Core Insights - Xiaomi Group is set to launch the new Xiaomi 17 series on September 25, featuring significant upgrades across all models [1] - The Xiaomi 17 Pro series will utilize a new battery technology with a 16% higher silicon content and enhanced energy density, along with L-shaped packaging for improved capacity [1] - The new series will support 100W PPS universal charging protocol, allowing for fast charging with both Xiaomi and non-Xiaomi chargers [1] Product Features - The Xiaomi 17 series will include three models, all equipped with the new Xiaomi Surge OS 3 [1] - The series will be the first to globally debut the fifth-generation Snapdragon 8 Supreme version [1]

【CNMO科技消息】近日，小米创始人、董事长兼CEO雷军在社交媒体宣布将于9月26日19:00举办年度 演讲。CNMO注意到，目前某平台相关话题阅读量已超112.7亿。著名车评人陈震发布微博， 对此表 示：牛X~ 在此之后，网上开始传陈震与小米合作结束。在小米SU7 Ultra发售后，陈震并未参与试驾。后来有网 友发现，陈震与雷军互相取关了。多件事联合在一起，"陈震和小米闹掰"的说法开始传播。在2025年8 月23日晚，车评人陈震和博主"赛车星冰乐"在社交媒体进行直播。直播中，陈震对"闹掰"一事进行了回 应，称商业合作本就有聚有散，不继续合作不意味着关系破裂，成年人的社交不应简单归结为恩怨。 据CNMO了解，陈震和小米之间曾存在不少纠葛。前者于2024年3-4月指出小米SU7噪音、设计等问 题，小米方未回应。米粉攻击其"不客观"。2024年4月SU7赛道首撞事件中，陈震称这次事件为"正常赛 道事故"，非车辆缺陷。关键转折出现在2025年5月22日小米YU7发布会当天，陈震发布绿色法拉利图 片，且专门强调"法拉利之子皮耶罗80岁大寿"，被指"阴阳小米"。随后在2025年5月23日，陈震回应"发 法拉利无关小米" ...

此前，雷军表示，本次演讲的主题为《改变》，将聊聊小米玄戒芯片和小米汽车背后的故事。雷军今日透露："很多人认为，小米跻身世界500强，造车进 展也不错，似乎一切都很顺利。其实，最近几年的每一步，都是被巨大的挑战逼出来，最关键的改变发生在2020年。" 雷军回应年度演讲相关问题。 9月23日，小米创始人、董事长兼CEO雷军发布视频，回应年度演讲相关问题。此前，雷军在昨日宣布，2025雷军年度演讲定档9月25日。相比往年，今年 时间有所推迟。 对此，雷军表示，原计划是今年6月，和小米YU7的发布会一起办，但该场发布会内容较多、时间较长，于是临时推迟至9月份和小米17系列年度旗舰一 起，"当我知道推迟的时候还挺高兴的，因为这样还可以蹭一下小米17的流量"。 雷军在视频中表示，过去几年，自己最大的改变就是认知，"过去几年小米发生了翻天覆地的变化，本质就是认知发生了变化，所以这次想在年度演讲里 和大家聊一聊"。 ...

Core Viewpoint - The upcoming annual speech by Lei Jun, scheduled for September 25, 2025, will focus on the theme of "Change," discussing the stories behind Xiaomi's advanced chip technology and its automotive ventures [3][5]. Group 1: Event Announcement - Lei Jun announced that the annual speech was initially planned for June but was postponed to September to coincide with the launch of the Xiaomi 17 series, which he views as an opportunity to leverage the event's traffic [1][3]. Group 2: Theme and Challenges - The central theme of the speech will be "Change," highlighting the significant challenges Xiaomi has faced over the past few years, particularly since 2020, despite the company's recent successes, including its entry into the Fortune Global 500 and progress in the automotive sector [3][5]. - Lei Jun emphasized that the most significant change for him personally has been a shift in understanding, reflecting the transformative changes within Xiaomi [5].

Core Viewpoint - Xiaomi has announced the launch of the new Xiaomi 17 Pro Max smartphone, featuring a breakthrough in OLED technology with "super pixels" that significantly enhance display quality while reducing power consumption by 26% compared to traditional 2K screens [2][5][6]. Technology Innovation - The "super pixel" technology allows each pixel to have independent RGB sub-pixels, improving display performance without relying on adjacent sub-pixels, marking a significant advancement in OLED technology [5][6]. - The Xiaomi 17 Pro Max is said to deliver 2K-level display quality with power consumption lower than that of 1.5K displays, indicating a new direction in display technology [6]. Product Launch Details - The Xiaomi 17 series, including the Pro and Pro Max models, will be officially launched on September 25, featuring new color options "Forest Green" and "Cold Smoke Purple" [6]. - The new models will incorporate a "Miao Xiang Back Screen" for an enhanced interactive experience and will showcase a new ultra-oval corner design with a narrow bezel of just 1.18mm [6]. - The series will be powered by the new Xiaomi Surge OS 3 and will globally debut the fifth-generation Snapdragon 8 Supreme version [6].

Core Viewpoint - Flashback Technology is making a third attempt to list on the Hong Kong Stock Exchange, facing a deadline of December 31, 2025, to avoid a significant share redemption pressure of nearly 800 million yuan [2][16]. Company Overview - Flashback Technology focuses on the recycling of second-hand mobile phones, providing integrated solutions that facilitate trade-ins and promote the sale of new devices [3][4]. - The company has established two core brands: "Flashback Recycling" for consumer trade-ins and "Flashback Quality" for reselling second-hand products through its online platform and third-party e-commerce sites [4]. Market Position - According to Frost & Sullivan, Flashback Technology ranks as the third-largest mobile phone recycling service provider in China, holding a market share of 1.3% in both total transaction value of recycled phones and sold second-hand phones [6][7]. - The top five market players account for 18.6% of the Chinese mobile phone recycling market, with the leading provider, Aihuishou, holding a market share of 7.9%, which is approximately six times that of Flashback Technology [6]. Financial Performance - Flashback Technology has shown revenue growth from 750 million yuan in 2021 to approximately 1.297 billion yuan in 2024, with a compound annual growth rate of about 20% [9]. - Despite revenue growth, the company has incurred significant losses, totaling over 337 million yuan over four and a half years, with losses reported for each year from 2021 to the first half of 2025 [9][10]. - The gross profit margin has declined from 8.2% in 2021 to 6.3% in the first half of 2025, with a notable drop to 4.8% in 2024 [9][10]. Cost Structure - The sales costs have remained high, with approximately 91.3% of the costs in the first half of 2025 attributed to the procurement of second-hand electronic products [11]. - Flashback Technology's reliance on Xiaomi as a major supplier poses both opportunities and risks, as Xiaomi accounted for 49.3% of the company's procurement through trade-in channels in the first half of 2025 [11][13]. Redemption Obligations - The company's redemption liabilities have increased from 307 million yuan in 2021 to 791 million yuan by the first half of 2025, while cash and cash equivalents stood at only 120 million yuan as of June 2025 [13][14].

Group 1 - Cathay Pacific maintains revenue forecasts for Xiaomi Group-W (01810) at RMB 489.1 billion, 641.8 billion, and 758.4 billion for FY2025E-FY2027E respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The stable delivery of Xiaomi vehicles, with over 30,000 units delivered in July and August, positions the company to potentially exceed its annual target of 350,000 deliveries for 2025 [2] - Xiaomi's air conditioning shipments exceeded 5.4 million units in Q2 2025, reflecting a year-on-year increase of 60%, with a focus on high-end market strategies to improve product structure [3] Group 2 - The upcoming launch of the Xiaomi 17 Pro and ProMax, featuring a customizable back screen, is expected to be a significant catalyst for future sales, with pre-orders doubling compared to the previous generation [4] - The new retail model and the upcoming production of the Wuhan home appliance factory are anticipated to enhance Xiaomi's competitive advantage in the home appliance sector [3]

Core Viewpoint - Cathay Securities maintains revenue forecasts for Xiaomi Group-W (01810) for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion. The stable delivery of Xiaomi cars, competitive advantage in home appliances, and the upcoming smartphone launches are seen as important catalysts. The target price remains at HKD 77.5 with a "Buy" rating [1]. Group 1: Automotive Performance - Xiaomi's car delivery volumes have remained stable at over 30,000 units in July and August, with expectations to exceed the annual target of 350,000 deliveries for 2025 [2]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production line experience [2]. Group 2: Home Appliances - Xiaomi's air conditioner shipments exceeded 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates surpassing 50% for three consecutive quarters [3]. - The new Wuhan home appliance factory is set to enhance Xiaomi's competitive advantage in the home appliance sector, supported by a high-end strategy to narrow the price gap with leading brands [3]. Group 3: Smartphone Innovations - The upcoming launch of the Xiaomi 17 Pro and Pro Max, featuring a customizable back screen, is anticipated to be a significant catalyst for future growth [4]. - Pre-orders for the Xiaomi 17 series have doubled compared to the previous generation, indicating strong market interest [4]. - The company expects marginal improvements in smartphone revenue and gross margins in Q4 with the release of new Xiaomi and Redmi series products [4].

Core Insights - The central theme of the article revolves around "Change," which is not only a developmental mandate for Xiaomi but also a survival challenge for individuals in the workforce [1][4]. Group 1: Xiaomi's Transformations - Xiaomi has undergone three significant cognitive leaps that have allowed it to navigate economic cycles and break through ceilings [3]. - The changes have empowered Xiaomi to not just respond to current challenges but to seize future opportunities [4]. Group 2: Lessons for Workers - Workers can learn from Xiaomi's grand narrative of change by building their own "transferability" in uncertain environments [6]. - The shift from a "screwdriver" mentality to a "USB" survival approach emphasizes the need for adaptability and diverse skill sets [6]. Group 3: Key Changes in Xiaomi's Strategy - Transitioning from "channel-driven" to "technology-driven," Xiaomi has moved from being perceived as an "assembly factory" to a company focused on core technologies, enhancing its brand value [7]. - The evolution from "single product hits" to "ecosystem synergy" has diversified Xiaomi's growth logic, reducing reliance on any single product's success [7]. - Moving from "chasing trends" to "creating demand," Xiaomi has shifted its role in the industry from a follower to a demand creator through technological innovation [7]. Group 4: Steps to Initiate Change - The article outlines three actionable steps for initiating change: cognitive awakening, incremental actions, and systematizing change [9][13]. - The first step involves extreme situational thinking to break cognitive inertia and stimulate intrinsic motivation for change [13]. - The second step focuses on finding a "Minimum Viable Product (MVP)" to test new skills or ideas with minimal cost and rapid feedback [13]. - The final step emphasizes the importance of habitualizing change to ensure continuous improvement [13].

9月23日，小米创办人雷军在社交账号发文称，小米17 Pro Max屏幕采用了革命性的技术"超级像素"，屏幕清晰 度媲美传统2K屏，更重要的是功耗降低26%，非常夸张，"超级像素"突破了OLED技术瓶颈，每个像素点首次 放下了RGB三个子像素点，显示效果更出色。 雷军强调，小米17全系屏幕技术大突破，亮度高，显示通透，还省电。 据悉，该机将在9月25日正式亮相，这次活动雷军还将发表年度演讲，跟大家聊聊小米玄戒芯片和小米汽车背 后的故事。 （齐鲁晚报·齐鲁壹点客户端编辑 石卉 综合雷军、卢伟冰微博等） 据小米集团合伙人、总裁，手机部总裁，小米品牌总经理卢伟冰介绍，"所谓超级像素，就是每颗像素都拥有 独立的红、绿、蓝三色子像素，相比传统OLED，不需要一直借用相邻子像素。表面上看，屏幕分辨率没有2K 高，但子像素数量却达到938万，与2K同一水准。在同级产品纷纷回退1.5K屏幕的今天，超级像素以「2K级的 显示效果，但功耗甚至低于1.5K」的完美表现，开辟了全新的显示技术路线。 " ...