Hammer technology asset-liability ratio is as high as 99%, hope that VR rescue-hammer, Luo Yonghao-IT information

Hammer technologies (Beijing) Limited (hereinafter "Hammer technology") has once again been pushed to the forefront. Chengdu nibilu, SFC website September 20 by revealing a tour company (Tap4Fun) technology company limited (hereinafter called "Tap4Fun") of the prospectus, and hammer Tech's financial situation also was exposed .

Prospectus showed that 2016 Hammer technology loss of 192 million yuan in the first half, 2015 annual loss of 462 million Yuan, while the asset-liability ratio is as high as 99%. For this dismal performance, many people in the industry say it blamed poor mobile phone market with a hammer.

In addition, the technology on a mobile phone than a hammer with great fanfare, many of VR's stance on a low profile, but this was to escape the speculation about his desire to seek new growth performance.

Now, whether it is a hammer technology adhere to the mobile phone business is quietly entering the VR, depends on innovation.

Mobile phones businesses drag

As early as March 16, 2015, Tap4Fun a wholly-owned subsidiary hold technology to 2.11 billion yuan of investment valuation prior to hammer technology investment of 30 million Yuan, and hammer 1.13% stake in technology.

According to hammer technology financial disclosure data shows that Hammer technology 2015 annual loss of 462 million yuan in 2016, a loss of 192 million yuan in the first half (2016.5 financial annual report has not been audited), shrink Super 60%. Meanwhile, Hammer technology 825 million yuan of total assets by the end of 2015, shrinking to June 30, 2016, 296 million Yuan, owners ' equity shrink a 193 million Yuan by the end of 2015 to June 30, 2016 209,800 RMB. This means that as of June 30, 2016, Hammer technology asset-liability ratio is as high as 99%.

Technology reporter for the China Business Journal wrote to a hammer, as of press time, without reply.

Insiders told reporters, early stage research and development, hardware manufacturing materials, channel inputs such as high investment costs and long payback periods, especially for Hammer technologies is pioneering climbing stage for cell phone manufacturers, facing losses, cash-strapped situation is no surprise.

In addition, on the financial status and even mobile phone sales have been tight-lipped Hammer technology, had often been questioned the financial condition of the industry to make ends meet. Since its inception in 2012 Hammer technology, Luo Yonghao has 4 rounds of financing, and industry conservatively estimated an amount of at least 300 million Yuan. Most recently in June this year, Luo Yonghao and technology explosion will hold a hammer half of pledge to Alibaba, to get the cash. Signs seem to have mobile phones businesses can see a hammer is not ideal.

For the dismal performance of the exposure, the first mobile phone Dean Sun Yanbiao, hammer handset sales has not been opened, hard on Hammer technology "blood".

In fact, as T1 July 2014 the hammer, although in imaging technology, there is little surprise in terms of sound quality, but in an era of 4G power, its 3G network support WCDMA standard was only incurred some criticism. People in the industry said, hammer a T1 is only acceptable in many mainstream models, not stunning. The high pricing of more than 3,000 yuan, also allow the outside world to carry Luo Yonghao squeeze Khan.

Sun Yanbiao noted that hammer T1 Internet phones sold as the dominant online brand, price the people hope to open up the market, and 3000 Yuan's high price makes it soon encountered the strong of the year millet encirclement. Later, hammer T1 255,600 units sold, nearly half up from target 500,000 sales.

Since then, the inner Luo Yonghao and T2 carried a hammer attack. T2 released as just over six months but a hammer, hammer T2 announcing full price, which is believed to be a hammer under increase sales lift helplessly.

In fact, hammer technologies since its establishment four years only three products, respectively, for the flagship T1, T2 and low-end machines with a hammer the hammer nut U1. Insiders reflects, in addition to the thousands of nuts a little hit out, the remaining two flagship models sales were less than expected, and still show a declining trend.

In this regard, Analysys entry analyst Zhu Dalin said high feelings, in the Luo Yonghao apparently underestimated the brutality of the mobile phone market. "The mobile market is saturated, hammer phone product design, process, configuration insufficient differentiation, which makes them very difficult to counter the strong Legion of Huawei, millet and other mobile phone. "Zhu Dalin points out that dividend decreases in hardware, user experience, the supremacy of the current Hammer technology segments demand introduction of differentiation of phones is expected to earn a place in the mobile phone market.

Hope that VR rescue

Hopes delaying the phone business "blood" that Luo Yonghao to seek other business units to support. In recent days, hammer official Micro-Blog published an advertisement for VR personnel of science and technology news, once again exposed Hammer technology ambitions.

Actually, this technology reveals for the first time is not a hammer for VR is good. As early as March this year, Hammer technology official Micro-Blog released a similar advertisement. On June 5 this year, Luo Yonghao Sun on weibo had a surface display picture and said: "If that does a good VR, what excuse do we have? ”

To make our dreams into reality, a challenge, and also is the fire was a terrible mess of VR. VR was once considered a Smartphone of the next "outlet". Not only the technology giants such as Google, Sony's earlier Council also has roots in the mobile industry HTC break, while mainland China's Internet giant, chip manufacturers such as fear of falling behind. Hope shrouded in VR eating a slice of the market will not be easy. Hammer technology's announcement is not a surprise, but Hammer's enthusiasm for VR technology insiders questioning whether the landing was incurred.

Prior to this, there is industry reporter for the China Business Journal said VR as a whole is extensive, common standards are not unified, content is scarce, less commercial, alternative low level and so on. VR currently only Sony, Oculus, HTC, Apple, Samsung, Amazon and other virtual reality represented by manufacturers to lead, not many mass-produced products.

Coveted for VR "money scene" Council who wanted to seize the VR field vantage point, you need the rich content accumulation of reserves or with advanced technology. Zhu Dalin, with respect, hardware-turned-Hammer technology currently has little resistance in achieving VR hardware, but short Board significantly. In addition, VR hardware product form more, but overall the same, how to by different technical means for overtaking, was also a big challenge for Hammer technology. "After all, many launched several generation VR hardware manufacturers have failed to effectively address the user use of VR products old problems such as Vertigo. "Zhu Dalin said.

Now, another flagship hammer Hammer technology T3 release just around the corner. Market rumors, thousands of nuts, U2, as well as the new VR is also expected to put together. If it can be sold, could ease the Hammer technology "anxiety". But Zhu Dalin points out that products of excellence innovation has always been the root of enterprises success, hammer State still has a long way to go.

锤子科技资产负债率高达99%，寄望VR救场 - 锤子,罗永浩 - IT资讯

锤子科技(北京)有限公司(以下简称“锤子科技”)再度被推至风口浪尖。证监会官网9月20日披露了手游公司成都尼毕鲁(Tap4Fun)科技股份有限公司(以下简称“Tap4Fun”)的招股书，而锤子科技的财务状况也随之被曝光。

招股书显示，2016年上半年锤子科技亏损1.92亿元，2015年全年亏损4.62亿元，而资产负债率高达99%。对于这一惨淡业绩，多位业内人士直言这要归咎于锤子手机并不理想的市场表现。

此外，相比于锤子科技在手机上的大张旗鼓，其在VR上的姿态要低调许多，但这还是难逃外界对于其渴望寻求新业绩增长点的猜测。

眼下，无论是锤子科技坚守的手机业务还是悄然进入的VR，都有赖于创新能力。

手机业务拖后腿

早在2015年3月16日，Tap4Fun旗下全资子公司抱团科技就以21.1亿元人民币的投资前估值向锤子科技投资3000万元人民币，并获得锤子科技1.13%的股权。

根据披露的锤子科技财务数据显示，锤子科技2015年全年亏损4.62亿元，2016年上半年亏损1.92亿元(2016年半年报财务尚未审计)，缩水幅度超60%。同时，锤子科技的资产总额也由2015年年底的8.25亿元缩水至2016年6月30日的2.96亿元，所有者权益一项则由2015年年底的1.93亿元缩水至2016年6月30日的20.98万元。这意味着截至2016年6月30日，锤子科技的资产负债率已高达99%。

《中国经营报》记者就此致函锤子科技，截至发稿未获回复。

业内人士向记者表示，硬件制造向来前期研发、物料、渠道等投入不菲且投资成本回收周期长，尤其是对于锤子科技这样正处创业爬坡阶段的手机厂商来说，面临亏损、资金吃紧的状况并不意外。

此外，一直对财务状况甚至手机销量都三缄其口的锤子科技，此前就屡屡被业界质疑财务状况捉襟见肘。自2012年锤子科技成立以来，罗永浩就先后进行了4轮融资，业内保守估计金额至少3亿元。最近的一次是今年6月份，罗永浩又被爆将持有的锤子科技一半的股权质押给了阿里巴巴，以获得现金。种种迹象，似乎都可以窥见锤子手机业务的不理想。

对于此次曝光的惨淡业绩表现，第一手机界研究院院长孙燕飙表示，锤子手机销量一直没有打开局面，难为锤子科技“造血”。

实际上，2014年7月锤子T1上市之际，尽管在成像技术、音质等方面确有小惊喜，但在4G当道的时代，其仅支持WCDMA的3G网络制式还是招致不少用户诟病。业内人士坦言，锤子T1只能算众多主流机型里中规中矩的一款，不够惊艳。而3000多元的高定价，也让外界替罗永浩捏了一把汗。

孙燕飙指出，锤子T1作为主打线上销售的互联网手机品牌，价格亲民才有望打开市场，而3000元的高定价使它在当年很快遭遇到了风头正劲的小米的围剿。而事后，锤子T1仅获25.56万台的销量，离目标50万销量差了将近一半。

此后，内心强大的罗永浩又携锤子T2发起攻势。但在锤子T2手机发布刚满半年之际，锤子T2就宣布全线降价，这被外界认为是锤子迫于提升销量的无奈之举。

事实上，锤子科技自成立以来，四年时间仅推出了三款产品，分别为旗舰机锤子T1、锤子T2和低端机坚果U1。有业内人士反映，除了千元机坚果稍微卖座一点儿外，其余两款旗舰机型销量均不及预期，且目前仍呈下降之势。

对此，易观入口分析师朱大林坦言，大打情怀牌的罗永浩显然低估了手机市场的残酷性。“整个手机市场趋于饱和，而锤子手机在产品设计、工艺、配置等方面差异化不足，这使其很难抗衡实力强劲的华为、小米等手机军团。”朱大林指出，在硬件红利逐渐减少、用户体验至上的当下，锤子科技从细分人群的需求出发推出差异化的手机产品或许有望在手机市场谋得一席之地。

寄望VR救场

寄予厚望的手机业务迟迟不能“造血”，这也促使罗永浩去寻求其他业务板块来支撑。近日，锤子科技官方微博发布一则招聘VR工作人员的消息，再度曝光锤子科技的野心。

实际上，这并非锤子科技首次流露出对于VR的看好。早在今年3月份，锤子科技官方微博就发布过类似招聘启事。而今年6月5日，罗永浩在微博上还晒出过一张曲面显示器的图片，并称：“如果这样都做不好VR，我们还有什么借口呢？”

想让梦想照进现实，绝非易事，况且还是时下火得一塌糊涂的VR。VR一度被视为是智能手机之后的下一个“风口”。不仅有谷歌、索尼等科技巨头早先入局，还有深耕手机行业的HTC步步紧逼，而中国内地的互联网巨头、芯片厂商等也唯恐落后。寄望在硝烟滚滚的VR市场分食一杯羹并非易事。锤子科技的表态并不意外，但锤子科技对于VR的热情到底能否落地还是招致业内人士拷问。

此前，就有行业内人士向《中国经营报》记者坦言，VR整体呈粗放状态，普遍存在标准不统一、内容稀缺、商用场景少、可替代程度较低等问题。目前VR只是被索尼、Oculus、HTC、苹果、三星、亚马逊等为代表的虚拟现实厂商引领，可以量产的产品其实并不多。

对于觊觎VR“钱景”的入局者来说，想要抢占VR领域的制高点，需要具备丰富的内容储备或者具有先进的技术积淀。朱大林直言，硬件出身的锤子科技目前在实现VR硬件制造方面阻力不大，但是内容短板明显。另外，VR硬件产品形态较多，但整体大同小异，如何通过差异化技术手段实现弯道超车，对于锤子科技来说也是极大挑战。“毕竟，不少推出了好几代VR硬件产品的厂商都没能有效解决用户使用VR产品存在的眩晕等老问题。”朱大林说。

眼下，锤子科技的又一旗舰机锤子T3发布在即。市场还一度传言，千元机坚果U2，以及VR方面的新品也有望一起推出。若能大卖，或许可以缓解锤子科技的“焦虑”。但朱大林也指出，产品的卓越创新能力始终是企业立于不败之地的根本，锤子科技目前在这方面还有很长一段路要走。