XIAOMI(HK:01810) Sou Hu Cai Jing·2025-06-04 17:29Core Insights - Xiaomi is actively building and deepening its competitive moat through three key aspects: the all-ecosystem of people, vehicles, and home; the Xiaomi model; and technology as the foundation [1][3]. Group 1: All-Ecosystem of People, Vehicles, and Home - Xiaomi's all-ecosystem strategy was officially closed with the launch of the SU7 last year, significantly enhancing the brand's image and leading to substantial growth in high-end smartphones and smart home appliances [1]. - In the first quarter, Xiaomi's entire product line experienced growth, showcasing the value of its smart ecosystem and providing impressive cross-device smart experiences [1]. Group 2: Xiaomi Model - The Xiaomi model, which includes methodologies like the explosive product model and new retail model, has proven to be effective in ensuring commercial success [3]. - The initial success in the automotive sector and advancements in chip development demonstrate the applicability and vitality of the Xiaomi model, which will be further strengthened and promoted globally [3]. Group 3: Technology as the Foundation - Xiaomi has consistently adhered to the principle of "technology as the foundation," committing to significant investments in core technology research and development [3]. - Over the past five years, Xiaomi has pledged to invest 100 billion RMB in core technology R&D, with expectations to exceed 102 billion RMB from 2021 to 2025, and an estimated 30 billion RMB this year [3]. - In the next five years, Xiaomi plans to invest an additional 200 billion RMB in core technology, focusing on chips, AI, and operating systems to strengthen its technological foundation [3]. Group 4: Future Outlook - Xiaomi acknowledges the challenges ahead and emphasizes a steady approach to progress, with confidence in delivering outstanding results over time [4]. - Since 2018, Xiaomi has experienced both peaks and troughs, but its capabilities and performance have steadily improved, indicating a positive long-term outlook for investors [4].