??? ? 不知道該用好了傷疤忘了疼還是用什么詞匯來(lái)形容，因?yàn)橹信d通訊之痛應(yīng)該是還沒(méi)有過(guò)去。但小編看到這么多粉絲在歡呼雷軍的小米成長(zhǎng)要出嫁，香港上市估值可能到1000億美元，而且要作為獨(dú)角獸回歸A股。A股真的需要小米這樣的無(wú)核心專利的平臺(tái)公司嗎？反正小編覺(jué)得不管是估值高低，千萬(wàn)別回來(lái)，因?yàn)檫@是導(dǎo)向問(wèn)題。

??? 如果說(shuō)中興通訊等企業(yè)輸在核心技術(shù)上，那么如果和中興通訊比，小米在核心技術(shù)上可能幾乎可以說(shuō)忽略不計(jì)，下面是大家都可以在網(wǎng)上找到的統(tǒng)計(jì)數(shù)據(jù)。

??? 事實(shí)上，愛(ài)立信已經(jīng)在印度起訴了小米，而此前也曾經(jīng)報(bào)道華為會(huì)起訴小米，后來(lái)雖然沒(méi)成真，但專利永遠(yuǎn)是小米頭上的刀。有人問(wèn)，那為什么小米能做到這么大的量呢，其實(shí)，很多人不知道，這其實(shí)是高通在幫助小米這樣的企業(yè)，高通是智能手機(jī)芯片的領(lǐng)頭羊，高通是他們的保護(hù)傘，大概沒(méi)什么手機(jī)生產(chǎn)企業(yè)可以沒(méi)高通的專利授權(quán)做出手機(jī)來(lái)，而此前，高通對(duì)于手機(jī)企業(yè)的授權(quán)有一種叫做反向授權(quán)的協(xié)議，什么意思呢，就是他授權(quán)給你專利，你必須把你的專利全部授權(quán)給他，所以事實(shí)上就是所有用高通專利的企業(yè)都可以獲得所有的專利。舉個(gè)栗子，高通授權(quán)華為使用專利，華為付錢，然后高通可以把華為的專利也授權(quán)給小米，小米用華為的專利華為也只能不出聲。后來(lái)，在中國(guó)和高通達(dá)成的協(xié)議中有一項(xiàng)核心整改措施是要求高通放棄“免費(fèi)反向許可”。但是，大家知道高通是手機(jī)行業(yè)芯片老大.....。

????? 但是，小編覺(jué)得，小米無(wú)疑已經(jīng)是華為的競(jìng)爭(zhēng)對(duì)手，總有一天，華為等會(huì)向小米專利開(kāi)刀！

???? 其實(shí)，小編和大家一樣都一直想一個(gè)問(wèn)題，真牛逼的應(yīng)該打回美國(guó)去才是牛B，比如華為中興，雖然華為中興沒(méi)能站穩(wěn)美國(guó)，但記住，不是因?yàn)榧夹g(shù)，而是因?yàn)槟闾珔柡Α６鵀槭裁葱∶撞蝗ッ绹?guó)呢，小編找到這篇Business insider的文章解釋得比較清楚。

• Xiaomi entered the US with a wide array of accessories, but no smartphones.

• Xiaomi's patent portfolio has been growing steadily over the past few years.

• The company's focus remains on India and China for now, but it's creeping towards the western market.

  【機(jī)器翻譯】
  

???? 小米用各種各樣的配件進(jìn)入美國(guó)，但沒(méi)有智能手機(jī)。
???? 過(guò)去幾年中，小米的專利組合穩(wěn)步增長(zhǎng)。
???? 目前該公司的重點(diǎn)仍然在印度和中國(guó)，但它正在向西方市場(chǎng)蔓延。

So, why didn’t Xiaomi launch smartphones?

The primary reasons restricting Xiaomi from launching smartphones ?could be the unfledged patent and carrier relationships as well as ?in-process customisations to address the US marketplace.

Unlike India and China, patent enforcement procedures in the US are ?strict. Also, phones are sold through carriers in the US. To tackle ?this, Xiaomi has been working towards building its patent war chest. ?This will help the company avoid patent disputes in the long run.

To recall, in 2015, the company faced a patent ?lawsuit by Blue Spike ?over its Mi 5 and Mi 5 Plus smartphones in the U.S.To avoid such ?instances, Xiaomi is constantly partnering with important companies like ?Qualcomm, Microsoft, and Nokia. ?

In January 2018, ?Xiaomi had 786 patents in the US, which is the second highest for the company, after China. ?

The other issue is with carrier partners. Phones in the US are ?mostly sold through carriers, which adds an additional go to market ?hurdle for manufacturers. Xiaomi’s business model revolves around high ?performance products, sold at low prices. It might be more difficult to ?maintain this model under the carrier driven system.

There ?are many buyers that purchase phones from service providers like ?Verizon, Sprint or T-Mobile rather than buying unlocked phones. ?

Coming from China brings another diplomatic complication for the company as well. Most recently, Huawei Technologies ?was scrutinised ?and put under supervision citing concerns about possible spying on US ?officials. Amid the controversy, six top US intelligence officials ?advised Americans to avoid using their products or services.

So, it is essential for Xiaomi to navigate through potential ?concerns from US authorities and intelligence officials. This will help ?the company evade legal troubles and delaying Xiaomi’s its American ?dream. Xiaomi has never said no to the US market and has been slowly ?creeping towards it, but for now, its focus remains on markets like ?China and India, where it has an established market presence.

Before ?making any assumptions, we must consider that the US market is ?disparate to the India and the China markets in many ways. It’s a wise ?move to put controlled investment in such an important market, ?especially when it does not mix well with the company’s existing ?business model.

It’s not about hesitancy, but more about understanding the market and taking conscious business decisions in accordance with it.

那么，小米為什么不推出智能手機(jī)？

限制小米推出智能手機(jī)的主要原因可能是未完成的專利和運(yùn)營(yíng)商關(guān)系以及用于解決美國(guó)市場(chǎng)的進(jìn)程中定制問(wèn)題。

與印度和中國(guó)不同，美國(guó)的專利執(zhí)法程序非常嚴(yán)格。另外，手機(jī)通過(guò)美國(guó)的運(yùn)營(yíng)商銷售。為了解決這個(gè)問(wèn)題，小米一直在努力構(gòu)建專利戰(zhàn)爭(zhēng)胸部。這將有助于公司避免長(zhǎng)期的專利糾紛。

回想一下，在2015年，該公司面臨Blue Spike對(duì)美國(guó)Mi 5和Mi 5 Plus智能手機(jī)的專利訴訟。為避免此類情況，小米不斷與高通，微軟和諾基亞等重要公司合作。

2018年1月，小米在美國(guó)擁有786項(xiàng)專利，是繼中國(guó)之后的第二高。

另一個(gè)問(wèn)題是與運(yùn)營(yíng)商合作伙伴。美國(guó)的手機(jī)大多通過(guò)運(yùn)營(yíng)商銷售，這為制造商增加了額外的市場(chǎng)障礙。小米的商業(yè)模式圍繞高性能產(chǎn)品展開(kāi)，以低價(jià)出售。在運(yùn)營(yíng)商驅(qū)動(dòng)的系統(tǒng)下維護(hù)這個(gè)模型可能會(huì)更困難。

有很多買家從Verizon，Sprint或T-Mobile等服務(wù)提供商手中購(gòu)買手機(jī)，而不是購(gòu)買解鎖手機(jī)。

來(lái)自中國(guó)也給公司帶來(lái)了另一個(gè)外交復(fù)雜化。最近，華為技術(shù)公司受到關(guān)注，可能對(duì)美國(guó)官員進(jìn)行間諜活動(dòng)進(jìn)行了監(jiān)督和監(jiān)督。在這場(chǎng)爭(zhēng)論中，美國(guó)六位高層情報(bào)官員建議美國(guó)人避免使用他們的產(chǎn)品或服務(wù)。

因此，小米必須通過(guò)美國(guó)當(dāng)局和情報(bào)官員的潛在關(guān)切。這將有助于公司逃避法律糾紛并延緩小米的美國(guó)夢(mèng)。小米從來(lái)沒(méi)有對(duì)美國(guó)市場(chǎng)說(shuō)不，也一直在緩慢地向它邁進(jìn)，但現(xiàn)在，它的重點(diǎn)仍然放在像中國(guó)和印度這樣的市場(chǎng)上，在那里它已經(jīng)建立了市場(chǎng)。

在作出任何假設(shè)之前，我們必須考慮到美國(guó)市場(chǎng)在很多方面與印度和中國(guó)市場(chǎng)不同。在這樣一個(gè)重要市場(chǎng)進(jìn)行控制性投資是一個(gè)明智的舉措，尤其是當(dāng)它不能與公司現(xiàn)有的業(yè)務(wù)模式相匹配時(shí)。

這不是關(guān)于猶豫，而是關(guān)于理解市場(chǎng)并根據(jù)它做出有意識(shí)的商業(yè)決策。

Xiaomi ?has been surprising the consumer electronic industry with its ?innovative and affordable products since its inception Founded in 2010, ?the startup quickly ?became smartphone leader in the Chinese market. Its success was ?attributed to its innovative e-commerce tactics — gave it a kind of ?first mover advantage, ?and rise in the demand for smartphones. The success party, however, ?didn’t last long as other started using the same tactics and rolled ?products with similar feature and price range.

As a result, it lost its Chinese market ?share of smartphone to companies like Oppo, Vivo, and Huawei. Xiaomi ?soon realized that the Chinese smartphone market has become saturated ?and in order to keep the pace of growth, it needs to expand globally ?into markets that are yet to be saturated.

Hence started Xiaomi’s global expansion ?plan which has been in an on-going mode for quite some time. The journey ?of Xiaomi by now has not been smooth by any measure and faced a lot of ?challenges. Also, Xiaomi implemented new business strategies along the ?way. An account of all of this we have brought in this article for you.

The table of content below will give you ?an idea of what insight you will get regarding Xiaomi’s business ?strategy from the article. Click on any of the headings below to jump to ?a particular section.

自創(chuàng)立以來(lái)，小米一直以消費(fèi)電子行業(yè)的創(chuàng)新和價(jià)格低廉的產(chǎn)品令人驚訝

這家創(chuàng)業(yè)公司成立于2010年，很快成為中國(guó)市場(chǎng)的智能手機(jī)領(lǐng)導(dǎo)者。它的成功歸功于其創(chuàng)新的電子商務(wù)策略 - 賦予其先發(fā)優(yōu)勢(shì)，并增加對(duì)智能手機(jī)的需求。然而，成功的一方并未持續(xù)太久，因?yàn)槠渌鹃_(kāi)始使用具有相似特性和價(jià)格范圍的相同策略和軋制產(chǎn)品。

因此，它向OPPO，Vivo和華為等公司喪失了中國(guó)市場(chǎng)的智能手機(jī)市場(chǎng)份額。小米很快意識(shí)到中國(guó)智能手機(jī)市場(chǎng)已經(jīng)飽和，為了保持增長(zhǎng)速度，它需要在全球范圍內(nèi)擴(kuò)展到尚未飽和的市場(chǎng)。

因此啟動(dòng)了小米的全球擴(kuò)張計(jì)劃，該計(jì)劃在相當(dāng)長(zhǎng)一段時(shí)間內(nèi)一直處于持續(xù)模式。目前小米的旅程并不平坦，面臨諸多挑戰(zhàn)。此外，小米一路實(shí)施了新的業(yè)務(wù)戰(zhàn)略。我們已經(jīng)為您帶來(lái)了這篇文章中的所有這些內(nèi)容。

下面的內(nèi)容表格會(huì)讓您了解您將從文章中了解到小米的業(yè)務(wù)戰(zhàn)略。點(diǎn)擊下面的任何標(biāo)題跳轉(zhuǎn)到特定部分。

Biggest Hurdle in Xiaomi’s Global Expansion Plan: Patent Lawsuits In India, Xiaomi faced its first setback when the Delhi High Court issued a?temporary order?and ?blocked Xiaomi and its distributor Flipkart from importing, marketing ?and selling smartphones that were infringing Ericsson’s eight patents. ?It was one of the biggest lawsuits that Xiaomi faced from a big ?company. ?

Similarly, in the USA, it received a not-so-warm welcome with a patent?lawsuit by Blue Spike?over its upcoming devices MI 5 and MI 5 plus.

Even in its home country, China, Xiaomi couldn’t avoid patent ?lawsuits. The recent allegations of Yulong Computer Communications ?Technology (Shenzhen) Co. Ltd,? owned by Coolpad Group, has put Xiaomi ?in another lawsuit for ?infringing Coolpad’s 3 patents related to smartphone app icon ?management and other UI elements. The lawsuit was filed on 26 January ?2018 in?Guangdong Province Shenzhen Intermediate People’s Court.

Though ?Xiaomi yearns for global expansion, it lacked a strong patent portfolio. ?And to top it all, most of its products resemble other existing ?products; for example, critics like Damien of?Knowyourmobile?refers to Mi4 as massive iPhone5s.

These all factors in unison made it imperative for Xiaomi to boost its patent portfolio ?by acquiring third-party patents – which was long anticipated. ?Broadcom, a semiconductor company based out of the US, transferred 19 ?patents to Xiaomi, pinpoints?an assignment?of the USPTO.

With all these factors in mind, and to ?answer few questions that were in our curious head, we accessed the ?patent portfolio of Xiaomi, which has been filing patents since 2009, to ?see what the Chinese Apple is up to in term of innovation.

1小米全球擴(kuò)張計(jì)劃中最大的障礙：專利訴訟

在印度，小米在德里高等法院發(fā)布臨時(shí)命令時(shí)面臨第一次挫折，并阻止小米及其經(jīng)銷商Flipkart進(jìn)口，銷售和銷售侵犯愛(ài)立信八項(xiàng)專利的智能手機(jī)。這是小米在一家大公司面臨的最大訴訟之一。

同樣，在美國(guó)，它受到了Blue Spike專利訴訟對(duì)其即將推出的設(shè)備MI 5和MI 5的熱烈歡迎。

即使在其母國(guó)中國(guó)，小米也無(wú)法避免專利訴訟。近日，酷派集團(tuán)旗下的宇龍計(jì)算機(jī)通訊技術(shù)（深圳）有限公司宣稱，小米因涉嫌侵犯酷派3項(xiàng)與智能手機(jī)應(yīng)用程序圖標(biāo)管理及其他UI元素有關(guān)的專利而遭受另一起訴訟。該起訴于2018年1月26日在廣東省深圳市中級(jí)人民法院提起。

盡管小米渴望全球擴(kuò)張，但缺乏強(qiáng)大的專利組合。而最重要的是，其大部分產(chǎn)品都與其他現(xiàn)有產(chǎn)品相似;比如像Knowyourmobile的達(dá)米安（Damien of Knowyourmobile）這樣的批評(píng)家將Mi4稱為巨型iPhone5。

這些所有因素的統(tǒng)一使得小米通過(guò)收購(gòu)第三方專利來(lái)提高其專利組合勢(shì)在必行。?Broadcom是一家總部位于美國(guó)的半導(dǎo)體公司，向小米轉(zhuǎn)讓了19項(xiàng)專利，確定了USPTO的任務(wù)。

考慮到所有這些因素，并回答了我們好奇的幾個(gè)問(wèn)題，我們?cè)L問(wèn)了自2009年以來(lái)一直在申請(qǐng)專利的小米專利組合，以了解中國(guó)蘋(píng)果在創(chuàng)新方面的表現(xiàn)。

How Many Patents Does Xiaomi Have?

Xiaomi has more than 6900 patents in their portfolio globally with ?more than 80% patent filed in China. Though their patent portfolio has ?patents from 1996, Xiaomi filed its first patent in 2010.

Here’s a chart showing how Xiaomi’s patent filing grew?over the course of past few years:

小米在全球擁有6900多項(xiàng)專利，在中國(guó)擁有超過(guò)80％的專利。 雖然他們的專利組合擁有自1996年以來(lái)的專利，但小米在2010年提交了其第一項(xiàng)專利。

下面的圖表顯示了小米在過(guò)去幾年中專利申請(qǐng)的增長(zhǎng)情況：

All ?of the 336 patents appearing in its portfolio before 2010, were ?the?result of patent acquisitions and were?mostly of the US origin. We ?got curious and decided to dig deep to see the origin of these patents. ?Our analysis revealed that out of these 336 patents, Intel Corporation ?was the original owner of the 320 patents.

Let’s zoom in to have a closer view of Xiaomi’s patent portfolio. The chart below highlights Xiaomi’s patent filing activity:

2010年之前，所有336項(xiàng)專利都出現(xiàn)在其投資組合中，是專利收購(gòu)的結(jié)果，主要來(lái)自美國(guó)。 我們很好奇，決定深入挖掘這些專利的起源。 我們的分析顯示，在這336項(xiàng)專利中，英特爾公司是320項(xiàng)專利的原始擁有者。
讓我們放大以仔細(xì)查看小米的專利組合。?下面的圖表突出了小米的專利申請(qǐng)活動(dòng)：

Between Xiaomi’s dream to penetrate the US and other global markets, ?the biggest roadblock was a thin patent portfolio. In house, patent ?filing was not a viable option as it might have taken another decade to ?build a considerable patent portfolio. Xiaomi strategy hence included ?patent acquisition alongside with in-house patent filing.

Xiaomi filed its first two patents on ?27th?Dec?2010. The third patent of 2010 in Xiaomi’s portfolio was ?originally filed by China Academy of Telecommunication Technology.? ?Other than 3 Chinese patents, Xiaomi also has 8 US patents dating back ?to 2010, which originally belonged to LSI Corporation (which was ?acquired by Avago Technologies in 2013, which later merged with Broadcom ?Corp).

In 2011, Xiaomi added 58 patents to its ?portfolio. Out of these 58, 14 patents belonged to Broadcom Corp (more ?details in a later section) and the rest were filed by Xiaomi itself.

With 294 patents, Xiaomi’s patent filing ?almost skyrocketed in 2012. Out of these 294, most of the patents are ?the result of their patent acquisition deals. Three out of these patents ?were acquired from Broadcom Corp, and few of the rest were filed by ?Xiaomi in China.

In 2013, Xiaomi’s patent filing kept a ?rising trend. The Millet Company filed 723 patents that year. In 2014, ?Xiaomi beefed up its patent arsenal by adding 1622 patents, hundreds of ?which were a result of various patent acquisition deals (more details ?below in the acquisition section).

? 在小米進(jìn)入美國(guó)和其他全球市場(chǎng)的夢(mèng)想之間，最大的障礙是薄弱的專利組合。在內(nèi)部，專利申請(qǐng)不是一個(gè)可行的選擇，因?yàn)樗赡苄枰硗馐瓴拍芙⒁粋€(gè)可觀的專利組合。因此小米戰(zhàn)略包括專利申請(qǐng)以及內(nèi)部專利申請(qǐng)。

??? 小米于2010年12月27日提交了前兩項(xiàng)專利。小米2010年第三項(xiàng)專利由中國(guó)電信科學(xué)院提出。除了3項(xiàng)中國(guó)專利外，小米還擁有可追溯至2010年的8項(xiàng)美國(guó)專利，該專利最初屬于LSI Corporation（2013年被Avago Technologies收購(gòu)，后來(lái)與Broadcom Corp合并）。

2011年，小米在其投資組合中增加了58項(xiàng)專利。在這58項(xiàng)專利中，有14項(xiàng)專利屬于Broadcom公司（詳見(jiàn)后面的部分），其余的則由小米自己提交。

??? 擁有294項(xiàng)專利，小米的專利申請(qǐng)?jiān)?012年幾乎飆升。在這294項(xiàng)中，大部分專利都是其專利收購(gòu)交易的結(jié)果。這些專利中有三項(xiàng)是從Broadcom公司手中收購(gòu)的，其余的小部分則由小米在中國(guó)提交。

2013年，小米的專利申請(qǐng)量保持上升趨勢(shì)。?Millet公司當(dāng)年申請(qǐng)了723項(xiàng)專利。?2014年，小米通過(guò)增加1622項(xiàng)專利加強(qiáng)了其專利技術(shù)，其中數(shù)百項(xiàng)是各項(xiàng)專利收購(gòu)交易的結(jié)果（更多細(xì)節(jié)見(jiàn)收購(gòu)章節(jié)）。

“我們正在為防御目的建立自己的專利組合，因?yàn)槟惚仨殦碛羞@些。 把它看作是一種戰(zhàn)爭(zhēng)胸部。我們已經(jīng)申請(qǐng)了2000多項(xiàng)專利，這實(shí)際上是很多的，我們正在獲得專利“，Hugo Bara在他接受彭博采訪時(shí)說(shuō)。

In 2015, Xiaomi further added 3136 patents into its portfolio. Our ?data shows that this year Xiaomi has added 808 more patents in its ?portfolio.

Please note that for the year 2014, 2015, and 2016, most of the ?Xiaomi’s patents (filed and acquired) have not been published yet. A ?screenshot of the presentation released by Hugo Barra on Facebook points ?filing 2045 and 3738 patents in the years 2014 and 2015. Comparing it ?with available data, we can see that 400+ patents of 2014 and 600+ of ?2015 haven’t been published yet. However, we are keeping an eye on it ?and will keep you updated.

2015年，小米進(jìn)一步增加了3136項(xiàng)專利。 我們的數(shù)據(jù)顯示，今年小米在其投資組合中增加了808多項(xiàng)專利。

請(qǐng)注意，2014年，2015年和2016年，小米的大部分專利（已申請(qǐng)和已獲得）尚未公布。 ?Hugo ?Barra在Facebook上發(fā)布的演示屏幕截圖指出，2014年和2015年的專利數(shù)分別為2045和3738.與現(xiàn)有數(shù)據(jù)相比，我們可以看到，2014年的400多項(xiàng)專利和2015年的600多項(xiàng)專利尚未發(fā)布。 ?但是，我們正在關(guān)注它并會(huì)保持更新。

Which Countries, other than China, Xiaomi is filing patents in?

The chart below represents the ?geographical distribution of Xiaomi’s patent portfolio. These are the ?countries where Xiaomi has filed patents in:

下表顯示了小米專利組合的地理分布。 這些是小米在以下國(guó)家申請(qǐng)專利的國(guó)家：

Xiaomi has majority of their patents, 6433 to be precise, in China. ?After China, the USA is?the top second country where Xiaomi has 786 ?patents in its portfolio. The increase in number of US patents is an ?indication of Xiaomi’s increased efforts to enter?the US market.

小米在中國(guó)擁有大部分專利，其中6433是準(zhǔn)確的。?在中國(guó)之后，美國(guó)是小米第二大擁有786項(xiàng)專利的國(guó)家。?美國(guó)專利數(shù)量的增加表明小米加大了進(jìn)軍美國(guó)市場(chǎng)的力度。

South Korea, where consumers have an appetite for the high-end ?smartphone at cheaper prices, was vital for Xiaomi’s sales expansion ?outside the home country.

Interestingly, in an attempt to enter ?Korean markets, with 144 patents in its arsenal, Xiaomi launched its ?first smartphone in?South Korea on 4 January 2015, through mobile ?carrier KT Corporation. A couple days later, on January ?6, Xiaomi pulled its smartphones from Korean Market due to some legal ?matters, according to a report by?Korean Times. Speculations were that ?lack of Korean patents might be a strong reason beneath the matter.

Xiaomi ?took the?lesson and further strengthened its Korean portfolio to make a ?foray into the market. Less than 6 months later, Xiaomi made a re-entry ?in South Korea by opening its first offline store in Seoul. Currently, the company has 380 Korean patents in its arsenal.

Europe with 408 patents is the third top country?where Xiaomi has filed the?maximum??of its patents, followed by Mexico at fifth spot with 190 patents. ?India with 182 patents sits at the sixth spot followed by Japan at ?Seventh with 172 patents.

The table below represents the year wise distribution of Xiaomi’s patent portfolio in different geographies.

韓國(guó)消費(fèi)者對(duì)高端智能手機(jī)的胃口越來(lái)越低，這對(duì)于小米在本國(guó)以外的銷售擴(kuò)張至關(guān)重要。

有意思的是，為了進(jìn)軍韓國(guó)市場(chǎng)，小米擁有144項(xiàng)專利，小米于2015年1月4日通過(guò)移動(dòng)運(yùn)營(yíng)商KT Corporation在韓國(guó)推出了首款智能手機(jī)。根據(jù)韓國(guó)時(shí)報(bào)的報(bào)道，幾天后，小米在1月6日因?yàn)橐恍┓蓡?wèn)題而從韓國(guó)市場(chǎng)上購(gòu)買了智能手機(jī)。有人猜測(cè)韓國(guó)專利的缺乏可能是此事背后的強(qiáng)有力原因。

小米吸取了教訓(xùn)，并進(jìn)一步加強(qiáng)了其韓國(guó)產(chǎn)品組合，以進(jìn)軍市場(chǎng)。不到6個(gè)月之后，小米在首爾開(kāi)設(shè)了首家線下店鋪，重新進(jìn)入韓國(guó)市場(chǎng)。目前，該公司擁有380項(xiàng)韓國(guó)專利。

擁有408項(xiàng)專利的歐洲是小米提交專利最多的第三大國(guó)家，緊隨其后的墨西哥位居第五，擁有190項(xiàng)專利。印度擁有182項(xiàng)專利，排在第六位，其次是日本在第七項(xiàng)，擁有172項(xiàng)專利。

下表列出了小米專利組合在不同地區(qū)的年度分布情況。

Acquisitions – The Secret Way Xiaomi Planned To Expand Beyond China

Xiaomi has a dream of global presence ?which means entering into multiple markets. But one thing is sure; every ?country will be welcoming Xiaomi with warm patent infringement suits. ?Ericson in India and Blue Spike in the US have already done that.

So should Xiaomi be worried?

A year ago, it should have been but ?maybe not now. A look at all the recent patent deals and acquisitions ?prove that Xiaomi understood that it is very important to have an IP ?strategy in place to foray into global markets.

From ?4702 patents?(when this report was first written in Jan 2016) to 9238 ?patents currently (as of 30 November 2016), partly by filing and partly ?by acquisitions, Xiaomi had significantly beefed up its portfolio. The ?company made some sizable patent acquisitions that would remove some ?thorns from the path on its way to global expansion.

Having said that, let’s see?the list of acquisitions that Xiaomi did to beef up its patent arsenal:

小米夢(mèng)想擁有全球影響力，這意味著進(jìn)入多個(gè)市場(chǎng)。但有一點(diǎn)是肯定的。每個(gè)國(guó)家都會(huì)以熱烈的專利侵權(quán)訴訟歡迎小米。印度的Ericson和美國(guó)的Blue Spike已經(jīng)這樣做了。

小米應(yīng)該擔(dān)心嗎？

一年前，它應(yīng)該是但可能不是現(xiàn)在。看看最近的所有專利交易和收購(gòu)證明，小米明白，制定知識(shí)產(chǎn)權(quán)戰(zhàn)略以進(jìn)軍全球市場(chǎng)非常重要。

從2016年1月首次撰寫(xiě)本報(bào)告時(shí)的4702項(xiàng)專利（截至2016年11月30日），到專利申請(qǐng)9238項(xiàng)，部分通過(guò)備案和部分收購(gòu)，小米已大幅增強(qiáng)其投資組合。該公司進(jìn)行了一些大規(guī)模的專利收購(gòu)，這將在通往全球擴(kuò)張之路上消除一些棘手的問(wèn)題。

話雖如此，讓我們看看小米為增強(qiáng)其專利庫(kù)而進(jìn)行的收購(gòu)清單：

1. Technology Transfer Agreement with Leadcore Technologies

As Qualcomm was facing some inevitable ?complications in China, the technology transfer was a major negotiation ?to the situation for?Xiaomi. This led Xiaomi to Leadcore Technologies, a subsidiary of Datang Telecom and a renowned smartphone chip manufacturer in China.

In Nov 2014, Leadcore Technologies entered into a $US16.8 million deal with BeijingSunggao ?Electronics, which according to TechWeb?is a company controlled by ?Xiaomi. The purpose behind the deal was the acquisition of Leadcore’s ?core technology patents, reads a report by?QQ.

The extracted patent portfolio of Xiaomi ?revealed an acquisition of 30 patents. These patents cover 4G and other ?chip-related technologies.

由于高通在中國(guó)面臨著一些不可避免的復(fù)雜問(wèn)題，技術(shù)轉(zhuǎn)讓是對(duì)小米情況的一次重大談判。?這導(dǎo)致小米轉(zhuǎn)向大唐電信的子公司Leadcore Technologies和中國(guó)知名的智能手機(jī)芯片制造商。

2014年11月，Leadcore Technologies與北京Sunggao Electronics簽署了價(jià)值16.8百萬(wàn)美元的協(xié)議，根據(jù)TechWeb是由小米控制的一家公司。?該交易背后的目的是收購(gòu)Leadcore的核心技術(shù)專利，并閱讀QQ的報(bào)告。

小米提取的專利組合顯示收購(gòu)了30項(xiàng)專利。?這些專利涉及4G和其他芯片相關(guān)技術(shù)。'

2. Ninebot acquired Segway with help of Xiaomi

In Apr 2015, Ninebot Inc., which claims ?itself as the first smart short transportation equipment operator in ?China, acquired Segway. As per a report by?Bloomberg, the purchase also added 400 patents of Segway into the?portfolio of Ninebot, parts of which are owned by Xiaomi.

In ?Oct 2015,?Ninebot?launched its first self-balancing scooter with which ?Xiaomi embarked on the field of transportation gadgets.

At the time of this acquisition, Ninebot ?was under patent lawsuits filed by Segway and Inventist. Being an ?emerging startup in the?self-balancing?vehicle industry, their patent ?portfolio was just as weak as Xiaomi had in its early days.

This acquisition was an exceptional ?strategic move by Ninebot; with the financial help of Xiaomi they ?acquired Segway and freed themselves from the lawsuit. Another benefit ?was, they now had enough patents in their arsenal to counter sue ?Inventist (The Company with the first patent of Hoverboard). You can ?read the entire patent battle of Hoverboard industry and how a single ?patent just turned it upside down, from here.

2、Ninebot在小米的幫助下收購(gòu)了賽格威

2015年4月，自稱為中國(guó)第一家智能短運(yùn)輸設(shè)備運(yùn)營(yíng)商的Ninebot Inc.收購(gòu)了賽格威。根據(jù)彭博社的報(bào)告，此次收購(gòu)還將Segway的400項(xiàng)專利納入了Ninebot的投資組合，其中部分由小米所有。

2015年10月，Ninebot推出了第一款自動(dòng)平衡踏板車，與小米一起踏上了運(yùn)輸設(shè)備領(lǐng)域。

在收購(gòu)時(shí)，Ninebot受到賽格威和Inventist提起的專利訴訟。作為自動(dòng)平衡車行業(yè)的新興創(chuàng)業(yè)公司，他們的專利組合與小米早期的一樣薄弱。

此次收購(gòu)是Ninebot的一項(xiàng)特殊戰(zhàn)略舉措;在小米的財(cái)務(wù)幫助下，他們收購(gòu)了Segway并從訴訟中解脫出來(lái)。另一個(gè)好處是，他們現(xiàn)在擁有足夠的專利來(lái)對(duì)付起訴Inventist（該公司擁有Hoverboard的第一項(xiàng)專利）。您可以閱讀整個(gè)Hoverboard行業(yè)的專利戰(zhàn)，以及單個(gè)專利如何顛覆它，從這里開(kāi)始。

3. Patent Assignment with Broadcom Corporation

In October 2015, Broadcom Corporation ?assigned 20 patents to Xiaomi. Most of the patents covered in the deal ?were of wireless communication domain. Oblon was the law firm involved ?in this assignment.

3.與Broadcom公司的專利分配

在2015年10月，博通公司為小米分配了20項(xiàng)專利。 交易中涉及的大部分專利都屬于無(wú)線通信領(lǐng)域。 Oblon是參與這項(xiàng)任務(wù)的律師事務(wù)所。

4. Patent Licensing Deal with Qualcomm

Qualcomm, in December 2015, announced signing a?patent licensing agreement?with ?Xiaomi under which the latter will be paying royalties for its 3G and ?4G smartphones. The deal helped Xiaomi include one out of two types of ?patents – related to wireless communication –in its arsenal. The other ?types of patents Xiaomi seeking is of smartphone designs and features.4.與高通達(dá)成專利許可協(xié)議

4、來(lái)自高通的專利許可

高通公司于2015年12月宣布與小米簽署專利許可協(xié)議，根據(jù)協(xié)議，后者將支付3G和4G智能手機(jī)的版稅。 這筆交易幫助小米在其武器庫(kù)中包含了兩種類型的專利中的一種 - 與無(wú)線通信有關(guān)。 小米尋求的其他類型的專利是智能手機(jī)的設(shè)計(jì)和功能。

高通的專利許可業(yè)務(wù)很有趣。 它每年從許可收入中獲得超過(guò)60億美元的收入。 什么秘密？ 我們對(duì)高通的專利組合進(jìn)行了更深入的分析，您可以從這里找到。

Qualcomm’s patent licensing business ?is intriguing. It earns more than $6bn every year from licensing ?revenue. What’s the secret? We have conducted a deeper analysis of ?Qualcomm’s patent portfolio as well which you can find from?here.

5. Patent collaboration with Guangzhou Feimi Electronic Technology

In 2014, an Investment subsidiary of Xiaomi, Tianjin Jinxing Investment,?invested 4 million?Yuan in Guangzhou Femini?Electronic Technology which later filed 27 patents in collaboration with Xiaomi.

These patents also appeared in our extracted patent sets. From further analysis, we found thepatent set disclosing technologies related to aircraft shock absorbers, remote control, design structures and the like.

This patent collaboration adds weight to the Xiaomi’s announcement?of launching its first camera drone in 2016.

2014年，天津金星投資小米的一家投資子公司在廣州Femini電子科技公司投資400萬(wàn)元，后來(lái)與小米合作申請(qǐng)了27項(xiàng)專利。

這些專利也出現(xiàn)在我們提取的專利集中。?通過(guò)進(jìn)一步分析，我們發(fā)現(xiàn)專利集公開(kāi)了與飛機(jī)減震器，遙控器，設(shè)計(jì)結(jié)構(gòu)等相關(guān)的技術(shù)。

這項(xiàng)專利合作增加了小米在2016年推出首款相機(jī)無(wú)人機(jī)的重要性。

6. Patent Assignment deal with Foshan Gales Electrical Appliance Technology Co., Ltd.

Xiaomi already has a strong presence in ?providing smart home products, like air & water purifiers, smart ?webcams, and routers. In order to expand its intellectual property in ?this domain, Xiaomi has bought 104 patents from?Foshan Gales Electrical Appliances. The company is a major manufacturer of home products like Juicers, water dispensers, etc.

小米在提供智能家居產(chǎn)品方面已經(jīng)有很強(qiáng)的實(shí)力，如空氣凈水器，智能網(wǎng)絡(luò)攝像頭和路由器。 為了擴(kuò)大其在這一領(lǐng)域的知識(shí)產(chǎn)權(quán)，小米已從佛山蓋爾斯電器購(gòu)買了104項(xiàng)專利。 該公司是榨汁機(jī)，飲水機(jī)等家用產(chǎn)品的主要制造商。

7. Patent acquisition deal of Xiaomi with Intel

In December 2016, News surfaced about a ?new deal among Xiaomi and Intel. Intel, which is highly active among US ?companies to penetrate Chinese Semiconductor markets earlier entered ?into a strategic partnership with Chinese semiconductor company Rockfit, ?while having a significant stake in Tsinghua Unigroup- the company that ?owns domestic chipmakers Spreadtrum and RDA.

The deal with Xiaomi was two-fold. According to a report ?by Digitimes, in early December, on the quest to land Xiaomi as a major ?client, Intel introduced a free chip deal. For every notebook processor??Xiaomi purchased, Intel gave away a free tablet processor. This move ?was speculated to be an attempt so that Xiaomi would consider ordering ?Intel-based smartphone solutions too.

Further to sweeten the relations between the two companies, the semiconductor giant transferred?the ownership of 332 patents?to ?Xiaomi. Most of these patents were originally assigned to Intel whereas ?some of these were owned by LSI, another semiconductor company, whose ?networking business was acquired by Intel from Avago(A Broadcom Corp ?company), who originally acquired LSI? in 2013.

2016年12月，新聞報(bào)道稱小米和英特爾達(dá)成了一項(xiàng)新協(xié)議。英特爾在美國(guó)公司中非常活躍，深入中國(guó)半導(dǎo)體市場(chǎng)，此前與中國(guó)半導(dǎo)體公司Rockfit建立了戰(zhàn)略合作伙伴關(guān)系，同時(shí)在清華大學(xué)擁有重要股份，該公司擁有國(guó)內(nèi)芯片制造商展訊和RDA。

與小米的交易是雙重的。根據(jù)Digitimes的報(bào)告，在12月初，為了將小米作為主要客戶，英特爾推出了免費(fèi)芯片交易。對(duì)于小米購(gòu)買的每個(gè)筆記本處理器，英特爾贈(zèng)送了免費(fèi)的平板處理器。據(jù)推測(cè)，此舉是為了讓小米考慮訂購(gòu)基于英特爾的智能手機(jī)解決方案。

為進(jìn)一步改善兩家公司之間的關(guān)系，半導(dǎo)體巨頭將332項(xiàng)專利的所有權(quán)轉(zhuǎn)讓給了小米。其中大部分專利最初都?xì)w屬于英特爾，而其中一些歸LSI另一家半導(dǎo)體公司所有，其網(wǎng)絡(luò)業(yè)務(wù)由英特爾從最初于2013年收購(gòu)LSI的Avago（A Broadcom Corp公司）收購(gòu)。

8. The Microsoft – Xiaomi Patent deal

To sell its handsets in the US market, Xiaomi signed a big deal with?Microsoft to remove some obstacles from its US invasion plan in 2017.

The cross-licensing and patent transfer deal among ?the companies involves the acquisition of 1500 of Microsoft’s patents ?from its global portfolio, for which Xiaomi is believed to have paid $40 ?million.

Though the deal is official, Microsoft has yet not assigned the patents to Xiaomi yet. According to a?report?by Reuters, the patents belong to domains?including?voice communications, multimedia, and cloud computing.

Note: ?Since the patents have not been assigned to Xiaomi yet, these numbers ?are not considered while estimating the total number of patents Xiaomi ?has in its portfolio.?The deal will take total patents in Xiaomi’s ?portfolio to around 8500.?

為了在美國(guó)市場(chǎng)出售其手機(jī)，小米與微軟簽署了一項(xiàng)重大協(xié)議，以消除2017年美國(guó)入侵計(jì)劃中的一些障礙。

這些公司之間的交叉許可和專利轉(zhuǎn)讓交易涉及從其全球投資組合中收購(gòu)1500項(xiàng)微軟專利，據(jù)信小米已支付4000萬(wàn)美元。

雖然這筆交易是官方的，但微軟尚未將專利分配給小米。?據(jù)路透社報(bào)道，這些專利屬于語(yǔ)音通信，多媒體和云計(jì)算等領(lǐng)域。

注：由于專利還沒(méi)有被分配給小米，因此在估算小米在其產(chǎn)品組合中的專利總數(shù)時(shí)，不會(huì)考慮這些數(shù)字。?這筆交易將使小米的投資組合中的專利總數(shù)達(dá)到8500個(gè)左右。

9. The absorption of Ruichuan IPR funds

In September 2016, News surfaced that Xiaomi quietly absorbed Ruichuan IPR funds, a government-backed Chinese patent holding company.

The ?two-year-old government-sponsored company was known to be seeded with ?$50 billion to acquire patents that could be used in action against US ?competitors. Xiaomi was known to have a sizable stake in the company, ?which was attempting to build a massive arsenal for use in harassment ?litigation.

Though it remains unknown on the kind or ?number of patents the company has, it would be an interesting addition ?to Xiaomi’s portfolio knowing its interest in global markets.

While the talk is on global expansion, ?it would also be interesting to note the companies that Xiaomi would ?consider acquiring to succeed in its quest. While there are a lot of ?potential candidates ripe for acquisition, two names top the list ?considering the IP advantage they would bring to Xiaomi’s portfolio.

2016年9月，“消息”顯示小米悄然吸收了政府支持的中國(guó)專利控股公司瑞川知識(shí)產(chǎn)權(quán)基金。

這家為期兩年的政府資助公司被稱為獲得500億美元的專利，用于獲取可用于對(duì)付美國(guó)競(jìng)爭(zhēng)對(duì)手的專利。?據(jù)悉，小米在該公司中擁有相當(dāng)大的股份，該公司正試圖建立一個(gè)大規(guī)模的武器庫(kù)用于騷擾訴訟。

盡管公司擁有的專利種類或數(shù)量仍未知，但它將成為小米知曉其全球市場(chǎng)興趣的投資組合的有趣補(bǔ)充。

雖然談話正在全球擴(kuò)張，但注意到小米會(huì)考慮獲得成功的公司也很有趣。?雖然有很多潛在的候選人成熟收購(gòu)，但考慮到他們將為小米的投資組合帶來(lái)的IP優(yōu)勢(shì)，兩名人士名列榜首。

10. Xiaomi Bought Patents From Nokia

Since inception of Xioami’s global ?expansion plan, it has been into a lot of patents deal which helped it ?build a strong patent war chest. Its patent portfolio, however, is still ?incomparable to competitors like Samsung. ?To bridge the gap, Xiaomi’s ?efforts are on and the patent deal with Nokia is an effort in that ?direction.

On July 5 2017, Xiaomi entered into a ?business cooperation and patent agreement deal with Nokia. The number of ?patents involved in the agreement or the price tag of the deal is still ?classified.

The below?statement by Nokia?gives gist of the agreement:

自從Xioami的全球擴(kuò)張計(jì)劃開(kāi)始以來(lái)，它已經(jīng)進(jìn)入了許多專利協(xié)議，幫助它建立了強(qiáng)大的專利戰(zhàn)爭(zhēng)胸部。 不過(guò)，其專利組合仍然與三星等競(jìng)爭(zhēng)對(duì)手無(wú)法比擬。 為了縮小差距，小米正在努力并與諾基亞達(dá)成專利協(xié)議是朝著這個(gè)方向努力的。

2017年7月5日，小米與諾基亞簽署了業(yè)務(wù)合作和專利協(xié)議。 協(xié)議涉及的專利數(shù)量或交易的價(jià)格標(biāo)簽仍然歸類。

諾基亞下面的聲明給出了協(xié)議的要點(diǎn)：

Besides the patent acquisition deal, Nokia also revealed that the ?company has signed cross license deal with Xiaomi for cellular standard ?essential patents. If you are wondering how SEPs are important, you can ?consider reading this article: How to find whether a patent is a SEP?

除了專利收購(gòu)交易外，諾基亞還透露，該公司已與小米簽署了交叉許可協(xié)議，以獲取蜂窩標(biāo)準(zhǔn)必要專利。?如果你想知道SEP如何重要，你可以考慮閱讀這篇文章：如何找到專利是否是SEP？

11. Patent deal with Casio

On July 6 2016, Xiaomi bought patents ?from Casio, one of the most famous Japanese consumer and commercial ?electronics manufacturer that has been in the industry for more than 60 ?years. Casio has a wide range of products from calculators to musical ?instruments. They were the first company to build an all-electric ?calculator.

The patent assignment deal consisted?59 US patents?majority ?of which were covering camera and image processing technologies. This ?acquisition will surely add fuel to Xiaomi’s pursuit to enter the US ?smartphone market.

2016年7月6日，小米購(gòu)買了卡西歐專利，卡西歐是日本最著名的消費(fèi)和商業(yè)電子產(chǎn)品制造商之一，已在該行業(yè)已有60多年的歷史。 卡西歐擁有從計(jì)算器到樂(lè)器的各種產(chǎn)品。 他們是第一家建立全電子計(jì)算器的公司。

專利轉(zhuǎn)讓協(xié)議包括59項(xiàng)美國(guó)專利，其中大部分專利涉及相機(jī)和圖像處理技術(shù)。 此次收購(gòu)必將為小米追求進(jìn)軍美國(guó)智能手機(jī)市場(chǎng)增添動(dòng)力。

Which Companies Could Xiaomi Acquire in the Future?

1. Blackberry

Reports surfaced last year, claiming ?Xiaomi intend buying Blackberry for beefing up its patent portfolio. ?Blackberry, with a strong portfolio of 4400 patents is cited by Bloomberg ?as “Wireless trove for any acquirer.” The blackberry portfolio is ?abundant with wireless and security-related patents, further, the mobile ?technology patents would only serve as a feather in Xiaomi’s cap.

According to a study conducted in 2013 ?by MDB Capital group LLC, a California-based patent investment bank, it ?was seen that both these companies, Apple and Blackberry cite each ?other’s technology more than any other set of two companies.

Any granted patent of these companies ?proves that they do not infringe on each other’s patents.? Acquisition ?of Blackberry or its IP will serve as an aid as well as a protection net ?when Xiaomi expands its handsets sales to the?US.

根據(jù)加利福尼亞州一家專利投資銀行MDB Capital group LLC在2013年進(jìn)行的一項(xiàng)研究，看到這兩家公司，蘋(píng)果和黑莓兩家公司比其他兩家公司更相互引用對(duì)方的技術(shù)。

這些公司授予的任何專利證明他們不會(huì)侵犯彼此的專利。?當(dāng)小米將手機(jī)銷售到美國(guó)時(shí)，收購(gòu)黑莓或其知識(shí)產(chǎn)權(quán)將成為援助和保護(hù)網(wǎng)。

2. HTC

Since 2011, quarter after quarter, HTC ?has struggled to maintain its sales growth. In Aug 2015, HTC’s stock ?plunged further by 60% which made analysts propound the brand as useless ?for investors.

The company with revenue of 132.7 ?Billion Taiwanese Dollars (Approx $4.17 Billion) is a great option for ?acquisition since post patent wars, Apple and HTC signed a 10-year ?license agreement covering current and future patents held by both ?companies.

If Xiaomi acquires HTC, instead of ?having Apple as a competitor, the cross-licensing deal would allow ?Xiaomi to freely build on Apple’s patents without fearing litigation. ?(This could be done provided the terms of licensing agreement do not ?change in case of M&A).

2. HTC

自2011年以來(lái)，每季度一季度，HTC一直在努力維持銷售增長(zhǎng)。 2015年8月，HTC的股價(jià)進(jìn)一步下跌了60％，這使得分析師認(rèn)為該品牌對(duì)投資者毫無(wú)用處。

自從發(fā)生專利大戰(zhàn)后，蘋(píng)果和宏達(dá)電簽署了一項(xiàng)為期10年的授權(quán)協(xié)議，該協(xié)議涵蓋了兩家公司持有的現(xiàn)有和未來(lái)專利，該公司收入為1327億臺(tái)幣（約合4.17億美元）是收購(gòu)的最佳選擇。

如果小米收購(gòu)宏達(dá)電，而不是讓蘋(píng)果成為競(jìng)爭(zhēng)對(duì)手，那么交叉許可協(xié)議將允許小米在不擔(dān)心訴訟的情況下自由構(gòu)建蘋(píng)果專利。?（只要并購(gòu)情況下許可協(xié)議的條款不變，就可以做到這一點(diǎn)）。

Is Xiaomi a Threat for Apple? Should Apple Buy It or keep up the competition?

Both of the questions are contentious; ?however, once Xiaomi goes global, it can – which it already is – be an ?acquirer or can get acquired. Hence, a lot of dynamics are possible. ?Let’s discuss the first question: is Xiaomi a threat for Apple? The ?answer is a yes as well as a no.

小米是蘋(píng)果的威脅嗎？ Apple應(yīng)該購(gòu)買還是繼續(xù)競(jìng)爭(zhēng)？

這兩個(gè)問(wèn)題都是有爭(zhēng)議的。 然而，一旦小米走向全球，它可以 - 它已經(jīng)是 - 成為收購(gòu)者或可以獲得收購(gòu)。 因此，很多動(dòng)態(tài)是可能的。 讓我們來(lái)討論第一個(gè)問(wèn)題：小米是蘋(píng)果的威脅嗎？ 答案是肯定的，也是否定的。

Why Xiaomi could be a threat to Apple?

First, like Apple, Xiaomi has a huge fan following, not only in?China?but in?India?also ?which was evident from their conferences there. Second, Apple aspires ?to make China as its largest market where Xiaomi has a great hold.

為什么小米會(huì)成為蘋(píng)果的威脅？

首先，像蘋(píng)果一樣，小米不僅在中國(guó)，而且在印度也有一個(gè)巨大的粉絲，這在他們的會(huì)議中顯而易見(jiàn)。 其次，蘋(píng)果渴望使中國(guó)成為小米占有優(yōu)勢(shì)的最大市場(chǎng)。

Why Should Apple Acquire Xiaomi?

Given the large fan base and market share, acquisition of?Xiaomi ?will help Apple to penetrate into the market captured by Xiaomi. Other ?than that, Apple may have another arm of low-cost devices. A look at the third quarter of global smartphone sales data reveals that Apple has a market share of 12.3% whereas Samsung owns over 19.8% of the market.

With the acquisition of Xiaomi, Apple ?won’t just capture the market of low-cost devices but also would give a ?stifling competition to Samsung with Xiaomi’s 4% market share.

But no matter how good the opportunity, it is unlikely that Apple would ever acquire Xiaomi.

蘋(píng)果為什么要收購(gòu)小米？

考慮到廣大粉絲群和市場(chǎng)份額，收購(gòu)小米將有助于蘋(píng)果滲透到小米手中。 除此之外，蘋(píng)果可能還有另一種低成本設(shè)備。?第三季度全球智能手機(jī)銷售數(shù)據(jù)顯示，蘋(píng)果占有12.3％的市場(chǎng)份額，而三星擁有超過(guò)19.8％的市場(chǎng)份額。

隨著小米的收購(gòu)，蘋(píng)果不僅會(huì)占領(lǐng)低成本設(shè)備市場(chǎng)，而且會(huì)讓小米以4％的市場(chǎng)份額與三星展開(kāi)激烈的競(jìng)爭(zhēng)。

但是，不管機(jī)會(huì)多么好，蘋(píng)果都不可能收購(gòu)小米。

Why isn’t Xiaomi a Threat to?Apple?

One reason that eliminates all ?speculations of Xiaomi being a threat (or acquisition option) is Apple’s ?goal itself. Apple goals do not include – for any reason – selling ?low-cost smartphones targeting a marketing segment that could afford ?them. Apple is a premium brand with higher margins per device.

Thus, even if Xiaomi’s global expansion ?strategy bears fruit, in the?smartphone segment, it may never become a ?threat to Apple and hence, Apple may never acquire Xiaomi.

小米為什么不是蘋(píng)果的威脅？

消除所有對(duì)小米的威脅（或購(gòu)買選擇）的猜測(cè)的一個(gè)原因是蘋(píng)果的目標(biāo)本身。?蘋(píng)果的目標(biāo)不包括 - 出于任何原因 - 出售低成本的智能手機(jī)，針對(duì)可以負(fù)擔(dān)得起的市場(chǎng)細(xì)分市場(chǎng)。?蘋(píng)果是一個(gè)高端品牌，每個(gè)設(shè)備的利潤(rùn)率較高。

因此，即使小米的全球擴(kuò)張戰(zhàn)略取得成果，在智能手機(jī)領(lǐng)域，它可能永遠(yuǎn)不會(huì)成為蘋(píng)果的威脅，因此，蘋(píng)果可能永遠(yuǎn)不會(huì)收購(gòu)小米。

Xiaomi vs. Samsung

Though Xiaomi will not be a threat to ?Apple, however, there are fair chances of it destroying market of ?Apple’s best friend from lawsuits classes, Samsung. Given the same class ?of users and a price half of a Samsung’s flagship smartphone with ?similar specs; Xiaomi is all set to keep hurting Samsung profits in the ?future.

Samsung has been the top player based on ?global sales for past few years but, the foray of Chinese players into ?the market has continued to hurt Samsung’s revenue.

If Xiaomi succeeds in its global expansion plan with the help of its portfolio, the market dynamics would be worth a watch.

小米與三星

然而，盡管小米不會(huì)對(duì)蘋(píng)果構(gòu)成威脅，但它還是有可能從三星的訴訟類別中摧毀蘋(píng)果最好的朋友的市場(chǎng)。 鑒于同類用戶和三星旗艦智能手機(jī)的價(jià)格相差一半; 小米未來(lái)將繼續(xù)傷害三星的利潤(rùn)。

過(guò)去幾年來(lái)，三星一直是全球銷售的頂級(jí)廠商，但中國(guó)玩家進(jìn)入市場(chǎng)的舉動(dòng)繼續(xù)損害了三星的收入。

如果小米在其投資組合的幫助下成功實(shí)施其全球擴(kuò)張計(jì)劃，市場(chǎng)動(dòng)態(tài)將值得一看。

The Innovation Game

Xiaomi, as a smartphone company, has ?seen both ups and downs. From selling 300,000 handsets a year to being ?the most valuable startup, to faltering sales, Xiaomi has seen it all.

Considering the tough competition other ?players like Huawei, Vivo, Lenovo poses, Xiaomi realized that Global ?expansion is the only way to stay ahead. In order to achieve its goals, ?Xiaomi has an actionable IP strategy which might open doors of ?opportunities in the global market.

But it is worth noting that despite having a sizable portfolio; Xiaomi has not made it to its top position. Why?

小米作為一家智能手機(jī)公司，既有起伏，也有起伏。 從每年銷售30萬(wàn)部手機(jī)成為最有價(jià)值的創(chuàng)業(yè)公司到銷售蹣跚而行，小米已經(jīng)看到了這一切。

考慮到像華為，Vivo，聯(lián)想等競(jìng)爭(zhēng)對(duì)手的激烈競(jìng)爭(zhēng)，小米意識(shí)到全球擴(kuò)張是保持領(lǐng)先的唯一途徑。?為了實(shí)現(xiàn)其目標(biāo)，小米制定了可行的知識(shí)產(chǎn)權(quán)戰(zhàn)略，可能會(huì)為全球市場(chǎng)打開(kāi)機(jī)會(huì)之門(mén)。

但值得注意的是，盡管擁有相當(dāng)大的投資組合，?小米并沒(méi)有達(dá)到頂峰。 為什么？

The problem with Xiaomi – lack of innovation

Xiaomi’s rise ?was based on one simple advantage: It offered premium hardware and ?features at a fraction of offered by Apple or Samsung. But as soon as ?other Chinese manufacturers entered the market offering premium ?specifications at low prices, the danger was imminent.

Further, the competitors didn’t just ?manufacture premium devices at low costs, albeit added features that ?gave them an edge. For instance, Vivo offered curved screens, LeEco ?offered Exclusive content and Huawei offered dual lens camera and ?fingerprint sensors in its handsets.

Xiaomi on the other side, despite having ?a sizable portfolio failed to take advantage and that serves as one ?reason beneath its small market share.

A strong portfolio, a huge fan base, holds over some pretty strong markets, what should Xiaomi do next to emerge as a leader?

Leverage its IP and Innovate. That is how Xiaomi could up its game.

小米的問(wèn)題 - 缺乏創(chuàng)新

小米的崛起基于一個(gè)簡(jiǎn)單的優(yōu)勢(shì)：它提供了優(yōu)質(zhì)的硬件和功能，只有蘋(píng)果或三星提供的一小部分。?但一旦其他中國(guó)制造商進(jìn)入市場(chǎng)，以低價(jià)提供優(yōu)質(zhì)規(guī)格，危險(xiǎn)即將到來(lái)。

此外，競(jìng)爭(zhēng)對(duì)手不僅以低成本生產(chǎn)高端設(shè)備，盡管增加了使其具有優(yōu)勢(shì)的特性。?例如，Vivo提供曲面屏幕，樂(lè)視提供獨(dú)家內(nèi)容，華為在手機(jī)中提供雙鏡頭攝像頭和指紋傳感器。

另一方面，小米雖然擁有一個(gè)龐大的投資組合，但未能充分利用這一優(yōu)勢(shì)，并成為小市場(chǎng)份額下的一個(gè)原因。

一個(gè)強(qiáng)大的投資組合，一個(gè)龐大的粉絲群，擁有一些相當(dāng)強(qiáng)大的市場(chǎng)，小米下一步會(huì)出現(xiàn)什么樣的領(lǐng)導(dǎo)者？

利用其知識(shí)產(chǎn)權(quán)和創(chuàng)新。?這就是小米如何提高自己的游戲。

Key takeaways from the analysis

Xiaomi’s ?expansion plan would be incomplete if it fails to get a hold over the ?US and European markets. The US, being an IP-intensive economy, would ?require some strong patents from Xiaomi to allow invasion in its ?markets.

Though Xiaomi had been taking steps toward reaching its ?goal, the road ahead isn’t really easy. With President Trump insisting ?on manufacturing products in the US itself, Xiaomi might lose the ?low-cost advantage it offers if it has to start manufacturing its ?products in the US once it enters the market.

No matter what the ?case, US Expansion or not, Xiaomi won’t become a market leader if it ?continues to play on its low-cost advantage. Rather, it should take ?advantage of its beefed-up portfolio and bring innovative products to ?market that would ensure its success.

Innovation is the key.

如果未能控制美國(guó)和歐洲市場(chǎng)，小米的擴(kuò)張計(jì)劃將不完整。?美國(guó)作為一個(gè)知識(shí)產(chǎn)權(quán)密集型經(jīng)濟(jì)體，將需要來(lái)自小米的一些強(qiáng)大專利才能讓其入侵市場(chǎng)。

盡管小米已經(jīng)朝著實(shí)現(xiàn)目標(biāo)邁出了一步，但前面的道路并不容易。?隨著總統(tǒng)特朗普?qǐng)?jiān)持在美國(guó)制造產(chǎn)品，小米可能會(huì)失去其提供的低成本優(yōu)勢(shì)，如果它必須在美國(guó)進(jìn)入美國(guó)市場(chǎng)后開(kāi)始在美國(guó)生產(chǎn)產(chǎn)品。

無(wú)論如何，美國(guó)擴(kuò)張與否，小米如果繼續(xù)發(fā)揮其低成本優(yōu)勢(shì)，將不會(huì)成為市場(chǎng)領(lǐng)導(dǎo)者。?相反，它應(yīng)該利用其強(qiáng)化的產(chǎn)品組合，并將創(chuàng)新產(chǎn)品推向市場(chǎng)以確保其成功。

創(chuàng)新是關(guān)鍵。

小米正籌劃的IPO有望創(chuàng)造今年全球最大規(guī)模上市交易，分析人士對(duì)該公司估值從800億美元到2000億美元不等。但有投資者警告稱，小米追求天價(jià)估值可能是個(gè)錯(cuò)誤。

?

袁莉 ? ? ? ? 2018年3月16日19:00 CST 更新

早在2014年，智能手機(jī)生產(chǎn)商小米(Xiaomi Corp.)憑借其460億美元估值成為獨(dú)角獸公司的翹楚——全球最有價(jià)值的初創(chuàng)公司。

小米運(yùn)用了一種看似有效的戰(zhàn)略來(lái)征服中國(guó)市場(chǎng)。小米手機(jī)有類似于蘋(píng)果公司(Apple ?Inc., AAPL) ?iPhone的優(yōu)質(zhì)功能和外觀，但價(jià)格要低得多。此外，小米手機(jī)最初僅在網(wǎng)上銷售，憑藉場(chǎng)面盛大的營(yíng)銷活動(dòng)來(lái)吸引消費(fèi)者，有時(shí)小米聯(lián)合創(chuàng)始人雷軍會(huì)模仿喬布斯(Steve ?Jobs)，身穿黑色圓領(lǐng)衫亮相活動(dòng)，這些都為小米平添了魅力。

然后，小米遇到了一系列問(wèn)題，未能實(shí)現(xiàn)銷售目標(biāo)，推出的手機(jī)存在缺陷，并且產(chǎn)品發(fā)布延期，該公司的光環(huán)隨之褪去。

但小米沒(méi)有就此隕落，而是重整旗鼓。該公司加強(qiáng)了質(zhì)量控制，將產(chǎn)品打入其他發(fā)展中國(guó)家市場(chǎng)，同時(shí)調(diào)整營(yíng)銷策略，開(kāi)設(shè)實(shí)體門(mén)店。雷軍現(xiàn)打算今年底將小米手機(jī)登陸美國(guó)市場(chǎng)。

目前，小米正籌劃一場(chǎng)數(shù)額巨大的首次公開(kāi)募股(IPO)，可能創(chuàng)造今年全球最大規(guī)模上市交易。分析人士對(duì)小米的估值從800億美元到2000億美元不等。

那么，小米是否會(huì)重蹈覆轍呢？

生產(chǎn)手機(jī)是一門(mén)殘酷的生意，需要有對(duì)科技發(fā)展趨勢(shì)的感知力、精準(zhǔn)的供應(yīng)鏈規(guī)劃能力以及一絲不茍的執(zhí)行力。錯(cuò)一步，就可能萬(wàn)劫不復(fù)。這也是蘋(píng)果何以成為全球最成功硬件公司和最有價(jià)值公司的原因所在。很少有哪家公司的表現(xiàn)能夠如此始終如一。

在2007年第一部iPhone誕生之前的幾年，筆者在《華爾街日?qǐng)?bào)》(The ?Wall Street Journal)負(fù)責(zé)報(bào)道電信設(shè)備制造行業(yè)消息。那時(shí)，諾基亞(Nokia ?Corp.)與黑莓(BlackBerry)手機(jī)生產(chǎn)商Research In Motion ?Ltd.主導(dǎo)著消費(fèi)者和企業(yè)手機(jī)市場(chǎng)。美國(guó)科技業(yè)曾經(jīng)的明星企業(yè)摩托羅拉公司(Motorola Inc.)開(kāi)始走向衰敗。

10年后，筆者曾報(bào)道過(guò)的多數(shù)公司要么已經(jīng)消失，要么已經(jīng)幾乎被人遺忘。

一些投資者警告說(shuō)，對(duì)小米而言，追求天價(jià)估值可能是個(gè)錯(cuò)誤。無(wú)論是未上市的科技初創(chuàng)企業(yè)還是尋求上市的公司，伴隨高估值而來(lái)的都是嚴(yán)苛的審視，意味著幾乎沒(méi)有犯錯(cuò)的余地，而且總是要證明自己的估值合理。

?? ? ?

本月早些時(shí)候，小米聯(lián)合創(chuàng)始人雷軍在北京參加全國(guó)人大會(huì)議。小米的支持者認(rèn)為，該公司不是純粹的硬件公司。 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??

雷軍本人曾宣布了小米宏大的2015年手機(jī)銷量目標(biāo)，但最終未能實(shí)現(xiàn)，令該公司估值受到質(zhì)疑。而股市可能同樣無(wú)情。

一家香港資產(chǎn)管理公司的首席執(zhí)行長(zhǎng)稱，股市是一個(gè)會(huì)讓人謙遜的場(chǎng)所，上市公司如果不能兌現(xiàn)承諾，很可能會(huì)受到市場(chǎng)的懲罰。她說(shuō)：雷軍追求這么高的估值就好比在背上壓了一座山。

據(jù)接近小米的知情人士透露，銀行家們對(duì)小米的IPO感到很興奮，因?yàn)樾∶讖谋举|(zhì)上講是一家互聯(lián)網(wǎng)公司，理應(yīng)獲得比硬件公司更高的估值。

小米管理團(tuán)隊(duì)通過(guò)2017年的翻身仗證明了自己。根據(jù)市場(chǎng)調(diào)查機(jī)構(gòu)Counterpoint的數(shù)據(jù)，小米手機(jī)去年在中國(guó)的市場(chǎng)份額升至12%，出貨量增長(zhǎng)50%，至9,600萬(wàn)部。市場(chǎng)研究公司國(guó)際數(shù)據(jù)公司(International ?Data Corporation, 簡(jiǎn)稱IDC)表示，在2017年第四季度，小米超越三星電子(Samsung Electronics Co., ?005930.SE)，在規(guī)模巨大且持續(xù)增長(zhǎng)的印度市場(chǎng)上成為最暢銷的智能手機(jī)品牌。

根據(jù)小米公司數(shù)據(jù)以及銀行家和投資者的估計(jì)，小米2017年收入超過(guò)152億美元，利潤(rùn)最多10億美元。

10億美元的利潤(rùn)何以支撐800億美元甚至2,000億美元的估值？

答案取決于小米是像大多數(shù)手機(jī)制造商一樣是一家硬件公司，還是像小米擁護(hù)者認(rèn)為的那樣是一家互聯(lián)網(wǎng)公司。

基金經(jīng)理們不看好硬件公司股票。三名基金經(jīng)理對(duì)筆者表示，他們不會(huì)買入小米IPO發(fā)行的股票，因?yàn)橹袊?guó)的硬件公司都面臨低利潤(rùn)率、惡性價(jià)格戰(zhàn)和消費(fèi)者品牌忠誠(chéng)度低的問(wèn)題。

而小米的支持者認(rèn)為，該公司不是純粹的硬件公司，而是像蘋(píng)果一樣，擁有一系列具有競(jìng)爭(zhēng)力的產(chǎn)品，包括運(yùn)動(dòng)手環(huán)和電飯煲等眾多互聯(lián)網(wǎng)連接設(shè)備。小米瀏覽器和應(yīng)用商店可以產(chǎn)生廣告和游戲收入，且利潤(rùn)率大大高于智能手機(jī)。

蘋(píng)果目前市值為9,131.7億美元，市盈率為18.34倍。若按照這樣的市盈率計(jì)算，目前擁有10億美元利潤(rùn)的小米估值應(yīng)在183.4億美元左右，遠(yuǎn)低于該公司目前在私募市場(chǎng)的估值。

投行人士預(yù)計(jì)小米將在香港和上海、或是香港和深圳兩地上市。香港股市科技股已經(jīng)火爆兩年，小米支持者希望抓住這股熱潮。比如，騰訊控股有限公司(Tencent ?Holdings Ltd., 0700.HK, 簡(jiǎn)稱﹕騰訊)控股的數(shù)字閱讀平臺(tái)閱文集團(tuán)(China Literature Ltd., ?0772.HK)目前市盈率高達(dá)343.22倍。

過(guò)去一年，騰訊成為中國(guó)估值最高的科技公司，目前市盈率為63.7倍。即使按照這樣的市盈率，小米估值也只有637億美元，仍遠(yuǎn)低于很多人所說(shuō)的800億美元的估值區(qū)間低端。

國(guó)際數(shù)據(jù)公司分析師Kiranjeet Kaur稱，小米的設(shè)備、應(yīng)用和服務(wù)要形成像蘋(píng)果公司那樣的生態(tài)系統(tǒng)，恐怕還有很長(zhǎng)的路要走。

其他一些人士認(rèn)為小米不太可能發(fā)展到這樣的程度。上述香港資產(chǎn)管理公司的首席執(zhí)行長(zhǎng)稱，小米不會(huì)成為蘋(píng)果，也不會(huì)成為有著龐大社交媒體基礎(chǔ)的騰訊，小米只是一家硬件公司。

（本文作者袁莉是《華爾街日?qǐng)?bào)》專欄作家。文中所述僅代表她的個(gè)人觀點(diǎn)。）