小米后劲不足了？

    这家全球估值最高的初创公司或许在这个王座上呆不了多久了。

    在去年12月最新的一轮融资中，中国智能手机制造商小米公司的估值超过了460亿美元，然而就在上周四，小米宣布其上半年的销量远低于预期，使得今年卖出1亿部手机的原定目标几乎不可能实现了。

    小米已经将本年度的销售目标下调至8,000万-1亿部，但考虑到其上半年的销量仅为3,750万部，这意味着下半年它需要大幅提升销量，才能至少达到目标下限。

    小米的问题出在三个地方：中国市场、中国市场，还是中国市场。首先，随着小米在本土市场的渗透率加深，其增长速度开始放缓。根据IDC研究公司的数据，小米的销量在第一季度下滑了4%。其次，小米的销售总量过于依赖本土市场。尽管它已经在印度站稳了脚跟，上周，它又迈出一大步，进入巴西这个仍在健康发展的全球的最大市场之一，但长期以来，公司开辟新市场的步伐迟缓。

    第三，面对苹果公司在中国的人气飙升，小米遭受到的冲击要大于其他大部分公司。根据高德纳公司的数据，这家位于库比蒂诺的巨头以火箭速度迅速成为了中国最畅销的智能手机品牌。高德纳表示，由于iPhone 6的需求火爆，苹果第一季度在中国的销量增长了73%。（财富中文网）

    译者：严匡正

    The world’s most valuable start-up company might not stay that way for very much longer.

    Chinese smartphone maker Xiaomi, which was was valued at over $46 billion at its last funding round in December, said Thursday its sales in the first half of the year had fallen well short of forecast, making it almost impossible to reach its target for this year 100 million phones.

    The company had already lowered its guidance for the year to a range of 80-100 million, but sales in the first six months totalled only 37.5 million, meaning that it will need a big improvement in the second half just to reach the lower end of that target range.

    Xiaomi has three problems: China, China and China. Firstly, its home market is slowing down in absolute terms as penetration increases: sales fell 4% in the first quarter, according to research firm IDC. Secondly, the company depends too much on its home market for its total sales. Although it has now established in India, it has been slow to open new markets–although it did take a big step earlier this week in opening in Brazil, one of the largest global markets and one which is still growing healthily.

    Thirdly, it has suffered more than most from Apple Inc.’s surge in popularity in China. The Cupertino-based giant has rocketed to be the top-selling smartphone brand in China, according to The Gartner Group. Demand for the iPhone 6 drove Apple’s sales in China 73% higher in the first quarter., Gartner says.