LeTV's tents in the lobby of the headquarters building, debt collectors in the speakers repeatedly play "music, repay the money; Jia Yueting, repay the money" sound, are all reminded, this music as the capital chain crisis is still fermenting. What detonated this crisis was Jia Yueting’s deeply involved mobile phone business.
"Now the entire mobile phone team is in name only, 80% of layoffs are cut off, (business) is basically a stagnant state, outlets are also constantly shrinking ... ..." Recently, a middle-level employee who has left LeEco is accepting news () When interviewed by the reporter, it was not a shame to talk about LeTV's mobile phone business that he had fought.
LeTV is one of the LeSect seven ecology that LeTV founder Jia Yueting constructed.
“The old business of mobile phone business is very involved. He came back in November 2014. Starting from the New Year's Day in 2015, the regular meeting of the mobile phone every Sunday, basically starting at 3 or 4 o'clock in the afternoon, will basically not be earlier than ten. A little end, accidentally will be open until two or three in the morning." This middle-level employee who has already left LeEco said the news.
Started in 2014, LeTV, had a very brilliant record: it was the fastest domestic mobile phone brand in China that sold over one million units, setting a record for the fastest breaking of 5 million units in the industry. By 2016, it had completed about 20 million. Taiwan's shipments.
Behind the soaring sales is a huge deficit. Only in November 2016, at the beginning of the e-mobile money chain crisis, LeTV only owed up to 700 million U.S. dollars to two component suppliers, Compal and Truly.
The above-mentioned middle-level employee who has left Lexus said to reporters, “Lokoshi Mobile’s owed to suppliers is caused by three factors. The first one is of course pricing. The pricing is undoubtedly decided by the old man as the core. It is on the appropriation of funds that the ecological funds of his eldest son are used by him for free transfer. The third problem is that there is a problem with sales and payment in the region."
In the pricing logic, the middle-class LeTV cited the example of Le1S. The cost of the project was about 1,728 yuan. “The old man calls the head of the supply chain together and sets a goal. Say that if we had achieved 5 million units (sales scale), the cost could be reduced to what level, the head of our supply chain promised at that time was 1050 yuan... Old Jia set a retail price of 1099, and in fact the final machine did 6 million. Taiwan's cost is still more than 1,200 yuan each."
This means that LeTV will lose at least 100 yuan for every Le 1S cell phone sold.
The news reporter failed to contact LeTV to comment on the above details.
In addition, the funds misappropriation and sales repayment problems have further aggravated the financial pressure on LeTV.
“My initial impression of Lao Jia was that this person had the ideal to have the courage to innovate, and gradually discovered that Lao Jia’s core skills were spread and accounted for between the listed and unlisted systems.†The aforementioned employees who have left LeTV Jia Yinting was commented on by the journalists of Yi.
In his opinion, Jia Yueting does not intend to make money in essence, and is essentially different from the Ponds conspiracy. He is a person who wants to do big things, but "another fatal flaw in Jia Jia is an unrealistic pursuit of the product." "But he is not a very good product manager."
The following is a record of the conversation between the journalist and the middle of the music:
The images in this article are from the official Weibo mobile microblogging
Jia Yueting Why do mobile phones?
News: In 2014, why did LeTV be a mobile phone?
Former LeTV mid-level employees: In fact, Jia Yueting thought about doing a mobile phone in September and October 2013. So he started looking for some mobile phone related R&D personnel. The main body is Lenovo's side. Liang Jun looked for some people to do some early research and development.
Why do mobile phones, I think it is based on two considerations.
The first consideration is that LeTV has lagged far behind when the video site moves to the mobile end. The reason for backwardness is related to the degree of emphasis on promotion and dissemination. Let's always be relatively mature on the PC side. The other is related to the content of LeTV. LeTV's content is long video. Youku's short video-based website is obviously more suitable for mobile websites.
How to break through the amount of users on the mobile side, obviously making a mobile phone and making a mobile device is one direction, so that you can make a deep integration with your own mobile phone, and in this regard (we) have done a lot of exploration and still have good results.
News: How much value does LeTV bring to LeTV?
Former LeTV mid-level employees: LeEco decided to start making mobile phones in 2014. On May 19, 2015, it started to sell mobile phones. By the end of 2016, it basically sold about 20 million units. The basic configuration of these mobile phones is a front-end stall. Cost-effective configuration, especially in video applications, use experience is no problem.
(Mobile phone to LeTV) The daily mobile users of the mobile terminal have brought a lot of growth. This is the direct value that I think (mobile phone) brings to LeTV. After all, the mobile phone products have attracted relatively high attention from 2014 to 2016. The category, so the overall impact of LeTV's brand influence is also inestimable.
[The old business of mobile phone business is very deep: the regular day of the mobile phone has to be open for seven or eight hours every week]
News: What is LeTV's team?
Former LeTV mid-level employees: The main structure of LeTV’s mobile phone team came from Lenovo, especially in the early days, and later added Huawei and other brand personnel.
News: What is the incentive mechanism for the mobile phone team?
The former music as the middle-level employees: The incentive mechanism is two aspects, the old Jia is to share the shares of their own LeTV.com to some employees to sign and hold an agreement, which is equivalent to a part of the gift, and the other is to share part of the LeTV mobile shares.
News: When was the first mobile phone successfully developed? How many times have you debugged? What are the changes?
Former music as the middle-level staff: Old Jia is a man with a relatively large ambition, so we have three models of the first generation of mobile phones, of which the higher prices are based on Qualcomm (chip), the lower one is MTK (MediaTek) of.
The prototype came out in October and November 2014. But at the time, there were many unsatisfied people. One was that there were no fingerprints on the high-end machines. This one added fingerprints on a temporary adjustment. The second one was the overall thickness and quality. The third problem is that the screen is too fragile, because the pursuit of the so-called borderless, the traditional cell phone is surrounded by a box to pack the LCD screen inside, but the old Jia's idea is different from others. Our LCD panel consists of a glass plate that is placed over this frame. In fact, the frame is pressed underneath. In this case, the mobile phone is slightly bumped. The corners and the screen are easily broken, and the fragmentation rate is relatively high. This was a problem that everyone was worried about at the time.
News: How did Jia Yueting participate in the mobile phone business?
Letv mobile phone employees: The old business of mobile phone business is very involved. He came back in November 2014 and lived in a hospital for more than a month. From the New Year's Day in 2015, the regular daily mobile phone conference was basically 3 or 4 pm. At the beginning of the bell, basically, it will not end earlier than 11 o'clock. It will occasionally open until two or three o'clock in the morning.
[Look why the mobile phone business owes so much money: pricing, embezzlement, payment]
News: LeTV has left a very rich impression on the outside world. Why does it leave such an impression?
Former LeTV mid-level employees: In fact, everyone has a little misunderstanding. After Lexus Mobile's 414 conference in 2015, in the next 3 to 4 months, about RMB 3.5 billion was spent.
This financing is actually a scheme of convertible bonds. One or two years later, investors can choose to have a fixed interest income, and of course they can also choose shares.
It should be said that at the start of the LeTV movement, funds should be relatively lenient.
News: Why does the mobile phone business appear to have a large amount of money owed to suppliers? Which part is the problem?
Former LeTV mid-level employees: This question seems simple, but the answer is a more complex concept, which is to say from the old Jia himself. The outsider, Jia Jia, has three impressions of him outside, humility, sincerity, and ideal feelings. This is why he was able to gather people like Wang Yongli and Ding Lei together to do things.
But the basics of meeting together in the interior are often long enough to find some flaws in the old guys.
First, he lacks the basic qualities of such management. He actually embodies the extremes of inferiority and self-esteem in the use of people. His external humility has no doubt (to) everyone's (left) impression. But in fact, on the internal management, he can't accept opposition and different opinions. If he does not agree with all the opposing views, he will push it for you. This is a traditional point of view. It is no longer in this era. Applicable, such as Liu Jiangfeng, came from glory, and he talked about Huawei's good things. He (Jia Yue Ting) heard the first reaction is that Jiang Feng is very good for you, but not necessarily useful for us. We can't go down this pattern.
Therefore, the concept and opinion of Lao Jia in management and employing people are very weak. He does not have a very strong team. He is surrounded by a few people whom he trusts most. I cannot judge whether they are genuinely convinced of Jia Jia or In order to discuss old Jia Huan heart, in short what old Jia said, we all support it so we go forward.
I said so much before, in order to explain why LeTV will owed suppliers so much money.
LeTV's owed to suppliers is caused by three factors. The first one is of course pricing. The pricing is undoubtedly decided by the old caliber. The second is that in the appropriation of funds, the eco-capital funds of his eldest son are used by him for free transfer, and the third problem is in the area of ​​sales and payment.
This logic of pricing, like the music model 1S, eventually sold 6 million units, which should be a very difficult achievement for a new brand. (Lesson 1S) The project costs about 1,728,800 yuan. Old Jia called the head of the supply chain together and set a goal that if we did 5 million units (sales scale), the cost could be reduced to At what level, the commitment of the head of our supply chain at that time was 1050.
I mention here again that the president of LeTV Mobile is Feng Xing, but in fact, the head of research and development is Liang Jun, and the head of the supply chain is Wang Dayong. These people are directly reporting to Jia Jia, but not to the mobile phone business. Fortunately, it was actually Jia Jia who was making the most core decision, not Feng Xing, and he didn't have enough energy in the middle and late period. I was talking about Jia Jia and came to participate in this business.
Therefore, Jia Jia said that (cost) 1050, he set a 1099 (retail price), in fact, the final machine to achieve 600 million units of the cost is still more than 1,200 yuan each.
We specifically had a meeting to analyze this matter. Wang Dayong explained that the first is the change in exchange rates, because many core components are imported from the US dollar, and companies like Lenovo and Huawei do not use hedging to cope with risks, resulting in losses. In addition, the payment with the supply chain was not expected well, so the price reductions given by others did not drop, leading to the cost not eventually falling.
The second problem is that when LeTV has money on mobile accounts, or after we collect money from channels, there may be 7.8 billion yuan on the books and old ones may need to move away. Maybe it will come back, maybe not so much. In this detailed account, I do not have a particularly clear say, but this kind of thing is bound to exist, but I cannot know how much this specific factor has affected.
The third issue is sales. In the second half of 2015 to 2016, LeTV was pushing globalization. At that time, Asia-Pacific and Hong Kong’s market leader was Mo Cuotian, who had worked at Meizu. As far as I know, at least more than 1.3 million mobile phones with a sales volume of about 10 billion yuan have been sent to India and they have not been paid back. This matter is more conclusive.
(Lok sees the mobile phone entering the Indian market) It is not that LeTV is sold directly to India, but LeTV is sent to LeTV India, and then Mo Tsui is responsible for sales.
At the beginning, when shipments reached several hundred thousand units and there were several hundred million (sales money), LeTV Mobile decided to stop supplying to the Indian market. Because there was no refund, Mo Tsui explained that India’s sales were cut back. After that, LeSports did not give LeTV the related office expenses in India, so he stopped the flow.
In this case, we made a decision to stop shipping to India, but Jia Yueting personally called and found Feng Xing, saying that it must be shipped, saying that you didn't have a big picture, and (we) had to send it again, but still there was no Back money back.
In this matter, Mo Cuotian himself is a Hong Kong person. In 2014, Jia Jia spent a lot of care in Hong Kong, including the wife of Jia Jia who had a baby in Hong Kong. I don’t know if Mo Cuotian was involved in this sort of thing to transfer money to other places. I have no evidence, but I saw that the money did not come back, so I’m sure that LeTV will not have enough funds for suppliers. payment.
[The whole cell phone team exists in name only: basically a stagnant state]
News: When did the financial problem report to Jia Yueting? Did Jia talk about a solution at that time?
Former music middle-level employees: Lao Jia is very clear on this issue, weekly meetings will have a report of operating profit and loss, including losses he is very clear.
News: What is the status of the mobile phone team? How much is the sales network now reduced?
The former LeTV mid-level employees: Now that the entire mobile phone team is in name only, 80% of layoffs are cut off, and basically it is stopped. The network points are also shrinking.
As for the core personnel, after the sale at the beginning of the year, there was a big problem because there was no sufficient cost, and now the after-sales outlets did not receive (required) after-sale (service) machines.
[Make Jia Yueting: In essence, there is a difference from the Pond’s scam. It is unlikely to come back.]
News: The financial chain crisis that LeTV encountered this time, look back, what kind of experience and perception do you have? How do you evaluate Jia Yueting this person?
Former LeTV mid-level employees: My impression of Lao Jia started as an ideal person to have the courage to innovate, and gradually discovered that Lao Jia’s core skills are communication and accounting between listed and non-listed systems.
He actually created two pools for the listing system and the non-listed system. The core is to ensure that the water of the listed company system should be stable, regardless of profitability, sales are stable expectations, if there is a problem, use the loss of the non-listed company system. Depending on the actual situation, the loss on that day may be large or small.
Under this expectation, in addition to this year's latest financial report, listed companies look back on the results are very good, which is very rare in the entire video site, in this case, plus the expansion of the entire industry, making LeTV The stock price of the net continues to climb. Old Jia used this status to continuously cash out.
Actually, we saw it very clearly internally. For example, if LeTV lost 3 billion yuan, but LeTV's market value has risen by 10 billion this year, I may have realized 10 billion yuan, of which only 3 billion will be spent on LeTV. Under the 7 billion, this is not a good thing. This is what I think is the core of the old financial operation.
Another fatal defect of Lao Jia is the unrealistic pursuit of the product, but he is not a very good product manager. Mobile phones are not the best thing to put together the best things for the user, the core here is your design, feel, weight and software optimization, not the latest and most expensive processor, the largest memory, display resolution The best LCD screens put together let users feel the best.
I think that Jia Yueting is too superstitious to promote and publicize the publicity. In the LeTV system, this team is very large, and superstitiously spreads and promotes the power and ignores the products. To give a very simple example, such as mobile phones, cars and other products, feel bad after using it, I still do not use it, so the relationship between communication and product is complementary, apparently old Jia is too concerned about the spread, and in The investment in products is far from enough.
My understanding is that Jia Jia has a certain relationship with him. He has always been relatively smooth to increase and cash. Therefore, he is constantly using this method to expand the industry because there is no other source of funds to support his continuous expansion of his industry. However, after the problem occurred, the issue of capital chain came out. I think this is the process.
Therefore, I commented on the old man. The old man is not trying to make money in essence, and is essentially different from the Pangsi scam. He does have his ideas. He wants to use the model of balance between listed and unlisted systems to continuously increase the market value. After cashing out, he will make the industry bigger. He is a person who wants to do big things.
Of course, after the problems began at the end of last year, he found that the entire problem hole was far beyond what he could solve, so I think he was ready to transfer assets in the second half of last year. My judgment on him today is that I don't think he is likely to return, unless he can guarantee that he can come and go freely after coming back. Without this guarantee, he will not return.
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