Text | Investment Author | Axe Hammer technology began to make a profit, and investors who have been shackled for many years can finally breathe a sigh of relief. Although Luo Yonghao did not disclose the specific profitability of the hammer, his bottom line was obviously much more. "I am doing this to change the world, not to make you a few bad money." On May 15th, during the rainy night in Beijing's Bird's Nest, when Lao Luo finished this sentence, more than 30,000 fans broke out. A mountain of tsunami. In the past six years, with investors “paying the billâ€, Luo Yonghao is gradually turning himself into a reality. Especially after the hammer technology became the "quasi-unicorn" in Chengdu, the company's light is more and more dazzling. It can even be imagined that one day, Lao Luo took the hammer technology and stood on the IPO ringing stage. Beijing Bird's Nest Rainy Night: You are here to witness the history! "Fisting Apple, kicking Microsoft" As early as the eve of the press conference, Lao Luo put on a arrogant gesture. At the press conference in the drizzle, Lao Luo opened the scene and told the audience more than 30,000 participants: You are here to witness the history! He reviewed the achievements of Hammer Technology in the past six years: the release of an operating system and seven mobile phones. Subsequently, Luo Yonghao announced that after the hammer technology, all mobile phones are called "nuts", regardless of low-end and high-end mobile phones, but the company name and logo remain unchanged. There is no hammer mobile phone in the world, only a nut phone. In fact, this is not difficult to understand. Since Hammer Technology moved its headquarters to Chengdu, the name hammer has become an awkward existence. Nut R1 has become a new beginning for hammer technology. Luo Yonghao calls this mobile phone: the best-looking white mobile phone in the world. However, from the feedback from the scene, during the introduction of the nut R1, the audience's cheers were not enthusiastic. It is the final price, which is a bit surprising. The minimum version of 6GB memory + 64GB storage is 3499 yuan, and the highest version with 8GB memory + 1TB storage is 8848 yuan. Frankly speaking, this price is a big night to scare people with a bit of kidney pain, people who don't know how to think about the 8848 titanium mobile phone. However, the focus of the conference was a "redefined ten-year PC and a computing platform for ten generations." Well, the phone is not ready yet, and Luo Yonghao has entered a bigger pit than the mobile phone. He started to work as a computer. Lao Luo said: I have defined a personal computer for ten years. This is an Android-based computer called "Nut TNT Workstation". Its shape is similar to Microsoft Surface Studio, using 27-inch 10 point 4K touch screen, support FACE + face unlock algorithm, with 9 data transmission interfaces including TYPE-C and USB3.0 and other common interfaces. Listening to such an introduction, fans' expectations are great, but the reality seems a bit cruel. During the live demonstration, the feedback effect of the Nut TNT workstation was not ideal, the speech recognition rate was not high enough, and the touch operation was too cumbersome. The conference was once a “large disaster sceneâ€. Why is Hammer Technology a computer when desktops and notebooks become the sunset industry? Luo Yonghao said that laptops are still an important tool for people to work in, and AR/VR and AI will take 10 years to arrive. Hammer Technology will lead the decade. Finally, he explained with a sentence before the death of Otto Lilintal, the father of the glider: "A little sacrifice is necessary." Luo Yonghao said that we do not care whether this market is the Red Sea or the Blue Ocean. We are looking at the distant sea. However, the first feeling of many people after the conference is: Is it a long time to release a 27-inch Android tablet? There are fans who spit out. For now, this TNT feature doesn't have much practicality, and it can't replace the keyboard and mouse. With so many beautiful words, Hammer Technology seems to have spent the toughest moments. This time, Lao Luo took the initiative to disclose the profitability of the hammer, "making a little money." Some fans are excited to say that this is the first time in six years since the hammer business started to make a profit. As everyone knows, Lao Luo’s idea of ​​making a mobile phone originated from Lei Jun. He had recalled that as early as November 2011, he was invited to meet with Lei Jun at Xiaomi Headquarters. According to my original intention, I just hoped to cooperate with Xiaomi, but I found that some of my ideas were in conflict with Lei Jun, and I had the idea of ​​making my own mobile phone. At that time, according to his own calculations, because the hardware was very burnt in the early stage, he even had to put aside the plan to make a mobile phone, but instead made a ROM to prove his ability. This is actually learning the marketing model of Xiaomi. The millet MIUI system was launched two years earlier than Xiaomi's mobile phone. It was installed on the Internet for free for other mobile phone users. After achieving millions of installed capacity, the whole machine was introduced to the market in August 2011, and it was a hit. In Lao Luo’s own words, “I have no money to do it in two steps. It’s enough to be a ROM, but you have to let me make a mobile phone. This must be at least $10 million to start, or else I can't start it. I didn't think it was right at the time, so I went in two steps." But even if it is ROM, the initial start-up capital needs at least tens of millions of dollars. Where does the money come from? Luo Yonghao first thought of his friend Tang Yan, the CEO of Momo Technology. At that time, Momo was not on the first anniversary of the line, the user was close to 5 million, and he got the investment of Zihui Venture Capital. At that time, Tang Yan was full of people and there were many ways. Afterwards, when Lao Luo talked about this, it seemed to be a breeze. "He is my friend. When I told him about this, he said that I would help you find a solution. Later, he gave me more than 9 million yuan. Then it started." In addition to Tang Yan, Luo Yonghao has assembled a group of powerful amnesty shareholders from the beginning, including Li Yong, CEO of Netease, and Fang Sanwen, CEO of Snowball Finance, and two of Alibaba's 18 founders - Wu Yongming and Sheng Yifei. It is with this group of powerful friends that Lao Luo Meng has plunged into the pit of making a mobile phone. The hammer is from dying to profit, The hardware "burning money" is not enough, making a mobile phone is the most expensive business. The data shows that although Hammer Technology has bumped into the financing road in recent years, it has completed several rounds of financing. With the ups and downs of the hammer in recent years, investors have also suffered. In 2016, Hammer Technology once failed to pay wages. Under the crisis, early investors of the hammer, Zheng Gang and Tang Yan, partners of Zihui Venture Partners, Wu Yongming, founding partner of Yuanhao Capital, and many other hammer investors and Luo Yonghao borrowed money from them to save them. One of the details: In order to borrow money from the hammer, Zheng Gang mortgaged his house. Xiong Sanmu, a partner who participated in the C-round financing of Hammer Technology, said that he was gambling on his investment in Luo Yonghao. "As a small fund that has just started and is unknown, originally intended to focus on the angel stage, we invested half of the ammunition. Above the hammer." This is a thrilling experience. In the self-report of Xiong Sanmu, to the final stage, LP has withdrawn the funds that are close to one-third of the fund because of doubts about hammer investment and investment volume. “And we have signed TS with many projects including hammers. This made us squandered, poorly coped, and almost collapsed." Fortunately, a $1 billion financing saved the hammer. In mid-2017, Lao Luo announced that Hammer Technology is about to complete a financing of 1 billion yuan, of which Chengdu Dongfang Guangyi Investment Co., Ltd. will invest 600 million yuan. According to public information, Chengdu Dongfang Guangyi Investment Co., Ltd. was established in August 2003 with a registered capital of 350 million yuan. It is a state-owned enterprise established by the Chenghua District Government of Chengdu and authorized by the Chenghua District State-owned Assets Supervision and Management and Financial Work Office. Sole proprietorship company. After the financing was completed, Hammer Technology moved to Chengdu as a whole. Locally, Hammer Technology is a star company and is considered a potential unicorn company. Chengdu is undoubtedly the blessing of hammer technology and Lao Luo. After the launch of the Nut Pro 2 conference in November last year, Lao Luo said in an interview after the meeting that the hammer is not the hammer of the serious loss in the past, and now it is "the willing to steam." This year, 45-year-old Luo Yonghao bought a house in Chengdu, which was the first time in his life. When the hammer becomes a "unicorn": go, go public? Recalling that at the end of 2016, Lao Luo released his New Year's vision: "The future goal is to become the leader of the industry in the next generation of human-computer interaction revolution. The goal for next year is very small, to make money, let's earn it first. One hundred million." By the beginning of 2017, Lao Luo said: "More than 95% of this year can achieve profitability, unless there is a natural disaster." In just three years, Hammer Technology seems to have gone from hell to heaven, completing a legendary “return to lifeâ€. As an early investor in the hammer, Zheng Gang once said that he is very confident in Luo Yonghao, at least until Hammertech's valuation reaches 30 billion yuan. He believes that 30 billion for Lao Luo, which is destined to affect the spirit of a generation, is nothing, but also deliberately calculated an account: the hammer only sells 5 million mobile phones, each mobile phone profit is 500 yuan, then the net profit is 25 Billion, 10 times the price-earnings ratio is 25 billion. So, how far is Hammer Technology’s valuation from 30 billion? The valuation of Hammer Technology has always been a mystery, and the public can only look for clues from Suning’s annual report, one of its investors. On March 31, 2018, the annual report issued by Suning showed that “In July 2017, Hammer Technology conducted D round of financing, the Group’s shareholding ratio was passively diluted from 1.89% to 1.54%, and the directors appointed in the board of directors were withdrawn.†In terms of knowing, some people are savvy: Suning invested about 50 million yuan in the year and obtained 1.89% of the shares. According to this calculation, the hammer was estimated to be about 50 million/0.0189=2.645 billion. When the investment was made in Chengdu last year, the valuation of Suning was diluted to 1.89%*26.45/(26.45+6)=1.5405%, which can be seen to be in complete agreement with the Suning Annual Report. In other words, until the hammer completes the latest round of financing of 1 billion yuan, its valuation remains at around 2.6 billion yuan, which seems a bit far from the investors' 30 billion yuan. Even so, with its great reputation, Hammer Technology has long been regarded as a unicorn. The Chinese always say that if the disaster is not dead, there will be a blessing. The hammer technology that just experienced the "return to life" has undoubtedly ushered in a good time. In the past few months, the listing system of A-shares and the Hong Kong Stock Exchange in China has undergone tremendous changes, and unicorn companies have been snapped up. For Hammer Technology, both the new economic policy of the Hong Kong Stock Exchange and the "green channel" of the domestic A-share unicorn are a big plus. Not long ago, Xiaomi submitted a listing application to the Hong Kong Stock Exchange, and the valuation is expected to reach 100 billion US dollars. Luo Yonghao, who was stimulated by Lei Jun and made a mobile phone, was probably touched. I don’t know if Lao Luo, who stood on the stage of the press conference last night, once fantasized. One day, he also led the hammer technology to stand on the IPO ringing stage. 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