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Biby

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0勋章

2021-06-05

这个希望还会起

2021-04-24

赶快追上

抱歉，原内容已删除

2021-04-24

好吗？可爱

中国潮玩的出海之路：泡泡玛特海外市场分析

2021-04-24

[开心]

抱歉，原内容已删除

2021-04-24

$Skillz Inc(SKLZ)$加油

2021-04-22

$Skillz Inc(SKLZ)$不错

2021-04-16

Up 🆙

抱歉，原内容已删除

2021-04-13

oooooo

2021-04-12

这个股好吗？还会起吗？

2021-04-09

看好不？？？？

2021-04-03

看好不？？？

2021-04-03

$阿里巴巴(BABA)$😣

2021-03-31

什么看法？可以持有吗？

2021-03-31

$科力斯(QLYS)$wow

2021-03-29

$阿里巴巴(BABA)$加油💪

2021-03-29

$科力斯(QLYS)$天啊不错噢

2021-03-29

可持有长久吗？

2021-03-27

好消息吗？

雷军食言，小米真是一家重视研发的公司吗？

2021-03-27

$科力斯(QLYS)$开心

2021-03-25

$科力斯(QLYS)$会起吗

去老虎APP查看更多动态

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22:40","market":"hk","language":"zh","title":"中国潮玩的出海之路：泡泡玛特海外市场分析","url":"https://stock-news.laohu8.com/highlight/detail?id=2129350984","media":"36氪 ","summary":"向海外市场出发！","content":"<h3><b>何为盲盒</b></h3>\n<p>盲盒起源于日本，早在明治末期，日本的百货公司便会销售福袋，福袋里通常装着款式不一但价值一定高于定价的商品。事实上，在当时的日本，福袋是百货公司处理存货的方式，久而久之，福袋成为了固定节日特有的销售活动，吸引了相当数量的消费者。这样的营销思路延续到了20世纪80年代，便出现了售卖手办模型的线下“扭蛋机”。“扭蛋”多集中于二次元、ACG 等领域，时至今日仍然深受二次元爱好者欢迎。</p>\n<p>除日本外，中国早期的“集卡营销”也可看做盲盒的本土化实践，但这些卡片只能以售卖商品的赠品形式出现。到21世纪，盲盒的概念逐渐成形，以2016年为界，中国的潮玩市场整体快速增长。潮玩，即潮流玩具，主要分为手办、盲盒和 BJD 娃娃，其中盲盒板块已连续三年增长加速，在2019年达到了顶峰。伴随着潮玩市场的规模上升，主打盲盒的潮玩公司<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>已成长为千亿市值的企业，站在了潮玩行业的风口。<img src=\"https://static.tigerbbs.com/dd3ed0539d554f9d60948c64a756da0a\" tg-width=\"598\" tg-height=\"296\" referrerpolicy=\"no-referrer\"><b>泡泡玛特</b></p>\n<p>POP MART 泡泡玛特成立于2010年，主要业务是售卖包含自主开发商品与国内外知名潮流品牌的盲盒、二次元周边、BJD 娃娃、IP 衍生品等多品类商品。目前，泡泡玛特已经成功拥有了85个运营 IP，包括 Molly、Pucky 等热门 IP。2020年12月11日，泡泡玛特成功在香港上市，市值突破千亿港元，成为当前中国最大的潮流玩具公司之一。</p>\n<p>在国内市场大获成功的同时，泡泡玛特也在国际市场迈出了坚定的步伐，海外业务已遍布20多个国家和地区，包括中国港澳台地区、日韩、东南亚、澳洲、北美和欧洲等。业务覆盖海外线上和线下渠道，线上已开拓了日本、韩国、法国以及海外官方店铺，线下成功已进入韩国、新加坡等国，全球布局不断扩展。<img src=\"https://static.tigerbbs.com/b0a49289615fc3a2e2a78f8db44ed1f0\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"><b>出海日韩</b></p>\n<p>2020年9月5日，泡泡玛特首家海外直营店于韩国首尔开业，在疫情肆虐的情况下，落户韩国实属不易，疫情增加了更多的不确定性，泡泡玛特不得不放慢出海的脚步。关于为何选择韩国首尔，泡泡玛特海外事业中心副总裁文德一在接收北京青年报记者采访时就表示，他们对全球200多个国家和地区做了分析，从经济水平、可支配收入、还有文化消费者的喜好度，按照优先排序等级，韩国排名很靠前。</p>\n<p>事实上，韩国的盲盒产品近几年也是佳作频出，已经占据了很大一部分市场。例如，黏黏怪物研究所、RICO、BT21、Circus BoyBand等众多大热IP。要在这样一个已经成熟的市场站稳脚跟，极具挑战性。韩国消费者对流行很敏感，眼光挑剔，较排斥外来品牌，如果能够受到韩国消费者的喜爱，更有助于泡泡玛特开拓海外市场。</p>\n<p>同年8月7日，泡泡玛特首家日本直营快闪店POP UP SHOP与东京涉谷正式开业，POP UP SHOP引入<a href=\"https://laohu8.com/S/300024\">机器人</a>商店作为创新业务，为顾客提供快捷便利的购物体验，以快速的打开当地市场，此举表明泡泡玛特正式宣告进入日本。与韩国、中国相比，日本的潮玩市场起步早，以扭蛋和盒蛋为主。扭蛋玩具已在日本面世60年，万代（Bandai）是日本最大的玩具厂商，产品创新多次引发热潮。日本的潮玩市场占有率高于韩国，且拥有大量大热IP，泡泡玛特要在日本打下一片天地，仍有很多困难。<img src=\"https://static.tigerbbs.com/10139fc12f825131b57f1d60146d5a48\" tg-width=\"520\" tg-height=\"341\" referrerpolicy=\"no-referrer\">除此之外，泡泡玛特出海还面临着不同国家安全检测认证问题，每个国家对玩具产品的材料、产品品质、材质、大小以及气味等有不同的检测要求，在进入海外市场时，泡泡玛特必须要先符合这些安全检测认证。同时，泡泡玛特也面临着激烈的市场竞争。年初，TOP TOY的潮玩浪潮火到了日本，《日本经济新闻》评价其“正强势崛起，抢滩年轻消费市场”。而国内还有52toys，ip小站、酷乐潮玩、盲盒星球、潮玩家、着魔、千岛等一批竞争者飞速发展，国内外潮玩参与者在抢占国内市场的同时，对国际市场虎视眈眈，泡泡玛特面临的市场竞争将会逐渐激烈。<img src=\"https://static.tigerbbs.com/98aecf1c45aa7c0d1819e0a4adbf1950\" tg-width=\"1024\" tg-height=\"590\" referrerpolicy=\"no-referrer\">目前，泡泡玛特在韩国已用于较成熟的市场，潮玩领域的海外受众人群和中国的受众人群相似度很高，皆为Z世代（即在1995-2009年间出生的人），这也是泡泡玛特开拓海外市场的优势。此外，泡泡玛特也在尝试通过IP合作的方式提升海外市场对中国潮玩的接受度，推动与本土艺术家合作，以快速获得本地市场的接受度。发展策略上，泡泡玛特的部分系列选择了海外首发，如在韩国首发的Dimoo社会大学系列盲盒，在日本首发的限定&nbsp;LABUBU 招财猫吊卡等，以调动潮玩爱好者的热情。</p>\n<p>除日韩外，由于东南亚地区的文化接受度、消费习惯以及喜好与国内相似度较高，且东南亚整体经济发展不断上升，是泡泡玛特开拓海外市场的另一重点区域。2021年初，泡泡玛特已在新加坡成立合资公司，第二家海外旗舰店入驻新加坡FUNAN商场。显然，进军新加坡是打开东南亚市场的第一步，对其开拓海外业务有重大意义。</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中国潮玩的出海之路：泡泡玛特海外市场分析\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 22:40 北京时间&nbsp;&nbsp;&nbsp;<a href=https://36kr.com/p/1194642256414977><strong>36氪 </strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>何为盲盒\n盲盒起源于日本，早在明治末期，日本的百货公司便会销售福袋，福袋里通常装着款式不一但价值一定高于定价的商品。事实上，在当时的日本，福袋是百货公司处理存货的方式，久而久之，福袋成为了固定节日特有的销售活动，吸引了相当数量的消费者。这样的营销思路延续到了20世纪80年代，便出现了售卖手办模型的线下“扭蛋机”。“扭蛋”多集中于二次元、ACG 等领域，时至今日仍然深受二次元爱好者欢迎。\n除日本外，...</p>\n\n<a href=\"https://36kr.com/p/1194642256414977\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d5ed91a6c3e184fb53cd397b83ef738","relate_stocks":{"09992":"泡泡玛特"},"source_url":"https://36kr.com/p/1194642256414977","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129350984","content_text":"何为盲盒\n盲盒起源于日本，早在明治末期，日本的百货公司便会销售福袋，福袋里通常装着款式不一但价值一定高于定价的商品。事实上，在当时的日本，福袋是百货公司处理存货的方式，久而久之，福袋成为了固定节日特有的销售活动，吸引了相当数量的消费者。这样的营销思路延续到了20世纪80年代，便出现了售卖手办模型的线下“扭蛋机”。“扭蛋”多集中于二次元、ACG 等领域，时至今日仍然深受二次元爱好者欢迎。\n除日本外，中国早期的“集卡营销”也可看做盲盒的本土化实践，但这些卡片只能以售卖商品的赠品形式出现。到21世纪，盲盒的概念逐渐成形，以2016年为界，中国的潮玩市场整体快速增长。潮玩，即潮流玩具，主要分为手办、盲盒和 BJD 娃娃，其中盲盒板块已连续三年增长加速，在2019年达到了顶峰。伴随着潮玩市场的规模上升，主打盲盒的潮玩公司泡泡玛特已成长为千亿市值的企业，站在了潮玩行业的风口。泡泡玛特\nPOP MART 泡泡玛特成立于2010年，主要业务是售卖包含自主开发商品与国内外知名潮流品牌的盲盒、二次元周边、BJD 娃娃、IP 衍生品等多品类商品。目前，泡泡玛特已经成功拥有了85个运营 IP，包括 Molly、Pucky 等热门 IP。2020年12月11日，泡泡玛特成功在香港上市，市值突破千亿港元，成为当前中国最大的潮流玩具公司之一。\n在国内市场大获成功的同时，泡泡玛特也在国际市场迈出了坚定的步伐，海外业务已遍布20多个国家和地区，包括中国港澳台地区、日韩、东南亚、澳洲、北美和欧洲等。业务覆盖海外线上和线下渠道，线上已开拓了日本、韩国、法国以及海外官方店铺，线下成功已进入韩国、新加坡等国，全球布局不断扩展。出海日韩\n2020年9月5日，泡泡玛特首家海外直营店于韩国首尔开业，在疫情肆虐的情况下，落户韩国实属不易，疫情增加了更多的不确定性，泡泡玛特不得不放慢出海的脚步。关于为何选择韩国首尔，泡泡玛特海外事业中心副总裁文德一在接收北京青年报记者采访时就表示，他们对全球200多个国家和地区做了分析，从经济水平、可支配收入、还有文化消费者的喜好度，按照优先排序等级，韩国排名很靠前。\n事实上，韩国的盲盒产品近几年也是佳作频出，已经占据了很大一部分市场。例如，黏黏怪物研究所、RICO、BT21、Circus BoyBand等众多大热IP。要在这样一个已经成熟的市场站稳脚跟，极具挑战性。韩国消费者对流行很敏感，眼光挑剔，较排斥外来品牌，如果能够受到韩国消费者的喜爱，更有助于泡泡玛特开拓海外市场。\n同年8月7日，泡泡玛特首家日本直营快闪店POP UP SHOP与东京涉谷正式开业，POP UP SHOP引入机器人商店作为创新业务，为顾客提供快捷便利的购物体验，以快速的打开当地市场，此举表明泡泡玛特正式宣告进入日本。与韩国、中国相比，日本的潮玩市场起步早，以扭蛋和盒蛋为主。扭蛋玩具已在日本面世60年，万代（Bandai）是日本最大的玩具厂商，产品创新多次引发热潮。日本的潮玩市场占有率高于韩国，且拥有大量大热IP，泡泡玛特要在日本打下一片天地，仍有很多困难。除此之外，泡泡玛特出海还面临着不同国家安全检测认证问题，每个国家对玩具产品的材料、产品品质、材质、大小以及气味等有不同的检测要求，在进入海外市场时，泡泡玛特必须要先符合这些安全检测认证。同时，泡泡玛特也面临着激烈的市场竞争。年初，TOP TOY的潮玩浪潮火到了日本，《日本经济新闻》评价其“正强势崛起，抢滩年轻消费市场”。而国内还有52toys，ip小站、酷乐潮玩、盲盒星球、潮玩家、着魔、千岛等一批竞争者飞速发展，国内外潮玩参与者在抢占国内市场的同时，对国际市场虎视眈眈，泡泡玛特面临的市场竞争将会逐渐激烈。目前，泡泡玛特在韩国已用于较成熟的市场，潮玩领域的海外受众人群和中国的受众人群相似度很高，皆为Z世代（即在1995-2009年间出生的人），这也是泡泡玛特开拓海外市场的优势。此外，泡泡玛特也在尝试通过IP合作的方式提升海外市场对中国潮玩的接受度，推动与本土艺术家合作，以快速获得本地市场的接受度。发展策略上，泡泡玛特的部分系列选择了海外首发，如在韩国首发的Dimoo社会大学系列盲盒，在日本首发的限定 LABUBU 招财猫吊卡等，以调动潮玩爱好者的热情。\n除日韩外，由于东南亚地区的文化接受度、消费习惯以及喜好与国内相似度较高，且东南亚整体经济发展不断上升，是泡泡玛特开拓海外市场的另一重点区域。2021年初，泡泡玛特已在新加坡成立合资公司，第二家海外旗舰店入驻新加坡FUNAN商场。显然，进军新加坡是打开东南亚市场的第一步，对其开拓海外业务有重大意义。","news_type":1},"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372503397,"gmtCreate":1619225086919,"gmtModify":1634287669771,"author":{"id":"3558691613078281","authorId":"3558691613078281","name":"Biby","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558691613078281","authorIdStr":"3558691613078281"},"themes":[],"htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372503397","repostId":"2129835131","repostType":4,"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":372500867,"gmtCreate":1619224995259,"gmtModify":1634287671535,"author":{"id":"3558691613078281","authorId":"3558691613078281","name":"Biby","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558691613078281","authorIdStr":"3558691613078281"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/QLYS\">$科力斯(QLYS)$</a>天啊不错噢","text":"$科力斯(QLYS)$天啊不错噢","images":[{"img":"https://static.tigerbbs.com/d662b9deb485c361218385059ce120fc","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355368856","isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":355363504,"gmtCreate":1617029153408,"gmtModify":1634523026229,"author":{"id":"3558691613078281","authorId":"3558691613078281","name":"Biby","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558691613078281","authorIdStr":"3558691613078281"},"themes":[],"htmlText":"可持有长久吗？","listText":"可持有长久吗？","text":"可持有长久吗？","images":[{"img":"https://static.tigerbbs.com/1207b30a02515ede07c5a1209d18c4aa","width":"1125","height":"3029"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355363504","isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":356753814,"gmtCreate":1616818954938,"gmtModify":1634523829446,"author":{"id":"3558691613078281","authorId":"3558691613078281","name":"Biby","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558691613078281","authorIdStr":"3558691613078281"},"themes":[],"htmlText":"好消息吗？","listText":"好消息吗？","text":"好消息吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356753814","repostId":"1144404831","repostType":4,"repost":{"id":"1144404831","pubTimestamp":1616807767,"share":"https://www.laohu8.com/m/news/1144404831?lang=&edition=full","pubTime":"2021-03-27 09:16","market":"hk","language":"zh","title":"雷军食言，小米真是一家重视研发的公司吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1144404831","media":"极点商业","summary":"“小米今年科研投入超过100亿元，是科创板所有上市公司研发成本总和的一半。”\n\n2020年9月17日的中关村论坛上，雷军披露小米研发投入时，再次如此承诺：在所有上市和未上市的高科技公司中，也能进入前2","content":"<blockquote>\n “小米今年科研投入超过100亿元，是科创板所有上市公司研发成本总和的一半。”\n</blockquote>\n<p>2020年9月17日的<a href=\"https://laohu8.com/S/000931\">中关村</a>论坛上，雷军披露小米研发投入时，再次如此承诺：在所有上市和未上市的高科技公司中，也能进入前20。</p>\n<p>众所周知，曾将性价比作为自己核心竞争力的小米，迟迟难以走向高端，被外界所诟病以及与<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、华为等相比缺乏竞争力的最根本问题，正是缺少核心技术。</p>\n<p>解决这一软肋、心病的关键，是研发——因此从2020年年初开始，雷军就在多个场合不厌其烦地对外界解释，甚至是公开承诺，小米在研发投入上的快速增长。</p>\n<p><b>显然，雷军食言了。</b></p>\n<p>2021年3月24日，小米集团公布2020年第四季度和全年业绩报告。报告显示，2020年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。</p>\n<p><img src=\"https://static.tigerbbs.com/087441f90526e0734c018d47492c9da6\" tg-width=\"1000\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p>\n<p>多项数据创新高同时，小米2020年第四季度集团收入环比减少2.4%，降至人民币705亿元，其中手机收入环比减少10.4%，销量环比下降了430万部。</p>\n<p>更重要的是，根据财报，<b>小米2020年研发投入为93亿元，并未实现雷军多次承诺的“超百亿元”，在2459亿元的总营收占比中仅为3.78%——其投入、营收占比、半年增幅均不如宣传广告费支出，后者2020年投入145亿元，总营收占比为5.9%，相比上半年104亿元增幅高达63.2%。</b></p>\n<p>实际上，过去几年，小米研发投入在总营收中的占比，从未超过4%。不仅与华为长期10%-15%、<a href=\"https://laohu8.com/S/00763\">中兴通讯</a>2020年14.59%的研发投入占比差距巨大，甚至同样大幅落后于<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>、美团等互联网公司。</p>\n<p>尽管上述公司研发投入数值、占比更大，但<b>在向外界传达的声量上，显然不如雷军和他的小米。</b>那么，小米真有它所宣传的那样，重视研发吗？</p>\n<p><i><b>01、</b></i><b>研发依然是小米的短板</b></p>\n<p>小米创始人团队中，多位有着技术研发背景，但雷军对研发的重视，从相关资料来看始于2014年，和<a href=\"https://laohu8.com/S/QCOM\">高通</a>“翻车”有直接关系。</p>\n<p>2014年，高通推出了自己的第一款64位架构处理器骁龙810，迎来的不是大火，反是因为发热问题，被外界戏称为“火龙810”。</p>\n<p>骁龙810大溃败，直接导致全球手机芯片市场格局大变，间接促成了海思与联发科的崛起，也直接波及当时一票安卓阵营，是LG、<a href=\"https://laohu8.com/S/SNE\">索尼</a>、摩托罗拉的手机业务在高端市场上衰落重要原因之一。同时，华为手机趁势崛起，海思和<a href=\"https://laohu8.com/S/TSM\">台积电</a>也建立起了更为紧密的合作关系。</p>\n<p><img src=\"https://static.tigerbbs.com/9a5a67a0f1a8e0bf164f5ca27916ee57\" tg-width=\"689\" tg-height=\"468\" referrerpolicy=\"no-referrer\"></p>\n<p>骁龙810同样让小米旗舰饱受发热之苦，直接打破小米Note第一次冲击高端的梦想，此后两年让小米饱受国产高端旗舰和线下渠道夹击。相比之下，高通另一大客户<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>放弃骁龙平台，全系采用自研的猎户座芯片，最终化险为夷。</p>\n<p>这让小米意识到，不能将命运全盘交到别人手里。2014年11月，小米和大唐旗下的联芯联合成立了北京松果电子有限公司，花费1亿元向联芯购买平台授权，打造旗下第一款中端处理器澎湃S1。</p>\n<p>不过，架构落伍的S1并没有实现小米的芯片梦，其功耗和通信的严重缺陷，让消费者并不买账。</p>\n<p><b>2015年，研发投入第一次出现在小米业绩报告中。</b>当年研发投入金额为15.12亿元，总营收668亿元。</p>\n<p>2016年开始，低谷中的小米逐渐加大了在研发上的投入，当年投入21亿元，总营收684亿元；2017年，研发投入32亿元，总营收1146亿元；2018年，研发投入58亿元，营收1749亿元；2019年，研发投入75亿元，营收2058亿元。</p>\n<p>2019年4月底，雷军成立技术委员会，任命崔宝秋为集团副总裁、集团技术委员会主席，还在核心管理岗位上任命了14名总经理、副总经理，以突显小米对技术研发的重视。</p>\n<p>此后，<b>雷军不止一次对外强调小米多么在意研发投入，并在<a href=\"https://laohu8.com/S/WB\">微博</a>上将友商进行直接对比</b>：“小米只有十年历史，大家可以查一下友商在十周年时候的研发投入。”言下之意，直指华为。此后有媒体报道称，1998年-1999年，华为销售额达到89亿元，研发费用20亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/73748e8da2fd9958169dc8ce3208ef56\" tg-width=\"600\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>这番言论在引来更多网友吐槽后，雷军很快删除了该微博，并仍强调称：“这对只有十年历史的小米，是个巨大数字。小米敢冲击高端市场，和巨额研发投入密不可分。”</p>\n<p>此后，“重视研发”成为雷军谈得最多的话题之一。2020年8月，小米10周年演讲上，雷军再一次强调小米永不更改的三大铁律：“技术为本、性价比为纲、做最酷的产品”。</p>\n<p><b>客观来看，小米本身在研发投入上的数字，呈逐年增长态势，确实可以看到雷军反复强调的那股“不容易”。</b></p>\n<p>以2020年第二季度为例，在疫情影响下，小米营收增长放缓为3%，但小米研发投入同比增长了26%，在总营收中占比为3.7%。</p>\n<p>不过，可以看出的是，小米在研发投入上确实相当谨慎，至少在过去5年，研发投入在总营收中的占比，始终没有超过4%，不及其在广告、宣传上的投入、支出占比增加幅度。</p>\n<p>值得注意的是，雷军自己也曾说过，研发投入只是一方面，“研发费用的本质不是越多越好，几乎所有的重大创新都是小公司干的”，以此来反驳用户对其研发投入 “低” 的质疑。</p>\n<p>这确实有一定道理。来自小米官方的资料就显示，截至2020年6月底，小米在全球范围授权专利16000余件，5G标准相关申请专利也有3200余件。这个数字，对才成立十年的小米来说并不容易。</p>\n<p><img src=\"https://static.tigerbbs.com/3feda46bd0d4a417eca4fb5d25ef8a39\" tg-width=\"1000\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p>\n<p>另外，从研发结果来看，小米用MIX开创 “全面屏时代”的2016年，研发投入才21亿元。在2020年，小米推出120W有线快充和80W无线快充，1年之内推出三款旗舰手机，打造的无人<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>工厂投入运作。2021年初，又发布了一款四曲面瀑布屏概念手机和隔空充电技术，就连即将在3月29日春节发布会上宣布的GN2传感器，雷军也表示花费了2亿元研发费用……等等，都是小米多年研发投入后的成果。</p>\n<p><i><b>02、</b></i><b>与华为中兴阿里等相比差距巨大</b></p>\n<p>今年2月，雷军透露，2021年小米将在技术研发中加大投入，预计较去年继续增加30%-40%。小米将进一步扩大研发团队规模，今年将在2万名工程师的基础上招募超过5000名工程师。</p>\n<p><b>这是雷军对技术、硬件、软件的态度，再次向外界发声表示重视。</b>根据雷军的说法，5000名工程师招募的重点领域包括：相机影像技术、屏幕显示技术、快速充电/无线充电技术、IoT平台及连接技术、AI及语音智能交互技术、5G6G通讯标准技术、大数据及云服务技术、音频技术、信息化及流程管理系统技术、智能制造装备及系统集成技术。</p>\n<p>不过，小米的现实问题也很明显。<b>在技术是科技企业真正核心竞争力，以及“新基建”政策公布，决策层希望中国互联网企业加大技术投入的大背景下，无论是与华为、<a href=\"https://laohu8.com/S/000063\">中兴通讯</a>等竞争对手，还是阿里、腾讯、百度等互联网厂商相比，其差距巨大</b>——即便小米的研发投入，在2021年达到了130亿-140亿元，其金额和占比都仍太低，甚至不及小米自己2020年所花费的广告宣传费用。</p>\n<p>“研发投入包括人员薪资，还要包括研发的软硬件投入，比如样品测试认证，知识产权许可，其他摊销等。”有业内人士就认为，对体量不同的公司，<b>研发投入的绝对数值并不一定代表公司对研发的重视程度，还要看研发的投入占比。</b></p>\n<p>这一点，在国家高新企业申报标准中也有所规定：</p>\n<blockquote>\n 最近一年销售收入小于5000万元（含）的企业，比例不低于5%；最近一年销售收入在2亿元以上的企业，比例不低于3%。\n</blockquote>\n<p>值得注意的是，根据《对撞派》2020年9月统计表格来看，2018年以来，小米至少有三个季度，其研发投入占比，恰好处于国家高新企业申报标准3%最低比例要求。</p>\n<p>目前，<b>国内研发投入最高的，是曾一度砸锅卖铁做研发的华为。</b>不完全统计数据显示，2015-2019年，华为的研发投入分别为596亿元、764亿元、897亿元、1015亿元、1317亿元——研发投入占比逐年增加后，到2019年研发投入占全年营收的比例已高达15.3%。</p>\n<p>根据华为首席法务官宋柳平的说法，华为每年将收入的10%到15%投入到研发，此前十年累计研发投入约900多亿美元，合计人民币约6000亿元。另外有华为前员工爆料称，华为芯片研发投入占总研发的40%，平均每年需要支出160亿人民币。</p>\n<p>截至2020年，华为从事研究与开发的人员有10.5万名，约占公司总人数的53.4%。截至2020年底，华为在全球范围内持有的有效授权专利超过10万件。其中，发明专利占比90%以上——<b>技术专利拥有量，是外界判断科技企业研发能力、未来前景、商业价值的核心指标之一。</b></p>\n<p><img src=\"https://static.tigerbbs.com/41f3827046390806a208526551aa2ffb\" tg-width=\"550\" tg-height=\"291\" referrerpolicy=\"no-referrer\"></p>\n<p>外界鲜为人知的是，<b>另一家相当重视研发的是中兴通讯。</b>2020年，中兴通讯营收为1014.5亿元，研发人员数量为31747人，同比增长12.18%；研发投入为147.97亿，同比增长17.92%，占总营收比重为14.59%。<b>在营收不如小米情况下，研发投入、研发占比均远远超过小米。</b></p>\n<p>另外，2019年OPPO据称投入100亿研发费用。自2020年起三年内，OPPO还将持续投入500亿研发费用，虽然和小米一样，同样包含了人工智能、AR、智能家居等多个方向，但好歹也超过了小米。</p>\n<p>另外，<b>有至少5家互联网公司在研发上的投入也远超小米。</b>阿里2020年研发投入为545亿元，腾讯为350亿元，百度为195亿元，京东为170亿元，美团为110亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/e239411da49fb91d042848c561366a2b\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p>\n<p><i><b>03、</b></i><b>建立长期技术壁垒重要指标</b></p>\n<p>绝对数值差距之外，从投入占比来看，阿里、腾讯、百度、美团、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>的研发费用率大约为8%、6%、19%、11%、16%，均远超小米的3.78%。稍微例外的是<a href=\"https://laohu8.com/S/JD\">京东</a>，由于京东3C自营收入在GMV中占比较重，其研发投入的营收占比不如上述互联网公司，但京东体系四年累计研发费用投入近600亿元。</p>\n<p><b>和传统PC巨头联想对比，小米研发投入绝对数值此前差不多，但营收占比已逐渐超过了联想。</b><a href=\"https://laohu8.com/S/00992\">联想集团</a>2015-2019财年财报数据显示，其研发费用分别为96.36亿元、93.95亿元、80.09亿元、85.27亿元和94.64亿元，营收占比分别为3.32%、3.16%、2.81%、2.48%和2.63%，<b>大幅波动之后，已经</b><b>达不到国家高新企业申报标准最低要求</b><b>。</b></p>\n<p><img src=\"https://static.tigerbbs.com/beb5d49d6fe5dc1ccf849915b76d7d26\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\"></p>\n<p>联想研发投入占比不符合国家高新企业申报标准</p>\n<p>联想研发投入过低，同样引起了投资者的强烈吐槽。有意思的是，联想集团董事长杨元庆也说过类似雷军的话：“如果联想在科创板上市，将成为科创板中在科技研发方面投入最多的企业，甚至超越科创板前几家企业的总和”。</p>\n<p>但实际上，根据媒体统计，<b>从相关数据来看，科创板市值最高的10家公司，研发投入占营收的比例平均达到了15%。</b>比如人工智能芯片公司<a href=\"https://laohu8.com/S/688256\">寒武纪</a>，其研发投入为2.8亿元，比营收的3倍还要多。</p>\n<p>此外，大疆每年投入的研发费用占营收15%，大疆超过25%的人员均为研发人员。2019年至2020年上半年，<a href=\"https://laohu8.com/S/002594\">比亚迪</a>研发投入共计81.5亿元，研发费用占营收比例为4.5%。</p>\n<p>家电企业也是舍得投入研发的主力军，公开信息显示，2018年主要家电企业中，美的研发投入98亿元,<a href=\"https://laohu8.com/S/000651\">格力电器</a>72亿元,<a href=\"https://laohu8.com/S/600690\">海尔智家</a>则是54亿元，TCL56.71亿元，研发投入占比分别为 3.75%、3.63%、2.94%、5.0%，<b>研发投入占比和小米处于伯仲之间。</b></p>\n<p>“<b>研发投入得多，研发产出不一定就好，但是研发费用占比低，公司的增长就绝对难以持久，比如联想。</b>”业内分析人士就认为，一家公司如果长时间大规模地投入研发，可能短期之内无法得到回报，但却体现了公司的科技含量，更是<b>衡量科技创新类公司能否建立长期技术壁垒的重要指标，尤其是高端市场的竞争中，这至关重要。</b></p>\n<p><img src=\"https://static.tigerbbs.com/8e1a5a94592db7773a8c3ec6e684f182\" tg-width=\"600\" tg-height=\"385\" referrerpolicy=\"no-referrer\"></p>\n<p>实际上，从小米2020年财报数据来看，小米对于高端市场依然缺乏绝对竞争力，其只表示高端智能手机销量近1000万台，与苹果、三星、华为等头部高端阵营依然存在不小的差距。</p>\n<p>从2021年规划来看，小米今年还有多款重要产品上市，同时小米对于芯片研发的方向已经转向了AIoT芯片——业内人士称，面向AIoT市场的芯片很可能就在近日的春季发布会上发布。另外，<b>如果小米确定造车，就目前市场竞争和研发支出来看，小米目前的研发投入远远不足以支撑智能汽车。</b></p>\n<p>无论如何，依靠商业模式、微创新，甚至是广告宣发红极一时、快速增长的企业虽然常见，但任何一家能够在行业保持常青树增长的企业，都是对核心技术真正重视的企业——无论是对小米，还是其他任何企业来说，都是如此。</p>","source":"lsy1583206373163","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雷军食言，小米真是一家重视研发的公司吗？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雷军食言，小米真是一家重视研发的公司吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-27 09:16 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/-3IRaMUylpYO11JovoeJJw><strong>极点商业</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“小米今年科研投入超过100亿元，是科创板所有上市公司研发成本总和的一半。”\n\n2020年9月17日的中关村论坛上，雷军披露小米研发投入时，再次如此承诺：在所有上市和未上市的高科技公司中，也能进入前20。\n众所周知，曾将性价比作为自己核心竞争力的小米，迟迟难以走向高端，被外界所诟病以及与苹果、华为等相比缺乏竞争力的最根本问题，正是缺少核心技术。\n解决这一软肋、心病的关键，是研发——因此从2020年...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/-3IRaMUylpYO11JovoeJJw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/86f79d5592d5d84b1a995379f96a6766","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://mp.weixin.qq.com/s/-3IRaMUylpYO11JovoeJJw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144404831","content_text":"“小米今年科研投入超过100亿元，是科创板所有上市公司研发成本总和的一半。”\n\n2020年9月17日的中关村论坛上，雷军披露小米研发投入时，再次如此承诺：在所有上市和未上市的高科技公司中，也能进入前20。\n众所周知，曾将性价比作为自己核心竞争力的小米，迟迟难以走向高端，被外界所诟病以及与苹果、华为等相比缺乏竞争力的最根本问题，正是缺少核心技术。\n解决这一软肋、心病的关键，是研发——因此从2020年年初开始，雷军就在多个场合不厌其烦地对外界解释，甚至是公开承诺，小米在研发投入上的快速增长。\n显然，雷军食言了。\n2021年3月24日，小米集团公布2020年第四季度和全年业绩报告。报告显示，2020年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n\n多项数据创新高同时，小米2020年第四季度集团收入环比减少2.4%，降至人民币705亿元，其中手机收入环比减少10.4%，销量环比下降了430万部。\n更重要的是，根据财报，小米2020年研发投入为93亿元，并未实现雷军多次承诺的“超百亿元”，在2459亿元的总营收占比中仅为3.78%——其投入、营收占比、半年增幅均不如宣传广告费支出，后者2020年投入145亿元，总营收占比为5.9%，相比上半年104亿元增幅高达63.2%。\n实际上，过去几年，小米研发投入在总营收中的占比，从未超过4%。不仅与华为长期10%-15%、中兴通讯2020年14.59%的研发投入占比差距巨大，甚至同样大幅落后于阿里巴巴、腾讯、百度、美团等互联网公司。\n尽管上述公司研发投入数值、占比更大，但在向外界传达的声量上，显然不如雷军和他的小米。那么，小米真有它所宣传的那样，重视研发吗？\n01、研发依然是小米的短板\n小米创始人团队中，多位有着技术研发背景，但雷军对研发的重视，从相关资料来看始于2014年，和高通“翻车”有直接关系。\n2014年，高通推出了自己的第一款64位架构处理器骁龙810，迎来的不是大火，反是因为发热问题，被外界戏称为“火龙810”。\n骁龙810大溃败，直接导致全球手机芯片市场格局大变，间接促成了海思与联发科的崛起，也直接波及当时一票安卓阵营，是LG、索尼、摩托罗拉的手机业务在高端市场上衰落重要原因之一。同时，华为手机趁势崛起，海思和台积电也建立起了更为紧密的合作关系。\n\n骁龙810同样让小米旗舰饱受发热之苦，直接打破小米Note第一次冲击高端的梦想，此后两年让小米饱受国产高端旗舰和线下渠道夹击。相比之下，高通另一大客户三星放弃骁龙平台，全系采用自研的猎户座芯片，最终化险为夷。\n这让小米意识到，不能将命运全盘交到别人手里。2014年11月，小米和大唐旗下的联芯联合成立了北京松果电子有限公司，花费1亿元向联芯购买平台授权，打造旗下第一款中端处理器澎湃S1。\n不过，架构落伍的S1并没有实现小米的芯片梦，其功耗和通信的严重缺陷，让消费者并不买账。\n2015年，研发投入第一次出现在小米业绩报告中。当年研发投入金额为15.12亿元，总营收668亿元。\n2016年开始，低谷中的小米逐渐加大了在研发上的投入，当年投入21亿元，总营收684亿元；2017年，研发投入32亿元，总营收1146亿元；2018年，研发投入58亿元，营收1749亿元；2019年，研发投入75亿元，营收2058亿元。\n2019年4月底，雷军成立技术委员会，任命崔宝秋为集团副总裁、集团技术委员会主席，还在核心管理岗位上任命了14名总经理、副总经理，以突显小米对技术研发的重视。\n此后，雷军不止一次对外强调小米多么在意研发投入，并在微博上将友商进行直接对比：“小米只有十年历史，大家可以查一下友商在十周年时候的研发投入。”言下之意，直指华为。此后有媒体报道称，1998年-1999年，华为销售额达到89亿元，研发费用20亿元。\n\n这番言论在引来更多网友吐槽后，雷军很快删除了该微博，并仍强调称：“这对只有十年历史的小米，是个巨大数字。小米敢冲击高端市场，和巨额研发投入密不可分。”\n此后，“重视研发”成为雷军谈得最多的话题之一。2020年8月，小米10周年演讲上，雷军再一次强调小米永不更改的三大铁律：“技术为本、性价比为纲、做最酷的产品”。\n客观来看，小米本身在研发投入上的数字，呈逐年增长态势，确实可以看到雷军反复强调的那股“不容易”。\n以2020年第二季度为例，在疫情影响下，小米营收增长放缓为3%，但小米研发投入同比增长了26%，在总营收中占比为3.7%。\n不过，可以看出的是，小米在研发投入上确实相当谨慎，至少在过去5年，研发投入在总营收中的占比，始终没有超过4%，不及其在广告、宣传上的投入、支出占比增加幅度。\n值得注意的是，雷军自己也曾说过，研发投入只是一方面，“研发费用的本质不是越多越好，几乎所有的重大创新都是小公司干的”，以此来反驳用户对其研发投入 “低” 的质疑。\n这确实有一定道理。来自小米官方的资料就显示，截至2020年6月底，小米在全球范围授权专利16000余件，5G标准相关申请专利也有3200余件。这个数字，对才成立十年的小米来说并不容易。\n\n另外，从研发结果来看，小米用MIX开创 “全面屏时代”的2016年，研发投入才21亿元。在2020年，小米推出120W有线快充和80W无线快充，1年之内推出三款旗舰手机，打造的无人智能工厂投入运作。2021年初，又发布了一款四曲面瀑布屏概念手机和隔空充电技术，就连即将在3月29日春节发布会上宣布的GN2传感器，雷军也表示花费了2亿元研发费用……等等，都是小米多年研发投入后的成果。\n02、与华为中兴阿里等相比差距巨大\n今年2月，雷军透露，2021年小米将在技术研发中加大投入，预计较去年继续增加30%-40%。小米将进一步扩大研发团队规模，今年将在2万名工程师的基础上招募超过5000名工程师。\n这是雷军对技术、硬件、软件的态度，再次向外界发声表示重视。根据雷军的说法，5000名工程师招募的重点领域包括：相机影像技术、屏幕显示技术、快速充电/无线充电技术、IoT平台及连接技术、AI及语音智能交互技术、5G6G通讯标准技术、大数据及云服务技术、音频技术、信息化及流程管理系统技术、智能制造装备及系统集成技术。\n不过，小米的现实问题也很明显。在技术是科技企业真正核心竞争力，以及“新基建”政策公布，决策层希望中国互联网企业加大技术投入的大背景下，无论是与华为、中兴通讯等竞争对手，还是阿里、腾讯、百度等互联网厂商相比，其差距巨大——即便小米的研发投入，在2021年达到了130亿-140亿元，其金额和占比都仍太低，甚至不及小米自己2020年所花费的广告宣传费用。\n“研发投入包括人员薪资，还要包括研发的软硬件投入，比如样品测试认证，知识产权许可，其他摊销等。”有业内人士就认为，对体量不同的公司，研发投入的绝对数值并不一定代表公司对研发的重视程度，还要看研发的投入占比。\n这一点，在国家高新企业申报标准中也有所规定：\n\n 最近一年销售收入小于5000万元（含）的企业，比例不低于5%；最近一年销售收入在2亿元以上的企业，比例不低于3%。\n\n值得注意的是，根据《对撞派》2020年9月统计表格来看，2018年以来，小米至少有三个季度，其研发投入占比，恰好处于国家高新企业申报标准3%最低比例要求。\n目前，国内研发投入最高的，是曾一度砸锅卖铁做研发的华为。不完全统计数据显示，2015-2019年，华为的研发投入分别为596亿元、764亿元、897亿元、1015亿元、1317亿元——研发投入占比逐年增加后，到2019年研发投入占全年营收的比例已高达15.3%。\n根据华为首席法务官宋柳平的说法，华为每年将收入的10%到15%投入到研发，此前十年累计研发投入约900多亿美元，合计人民币约6000亿元。另外有华为前员工爆料称，华为芯片研发投入占总研发的40%，平均每年需要支出160亿人民币。\n截至2020年，华为从事研究与开发的人员有10.5万名，约占公司总人数的53.4%。截至2020年底，华为在全球范围内持有的有效授权专利超过10万件。其中，发明专利占比90%以上——技术专利拥有量，是外界判断科技企业研发能力、未来前景、商业价值的核心指标之一。\n\n外界鲜为人知的是，另一家相当重视研发的是中兴通讯。2020年，中兴通讯营收为1014.5亿元，研发人员数量为31747人，同比增长12.18%；研发投入为147.97亿，同比增长17.92%，占总营收比重为14.59%。在营收不如小米情况下，研发投入、研发占比均远远超过小米。\n另外，2019年OPPO据称投入100亿研发费用。自2020年起三年内，OPPO还将持续投入500亿研发费用，虽然和小米一样，同样包含了人工智能、AR、智能家居等多个方向，但好歹也超过了小米。\n另外，有至少5家互联网公司在研发上的投入也远超小米。阿里2020年研发投入为545亿元，腾讯为350亿元，百度为195亿元，京东为170亿元，美团为110亿元。\n\n03、建立长期技术壁垒重要指标\n绝对数值差距之外，从投入占比来看，阿里、腾讯、百度、美团、拼多多的研发费用率大约为8%、6%、19%、11%、16%，均远超小米的3.78%。稍微例外的是京东，由于京东3C自营收入在GMV中占比较重，其研发投入的营收占比不如上述互联网公司，但京东体系四年累计研发费用投入近600亿元。\n和传统PC巨头联想对比，小米研发投入绝对数值此前差不多，但营收占比已逐渐超过了联想。联想集团2015-2019财年财报数据显示，其研发费用分别为96.36亿元、93.95亿元、80.09亿元、85.27亿元和94.64亿元，营收占比分别为3.32%、3.16%、2.81%、2.48%和2.63%，大幅波动之后，已经达不到国家高新企业申报标准最低要求。\n\n联想研发投入占比不符合国家高新企业申报标准\n联想研发投入过低，同样引起了投资者的强烈吐槽。有意思的是，联想集团董事长杨元庆也说过类似雷军的话：“如果联想在科创板上市，将成为科创板中在科技研发方面投入最多的企业，甚至超越科创板前几家企业的总和”。\n但实际上，根据媒体统计，从相关数据来看，科创板市值最高的10家公司，研发投入占营收的比例平均达到了15%。比如人工智能芯片公司寒武纪，其研发投入为2.8亿元，比营收的3倍还要多。\n此外，大疆每年投入的研发费用占营收15%，大疆超过25%的人员均为研发人员。2019年至2020年上半年，比亚迪研发投入共计81.5亿元，研发费用占营收比例为4.5%。\n家电企业也是舍得投入研发的主力军，公开信息显示，2018年主要家电企业中，美的研发投入98亿元,格力电器72亿元,海尔智家则是54亿元，TCL56.71亿元，研发投入占比分别为 3.75%、3.63%、2.94%、5.0%，研发投入占比和小米处于伯仲之间。\n“研发投入得多，研发产出不一定就好，但是研发费用占比低，公司的增长就绝对难以持久，比如联想。”业内分析人士就认为，一家公司如果长时间大规模地投入研发，可能短期之内无法得到回报，但却体现了公司的科技含量，更是衡量科技创新类公司能否建立长期技术壁垒的重要指标，尤其是高端市场的竞争中，这至关重要。\n\n实际上，从小米2020年财报数据来看，小米对于高端市场依然缺乏绝对竞争力，其只表示高端智能手机销量近1000万台，与苹果、三星、华为等头部高端阵营依然存在不小的差距。\n从2021年规划来看，小米今年还有多款重要产品上市，同时小米对于芯片研发的方向已经转向了AIoT芯片——业内人士称，面向AIoT市场的芯片很可能就在近日的春季发布会上发布。另外，如果小米确定造车，就目前市场竞争和研发支出来看，小米目前的研发投入远远不足以支撑智能汽车。\n无论如何，依靠商业模式、微创新，甚至是广告宣发红极一时、快速增长的企业虽然常见，但任何一家能够在行业保持常青树增长的企业，都是对核心技术真正重视的企业——无论是对小米，还是其他任何企业来说，都是如此。","news_type":1},"isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356750578,"gmtCreate":1616818868794,"gmtModify":1631891208999,"author":{"id":"3558691613078281","authorId":"3558691613078281","name":"Biby","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558691613078281","authorIdStr":"3558691613078281"},"themes":[],"htmlText":"<a 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