these platforms is essentially traffic marketing.


At this moment, after the failure of traditional traffic logic, brands urgently need to explore new tracks, new positions and new models of marketing.


Scene marketing becomes a new track

The epidemic has accelerated the world's digitalization process, 5G commercialization has accelerated, and the Internet of Things era has come, and AIoT has become a new marketing track.


For more than 20 years, Internet companies have been doing business around traffic. Now Internet companies are abandoning traffic thinking and embracing "scenario thinking". 

Compared with traffic, the scene pays more attention to what users, where, when, and what. 

The form uses its own service, and the traffic value of different scenarios is completely different. 

In fact, not only Internet companies, all businesses must design products and services around scenarios to give users the most extreme experience.


As far as marketing is concerned, scenario marketing is no longer the linear thinking of "introducing traffic into the funnel and then converting", but focusing on consumers' behavioral touchpoints in all scenarios, obtaining fragmented attention from all channels, and identifying their behaviors.  "Moisturizing things silently" influence its decision-making. 

In scene marketing, the brand is no longer just seeking the final result of sales, but will focus on the user's experience in the corresponding scene throughout the entire process, so as to achieve user precipitation and full life cycle operation.


Intelligent Marketing Engine

As is pointed out in the article "No Scenarios, No Marketing": Traffic is "bits", scenarios are "atomic", and the post-mobile era is the IoT era, and scenarios become more important. 

Smart phones have successfully "invaded" every corner of people's life, work and study. The ubiquitous IoT devices map and perceive everything that happens in the physical world. 

The "atomic" physical world will be fully "bitified", space and time. 

Scene elements such as, behavior, etc. will be fully, real-time, and accurately perceived.


In the IoT era, scenarios have become the top priority for enterprises, and users can only be captured by capturing scenarios. 

Today, scene marketing has become a new track for brand growth.


First of all, 5G makes the Internet of Everything a reality. Based on AIoT technology, scene marketing can capture user fragmented attention anytime, anywhere.

To achieve full coverage of user life, traffic fully penetrates offline life scenes, and online traffic ceiling is hit wear.


Secondly, the Internet of Everything means that smart devices can perceive users, environments and behaviors. 

Based on AIoT technology, the physical world will accelerate online, digitization, and intelligence, which means that more and more scenarios will become traceable, insightful, and accessible. 

Marketing, such as offline retail scenes, home scenes, car travel scenes, etc.


Secondly, in the AIoT era, different devices have exclusive IDs and are closely related to user identities. 

Based on this brand and users can establish a continuous connection of multiple touch points, and it becomes possible to manage users instead of traffic.


Finally, in the AIoT era, everything is a media. Brands can influence users through any touch point, and they can affect their minds in a seamless manner. 

It no longer needs to be simple and rude as in the era of traffic marketing. 

Marketing is no longer just for the last step of sales, but for users. The core goal of life cycle management can truly realize the closed-loop marketing from marketing to business, from effect to brand, and from short-term to long-term.


The post-epidemic era is the era of AIoT. Scene marketing will become a new growth point for brands and a new track for marketing. 

Now that there are not many marketing platforms that realize the value of AIoT and strategically deploy AIoT, Xiaomi marketing can be regarded as a benchmark.


Xiaomi Marketing becomes AIoT Marketing Benchmark

In 2020, on the occasion of its tenth anniversary, Xiaomi will release a new strategy for mobile phone xAIoT. 

Xiaomi will penetrate all scenes of users' lives and lead the era of the Internet of Everything. Xiaomi is the only Internet technology giant that uses AIoT as a company-level strategy. 

Xiaomi marketing relies on the Xiaomi AIoT hard-core ecological network, rooted in AIoT scenario marketing for many years, and has formed a unique marketing model.


In 2020, in order to make the service more accurate, smarter and more effective, Xiaomi Marketing released the new "Mi Zhilian" marketing position for the first time, becoming the center of Xiaomi's AIoT scene service. 

This is also the industry's first "intelligent marketing engine" focusing on the AIoT scene.  

Aims to further build a more diversified and integrated marketing position for brand owners in the AIoT scenario. 

Mi Zhilian focuses on "unbounded interaction, non-inductive connection", which can simultaneously open up the three terminals of mobile phone, OTT, and Xiaoai screen speakers. 

It integrates technologies including fast application, one-finger connection, and diversified touch points such as Bluetooth/NFC functions, combined with Xiaomi IoT scene data and Xiao Ai's massive data form a unique data matrix, allowing a brand to continue to influence target users in the Xiaomi AIoT full-scene ecosystem through different forms, and realize an integrated perception from brand to product functions.


Mi Zhilian is the brand's first choice for exploring AIoT marketing, and it is also a key opportunity for brands to seize the new track of scene marketing to gain new growth.

 Xiaomi Marketing is the first to launch a marketing position focusing on AIoT scenarios. 

It is not surprising, and it can even be said to be inevitable, because Xiaomi Marketing is doing scene marketing in head advertising platforms such as Baidu Marketing, Alimama, Giant Engine, and Tencent Advertising. There are natural advantages.


First of all, Xiaomi has the largest AIoT entry-level platform. In the third quarter, Xiaomi’s mobile phone shipments returned to the top three in the world. 

In the home scene, Xiaomi’s smart TVs ranked first in the domestic market for seven consecutive quarters.

The number of connected devices on the Xiaomi AIoT platform exceeded 289 million. 

The monthly active users of the Mijia App reached 4310. Wan, based on this, Xiaomi has built an entry-level AIoT ecological network, which in a true sense realizes the coverage of all scenes of users' lives.

Secondly, the Xiaomi AIoT network has been successfully connected in series. Many marketing platforms have many scenarios infiltration, but they have the problem of fragmentation of different scenarios. 

At the marketing level, it will lead to inaccurate user insights, poor conversion effects, and poor user experience. 

Xiaomi has deployed the intelligent assistant Xiao Ai very early. It is the entrance for users to interact with AIoT devices and an intelligent life assistant for users. 

As of the end of the third quarter, the number of active users is 78.4 million (a year-on-year increase of 35.5%), and more than 100 million are used every day. 

Secondly, based on this, Xiaomi Marketing makes “marketing as a service” a reality, which can realize intelligent collaboration in all scenarios and help brands realize the closed-loop digital marketing of the whole chain.


Finally, Xiaomi successfully built a new intelligent marketing engine. Xiaomi Marketing has been deeply involved in the AIoT scene for many years, has continued to deploy intelligent marketing technology, services, products and ecology, and successfully built a complete set of new intelligent marketing engines. 

A few days ago, Xiaomi Marketing officially released the "New Intelligent Marketing Engine", which includes three intelligent engines for creativity, service, and scenarios, allowing brands to communicate more, deeper, and longer-term continuous communication with users in all scenarios of AIoT smart life, so as to achieve user integration. Life cycle operations.


In scene marketing, the three intelligent sub-engines of Xiaomi's new marketing intelligent marketing engine have different values:

1. The creative engine is based on Xiaomi's hardware portal and system-level capabilities. 

Through highly creative marketing content, it achieves high reach, strong exposure, obtains unexpected interactions, and stimulates consumption motivation. 

These ideas include but are not limited to booting on large screens and large screens.

 Live broadcast, big screen car viewing, TV Taobao, creative posters, creative screens, creative voice interaction, brands such as Mercedes-Benz AGM GR family, Tiffany&Co. have tasted the sweetness.


2. The service engine is based on Xiaomi's AIoT ecological linkage and data AI capabilities, and co-creates smart services with brands to realize "service is marketing, marketing is service" and reshape the consumer experience. Xiaomi has a large number of online and offline service scenarios. 

Whether users study, work, sleep, entertain, travel or shop, they will use Xiaomi services, which are insight and influenced by Xiaomi marketing, such as the service distribution center with the first-level entrance of Xiaomi "Negative one-screen intelligent assistant" is designed around the user’s daily life in scenarios, which can intelligently predict the services that users may need, and can intelligently remind users of the services they are using.

These services have marketing opportunities, and the user experience is not Was slightly affected.


3. The scene engine is based on the full coverage of Xiaomi's smart life segmentation scenes, and realizes the smooth and silent penetration of users, helping brands to expand consumption opportunities. 

Originally, brands can only influence some of the user's scenes through head products such as PC/mobile phone/TV. The traffic cost is very high, the scenes are fragmented, and the data is not connected, so there is often a waste of repeated delivery. 

The Xiaomi scene engine can help brands acquire new scenes and gain new opportunities for growth.


In sports, entertainment, travel, health, sleep and other subdivision life scenarios, Xiaomi has a layout of AIoT hardware, software, content and services. In these scenarios, Xiaomi marketing is supported by creative engines and service engines to help the brand realize the full scene Of natural penetration.


In the smart scene marketing case jointly explored by the world-renowned dairy brand Anchor and Xiaomi, Xiaomi displayed creative brand posters on the OTT big screen, users awakened food classes and other services through Xiaoai classmates, and Xiaomi marketed Anchor’s customized brand area.

 Put Anjia baking class online on the Xiaomi knowledge zone to help Anjia realize in-depth, continuous and natural communication with users.


I have put forward a point before: platform marketing value = user volume * user duration * user scenario. 

Compared with the number of users and user duration, it is more important to have core scenarios with marketing value. 

Based on the advantages of Xiaomi AIoT, Xiaomi marketing has the ability to cover the entire scene of the user's intelligent life, and based on this, it has unique advantages. 

2020 is the watershed for the marketing industry to move from traffic marketing to scene marketing. 

Compared with traffic marketing, the purpose, logic and thinking of scene marketing have undergone qualitative changes. 

From the extensive marketing of traditional media marketing to the effect-centric traffic marketing of the Internet, to the attention marketing of the mobile Internet for the purpose of user time, new marketing platforms will stand out in every wave of marketing reforms. 

In the era of scene marketing driven by AIoT, the up-and-coming Xiaomi marketing has become a benchmark, forming a "dimension reduction blow" to traffic marketing platforms, and has become an incremental field worthy of brands' attention.


Is it Not Easy for Xiaomi to build a Car to grab Tesla's Business?

Today, according to "Late Post" learned from multiple sources, Xiaomi has determined to build a car and regards it as a strategic decision, but the specific form and path have not yet been determined, and there may still be variables. A person familiar with the matter said that Xiaomi's car may be led by Lei Jun, the founder of Xiaomi Group.

Tesla Motor Car Driving

Affected by this news, Xiaomi's share price rose violently, from a drop of 4% to a rise of more than 10%, reaching a maximum of 32.3 Hong Kong dollars.


Then Xiaomi responded: "Wait and see, there is no..." Xiaomi's stock price subsequently fell and closed at 30.65 Hong Kong dollars, up 6.42%.


Some people say that there are two secrets to the surge in technology companies. 

One is to announce the car and the other is Elon Musk's tweet. Indeed, there is Baidu before and Xiaomi after. 

As long as technology companies announce to build a car, the stock price will rise sharply. 

After the news of Baidu's car building, the market value directly doubled, hitting a new high of 110 billion US dollars. 

If an Apple official claims to build a car, its market value of $3 trillion may not be a dream.


Tesla Car Motor of Elon Musk

The reason is simple: technology is unstoppable to the changes in the auto industry. Traditional auto factories have nothing to resist. 

New automakers have not only grabbed the auto market, but more importantly, they should develop smart car linkages and automation. Incremental markets for driving, smart transportation, and smart travel. 

Every market is much larger than the imagination of traditional cars.


Because of this, Tesla and Weilai have become capital legends, especially Tesla, whose market value has risen from less than 100 billion U.S. dollars to nearly one trillion U.S. dollars in just one year, with a price-earnings ratio of more than 1,230 times.


Tesla Car

Whether Xiaomi builds a car or not is still full of uncertainty. In the eyes of some people, it will be a matter of time for Xiaomi to build a car. 

So, what do I think of this rumor? 

In fact, only two questions need to be considered:


The first one is: Will Xiaomi definitely build a car?


The second is: what will happen if Xiaomi really builds a car?


Think about these two issues clearly, the truth of the late news this time is not so important.


Tesla Cybertruck

Does Xiaomi have to build cars? Tech companies have become popular in building cars, and the barriers to building cars seem to be much lower in cooperation with traditional car companies. 

As a "department store", Xiaomi makes cars, and the logic seems reasonable. However, even if Xiaomi builds a car, I think it is worth thinking about the following points:


1. Does a good mobile phone make a good car? not necessarily. Xiaomi’s mobile phones, TVs and other product lines have all been successful, but the complexity of cars is several orders of magnitude higher than that of mobile phones and TVs. 

Although smart cars are "mobile smart electronic devices", those who make mobile phones can make cars. In other words, there is hardware experience in making smart phones, which is obviously a fallacy. 

If this is the case, OPPO and vivo can also build cars. In fact, many high-tech companies, real estate companies, and luxury cars built by traditional car companies have all died, and very few have survived.


2. Car manufacturing requires much higher capital, channels, manufacturing, services, etc., and the rules of the game are completely different from those of digital or home appliances. 

What many people overlook is that one of Tesla’s major competitiveness is smart manufacturing, and the super factory is part of its competitiveness. What many people overlook is that the battery swap system is the core competitiveness of NIO, which is costly. 

A lot of time to find out, there are a lot of Know-How.


3. The most important point is that the core of smart cars is not only cars, but also intelligence, that is, AI technology, especially autonomous driving. 

This is the focus of Tesla and Xiaopeng, and it is the reason why Baidu is favored to build cars. This is the key to the inability of traditional car companies to stop new forces in car manufacturing. 

In terms of autonomous driving, Xiaomi has a zero foundation. Although it can be obtained by spending money and time, it must be long enough and large enough investment. 

Xiaopeng, Weilai, Ideal and Baidu have been tossing for almost 10 years now. Tesla has been tossing pure electric cars for almost 20 years.


4. Xiaomi's "gross profit margin is not higher than 5%" pricing strategy and Internet marketing capabilities have limited impact on the automotive industry. 

Tesla Motor Car with Musk on it

After all, who wants PK to be cheap, who has the cost-effectiveness, and who can market, Wuling Hongguang is already in the front, and the 28,800-based MINIEV should know about it? 

None of the new forces that are doing a good job in car-making have won by "cost-effectiveness".


5. As far as the car is concerned, talking about the IoT ecological chain is quite fictitious-of course you can YY, remotely control the air conditioner at home in the Xiaomi car.


6. It is true that Lei Jun himself is more concerned about car building. He has visited Musk twice, He Xiaopeng is a good friend of Lei Jun, and Shunwei Capital has invested in Xiaopeng Motors for multiple rounds. 

Some people say that Xiaopeng Motors is "the millet of the automobile industry". 

It is "the young man's first car". Of course, this relationship will not fundamentally affect whether Xiaomi builds a car. But if Xiaomi builds a car, it is likely to have some cooperation with Xiaopeng (not just competition).


Tesla Motor Vehicle

For investors:

Short-term investors, speculating on news, the truth of news is very important.

 Now that there is a mixed news on the Internet, we must pay attention to discrimination.


Long-term investors should not only look at the news but also look at the long-term value. 

If they are optimistic about Xiaomi's car manufacturing, they should plan to hold their positions for a long time, because the time from the official announcement to mass production of the car must be very long, at least two or three years. 

If you are optimistic about Xiaomi making cars, it doesn't matter whether the news this time is true or not.


Who is "replacement" of Huawei?

"In the final analysis, whose product can replace Huawei's Mate series and P series, then this market is yours. But now in the market, there is no substitute." Wang Chao predicted that each company will target Huawei for 6,000 yuan next year. In the above-mentioned vacant markets, higher-end mobile phones were launched to fight a "turning over" battle.


It is difficult for us to experience an extraordinary mobile phone market as in 2020 again, and the trend of ebb and flow is vividly manifested within a year. Under normal market factors, it is almost impossible for such a big change to occur even in the stage of redrawing the market pattern from 4G to 5G.


Huawei's mobile phone shipments in the global and Chinese markets

Data source / Canalys

Cartography / Deep Burn

Qualitative changes occurred successively in the European market and the Chinese market in the second and third quarters.


According to data from research institute Canalys, in the second quarter of 2020, Huawei mobile phones won the championship in the global market for the first time. 

However, in the European market, since Google cut off the supply of Huawei in markets outside China last year, Huawei was forced to lose without Google. Foreign users of Family Bucket. 

In the second and third quarters, Xiaomi’s shipments surged 65% and 91%, pushing Huawei out of the top three. 

OPPO also jumped into the top five with a year-on-year increase of close to 396% in the third quarter.


Changes in the European mobile phone market in Q2 and Q3 2020 

Source / Canalys

Starting in the second quarter, Huawei had to shrink its mobile phone business back to China and become the dominant player in the Chinese market. 

However, in the third quarter, the supply of chips and panels for Huawei's mobile phones continued to be cut off, and it was unable to perform domestically.



The year-on-year growth rate of Huawei’s shipments in the first three quarters was 1%, 8%, and -18%, respectively. This was the first decline since 2014, and it was a sharp decline. 

In contrast, Xiaomi became the only domestic manufacturer with growth. , With an increase of 19%, narrowing the gap with the top three. 

Source / Canalys

Of course, Samsung has benefited more than any of its peers. In the third quarter, Huawei returned Samsung's position as the number one mobile phone in the world. 

Xiaomi took the third position in the world due to the rapid growth of the European market.


In the first three quarters of this year, Huawei’s overseas market contracted, and the domestic market expanded and then contracted. 

However, the supply of Android systems and the supply of components were cut off. These two factors may continue for a long time. 

More than one interviewee analyzed Shenzhen Burns that Huawei’s shipments will plummet in the next quarter, which can even be described as an "avalanche".


Huawei's defeat has allowed its opponents to resume their expectations for the growth of the Chinese market and even their determination to compete in the European market, and they have found three common directions: 

  1. Offline
  2. Europe
  3. Impact on high-end chips

When Huawei is out of stock, the offline networks of all brands are becoming denser; when the Indian, Southeast Asian, and African markets become a red sea, they take advantage of the trend to move the midfield battle to the European market where Huawei has temporarily left and the chip is stuck in the neck. 

On the one hand, Xiaomi OV is playing a double abacus, focusing on "holding the thigh", and of course it has to rely on itself.


Canalys analyst Jia Mo said that Xiaomi has seized the market from Huawei through aggressive play, including investing a large number of professionals familiar with local market operations in various regions to win the trust of distributors and operators. 

There is also a certain symmetry in the third quarter shipments. Xiaomi's shipments increased by 14.5 million, while Huawei lost 15.1 million units. 

In Europe, the key battlefield for both parties, Huawei’s shipments fell by 25%, while Xiaomi’s shipments increased by 88%.


You can say that Chinese mobile phone manufacturers are conspiring to divide the battle together, but it is undeniable that this is also a division of powers, and everything is currently undergoing changes.


Offline channel war: open a store

"Who can bite the market that Huawei has lost is the Chinese boss." Jia Mo said. Yes, a big drama was first staged in offline channels.


Every morning at 10:08, Huawei Mall starts to release goods, but they will always be out of stock. The models that are in stock are old models or models that are not cost-effective.


At present, Huawei does not have models under 1,000 yuan on the market, and the price is basically concentrated in 1,000-2,500 yuan, but these models are also out of stock in most Huawei stores, and they are not available online; mid-range nova series, some of them Model is out of stock.

Huawei’s main battlefield is the high-end series. At present, only the P40 series are available. This is also the only mobile phone that can be shipped among Huawei’s main models. 

The Mate 40 series is miserable. You can't get the goods.


The senior product manager judge revealed that the latest Mate 40 series, Huawei dealers are divided by unit, often a batch of goods arrives, only one for each store.


Out of stock is tantamount to "catch up" the dealers in disguise. Lin Zhi revealed that Huawei is also opening more non-mobile phones to channel vendors and maintaining cooperative relations with channel vendors.


A Huawei dealer in Zhanjiang, Guangdong, told Shenzhen Ran that the sales situation in the past six months was very different from previous years. 

The demand for mobile phones was in short supply. Some people could only change their direction and move towards smart home products. 

But after all, mobile phones are accessories of smart homes, and for dealers, expanding the variety means the risk of overweight and capital occupation.


Another Huawei dealer in Shandong said that the era of mobile phone channel dealers relying on "hoarding and reselling" Huawei to make money has passed. The business is very poor. 

Huawei mobile phones basically cannot get the goods from the platform, but the goods from the wholesale market. 

The price catches up with the online retail price, and you may “run away” within half a year.


He heard from his peers that Xiaomi is the most aggressive offline company this year, but he did not consider to rely on it. 

“Because Xiaomi’s low-end and mid-range models have no profit margins, I am worried that Xiaomi will not generously share profits with channels ".


However, from the perspective of Xiaomi's actions, it is through this year that the offline dream will be realized.


Xiaomi, which started as an Internet mobile phone, opened its first mall store in Beijing Contemporary Mall in 2015. Lei Jun stated that it will open 1,000 stores in three to four years. 

However, it was not until the end of 2019 that Mi Homes opened to 630 nationwide, and the number of offline stores was only 6,000.


Based on the latest news that the 1,000th Mi Home opened in Chengdu on December 2, Xiaomi has added nearly 400 Mi Homes in one year.


One year this year, at least four years in the past. Lei Jun said that he held back things for five years, Lu Weibing came for a year, and a course of treatment was effective.

 Lu Weibing was named the "anti-triad group leader" by netizens. His former owner, Jinli, was once the "king of channels". 

By any year, the combat effectiveness of "Da Lu Zhihai" began to show up, and he madly opened Xiaomi homes and offline stores. 

His plan for next year is to open Xiaomi's home to all counties in China. There are more than 2,000 county-level administrative regions in China, so Xiaomi will have to spend 5 times faster to complete the KPI.


Wit Display chief analyst Lin Zhi mentioned that Huawei channel vendors are ready to move and many want to defect to OV, but the OV channel is relatively stable and not easy to enter. 

After the sale of Honor, some of Huawei's original channel vendors can then rely on Honor.


Because Honor's first priority after leaving Huawei is to seize offline sites and build its own offline retail network system. 

However, for Honor, there is no need to worry about channel relationships. Many shareholders are offline channel vendors.


OnePlus, which belongs to the Oga Group as OPPO, used to focus on the online markets in Europe, America and India, but now also wants to break the circle in the Chinese market. 

For example, in the hottest way in China, find Luo Yonghao to bring the goods live.


A channel dealer in Shijiazhuang, Hebei, also recently met with people from OnePlus. He recalled that before the offline price of 3000-5000 yuan, many people named Huawei, and now they will also consider OnePlus. Senior mobile phone dealer Zhao Yang has also started to sell OnePlus mobile phones for wholesale. 

He used to be too small to sell, but recently found that the market has begun to accept it.


Nowadays, the mobile phone industry generally believes that product strength, channel ability and brand ability are the three major elements of the success of mobile phone companies. 

Wang Chao, the founder of Wenyuan Think Tank, believes that OnePlus’ past advantage is product strength. 

Now that it has increased its channel strength in China, it can use OPPO’s ready-made channels or its own channels. The only difference is brand strength.


OPPO and vivo are also increasing offline stores, maintaining the traditional style of play in the past few years, and regaining the offline market share that Huawei has seized.


More than one mobile phone channel business revealed that in the past six months, the two have been accelerating the opening of stores, continuously subsidizing channels, sending personnel to support them, and giving certain rent subsidies. 

"Whether it is a branded store or a mall counter, they are all opened next to each other. If there is OPPO, there will be vivo." Zhao Yang said.


OV's offline capabilities are obvious to all. It has an offline sales network that penetrates into the hinterland of China and has a capillary-like offline sales network. 

Even remote sixth-tier villages and towns can see these two. Xiaomi’s store target is in thousands, and OPPO and vivo’s offline retail stores are calculated at 100,000.


Coupled with Huawei, which reached its peak in offline sales channels last year, these three are the top three offline mobile phones in China. 

However, since the second half of this year, the offline networks of all brands except Huawei have become denser.


A Huawei distributor in Shandong told Shenran that he plans to stick to it until the first half of next year. 

This is a kind of venture capital. "Emotionally speaking, if you have earned money from Huawei, do you want to spend time with Huawei? 

If you run away and Huawei gets up in the future, you may not cooperate with you. But dealers also have to eat. Yes, support for six months and one year. If you can't make any money continuously, do you still want to clenched your teeth." Wang Chao said.

Find the next shipping granary

On the basis of consolidating more than 85% of the Chinese market, Chinese mobile phone manufacturers have begun to fight overseas, using more than ten years to successively carve up the Indian, Southeast Asian, and African markets. Two changes have taken place in overseas markets in 2020. 

One is that in markets outside of China, Huawei has suffered the double blow of Google’s ban and supply cuts, regardless of whether the supply is sufficient or not. 

The second is that the new midfield battle for Chinese mobile phone brands takes place. European market.


Xiaomi, which is considered a pioneer in overseas markets, entered the Indian market with OPPO, vivo, and OnePlus around 2014, which also ignited the war among Chinese mobile phone manufacturers on this land.


In the third quarter of 2020, according to Canalys statistics, Xiaomi is still the market leader, with an increase of 9%. Samsung regained the runner-up from vivo with an increase of 7%. vivo and OPPO+Realme gained 16.0% and 27.6% of the market respectively.


Data source Canalys (OPPO includes Realme) 

Cartography / Deep Burn

Chinese mobile phone manufacturers have carved up most of the Indian market. 

OPPO includes Realme

From last year to this year, only Xiaomi, vivo, and OPPO+Realme have expanded their market share in the Indian mobile phone market from 60% to 75%, while Indian giants Mircomax and Intex have already Become others.


In fact, Southeast Asia is an underdeveloped market that Chinese mobile phone manufacturers found earlier. It is relatively fragmented, and it is relatively easy for a new brand to enter.


Xiaomi’s price-performance ratio, OPPO, vivo’s overwhelming advertising, and the mature play of subsidizing offline stores are equally effective in this fragmented market. 

The local brands are shrinking, especially in Thailand, Vietnam, the Philippines, Malaysia and Indonesia. In the country, OPPO, vivo, and Xiaomi have powerful low-end mobile phones, but Samsung is also the most difficult opponent of Chinese mobile phone manufacturers.


Southeast Asia smartphone market share in Q2 2020

Source / Canalys

Canalys's statistics in the second quarter of 2020 show that Chinese mobile phone manufacturers OPPO, vivo, Realme, and Xiaomi accounted for 61% of the shipments of the Southeast Asian smartphone market in the quarter.


If you look at the African market, you will find that there is another Chinese mobile phone manufacturer TRANSSION on the list of foreign wars.


IDC statistics show that in the smart phone market in the Middle East and Africa, 80% of the demand comes from models below US$200, but for Xiaomi, OPPO, and vivo, the gross profit margin of thousand yuan mobile phones is low. 

As early as 2008, TRANSSION, which entered the African market, used a four-card four-standby phone, a dark-skinned skin-beautifying camera mode, and wall-painting to occupy the rural market, and took away Samsung's share with low-end products.


The situation of various manufacturers in the African mobile phone market 

Source / IDC

In 2016, Transsion accounted for 7% of the total African mobile phone market share and Samsung’s 31%. By the end of 2019, Transsion held 52% of Africa’s market share. 

Huawei, Xiaomi, and OPPO ranked third to fifth respectively. 

IDC's latest data shows that in the second and third quarters of 2020, China's four major mobile phone manufacturers have all won 64% of the market share in the African market.


When each blue ocean market turns into a red ocean, Chinese mobile phone manufacturers need to find the next granary for shipment.


Huawei chooses to go to the European market, which is lucrative and high-level of consumption, because it has a deep background in operators. 

The hometowns of Cisco and Alstom for switching equipment are in Western Europe. Since 2014, the flagship models are often based on European time. Standard, starting in France, Germany, and Spain.


Xiaomi OV has long been buried in the European market. Xiaomi previously opened Xiaomi homes in Spain and Italy. 

OV opened the way for sports marketing. OnePlus, which belongs to the Oga Group with OPPO, has been living in overseas markets since its establishment. Mainly occupy major markets in Europe, North America, and India.


As the senior product manager judge said, the European market as a whole is relatively mature, and the offline dealer network is relatively standardized. 

It belongs to the market where you can get as much return as you do, and the mobile phone market cannot explode in a short time like the Internet industry. The outbreak must have done a lot of work a few years ago.


But one of the most deadly variables has emerged. Since May 20, 2019, Google has suspended business cooperation with Huawei due to the US ban. Huawei, which cannot use Google GMS, has spit out a lot of market share. 

In the third quarter of 2020, Huawei’s market share in Europe was only 14%. The figure for the same period last year was 22.22%. 

A Huawei released 4.2 million units of the European mobile phone market. Xiaomi’s market share in this market increased from 6% last year. Increased to 19% in the third quarter of this year.


According to Jia Mo's analysis, there is a certain symmetry in shipments in the third quarter of this year. Xiaomi's shipments increased by 14.5 million, while Huawei lost 15.1 million units. 

In Europe, the key battlefield for both parties, Huawei’s shipments dropped by 25%, while Xiaomi’s shipments increased by 88%, making it into the top three in the local area.


"The vacancies left by Huawei are the vacancies left by Huawei in the European market. They are not trying to seize the market of Apple or Samsung." 

Wang Chao also said that it is difficult for Huawei to recover in the European market for a while, so Xiaomis are safe for the time being. It became more intensive, and the goal became radical.


In May of this year, OPPO announced a partnership with Vodafone, Europe's largest mobile operator. A few days ago, Xiaomi CEO Lei Jun said, "

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