????這家全球估值最高的初創公司或許在這個王座上呆不了多久了。

????在去年12月最新的一輪融資中，中國智能手機制造商小米公司的估值超過了460億美元，然而就在上周四，小米宣布其上半年的銷量遠低于預期，使得今年賣出1億部手機的原定目標幾乎不可能實現了。

????小米已經將本年度的銷售目標下調至8,000萬-1億部，但考慮到其上半年的銷量僅為3,750萬部，這意味著下半年它需要大幅提升銷量，才能至少達到目標下限。

????小米的問題出在三個地方：中國市場、中國市場，還是中國市場。首先，隨著小米在本土市場的滲透率加深，其增長速度開始放緩。根據IDC研究公司的數據，小米的銷量在第一季度下滑了4%。其次，小米的銷售總量過于依賴本土市場。盡管它已經在印度站穩了腳跟，上周，它又邁出一大步，進入巴西這個仍在健康發展的全球的最大市場之一，但長期以來，公司開辟新市場的步伐遲緩。

????第三，面對蘋果公司在中國的人氣飆升，小米遭受到的沖擊要大于其他大部分公司。根據高德納公司的數據，這家位于庫比蒂諾的巨頭以火箭速度迅速成為了中國最暢銷的智能手機品牌。高德納表示，由于iPhone 6的需求火爆，蘋果第一季度在中國的銷量增長了73%。（財富中文網）

????譯者：嚴匡正

????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.