Text/Meng Yonghui

Lenovo has been getting a lot of attention lately not just because of good things, but because of the 5G standards vote, 100 entrepreneurs backing it, the OS vote, and some other news that looks up somewhat negative. The announcement of Lenovo's new earnings report seems to have once again stirred up feelings of concern for the company on the cusp of the storm, so they have begun to interpret the results.

Inevitably, "loss" became one of the most defined terms for Lenovo's earnings report. Although Yang Yuanqing, chairman and CEO of Lenovo Group, appeared to explain the "doubts" about Lenovo's financial results, but still can not offset the outside world for Lenovo's doubts. We can't help but wonder what Lenovo is doing wrong. Why has this caused so much verbal abuse from the outside world?

In fact, people are more of a "hate it" flavor for Lenovo's questioning.

You know, a few years back.， Lenovo acquisitionIBM called“ snake swallowing an elephant (idiom); fig. swallowing an elephant by the throat”， It was also established as a national brand。 or so， Why are people mouthing off about Lenovo now?？ People are interested in associating“ lit. hate iron for not becoming steel” What are the causes of the？

[if !supportLists]1、[endif] Lenovo's innovation hasn't really kept up with technology developments。Although we have seen some breakthroughs and innovations in specific businesses by Lenovo, such as the partnership with Motorola, these innovations are only at the level of capital and not enough for technology products. Currently, innovation among the technology market lies mainly in product and technology innovation, and while the capital-driven development model remains important, capital ultimately returns to returns. By what return? It must be an innovative product. So perhaps only innovation in the product will trigger the market and users' attention and people will buy into Lenovo.

If we follow such a logic, we look back at Lenovo's acquisition of IBM's personal notebook business also seems to be a capital operation rather than a product innovation. It's just that Lenovo acquired IBM's personal notebook business at a time when consumer demand for PCs was still at a relatively high level. As a result, Lenovo was able to gain some winning points at that moment with the acquisition of IBM's personal PC business.

nevertheless， With the development of technology fromPC Time to move into the mobile internet era， Lenovo is in a much worse position than before。 According to Lenovo's logic is to go for telecom operations on“ allowances” channel， i.e., subsidies from telecom operators to get subscribers to buy。 nevertheless， With the tightening of regulation of telecom operators， This model has gradually lost its usefulness， And it's not like Lenovo hasOPPO、 Build your own channel like Huawei， So that's caused it to be in a constant state of decline on the mobile side of the business。

Ultimately, it's still a result of Lenovo's innovation not really keeping up with the technology trend. Imagine if Lenovo had been able to put a lot of effort into product development and launched a groundbreaking product, perhaps people would not have been as skeptical about Lenovo as they are at the moment.

And Lenovo spent $1.273 billion (about $8.1 billion) on research and development for the fiscal year, or 2.8 percent of total revenue, according to its latest earnings report. Huawei, on the other hand, spent nearly 90 billion yuan on R&D, accounting for nearly 15 percent of its total revenue; ZTE, which was sanctioned by the United States, spent nearly 13 billion yuan on R&D, accounting for nearly 12 percent. From this set of data, we can also see where Lenovo's lack of innovation lies.

[if !supportLists]2、[endif] Lenovo's business model has not fundamentally changed. Despite the fact that Lenovo had created“ snake swallowing an elephant (idiom); fig. swallowing an elephant by the throat” The brilliant record of， But it's just a capital exercise.， There is no innovation in the business model。 After the Internet era and the mobile Internet era， The business models of today's tech companies have changed forever。 A capital-driven development model alone does not work， Must innovate business models to sustain business growth in new phase。

We look at the current capital operation of the Internet giants represented by BAT can be seen, the mode of capital operation of these companies are in the way of cooperation through equity participation, capital injection, and they are able to produce organic integration and connection with the company's existing business through the capital operation of the company.

On the contrary, although Lenovo also carried out some related operations, but these businesses did not have an organic link with Lenovo's own business, and some of them even had some negative impact on the link with the original business. Although Lenovo also scraped the bottom of the barrel during the period, it still could not cure the many pain points and problems caused by the incomplete integration of the business. Lenovo's acquisition of MOTO is a concentrated manifestation of this imagination.

3, Lenovo did not really grasp the development of mobile Internet windfall. Although Lenovo is a hardware company， But it did not have as good a grasp of the new winds of market development as the laterBAT sensitive， It can even be said that it has not grasped the development wind of the mobile Internet era。

In fact, what happened to Lenovo is somewhat similar to what happened to portals. In the PC Internet era, people's consumption style and living habits were dominated by the PC Internet, and portals could be said to be in the ascendant at that time. People's consumer demand was also basically PC-based, so Lenovo at that time could catch the wind and go with the flow.

With the decline of the PC Internet, the wave of mobile Internet has once again migrated people's consumption and living habits from offline to online, and people's usage habits began to shift from the PC to the handheld devices represented by mobile phones. At this time, the Internet giants represented by BAT seized this windfall, and after experiencing the chaos of the mobile Internet era, the unicorn companies represented by TMD grew up.

therefore， Lenovo did not really grasp the development of the mobile Internet era wind also eventually led to the impression that it was old-fashioned。 Although Lenovo had also wanted to get into the mobile internet business for， But because of the business model， In the end, it didn't really catch the wind of mobile internet development。

The vitriol people are giving Lenovo is really more of a“ lit. iron does not make steel” expression， And Lenovo's continuation of its previous growth strategy is costing it a lot of growth opportunities。 so as to5G Standard ballot、 100 entrepreneurs support、 The emergence of negative news represented by the OS vote has contributed to this， With the release of Lenovo's earnings report， People's expectations of Lenovo may still be going downhill。 probably， Only by truly starting with innovation， Innovative Product Types、 Innovative business models、 Innovative development ideas will enable Lenovo to re-establish its image as a national enterprise in the public's mind。

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