XIAOMI(HK:01810) Sou Hu Cai Jing·2025-09-25 22:49Core Insights - Xiaomi has transformed from an "internet company" to a "hardcore technology company," becoming the first tech company to span the smartphone, automotive, and home appliance sectors [3][5] - The company has made significant investments in core technologies over the past five years, leading to the launch of the Xiaomi car in March 2024 and the 3nm process flagship chip,玄戒O1, in May 2025 [3][9] Group 1: Company Transformation - Xiaomi's founder, Lei Jun, emphasized that the past five years have been a period of profound transformation for both the company and himself, reshaping Xiaomi's core structure and spirit [3][5] - The company faced significant internal challenges and doubts about its future, particularly in a competitive landscape dominated by giants like Apple, Samsung, and Huawei [7][9] - Lei Jun's leadership has focused on attracting top talent and restructuring the management team to drive innovation and growth [10][11] Group 2: Chip Development Journey - Xiaomi has long harbored a "chip dream," having established a subsidiary for chip development in 2014, but faced setbacks that led to the suspension of its mobile SoC chip development in 2018 [14][16] - In 2021, Xiaomi resumed its chip development efforts, facing significant challenges due to external economic pressures and internal doubts about the viability of its dual projects in automotive and chip development [18][20] - The company decided to persist with its chip development despite the risks, believing that even if unsuccessful, it would cultivate a strong chip development team and enhance the company's capabilities [20][26]