Core Viewpoint - Xiaomi's Chairman and CEO Lei Jun announced that the decisions to enter the automotive industry and restart chip production were made simultaneously, indicating a significant commitment of the company's resources accumulated over the past decade [1]. Group 1 - Lei Jun expressed the immense pressure of managing both ventures, likening it to the challenge of supporting two children in college simultaneously [2]. - He is preparing for the annual speech scheduled for September 25, where he will discuss themes of "change" and reveal insights about the Xiaomi chip and car projects [4].

Core Insights - The future of technology is moving towards a "seamless" experience driven by AI, where devices are interconnected and operate as a unified system rather than isolated entities [1][8] - Major tech companies like Apple, Huawei, and Xiaomi are focusing on creating integrated ecosystems that enhance user experience across multiple devices [2][3][6] Group 1: Industry Trends - The shift from PC to mobile internet and now to AI signifies a transformation in how technology interacts with users, emphasizing a seamless experience [1] - Apple's iOS 26 update represents a significant integration of its operating systems, allowing for fluid transitions between devices like iPhone, Mac, and Vision Pro [2] - Huawei's HarmonyOS NEXT aims to establish itself as a third major operating system, enhancing device connectivity and user experience [3] Group 2: Technological Innovations - Xiaomi's Pengpai OS focuses on IoT device integration, promoting features like automatic task continuation and proactive smart responses based on user habits [3] - The development of proprietary chips is crucial for reducing latency and power consumption, enabling a truly seamless experience across devices [6] - The integration of AI at the chip level allows for real-time processing, enhancing the overall user experience by making interactions faster and more intuitive [6] Group 3: Competitive Landscape - The competition in the tech industry is intensifying as companies strive to build comprehensive ecosystems, with many traditional hardware manufacturers venturing into software and chip development [7] - Smaller players may find opportunities in "vertical seamless" solutions, focusing on specific applications that enhance user convenience [8] - The ongoing "seamless war" is fundamentally about understanding user intent and adapting services to meet those needs, rather than merely competing on hardware specifications [8]

Core Insights - Xiaomi's founder Lei Jun expressed the immense pressure of simultaneously venturing into electric vehicles and restarting chip development, likening it to funding two children’s college education at once [2][3] - Despite external perceptions of Xiaomi's success, Lei Jun indicated that every step taken in recent years has been driven by challenges [3] Product Launch and Strategy - Xiaomi will unveil its new flagship smartphone series, Xiaomi 17, during Lei Jun's upcoming annual speech, which is themed "Change" [3] - The Xiaomi 17 series will feature the new Surge OS3 and the fifth-generation Snapdragon 8 chipset, marking a significant leap in Xiaomi's high-end strategy [5] - Over the past five years, Xiaomi has invested over 100 billion yuan in R&D, with plans to double this to 200 billion yuan in the next five years [5] Automotive Business - Xiaomi's automotive venture has seen rapid success, with the cumulative sales of its vehicles reaching 224,800 units by August 2025, achieving 64% of its annual target [5] - The SU7 model sold 19,848 units in August, leading the mid-to-large sedan segment, while the YU7 topped the mid-to-large SUV sales with 16,548 units [5] Chip Development - Xiaomi has made significant strides in chip development, launching the 3nm process-based Xuanjie O1 chip, which is now featured in the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [6] - The cumulative R&D investment in the Xuanjie chip has exceeded 13.5 billion yuan, with plans for further investment of over 6 billion yuan this year [6] - The roadmap for the next Xuanjie O2 chip is expected to be revealed during the upcoming speech, targeting mobile, tablet, and automotive applications [6] Financial Performance - Xiaomi reported a record revenue of 115.96 billion yuan for Q2 2025, a year-on-year increase of 30.5%, and an adjusted net profit of 10.83 billion yuan, up 75.4% [6] - The growth in revenue is attributed to the simultaneous advancement of its smartphone, automotive, and chip sectors, indicating a solid growth momentum for the company [6]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The launch of Xiaomi's YU7 has significant implications for the automotive industry, particularly in the high-end electric vehicle segment [2][3] - Xiaomi's automotive business is expected to achieve profitability by the second half of 2025, with a rapid growth trajectory that could see it surpass its smartphone business in revenue by 2026 [2][3] - The competitive landscape is shifting, with a focus on operational quality and resource efficiency among automakers [2][3] Summary by Sections Section 1: Insights from Xiaomi YU7 - YU7 targets a younger demographic, with an average user age of 33 years and a significant portion of users being under 35 [9][10] - The primary selling point for YU7 is its design, which resonates strongly with consumers, alongside brand recognition [12][15] - The order volume for YU7 is unprecedented, with over 240,000 units locked within 18 hours of launch, indicating a strong market demand [20][21] - YU7 is expected to impact competitors in the same price range significantly, particularly brands like Tesla and other emerging electric vehicle manufacturers [22][23] Section 2: Investment Recommendations - The report recommends investing in Xiaomi Group due to its competitive edge in the automotive sector, particularly in high-end electric vehicles [2][3] - Other recommended companies include Great Wall Motors, Seres, and Li Auto, which are well-positioned in the high-end market [2][3] Section 3: Xiaomi's Automotive Business Potential - Xiaomi aims to become one of the top five global automotive manufacturers, targeting over 1.2 trillion RMB in revenue, which corresponds to sales of over 600,000 vehicles annually [51][52] - The automotive business is projected to exceed the smartphone business in revenue by 2026, with significant growth expected in the coming years [46][47] Section 4: Strategic Shifts in the Automotive Industry - Automakers are increasingly focusing on operational quality and efficiency rather than just scale expansion, with many companies merging brands and consolidating resources [2][3] - The report highlights a trend towards simplifying vehicle SKUs to reduce consumer choice complexity, which is expected to become a standard in the industry [31][32] Section 5: Xiaomi's Profitability and Market Position - Xiaomi's automotive division is on track to achieve profitability within two years of launching its first model, with a significant reduction in losses reported [39][41] - The company has a strong financing capability, with its market value increasing significantly, allowing it to attract more investment compared to other new energy vehicle manufacturers [44]

9月24日一早，小米集团董事长兼CEO雷军在微博发文称：造车和重启造芯，几乎是同时做的决策，把小米前十 年攒下的家底全押上了。说实话，"同时供家里两个孩子上大学"，压力巨大。 现在想想，都会感慨，当时哪来这么大的勇气。 24日中午，雷军发布一段视频，就年度演讲提前回答了一些大家关心的问题。 雷军回应称：这些事情不是我一个人干的，我们每个业务都有非常优秀专业的团队，而且手机、汽车芯片是相 互关联的。这些业务可以相互协同相互促进。 "汽车和芯片都很烧钱，怎么敢同时干的?" 雷军称，"造芯片和造车，一上来就拍了1000个亿，几乎是当时公司账上所有的钱，压力很大。" 还有网友提问到"对标苹果保时捷特斯拉，不管做什么，非得要对标吗？" 对此，雷军表示：这几家公司都是各个领域的世界第一，敢于对标世界第一就是一种勇气。只有对标第一，学 习第一，才能最终赶超第一。 至于为何坚持办演讲，雷军坦言，虽然演讲不是自己的长项，但希望有一个机会能和大家深入沟通，介绍一下 小米是一家什么样的公司，小米正在做什么事情，让大家能够了解小米。 有网友提问："造车造手机，还做大芯片，你忙得过来吗？" 据悉，小米将于9月25日晚7点举办雷军年度演 ...

Core Insights - Xiaomi's Chairman and CEO Lei Jun announced the simultaneous decision to venture into car manufacturing and restart chip production, indicating a significant commitment of resources and a high level of pressure [1] - The upcoming annual speech on September 25 will focus on the themes of change, revealing insights into Xiaomi's new chip and automotive projects [1] - Lei Jun explained the delay of this year's annual speech, originally planned for June, to align with the launch of the Xiaomi 17 series flagship, suggesting a strategic marketing approach [1] Group 1 - The decision to pursue both automotive and chip production reflects Xiaomi's long-term investment strategy and willingness to take risks [1] - The annual speech is expected to provide detailed information about Xiaomi's advancements in technology and product development [1] - The postponement of the annual speech was strategically timed to leverage the attention from the Xiaomi 17 series launch [1]

Group 1 - The core decision of Xiaomi's CEO Lei Jun to simultaneously venture into car manufacturing and restart chip production has put the company's accumulated resources at risk, likening it to the pressure of supporting two children in college [1][3] - Lei Jun's upcoming annual speech will focus on the theme of "change," where he will share stories related to Xiaomi's chip and car initiatives [1][2] - Xiaomi's automotive strategy includes the dual model approach with SU7 and YU7, aiming for a total sales target of 350,000 units for the year [2] Group 2 - As of August 2025, Xiaomi's automotive sales reached 224,800 units, achieving approximately 64% of its annual target [2] - In September 2025, Xiaomi's SU7 and YU7 models led the sales charts in their respective categories, with SU7 selling 19,848 units and YU7 selling 16,548 units [2] - In the third week of September 2025, Xiaomi ranked second in the new energy vehicle market with a weekly sales figure of 10,800 units, following Leap Motor [2]

Core Viewpoint - The CEO of Xiaomi, Lei Jun, has made a significant decision to simultaneously pursue electric vehicle manufacturing and restart chip production, investing the company's accumulated resources over the past decade into these ventures [1][9]. Group 1: Company Strategy - The decision to enter the automotive sector and restart chip production is described as a simultaneous move, indicating a bold strategy that leverages the company's past investments [1][9]. - Lei Jun expressed the immense pressure of this decision, likening it to the challenge of supporting two children in college, highlighting the personal and professional stakes involved [2][9]. Group 2: Upcoming Events - Xiaomi is set to host Lei Jun's annual speech on September 25, where he will discuss themes of "change" and reveal insights about the new Xiaomi chip and the automotive project [3][4]. - The annual speech is anticipated to provide deeper context into the company's strategic direction and the stories behind its new initiatives [3][4].

Group 1 - The founder, chairman, and CEO of Xiaomi, Lei Jun, expressed that the decision to simultaneously venture into car manufacturing and restart chip production is a significant commitment, likening it to the pressure of sending two children to college [1] - Lei Jun announced an upcoming annual speech on September 25, focusing on the themes of change and revealing stories behind Xiaomi's new chip and car initiatives [5] - The annual speech was postponed from June to September to align with the launch of the Xiaomi 17 series flagship, allowing for increased visibility and traffic [5]

Group 1 - The founder, chairman, and CEO of Xiaomi, Lei Jun, announced on Weibo that the company is simultaneously pursuing car manufacturing and restarting chip production, indicating a significant commitment of resources [1] - Lei Jun expressed the immense pressure of managing both initiatives, likening it to "sending two children to college at the same time" [1] - The upcoming sixth annual speech on September 25 will focus on the theme of "Change," revealing insights into Xiaomi's new chip and automotive projects [5] Group 2 - The annual speech was initially planned for June but was postponed to September to align with the launch of the Xiaomi 17 series flagship, allowing for greater visibility and audience engagement [5] - Lei Jun mentioned that the delay was welcomed as it provided an opportunity to leverage the traffic from the Xiaomi 17 launch [5]