XIAOMI(HK:01810) Tai Mei Ti A P P·2025-09-25 18:31Core Viewpoint - Xiaomi has transformed from an "internet company" to a "hardcore technology company," focusing on technological strength and high-end market positioning, driven by a significant investment in research and development over the past five years [2][5][10]. Group 1: Company Transformation - Xiaomi's revenue surpassed 200 billion yuan for the first time in 2020, marking the beginning of its high-end exploration, with a planned investment of 100 billion yuan in core technology research over five years [5]. - The company has invested approximately 102 to 105 billion yuan in R&D during the past five years, with a new five-year plan increasing R&D investment to 200 billion yuan [5]. - Xiaomi's self-developed 3nm flagship SoC chip, "Xuanjie O1," was launched this year, making it the first company in mainland China and the fourth globally to achieve advanced 3nm process design capabilities [5]. Group 2: Product Development and Market Position - The Xiaomi 17 series was launched with improvements in imaging, battery life, and gaming performance, starting at a price of 4,499 yuan, and is positioned to challenge Apple's iPhone 17 series [7][13]. - Xiaomi's smartphone shipments rank among the top three globally, with a strong presence in the high-end market, particularly in the 4,000 to 5,000 yuan price range in China [5][10]. - The average price of Xiaomi's cars is 289,000 yuan, comparable to luxury brands like BMW, Mercedes-Benz, and Audi, indicating a successful entry into the high-end automotive market [10]. Group 3: Competitive Strategy - Xiaomi aims to fully benchmark against Apple, emphasizing the need for continuous learning and improvement in all aspects of product development and user experience [14][15]. - The company acknowledges the challenges of competing with Apple, recognizing that the competition will be a long and arduous process, requiring meticulous attention to detail [14][15]. - Xiaomi's strategy includes a focus on three dimensions for high-end development: technology leadership, cognitive leadership, and aesthetic leadership [11][12]. Group 4: Market Challenges and Future Outlook - The company faced significant pressure during 2022 due to global economic conditions, with a 15% decline in performance, followed by a 3% decline in 2023 [12]. - Xiaomi's long-term strategy is to gradually increase market share by 1% annually over the next five years, aiming for a total of 20% market share [15][16]. - The automotive sector has faced challenges, including negative online sentiment, which Xiaomi's CEO has called out as a need for a fair and positive environment for industry growth [18].