走夜路、过荆棘，小米五年破晓

Core Insights - Xiaomi has invested over 100 billion RMB in R&D over the past five years, transitioning from an internet company to a hard-tech manufacturer, focusing on high-end strategies and entering the automotive and chip sectors [1][3][4] - The company plans to double its R&D investment to 200 billion RMB in the next five years, with over 30 billion RMB allocated for this year alone [1][3] - The launch of the Xiaomi 17 series showcases significant technological advancements, with many features surpassing those of Apple, reflecting the company's commitment to high-end product development [2][4] R&D Investment - Xiaomi's initial five-year plan involved a commitment of 100 billion RMB for R&D, which was successfully executed with actual spending around 1020-1050 million RMB [1][3] - The new five-year plan aims to invest 200 billion RMB, indicating a strong focus on long-term technological development [1][3] - This year's R&D investment has already exceeded 30 billion RMB, highlighting the company's dedication to innovation [1][3] Product Development - The Xiaomi 17 series is positioned to compete directly with Apple's iPhone, with advancements in battery technology, screen technology, and sensors [2][4] - The rebranding of the Xiaomi 16 to Xiaomi 17 signifies a strategic shift to emphasize the company's high-end capabilities and challenge industry leaders [4] - The company has adopted a "deep self-research + domestic cooperation" model, particularly in the supply chain, marking a new phase of autonomy [8][9] Market Positioning - Xiaomi aims to redefine its brand from a budget-friendly option to a fashionable tech brand, targeting high-end users and expanding its appeal to female consumers [7] - The company has set a goal to increase its market share by 1% annually over the next five years, aiming for a total of 20% market share [10] - Xiaomi's automotive strategy includes a focus on high-end vehicles, with an average price of 289,000 RMB for its cars, aligning with its overall high-end strategy [5][6] Industry Challenges - The transition to high-end markets has faced challenges, particularly during the global economic downturn in 2022, but the company remains committed to learning and improving [9] - Xiaomi has encountered negative publicity and misinformation, particularly regarding its automotive division, and is advocating for a cleaner industry environment [8][11] - The company emphasizes collaboration within the automotive sector, aiming to foster partnerships and standardization across the industry [11]