1、2020 小米集团 2020 年度報告? ? ? ?www.hkexnews.hk ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 183 ? ? ? ? ? 17M? ? ? ? ? ? ? ? ? ? ? ? ? ? ?.hk ? ? ? ? ? ? ?482?4? ?2020?2020?2020?2,459?19.4% ?130?12.8%?2020?2018? ?5%?2020?1%?2020?5?2016?5? ? ?BrandZ?2014?7?100?2020

2、?2016?5? ? ?2021? ? ?2018?IPO?3?2017?4?8? ? ?AIoT?AIoT? ?AIoT? ? ? ?6?3?AI?IoT?2020?30%?130?5,000?2021? ?AIoT? ? ? ? ?2020?7?2021?3?24?8? ?2021?3?24? ?2021?3?24? ?2021?2?26? ?2021?2?26?Maples Corporate Services LimitedPO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands2020?9?183?54?15?42?181?

3、27?183?17?1712?1716?Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands?1810?10?12?31?2020?2019?2018?2017?2016?245,865,633205,838,682174,915,425114,624,74268,434,161?36,751,86228,554,03322,191,93915,154,2057,249,355?24,034,72911,760,2171,

4、196,47212,215,4673,785,064? ?21,633,43212,162,64613,927,124(41,829,352)1,175,509? ?20,312,71010,102,95013,477,747(43,889,115)491,606? ?20,355,50410,044,16413,553,886(43,826,016)553,250? ? ?17,949,88910,543,38311,921,632(35,994,749)(6,307,155)? ? ?17,986,45210,472,91411,989,243(35,922,124)(6,254,475)

5、? ?13,006,36311,532,2968,554,5485,361,8761,895,657?12?31?2020?2019?2018?2017?2016?77,396,98846,090,12139,215,38928,731,30020,129,283?176,282,835137,539,086106,012,56161,138,46130,636,318?253,679,823183,629,207145,227,95089,869,76150,765,601?123,691,69681,330,57471,322,985(127,272,361)(92,191,670)?32

6、1,819327,102(72,856)61,670133,795?124,013,51581,657,67671,250,129(127,210,691)(92,057,875)?21,739,3809,790,82612,037,663169,947,781116,760,214?107,926,92892,180,70561,940,15847,132,67126,063,262?129,666,308101,971,53173,977,821217,080,452142,823,476?253,679,823183,629,207145,227,95089,869,76150,765,

7、601?2020?12?31?2,459? ?130?MIUI?396.3(1)?IoT?324.8(2)?19.4%?19.7%? 34.1%MIUI?28.0%(1)? ?(1) 2020?12?MIUI?(2) ?2020?12?31?IoT? ? ?2020?11?12? ?2020?12?31?IoT?1. ?2020?2020?2,459?19.4% ?130?12.8%?2020?705?24.8% ?32?36.7%?2020?13? ?AIoT? ?2020?17.5%?146.4?Canalys?2020?24?Canalys?2020?3?12.1%?2020?12?MI

8、UI?396.3?28.0%?AIoT?2020?12?31?AIoT?IoT? ? ?324.8?38.0%? ? ? ? ?2020?12?86.7?43.5%?Canalys?2020?51.9%?2019?9.2%?2020?14.6%?2020?3,000?300?1,000?2020?12?11?21?100?2020?1,224?34.1%?49.8%?2020?12?31?100?Canalys?2020?54?2020?2020? ?AIoT? ?14?2. ?2020?1,522?24.6%?2020?146.4?17.5%?2020?426?38.4%?42.3?29.7

9、%?Canalys?2020?12.1%?2020?Canalys?2020?51.9%?2019?9.2%?2020?14.6%?2020?3,000?300?1,000?2020?12?11?888?3,999?21?100?11?50%? ?2017?11?1? ?ASP?2020?6.1%?1,040?6.8%?1,009?Redmi?2021?2?Redmi K40?1,999?Redmi K40 Pro?Redmi K40 Pro+?888?Redmi Note 9?2020?3?12?2020?12?31?3,000?2020?18.5%?2020?29.5%?2020?Redm

10、i?2020?153. IoT? ?AIoT? ?2020?IoT?674?8.6% ? 2020?IoT?211?8.0%?2020?1,200?2019?1,280?2020?2020?7?49,999?82?Redmi?MAX 98?2021?2?Redmi MAX 86?7,999?2020?Redmi?70?27.7%?2020?2020?IoT?2021?2?RedmiBook Pro?4,699? ?2020?12?Watch Lite?2021?2?Redmi AirDots 3? ?IDC?2020 Q3? ?2020?IoT?2020?1,000?1,500?2020?29

11、.4% ?16?20.6%?2020?12?AX6000?WiFi6?599?Mesh?IoT?IoT?2020?12?31?IoT?80?2020?Pro 2?-AMG Petronas F1?IoT?IoT?4. ?2020?238?19.7%?2020?62?8.4%?2020?2020?12?MIUI?396.3?28.0%?MIUI?111.0?2021?1?MIUI?114.5?2020?12?31?4.3?14.4%?2020?127?19.2%?2020?37?23.1%?2020?42?31.4%?2020?9?1.4%?2020?17?2020?9?55.1%?14.1%?

12、2020?MIUI 12? ?MIUI 12.5?5. ?2020?1,224?34.1%?49.8%?2020?338?27.6%?47.9%?2020?12?31?100?Canalys?2020?54?Canalys?2020?15.3%?2020?Canalys?24.7%?17.5%?2020?57.3%?10.9%?27.0%?Canalys?2020?86.2%?61.6%?139.8%?Canalys?2020?27.4%?13?18?2020?Canalys?215.4%?2019?2.7%?2020?9.1%?2020?2020?2020?1,600?90.0%?2020?

13、900?380.0%?Canalys?2019?2.6%?2020?4.6%?2020?7.4%?6. ?AIoT? ?AIoT? ?2020?12?31?AIoT? ? ?324.8?38.0%?AIoT? ? ?6.2?52.9%?2020?12? ? ?43.5%?86.7? ? 2020?12?App?22.1%?45.0?2020?IoT?2020?10? ? ?UWB? ?2020?11?IoT? ?NuttX?Xiaomi Vela?IoT? ?2020?12?MIUI12.5?MIUI+?IoT?2020?12?31?3,200?2020?9?30?1,000?2020?19?

14、App?2020?MIUI?2021?2?(Clarivate Analytics)?2020?93?2020?2020?10 Pro?10?DXOMARK?120?1,000?2020?120W?80W?2021?1?20?2021?2?88?2021?1?MIUI?2020?2021?2020?12?31?310?480?60.1%?2020?22?2020?12?31? ?(i)? ?2020?12?31? ? (ii)? ?(iii)? ?673? ? ?2018?5?2018? ?IoT? ?5.0%?2020? ?IoT? ?1%? ?2021?3?24?2020?21?2020?

15、12?31?2019?12?31?2020?12?31?2019?12?31? ?12?31?2020?2019?245,865.6205,838.7?(209,113.8)(177,284.6)?36,751.828,554.1?(14,539.4)(10,378.1)?(3,746.4)(3,103.9)?(9,256.1)(7,492.6)?13,173.53,813.0? ?1,380.9(671.8)?642.91,265.9?(372.5)(226.4)?24,034.711,760.2? ? ?(2,401.3)402.4?21,633.412,162.6?(1,320.7)(2

16、,059.7)?20,312.710,102.9? ?13,006.411,532.3?22?19.4%?2,459?2019?12?31?2,058?2019?12?31? ?12?31?2020?2019?152,190.961.9%122,094.959.3%IoT?67,410.527.4%62,088.030.2%?23,755.39.7%19,841.69.6%?2,508.91.0%1,814.20.9%?245,865.6100.0%205,838.7100.0%?2019?12?31?1,221?24.6%?1,522?ASP?146.4?2019?12?31?124.6?1

17、7.5%?ASP?1,039.8?2019?12?31?979.9?6.1%?ASP?5G?2020?3,000?300?1,000?IoT?IoT?2019?12?31?621?8.6%?674?TWS?IoT?2019?12?31?242?7.0%?225?2020?23?2019?12?31?198?19.7%?238?MIUI?2019?12?309.6?28.0%?2020?12?396.3?2019?12?31?1,814.2?38.3%?2,508.9?IoT?2019?12?31?1,773?18.0%?2,091?2019?12?31? ?12?31?2020?2019?13

18、8,986.956.5%113,335.555.1%IoT?58,804.823.9%55,134.326.8%?9,111.03.7%6,998.13.4%?2,211.11.0%1,816.70.8%?209,113.885.1%177,284.686.1%?2019?12?31?1,133?22.6%?1,390?24?IoT?IoT?2019?12?31?551?6.7%?588?IoT?2019?12?31?70?30.2%?91?2019?12?31?1,816.7?21.7%?2,211.1?IoT?2019?12?31?286?28.7%?368?2019?12?31?7.2%

19、?8.7%?2020?Mi 10?Redmi 9?Redmi Note 9?2020?IoT?2019?12?31?11.2%?12.8%?IoT?61.6%?2019?12?31?64.7%?2020?2019?12?31?13.9%?14.9%?2020?25?2019?12?31?104?40.1%?145?2019?12?31?34?63.2%?55?2019?12?31?26?32.2%?35?2019?12?31?31?20.7%?37?2019?12?31?75?23.5%?93?2019?12?31?38?245.5%?132? ? ? ?2019?12?31?671.8?1,

20、380.9? ? ? KC? ?26?2019?12?31?1,265.9?49.2%?642.9?2019?12?31?226.4?64.5%?372.5? ? ? ? ?2019?12?31?402.4?2,401.3?2019?12?31?21?13?1? ?2? ?203?2019?12?31?101?2020?272020?2019?2020?2019? ?2020?12?31?2019?12?31?70,462.956,469.7?(59,136.6)(48,626.4)?11,326.37,843.3?(5,090.3)(3,701.1)?(1,275.8)(904.6)?(3,

21、105.6)(2,252.7)?7,041.51,818.4? ?368.2(273.8)?246.9350.9? ? ?90.7(183.3)?9,601.92,697.1? ? ?(741.0)19.2?8,860.92,716.3?(65.9)(280.1)?8,795.02,436.2? ?3,204.42,344.4?28?2020?24.8%?705?2020?2019? ?2020?12?31?2019?12?31?42,634.560.5%30,796.854.5%IoT?21,054.429.9%19,494.034.5%?6,175.18.8%5,695.110.1%?59

22、8.90.8%483.80.9%?70,462.9100.0%56,469.7100.0%?2019?308?38.4%?2020?426?2020?42.3?2019?32.6?29.7%?2020?ASP?1,009.1?2019?945.1?6.8%?ASP?2020?5G?IoT?IoT?2019?195?8.0%?2020?211?IoT?2019?79?10.1%?2020?71?2020?29?2019?57?8.4%?2020?62?MIUI?2019?12?309.6?28.0%?2020?12?396.3?2019?483.8?23.8%?2020?598.9?IoT?20

23、19?486?21.6%?2020?591?2020?2019? ?2020?12?31?2019?12?31?38,162.954.2%28,405.350.3%IoT?18,508.126.3%17,659.231.3%?1,951.02.8%2,068.43.7%?514.60.6%493.50.8%?59,136.683.9%48,626.486.1%?2019?284?34.4%?2020?382?30?IoT?IoT?2019?177?4.8%?2020?185?IoT?2019?21?5.7%?2020?20?2019?493.5?4.3%?2020?514.6?IoT?2019

24、?78?44.4%?2020?113?2019?7.8%?2020?10.5%?IoT?2019?9.4%?2020?12.1%?IoT?2019?63.7%?2020?68.4%?2019?13.9%?2020?16.1%?2020?31?2019?37?37.5%?2020?51?2019?15?48.1%?2020?23?2020?2019?822.5?28.8%?2020?1,059.2?2019?904.6?41.0%?2020?1,275.8?2019?23?37.9%?2020?31?2019?18?287.2%?2020?70?2020? ? ? ?2019?273.8?202

25、0?368.2?2020?32?2019?350.9?29.7%?2020?246.9? ? ? ? ?2019?183.3?2020?90.7?2020?2019? ? ? ? ?2019?19.2?2020?741.0?2019?280.1?76.5%?2020?65.9?1? ?2? ?2020?88?2019?24?2020?332020?2020?2020?2020? ?2020?12?31?2020?9?30?70,462.972,162.8?(59,136.6)(61,997.1)?11,326.310,165.7?(5,090.3)(3,600.6)?(1,275.8)(852

26、.7)?(3,105.6)(2,321.3)?7,041.53,417.9? ?368.2(10.7)?246.9139.3? ? ?90.7(241.0)?9,601.96,696.6?(741.0)(1,245.9)?8,860.95,450.7?(65.9)(586.3)?8,795.04,864.4? ?3,204.44,128.3?34?2020?2.4%?705?2020?2020? ?2020?12?31?2020?9?30?42,634.560.5%47,604.166.0%IoT?21,054.429.9%18,119.025.1%?6,175.18.8%5,771.98.0

27、%?598.90.8%667.80.9%?70,462.9100.0%72,162.8100.0%?2020?476?10.4%?2020?426?2020?42.3?2020?46.6?2020?ASP?1,009.1?2020?1,022.3?2020?IoT?IoT?2020?181?16.2%?2020?211?IoT?2020?59?20.3%?2020?71?2020?35?2020?58?7.0%?2020?62?2020?667.8?10.3%?2020?598.9?2020?620?4.6%?2020?591?2020?12?31?2020?9?30?38,162.954.2

28、%43,615.160.4%IoT?18,508.126.3%15,538.621.5%?1,951.02.8%2,283.33.2%?514.60.6%560.10.8%?59,136.683.9%61,997.185.9%?2020?436?12.5%?2020?382?IoT?IoT?2020?155?19.1%?2020?185?IoT?36?2020?23?14.6%?2020?20?2020?560.1?8.1%?2020?514.6?2020?102?11.4%?2020?113?2020?8.4%?2020?10.5%?IoT?2020?14.2%?2020?12.1%?202

29、0?2020?60.4%?2020?68.4%?2020?14.1%?2020?16.1%?2020?36?41.4%?2020?51?2020?13?74.6%?2020?23?2020?37?2020?852.7?49.6%?2020?1,275.8?2020?23?33.8%?2020?31?2020?34?106.0%?2020?70?2020? ? ? ?2020?10.7?2020?368.2?2020?2020?139.3?77.2%?2020?246.9? ? ? ? ?2020?241.0?2020?90.7?2020?2020?2020?1,245.9?40.5%?2020

30、?741.0?38?2020?586.3?88.8%?2020?65.9?1? ?2? ?2020?49?88? ? ? ? ? ? ? ? ? ? ? (i)?(ii)?(iii)?(iv)?(v)? ? ?2020?39?2020?2020?2019?2020?2019?12?31?2020?7,108.4?411.2?6,806.4?109.2? ?92.3? ?2020?12?31?(1)?(2)?(3)?(4)?8,794,995660,624(7,108,419)79864,430(7,318)3,204,391?12.5%4.5%?2020?9?30?(1)?(2)?(3)?(4

31、)?4,864,348579,192(2,557,510)791,352,516(110,362)4,128,263?6.7%5.7%?40?2019?12?31?(1)?(2)?(3)?(4)?2,436,219597,150(959,935)79190,29880,5952,344,406?4.3%4.2%?2020?12?31?(1)?(2)?(3)?(4)?20,312,7102,328,319(12,187,807)3162,892,323(339,498)13,006,363?8.3%5.3%?2019?12?31?(1)?(2)?(3)?(4)?10,102,9502,201,7

32、22(888,284)1,704250,706(136,502)11,532,296?4.9%5.6%2020?41? ?(1) ? ? ? ? ?(2) ?(3) ?(4) ?1 = ? = ? - ? - ? - ? - ? = ? - ? ?1 ? ? ?42?2020?12?4?23.70? ? ?Smart Mobile Holdings Limited?1,000,000,000?23.70?Smart Mobile Holdings?1,000,000,000? ? ?2020? ? ?2020?12?2?2020?12?3?2020?12?9?2018?7?2020? ? ?2

33、020?12?31?2020?9?30?548?303? ?2020?12?31?1,080?2020?9?30?2020?12?31?-44.5%?-88.9%?2020?4?2?10?365?2.78%?2020?4?29?Xiaomi Best Time International Limited?6?2030?3.375%? ? ?2030? ? ?2020?4?20?2020?4?23?2020?43?2020?12?17?Xiaomi Best Time International Limited?36.74? ? ?855?2027? ? ?2027? ? ?2027?2020?

34、12?2?2020?12?3?2020?12?17?2020?12?18?2020?12?31?2020?9?30?(1)13,527.512,277.2?(10,505.8)(2,961.3)? ? ?(1)22,375.7(953.5)?25,397.48,362.4?30,257.722,843.3?(902.7)(948.0)?54,752.430,257.7? ?(1) ?(1)? ? (2)? ? (3)? ?(4)?2020?119?2020?95?2020?234?2020?10?44? ? ?2020?135?140?5?89? ?65?28?78?2020?105?34?2

35、9?22?2020?224?199?25?2020?9?30?2020?12?31?186?176?2020?45?2020?12?31?2020?9?30?1,510.1386.2?(1)2,314.41,678.4?3,824.52,064.6? ?(1) ?2020?12?31?2020?12?31?2020?5?21?Zimi International Incorporation ? ?Zimi International? ? ?Zimi International?27.44%? ? ? ? ?102.84?77.06?54,379,044?25.78?2020?5?21?46?

36、2020?12?31?22,074?20,418?2020?12?31?10,401?2020?12?31?15,363? ?9,914.5?2019?12?31?8,304.9?19.4%? ? ? ? ? ? ?2020?12?31?3,625.3?2020?9?30?3,257.4?2020?12?31?2020?9?30?2020?47?IoT?622?5? ? ? ? ? ? ? ? ? ? ?2020?12?4?23.70?1,000,000,000?Smart Mobile Holdings Limited?2020?12?9?23.70?Smart Mobile Holding

37、s Limited?1,000,000,000? ? ?2020? ? ?2020?12?2?2020?12?3?2020?12?9?25?11(a)?14?48?2020?12?31? ? ?33?40.3?2020?4?2?10?365?2.78%?2020?4?29?Xiaomi Best Time International Limited?6?2030?3.375%? ? ?2030? ? ?2030?2020?4?20?2020?4?23?2020?5?3?2020?12?17?Xiaomi Best Time International Limited?855?2027?36.7

38、4? ? ?2027? ? ?2027?2020?12?2?2020?12?3?2020?12?17?2020?12?18?10?2020?12?31?62,660.8?40(b)?2020?49?48,410,000?B? ? ? ? ? ? ?499,541,868? ?48,410,00010.5210.12499,541,868?48,410,000499,541,868?B?48,410,000? ? ? ? ?8A.21?A?B?8A.13?8A.15?2020?4?2020?5?25?13,084,284?A?2020?5?25?B?Smart Mobile Holdings L

39、imited?8,514,521?A?4,569,763?A?1,802,000,000?A?2020?11?27?B?Pinecone International?Pinecone?Pinecone?50?1. ?2011?5?5?2012?8?24?(a) ?(b) ? ? ? ? ?(c) ?251,307,455?B?2,512,694,900?B? ?2018?6?17? ?(d) ?(e) ?2020?51(f) ?B? ? ?(g) ?2012?8?24?2020?12?31?491,799,970?B?184,201,077?B? ?2021?3?24? ? ?2020?1?1

40、?2020?12?31?2015?8?1?2018?1?1?5?10?25,423,251?(6,912,210)18,511,04100.102?7,125?2010?4?1?2018?6?14?1?10?674,259,796(23,682,000)(177,288,867)473,288,92900.34?699,683,047(23,682,000)(184,201,077)491,799,970?28?52?2. ?2018?6?17?(a) ?(b) ?(c) ?B?1,568,094,311?B?10%? ?17? ?30%?(d) ?12? ? ?B?B?1%?12? ? ?B

41、? ? ?2020?53(e) ? ?B? ?1.00?20?20?B?(f) ? ?(i) ?B? ?(ii) ?B? ?(iii) ?B?(g) ?54?2020?12?31?227,250,000?B?1,344,594,311?B?5.33%? ?2020?1?1?2020?12?31?12020?7?2?4?3,000,000?3,000,00013.6072020?9?4?410?218,000,000?218,000,00024.5012020?10?9?4?6,250,000?6,250,00021.04?227,250,000?227,250,000?28?3. ? ? ?

42、? ? ?0.0001? ? ?2020?55?1.?2.? ? ? ?3.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?42,070,000? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?150,000,000?4.?28.0467% ? ? ? ?56?5.?20?2020?57?6.? ?3.8325? ? ?3.8325? ? ? ?1.00?20?7.?2018?6?17?2018?7?9? ? ?58?2020?12?31?42,070,000? ?2020

43、?12?31?2018?6?17?20?42,070,000?42,070,0003.8325?2020?12?31?107,930,000?107.93%? ? ?43.17%?4. Pinecone? ? ? ?Pinecone?Pinecone International?Pinecone?Pinecone International?Pinecone?Pinecone?Pinecone?Pinecone?Pinecone?Pinecone International?0.0001?Pinecone?Pinecone?Pinecone?Pinecone?2020?59?Pinecone?

44、Pinecone?1.? ? ? ? ? ? ? ? ? ? ?Pinecone International?Pinecone International? ? ? ? ? ? ? ? ? ? ? ?Pinecone International?Pinecone International? ? ? ? ? ? ? ? ?Pinecone International? ? ? ? ? ? ? ? ? ? ? ? ?Pinecone International?2.?Pinecone?Pinecone? ? ?Pinecone? ? ?Pinecone? ? ? ? ? ? ? ? ? ? ?

45、?Pinecone?Pinecone?Pinecone?60?Pinecone?Pinecone?3.?Pinecone? ? ? ? ?9,532,868?Pinecone?Pinecone?2,467,132?Pinecone?Pinecone?Pinecone?Pinecone?48%?4.? ? ?12? ? ? ? ? ? ? ? ? ? ? ? ? ?Pinecone? ? ? ? ? ? ?Pinecone International? ? ? ?Pinecone? ? ? ? ? ? ? ? ?Pinecone?1.0%?2020?61?Pinecone?Pinecone?5.

46、?Pinecone? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Pinecone International?Pinecone?Pinecone International?Pinecone International?Pinecone? ? ? ? ? ? ?Pinecone? ? ?Pinecone?Pinecone?62?Pinecone?Pinecone?6.?Pinecone?Pinecone?Pinecone?Pinecone?Pinecone? ?Pinecone? ?Pinecone International?1.00?Pinecone I

47、nternational?20?Pinecone? ? ? ? ? ? ?Pinecone?Pinecone? ? ? ?Pinecone? ? ? ? ? ?Pinecone?7.?2015?7?30?2018?7?9?2020?63?2020?12?31?Pinecone?Pinecone?56,706?Pinecone?Pinecone?9,532,868?Pinecone?Pinecone?Pinecone? ?2020?1?1?2020?12?31?1772015?5?18?2018?6?8?4?69,307(12,601)56,7060.0001?1.0377?2020?12?31

48、?Pinecone?Pinecone?Pinecone?2,467,132?Pinecone?Pinecone International?9.87%?64?2018?6?17?1. ?(1)?B?B?(2)?2. ? ? ?3. ?B?1,118,806,541?3%?4. ?5. ?B? ? ? ? ? ? ?(i) ? ?(ii) ? ?2020?65(iii) ? ?(iv) ?B? ?(v) ? ?(vi) ?60? ? ?(vii) ?30? ? ?6. ?7. ?66?8. ? ?(i) ? ?(ii) ?137,947,024? ?2020?1?1?2020?12?31?1,6

49、462020?1?6?48,925,550?(4,329,033)44,596,5171,8492020?4?1?36,739,975?(2,358,203)34,381,7726092020?7?2?23,609,094?(2,966,417)20,642,67732020?9?4?18,000,000?18,000,0005792020?10?10?10,672,405?(409,051)10,263,354?4,686137,947,024?(10,062,704)127,884,320?28?2020?67? ? ? ? ? ? ? ?2021?3?24?2021?3?24?3.13? ?51?68?1992? ? ? 3888? ?2011?7?2008?8?1998?2007?12?2011?7?2018?3?Cheetah Mobile Inc. ? ? CMCM? ?2011?7?2016?8?JOYY Inc. ? ? YY? ?2011?12? ? ? 688111? ?2015?4?Kingsoft Cloud Holdings Limited ? ? KC? ?1991?7?1?2003?11?2017?40? ? ? ? ?53?2010?2019?2006?2010?Google Inc.?1995?2006?Microsoft Corporation