XIAOMI(HK:01810) Zhong Guo Ji Jin Bao·2025-09-25 13:20Group 1: Core Insights - The annual speech by Lei Jun, CEO of Xiaomi, focused on the theme of "Change," highlighting the company's development over the past five years, particularly in the automotive and chip sectors [1][3] - Xiaomi aims to transition from an "internet company" to a "hardcore technology company" by heavily investing in core technologies [5] - The company has made significant breakthroughs in chip development, with the launch of the first flagship SoC, the玄戒O1, which has performed exceptionally well in the market [11] Group 2: Chip Development - Xiaomi's journey in chip development began 11 years ago with the establishment of Pinecone Electronics, but the initial SoC project was halted after the release of the 澎湃S1 due to challenges faced [7] - After a thorough review, Xiaomi decided to restart its chip development in 2021, committing over 50 billion yuan to the project despite external skepticism [9] - The company believes that self-developed chips are essential for its success, with a commitment to invest at least 50 billion yuan over the next decade [9] Group 3: Automotive Ambitions - Xiaomi's automotive project, the SU7 Ultra, aims to compete with industry leaders like Tesla and Porsche, with a focus on creating a high-performance electric vehicle [12] - The SU7 project faced challenges, including the temporary cancellation of the Ultra variant, but has since made significant progress and is set to showcase its capabilities on the Nürburgring track [12][13] - The company has adjusted its vehicle specifications, increasing the range of the YU7 model to 835 kilometers while maintaining the same price, demonstrating a commitment to high performance and customer satisfaction [13] Group 4: Company Philosophy - Lei Jun emphasized that change is always possible, and through five years of dedicated effort, Xiaomi has redefined its core identity and mission [13] - The company believes that continuous effort and growth can lead to significant transformations, allowing teams to "reverse their fate" [13]