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。 " ...

来源：环球网 【环球网科技综合报道】9月23日，小米官方正式宣布，全新旗舰机型小米17 Pro Max将搭载全球首款 突破小尺寸OLED技术瓶颈的"超级像素"屏幕，并介绍称，"子像素数量媲美传统2K屏、功耗直降 26%"。 据了解，传统OLED屏幕受限于像素排列技术，子像素数量与分辨率直接挂钩，导致高分辨率与低功耗 难以兼得。 小米集团合伙人、总裁，手机部总裁，小米品牌总经理卢伟冰在社交媒体发文补充称："表面看分辨率 未达2K，但子像素数量与2K屏一致。这意味着在显示文字、图片时，每个像素都能独立呈现完整色 彩，清晰度与2K屏无异，甚至在低亮度下色彩过渡更自然。"（青山） 小米创办人、董事长兼 CEO雷军发文强调："'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。" ...

小米发布小米17系列新机：小米17系列包括小米17、小米17 Pro、小米17 Pro Max三款产品，全球首发第五代骁龙8至尊版移动平台，号称产品力跨代升级， 提前一个月发布。 小米对标iPhone战略：雷军宣布小米17系列全面对标iPhone，正面迎战，展现小米高端化决心，引发大量讨论。 米以一场"非常规操作"点燃手机圈：跳过小米 16，直接发布小米 17、小米 17 Pro、小米 17 Pro Max 三款新机，不仅全球首发五代骁龙 8 至尊版移动平台， 号称 "产品力跨代升级"，雷军更高调宣布 "小米 17 系列全面对标 iPhone，正面对战"。 新榜品牌声量・手机周榜（09月14-09月20日）公布，小米以825.8的声量新榜指数位居第3。 新榜品牌榜观察到小米上周的品牌动作： 来看看用户声音： 产品命名与对标争议：抖音用户高频提及小米跳过16直接命名17是对标苹果，质疑是否为蹭热度或硬刚；小红书用户也热议小米17改名对标iPhone的操作， 部分认为是战略升级，部分觉得尴尬；微博则围绕小米此举对品牌形象的影响展开讨论，有人批评模仿，也有人认为是自信表现。 产品设计与创新讨论：抖音关注小米17 P ...

小米刚刚发布了全新的小米Pad 8 Pro，这个版本还有一个柔光版，那么它的柔光版柔光在哪里？本期就 来给大家做一个开箱。 ...

每经AI快讯，9月23日，小米集团董事长兼CEO雷军发视频预热年度演讲。视频中，谈及为何今年的演 讲比往年晚了一些，雷军解释到，原计划是今年6月份和小米YU7的发布会一起办，但是这次发布会内 容实在太多，时间也特别特别长，所以临时推迟到9月份，和小米17系列年度旗舰一起发。"当我知道推 迟的时候还挺高兴的，因为这样可以蹭一下小米17的流量。" （文章来源：每日经济新闻） ...

今年是小米创办人、董事长兼 CEO 雷军举办的第六次年度演讲。雷军今天发布了一段预热视频。在视频中，当谈及为何今年的演讲比往年晚了一些？ IT之家 9 月 23 日消息，小米将于 9 月 25 日晚 7 点（本周四）将举办第 6 次雷军年度演讲，主题是《改变》，聊聊小米玄戒芯片和小米汽车背后的故事。 IT之家届时将为大家带来详细报道。 雷军解释到，原计划是今年 6 月份和小米 YU7 的发布会一起办，但是这次发布会内容实在太多，时间也特别特别长，所以临时推迟到 9 月份，和小米 17 系列年度旗舰一起发。"当我知道推迟的时候还挺高兴的，因为这样可以蹭一下小米 17 的流量。" ...

Core Insights - The annual speech by Xiaomi's Chairman and CEO Lei Jun is set to take place later than usual this year, with the theme of "Change" [1][2] - Lei Jun emphasizes the rapid changes in the world and within Xiaomi, highlighting the importance of personal courage and determination in achieving success [1] - The delay in the annual speech was strategically planned to coincide with the launch of the Xiaomi 17 series flagship, leveraging its promotional momentum [1] Summary by Sections - **Annual Speech Timing and Theme** - The annual speech is being held later than previous years, originally planned for June but postponed to September [1] - The theme for this year's speech is "Change," focusing on the idea that one's destiny can be altered through effort and determination [1] - **Company Evolution and Personal Growth** - Lei Jun notes that Xiaomi has undergone significant changes in recent years, which he attributes to a shift in understanding and perception [2] - The speech aims to share insights on these changes and the evolution of the company [2]