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The parent company of Xiaomi’s sweeping robot successfully IPO, with a team of 490 people creating a market value of 33 billion

But for this Xiaomi ecological chain company, which started with sweeping robots, this is not the whole point.

Lei Jun personally sent a letter to congratulate the IPO, saying that this is the first stock listed on the Science and Technology Innovation Board of Xiaomi Ecological Chain.

And only 6 years after its establishment, the company has no more than 500 employees so far. The total revenue in the first half of 2019 was 2.1 billion yuan, and the market value on the first day of listing exceeded 30 billion yuan.

In addition, it is also a victory for Microsoft Research Asia, the “Huangpu Military Academy” of China’s technology Internet.

How does Stone Technology make money?

Core product: sweeping robot.

It can be said that it is the “most down-to-earth” product and company in the Xiaomi ecological chain.

The product scene in which it is located also revolves around “sweeping the floor”.

Stone Technology’s “self-introduction” is as follows: Founded in July 2014, it is a smart home appliance R&D manufacturer specializing in the design, R&D, production and sales of smart hardware such as smart cleaning robots. It is an international leader in lidar technology and related Large-scale application of algorithms to leading companies in the field of intelligent sweeping robots.

The first product, the first-generation Mijia robot vacuum cleaner, was released in August 2016 and was priced at 1,699 yuan. With the help of Xiaomi’s volume and cost-effectiveness, it was an instant hit.

Later, in addition to sweeping robots, Roborock also launched new products such as handheld wireless vacuum cleaners.

Like all Xiaomi ecological chain brands, Roborock Technology, in addition to customizing for “Mijia”, has also started to launch its own brands after it has grown: such as Roborock intelligent sweeping robots and Xiaowa intelligent sweeping robots.

How is the earning power?

Relying on the current existing categories of products, Stone Technology has handed over an excellent answer sheet.

In terms of main business revenue data:

In 2016, the first year of product release, the revenue was 180 million, and it has doubled every year since then.

The annual revenue in 2017 was 1.11 billion, the revenue in 2018 was 3 billion, and the first half of 2019 completed 2.1 billion.

In terms of net profit, excluding the loss in 2016, the net profit in 2017 was 66.99 million, 300 million in 2018, and 380 million in the first half of 2019.

Both revenue and net profit have grown considerably.

But behind such rapid growth, it is not entirely without worries.

Mainly in the aspect of “Xiaomi dependence”.

In its prospectus, the business risks also talked about the relationship with Xiaomi.

In terms of the proportion of sales channels, the Xiaomi model also accounts for the majority – although it has declined year by year, 43% of the revenue contribution in the first half of 2019 still came from the Xiaomi channel.

But it should be noted that the hidden worry of “Xiaomi dependence” may also require different opinions.

On the one hand, reliance on a single platform is indeed a challenge faced by every independent company.

But on the other hand, whether Huami or Yunmi, or now Stone Technology, has grown up in the jungle of Xiaomi’s ecological chain since the first day of birth, and is regarded as a brother of Xiaomi. This much-discussed “Xiaomi dependence” may Also a false proposition.

After all, if Ant Financial goes public, does it need to be questioned about “Ali’s dependence”? If HiSilicon goes public, will it also be questioned about “Huawei’s dependence”?

In short, Roborock Technology is not the first company that “Xiaomi relies on”, nor will it be the last.

Inheriting the growth of Xiaomi’s ecological chain, it will naturally prosper and lose together with Xiaomi.

What is the core technology?

It is mainly based on the intelligent robot technology of laser ranging module (LDS).

Roborock Technology stated in the prospectus that the company is an international leader in the large-scale application of lidar technology and related algorithms in the field of intelligent sweeping robots.

After the intelligent sweeping robot constructs a floor plan based on the SLAM algorithm based on sensors such as laser ranging sensors and inertial measurement units, it locates according to the floor plan, and plans an intelligent and efficient cleaning path through the AI ​​algorithm, which can effectively avoid missed sweeps. Rescan.

The server side continuously iteratively upgrades the robot algorithm through deep learning and algorithm optimization of networked product data.

In addition, according to its prospectus data, R&D investment is not low, but there is a trend of decline year by year:

During the reporting period, the R&D investment was RMB 39.3593 million, RMB 106.2772 million, RMB 116.6156 million and RMB 80.756 million respectively, accounting for 21.49%, 9.50%, 3.82% and 3.80% of the operating income respectively.

This proportional change may be related to the scene and track in which it is located. According to the fundraising purpose disclosed by Stone Technology, it is mainly to consolidate the basic market.

Shareholding structure: Lei Jun is the major shareholder

In terms of equity shareholders, Stone Technology has experienced many financings.

However, the main investors and shareholders are mainly Xiaomi and Lei Jun.

In addition to the founding team, the largest external shareholder comes from Shunwei, a subsidiary of Lei Jun, and Qiming and Gao Rong, who benefited from Xiaomi’s entrepreneurship, are also important shareholders of Stone Technology.

It is also worth mentioning that the number of employees and salaries of Stone Technology.

As of the first half of 2019, the total number was 490.

Among them, technicians account for more than 50%.

In terms of salary, the annual book salary of the technical director level is about 800,000 yuan.

Microsoft founding team

Finally, let me introduce the founding team of Stone Technology.

There were 4 people in total when the company was established.

Among them, Chairman and CEO Chang Jing, born in 1982, 37 years old, is from Yueyang, Hunan.

He graduated from the Department of Computer Science of South China University of Technology with a bachelor’s degree and a master’s degree. He then joined Beijing Maxthon Technology Co., Ltd. and worked at Microsoft Research Asia from 2017 to 2010. During this period, he met other main founders of the company.

Chang Jing had his first entrepreneurial experience in February 2011. He founded Beijing Motu Genie Technology Co., Ltd. under the investment and incubation of Innovation Workshop.

In November of the same year, the company was acquired by Baidu, and Changjing entered Baidu as a senior manager.

In July 2014, he resigned and founded Stone Technology.

In addition to Chang Jing, Mao Guohua graduated from the University of Science and Technology Beijing with a bachelor’s degree in industrial automation. From 2000 to 2006 and from 2009 to 2013, he worked at Microsoft China twice. From 2013 to 2014, he briefly stayed at Baidu, and then joined hands with Chang Jing to start a business. .

Wu Zhenze graduated from Zhejiang University, majoring in Electronic information technology and instruments. From 2009 to 2014, he worked as a project manager in Microsoft Asia Pacific R&D Center. In July 2014, he participated in Stone Entrepreneurship.

Therefore, Stone’s successful listing on the Science and Technology Innovation Board today is not only the success of Xiaomi’s ecological chain, but also the success of Microsoft Research Asia as the “Whampoa Military Academy”.

As of press time, the share price of Stone Technology has risen 82.58% from the issue price, with a single share of 495 yuan and a market value of more than 33 billion.

According to the company scale of Stone Technology with less than 500 people, how many billions, tens of millions and millionaires have been created this morning?

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