current position:Home>Lei Jun has gambled on Jinshan cloud for ten years: the annual loss is 1.5 billion yuan, the share price drops by 80%, and he is highly dependent on Xiaomi

Lei Jun has gambled on Jinshan cloud for ten years: the annual loss is 1.5 billion yuan, the share price drops by 80%, and he is highly dependent on Xiaomi

2022-06-23 23:07:13It information - it home

6 month 23 Reported Wednesday , Jinshan cloud released 2022 First quarter results . Results show that , The revenue of Jinshan cloud in the current quarter is 21.7 One hundred million yuan , Year-on-year growth 20%; A net loss 5.548 One hundred million yuan , Compared to the expanding 45%.

In the event that the losses have widened , Jinshan cloud also encountered 15 The share price plummeted nearly in the last month 80%、 Challenges such as declining market share .

According to the International Market Research Institute IDC data , from 2017 From the first half of the year to 2021 Third quarter of 2007 , China's public cloud IaaS The market is expanding , But the market share of Jinshan cloud has changed from 6.8% Down to 2.8%. Although the Golden Mountain Cloud 2021 The annual revenue increased by nearly 40% year-on-year , reach 90.61 One hundred million yuan , But the loss is as high as 15.92 One hundred million yuan .

Jinshan Yunyu 2012 Founded in Beijing , It is mainly engaged in two core businesses, public cloud and industrial cloud . The product system of Jinshan cloud includes cloud servers 、 Cloud database 、 Cloud security 、 Cloud storage 、 Cloud distribution, etc ; The company also targets games 、 Finance 、 Government affairs and other industries , R & D has industry solutions .

This year, 3 month , Jinshanyun announced that the company is exploring dual listing on the Hong Kong stock exchange . In a statement , Jinshanyun mentioned that this is to provide greater liquidity and protection for shareholders in the changing market and regulatory environment . But we want to achieve dual listing in Hong Kong , Jinshan cloud also needs to obtain the approval of the regulatory authorities and the corresponding market conditions .

Jinshan cloud, an independent cloud service provider, has gone through this year 10 Years of ups and downs . When I was interviewed by the media , Jinshanyun, chairman of the board of directors 、 Lei Jun, the founder of Xiaomi, once said , They mentioned the Jinshan cloud strategy as All in Cloud, It is Jinshan that is willing to spend almost all its resources on gambling .

A year's loss 15 One hundred million yuan , Share price plummet 80%

Jinshan cloud is a subsidiary of Jinshan Group , Besides , According to Jinshan cloud 2021 Annual financial report , Xiaomi owns Jinshan cloud 12.3% Equity of .

▲ Shareholders of Jinshan cloud

Jin Shan Yun 2020 year 5 After the successful listing in the United States last month , The stock price was bullish at first . But from 2021 year 2 In the beginning , The share price of Jinshan cloud is declining .

By 2022 year 6 month 23 Japan , The share price of Jinshan cloud has fallen to 4.17 dollar , Compared to the initial issue price , Down near 80%, The total market value is only 10.16 Billion dollars . The original , The issuing price of Jinshan cloud is 17 US $per share , The increase on the first day of listing exceeded 40%, The market value is close to 48 Billion dollars . later , The highest share price of Jinshan cloud has reached 74.67 The level of $per share . At present, the market value of Jinshan cloud is less than that on the first day of listing 30%.

▲ Changes in Jinshan cloud's share price

According to the annual report of Jinshan cloud , One side , The annual revenue of Jinshan cloud keeps growing , from 2017 Year to 2021 year , The revenue of Jinshan cloud is 12.35 One hundred million yuan 、22.18 One hundred million yuan 、39.56 One hundred million yuan 、66.77 One hundred million yuan 、90.61 One hundred million yuan , Nearly ten billion yuan ; On the other hand , The loss of Jinshan cloud is also expanding ,2021 The annual net loss amounted to 15.92 One hundred million yuan , Compared to the expanding 65.10%.

▲ Jin Shan Yun 2017-2021 Annual revenue 、 Net profit attributable to the parent 、 R & D investment and other revenue and expenditure

Besides , The revenue of Jinshan cloud is seasonal . according to 2020 First quarter to 2022 The first quarter earnings data , The revenue of Jinshan cloud in the first quarter of each year is relatively small , The fourth quarter had the largest revenue . The year-on-year growth of revenue of Jinshan cloud in each quarter is not stable .

▲ Jin Shan Yun 2020 First quarter to 2022 First quarter revenue 、 Year-on-year growth 、 Adjusted gross profit margin

From the customer's point of view , The main revenue of Jinshan cloud comes from its senior customers ( The annual income it brings is more than RMB 70 Million yuan of enterprise users ), For example, Xiaomi contributed 8.3% Share . With 2021 Year as an example , The revenue generated by senior customers is 88.953 One hundred million yuan , About% of revenue 98%. The number of senior customers of Jinshan cloud is increasing , from 2019 Year of 243 home , Add to 2020 Year of 322 home , Until then 2021 Year of 597 home .

Last month, , Jinshan cloud is the first large-scale self built data center of Jinshan cloud ( tianjin ) Phase I of yixianyuan cloud computing data center project has been completed . According to Jinshan cloud 2021 The annual report , Jinshan cloud also participated in the construction of Gansu Qingyang Data Center cluster, one of the ten national data center clusters , And in “ Count from east to west ” The layout of relevant projects will be carried out in the Guangdong Hong Kong Macao Great Bay area and the Yangtze River Delta in the hub area .

since this year on , Jinshan cloud has also successively won several ten million level projects , Such as 5 month , Jin Shan Yun 3894.2 Ten thousand yuan won the bid of Pengcheng laboratory 《 Heterogeneous computing power fusion system 》 project ;4 month , Jin Shan Yun 1999 Million won the bid of Guiyang industry control group “ Data management and production control ” project ( The first phase of ) project .

Lei Jun “ Gamble ”: Decade 9 Jinshan cloud of round financing

From the equity composition and enterprise user composition of Jinshan cloud , Xiaomi has invested in Jinshan cloud for many times , Accounting for the shares of Jinshan cloud 12.3%; And it is the main user of Jinshan cloud .2019 year -2021 year , The related party transactions of Xiaomi and Jinshan cloud account for% of the revenue of Jinshan cloud respectively 14.4%、10.0%、8.3%. Founder of Xiaomi 、 The chairman and CEO Lei Jun is also the chairman of the board of directors of jinshanyun .

2011 year , Lei Jun was appointed chairman of Jinshan Group . After the listing of Jinshan cloud , In Lei Jun's open letter , Lei Jun mentioned that , They made a very bold decision after repeated demonstration :All in Cloud. Because of this decision , Jinshan Group is in 2012 Jinshan cloud was officially founded in . Jinshan cloud comes from the separation of Jinshan fast disk business . At that time, Jinshan cloud was divided into two plates : For Internet enterprises 、 Developer's cloud storage platform and for individual users 、 Jinshan express for small and medium-sized enterprises . When it was founded , Jinshanyun got the from Xiaomi 182 Ten thousand dollars of strategic investment .

▲ Lei jun

There are also jinshanyun's friends who accompany Lei Jun to grow up CEO Wang Yulin .2013 year 1 month , At the invitation of Lei Jun, wangyulin officially joined Jinshan cloud .2013 year 3 month , Jinshan cloud launched the quick disk commercial version of the enterprise user market and the cloud service platform , Officially launched the commercialization process of Jinshan cloud . Same year 8 month , Jinshan cloud has obtained DST Global Of 2000 Thousands of dollars in A Round of funding .

▲ Wang Yulin

“ The group level bet on the future of the decade , It's Jinshan cloud .” Lei Jun was in 2013 year 6 In an interview last month, he said .

2014 year , The Golden Mountain Cloud peeled off toC Personal network disk service , All the way to toB Market transformation , Focus on providing cloud services in the enterprise market .2014 Annuity Mountain Cloud also makes efforts in the game cloud business .

2015 year 3 month , Jinshanyun has obtained 6666 Thousands of dollars in B Round of funding , Including with Kingsoft software and investment funds IDG Signed B Round of financing agreement , And Kingsoft and Xiaomi A Series preferred stock warrants . Jinshan Group at that time CEO At that time, Zhanghongjiang of mentioned on his microblog that Jinshan cloud would focus on three areas in the future : The first is to provide cloud services for innovative intelligent hardware companies , The second is to provide users with larger scale storage 、 Picture and video services , The third is to help traditional industries and enterprises realize business transformation .

Jinshanyun is in 2015 year 10 In June, it signed a strategic contract with Peking University Medical Information Technology Co., Ltd , Officially entered the medical cloud field . Relying on capabilities in the hybrid cloud , Same year , Jinshan cloud also won the bid for the Beijing e-government cloud procurement project , Competitors include Alibaba cloud 、 Tencent cloud and the three major operators . This bid also marks a breakthrough of Jinshan cloud in the field of government affairs cloud . Besides medical cloud and government cloud ,2015 year , Jinshan cloud also focuses on video cloud services , And take video cloud as the core strategy of Jinshan cloud .

2016 year , Jinshanyun has been in 2 Obtained in 6000 Thousands of dollars in C Round of funding , stay 5 The completion date of this month is nearly 5000 Thousands of dollars in C + Round of funding ,C The total amount of the series financing exceeds 1 Billion dollars .

stay 2017 in , Jinshan cloud released KAP AI cloud , Deeper layout of AI related businesses . Jin Shan Yun KAP The artificial intelligence cloud is designed by Jinshan cloud to meet the needs of various industries AI The need for ability , Developed artificial intelligence cloud PaaS platform , Cover IaaS、PaaS、SaaS、 There are four levels of industry solutions . The launch of this platform by Jinshan cloud also represents that Jinshan cloud is fully attacking the artificial intelligence application field .

Jinshanyun is in 2017 At the end of the year 3 $ D Round of funding , It was the highest single round financing in the cloud industry at that time . After completing this round of financing , Jinshan cloud also announced that its mainstream products were fully reduced . Less than 1 After a month , Jinshanyun has got 2.2 $ D + Round of funding . here , Jinshan cloud is in cloud computing IaaS layer 、PaaS layer 、SaaS All floors have layout , It is based on IaaS Layer of Jinshan cloud heterogeneous computing product family 、PaaS Layer Jinshan cloud deep learning platform KDL and SaaS Layer Jinshan cloud intelligent brain KBrain.

stay D After the series financing is completed , Jinshan cloud has also further arranged the research and development of cloud service products in the financial industry , Aim at private banks 、 city / Agribusiness 、 Village bank , And the business trusteeship of the bank's peripheral businesses , For the bank 、 negotiable securities 、 Insurance and other financial enterprises provide relevant cloud services .

2018 year 1 month , Except at the beginning of the month 2.2 In addition to the financing of US $billion , Jinshanyun also got 2 A new financing of $billion . stay 2018 year , Jinshan cloud has further increased its cloud security related investment , Set up amber Laboratory .2018 year 11 month , Jinshanyun releases intelligent human settlement solutions , Jointly build with Xiaomi AIoT ecology .

2019 end of the year , Jinshan cloud has obtained 5000 Ten thousand dollar financing . After financing , Jinshan cloud has also opened its way to listing in the United States .2019 year 12 month , Jin Shanyun and SEC Completed the first round of secret handover .2020 year 1 month , Selected by jinshanyun CFO Hehaijian joins jinshanyun .2020 year 4 month , Jinshan Yunxiang SEC Submitted a prospectus . And then , Jinshan cloud conducted a three-day cloud roadshow by video . Although in a period of severe epidemic situation , but 2020 year 5 month 8 Japan , Jinshan cloud was successfully listed , Entered a new stage .

2021 year 8 month , Jinshan cloud announced the acquisition of enterprise management software Colette (Camelot), This is a major measure of Jinshan cloud service transformation , The revenue of Jinshan cloud in the industry cloud business continues to expand .

Colette's co-founder 、 The president and other core senior managers joined Jinshan cloud . By 2021 year 7 month 31 Japan , Colette's order on hand is about 38 One hundred million yuan .

So far , The core business of Jinshan cloud is mainly divided into public cloud and industrial cloud ( Enterprise Cloud ) Two major parts .

According to the results , Jinshan cloud provides public cloud services to users in various vertical fields , Adopt the monthly charging mode , There is also a pre paid subscription package with a fixed subscription period .

The industry cloud service of Jinshan cloud is mainly oriented to finance 、 Public service 、 Medical and other fields , Generally, fees are charged on a project by project basis , Or charge according to the performance of cloud services so far .

2021 year , The revenue of Jinshan cloud public cloud service business is 61.59 One hundred million yuan , Accounting for... Of main business income 67.98%; The revenue of cloud service business of Jinshan cloud industry is 28.98 One hundred million yuan , Accounting for... Of main business income 31.98%. Compared with the data of previous years , The proportion of public cloud services of Jinshan cloud is declining , from 2019 Year of 87.4%, Down to 2020 Year of 78.5%, And down to 2021 Year of 67.98%. The proportion of industry cloud service revenue is rising .

▲ Jin Shan Yun 2019 year -2021 Annual revenue distribution

From the perspective of quarterly changes , The industry cloud business of Jinshan cloud is 2020 First quarter to 2022 There was an obvious increase in the first quarter of , From quarterly revenue 1.82 Billion yuan to quarterly revenue 7.9 One hundred million yuan .

▲ Jin Shan Yun 2020 First quarter to 2022 Revenue and growth of industry cloud or enterprise cloud business in the first quarter of

The main expenditure of Jinshan cloud is revenue cost , The main expenditure of income cost includes IDC( Data Center ) cost 、 Depreciation and amortization costs 、 Execution cost 、 Solution development and service costs 、 Other costs , among IDC The cost accounts for the majority .2021 year , Jinshanyun is in IDC The expenses in respect of 51 RMB 100 million , Of total expenditure 58.6%.2020 year , Jin Shan Yun IDC The expenditure is 40.59 One hundred million yuan , Of total expenditure 65.2%.2019 year ,IDC The expenditure is 28.57 One hundred million yuan , Of total expenditure 72.3%. Jinshanyun IDC Costs are falling year by year , But the implementation costs , That is, the cost of purchasing technology components from third parties to complete the deployment of their own solutions is rising .2021 year , The implementation cost of Jinshan cloud is 18.51 Billion , Accounting for% of the expenditure of Jinshan cloud in that year 21.3%.

▲ Jin Shan Yun 2019 year -2021 Annual income and cost distribution

According to the results ,2021 year , The gross profit margin of Jinshan cloud decreased , from 2020 Year of 5.4% Drop to 3.9%. also , because 2021 Planned at the beginning of the year IDC The cost is based on the market foreseen at that time , The actual market demand performance is weak ,2021 In, the overall demand of China's Internet industry for cloud computing related services slowed down , Jinshanyun IDC The investment is higher than that in previous years . meanwhile , The acquisition of Colette has also led to the cost increase of Jinshan cloud in many aspects , Including sales and marketing expenses 、 General and administrative expenses .

With the business growth of Jinshan cloud , Jinshan cloud's accounts receivable and contract assets increased , This part of income is affected by the progress of project acceptance and completion .

The industry cloud revenue is close to the public cloud , Competitors are strong

From the development of Jinshan cloud , The challenges Jinshan cloud faces at this time are mainly caused by the superposition of internal and external factors .

Let's first look at the external environment faced by Jinshan cloud . The development of competitors and domestic and foreign environmental factors have had a lot of adverse effects on the development of Jinshan cloud .

Although the cloud computing market continues to expand , But Jinshan cloud doesn't have an advantage . According to the International Market Research Institute IDC China's public cloud market tracking data , Even when ranking the top three in the domestic cloud computing market share (2017 In the first half of ), Jinshanyun only got 6.5% Market share , Alibaba cloud ranks first , In the same period , Then I got 47.6% Share . Tencent cloud occupied 9.6% Market share , Rank third .

From the project of Jinshan cloud bidding , In the public cloud , Alibaba cloud 、 Tencent cloud 、 Huawei cloud is its main competitor . The vertical industries that Jinshan cloud and these big cloud factories jointly involve are government affairs 、 Medical care 、 Financial etc. .

The market share of the three major operators and Huawei cloud is gradually surpassing that of Jinshan cloud .2018 In the first half of , Jinshan cloud accounts for the public cloud in China IaaS Market share reduced to 4.8%, In fifth place .2019 in , China's public cloud IaaS The top five in the market have become Alibaba cloud 、 Tencent cloud 、 Sky wing cloud of China Telecom 、AWS And Huawei , Jinshan cloud continues to rank down . To 2021 Third quarter of 2007 , The market share of Jinshan cloud in China's public cloud is only 2.8%.

2021 year , Tianyi cloud's revenue is 279 One hundred million yuan , Year-on-year growth 102%; Mobile cloud revenue is 242 One hundred million yuan , Year-on-year growth 164%; The revenue of Unicom cloud is 163 One hundred million yuan , Year-on-year growth 46.3%; The revenue of Huawei cloud is 201 One hundred million yuan , Year-on-year growth 34%, The revenue of Jinshan cloud is 90.6 One hundred million yuan , Year-on-year growth 37.76%.

▲ Cloud services of the three major operators 、 Revenue and year-on-year performance of Huawei cloud and Jinshan cloud

According to Jinshan cloud 2021 Annual financial report , stay 2020 Years and 2021 year , The epidemic has also brought uncertainty to the development of Jinshan cloud , The impact is mixed . This uncertainty will also affect the subsequent development of Jinshan cloud .

The bad thing is that it is limited by epidemic prevention and control , Jinshan cloud's on-site deployment may be limited , And then affect the progress of the project , With the business growth of Jinshan cloud , More projects , Accounts receivable have also increased , Whether the project can be completed will have an expanded impact on Jinshan cloud ; In addition, enterprises affected by the epidemic may cut their procurement budgets , Including the budget for cloud computing services .

On the one hand, the epidemic has also accelerated the use of cloud computing technology by some users , People are increasingly using online methods to work 、 shopping 、 Study 、 entertainment , This in turn increases the demand for cloud infrastructure ; The medical industry is also increasingly using cloud computing technology to meet challenges , Enterprises affected by business fluctuations in the epidemic may consider using cloud services , To enhance the medium and long-term agility of enterprises and realize cost control .

Changes in the industry of Jinshan cloud users and their own cloud related needs have also brought challenges to the development of Jinshan cloud . Jinshan cloud has more layouts in terms of games and video cloud , But influenced by the regulatory policy , Some users' cloud demand budgets are affected . Some users have started to develop cloud computing strategies or choose multi cloud strategies to deploy related businesses , These have further affected Jinshan cloud .

From the perspective of internal factors , The cloud delivery service of Jinshan cloud ( Include CDN etc. ) The proportion in revenue is too high , The effect of multi cloud strategy is not obvious .

Jinshan cloud's cloud delivery services include Jinshan cloud content distribution network (KCDN)、 Jinshan image quality enhancement (KIE)、 Jinshan Jizhi HD (KSHD) etc. .

2017 Year to 2019 year , The revenue of the products delivered by Jinshan yunyun is 6.29 Billion 、11.60 Eva 21.37 Billion , It accounts for an increasing proportion of Jinshan cloud's public cloud revenue , In the revenue of cloud delivery products CDN Products, i.e. content distribution network products, account for the vast majority of shares .

Whether it's website access , Or video 、 The live broadcast is inseparable CDN, But with the entry of cloud computing vendors CDN,CDN There is a wave of price reduction , In especial 2017 year 、2018 year .CDN The gross profit margin is low , However, Jinshan cloud focuses on the layout of game cloud and video cloud , Cannot do without CDN, Therefore, the overall gross profit margin of Jinshan cloud is also affected to a certain extent .

Lei Jun once mentioned that 80% of Jinshan cloud's success will come from “second source + cash flow + ecology + Independent third party ”, and “second source” It means cloudy , That is, users use multiple cloud computing service providers to meet their own cloud needs .

Jinshan cloud hopes that customers of other cloud manufacturers will adopt the multi cloud strategy , In this way, Jinshan cloud can take a share , But the reality is , Jinshan cloud's customers adopt a multi cloud strategy , Instead, Jinshan cloud was taken away . Non Jinshan cloud customers may consider the multi cloud strategy , We will consider using the products of big manufacturers first . As one of the main users of Jinshan cloud, Xiaomi and Jinshan Group , The contribution rate to Jinshan cloud is also declining , The multi cloud strategy may reverse the dilution of Jinshan cloud's share in the cloud of Xiaomi and Jinshan Group .

Although Jinshan cloud faces many challenges from outside and inside , However, the core businesses of Jinshan cloud industry cloud and enterprise cloud have maintained stable growth , The revenue of the industry cloud is close to that of the public cloud . According to Jinshan cloud 2021 Fourth quarter earnings , The industry cloud revenue is 11.3 One hundred million yuan , The revenue of the public cloud is 15.3 One hundred million yuan , and 2020 In the fourth quarter of , The revenue of Jinshan cloud public cloud is 13.6 One hundred million yuan , Enterprise Cloud ( Industry Cloud ) Revenue of 5.4 One hundred million yuan .

Compared with other big cloud factories , Jinshan cloud positions itself as an independent cloud service provider , Is an independent operation 、 A professional cloud service company with independent business . Jinshan cloud claims that it does not compete with the user business , Do not touch the user's business data .

in addition , Through the research and development of Xingyao bare metal server, Jinshan cloud 、 Cloud native database and other products , It has built a cloud native capability for the whole region , Formed a closed ecology .

Vertical industry layout , In addition to continuing to cultivate the game cloud and video cloud , Jinshanyun is in Finance 、 Medical care 、 Vertical fields such as public services have been insisting on business expansion , Including active participation “ Count from east to west ” etc. . On the edge of the cloud 、 Hybrid cloud and other cloud computing frontiers , Jinshan cloud is also constantly developing new products .

Jinshanyun survives between giants

Jinshan cloud has passed 10 year , In terms of revenue , Jinshan cloud has been growing , From the perspective of loss and market share , Jinshan cloud is facing unprecedented challenges .

Though backed by Jinshan Group and Xiaomi group , But compared with Alibaba cloud, Jinshan cloud 、 Tencent cloud is more independent , Most of them are fighting alone , In the domestic cloud computing market with a large number of giants , The advantages of Jinshan cloud are not very prominent .

Alibaba cloud and other cloud giants have gradually made profits , The competition in the head market is becoming more and more fierce , Can Jinshan cloud maintain its current market share , And counter attack to achieve a breakthrough is still unknown .

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