XIAOMI(HK:01810) Chang Jiang Shang Bao·2025-09-28 22:59Core Insights - The core theme of the article is the transformation of Xiaomi under the leadership of Lei Jun, focusing on the company's shift from an "internet company" to a "hardcore technology company" through significant investment in core technologies and innovation [2][3][13]. Summary by Sections Transformation Journey - Xiaomi's transformation began with a deep reflection in 2020, marking its 10th anniversary and a pivotal moment for the company [3][4]. - Despite achieving over 200 billion yuan in annual revenue and entering the Fortune Global 500, Lei Jun faced intense criticism regarding Xiaomi's technological capabilities [3][4]. Strategic Decisions - Lei Jun decided to invest 100 billion yuan in core technology over the next five years, marking a significant shift in Xiaomi's strategy [4][18]. - The company aimed to focus on high-end products and core technology development, particularly in chip and automotive sectors [5][6]. Chip Development - Xiaomi restarted its chip development journey in 2021, aiming for high-end 3nm technology, despite facing significant challenges and a 14.7% revenue decline in 2022 [5][6]. - By 2025, Xiaomi successfully launched its self-developed chip, the玄戒O1, marking a significant milestone in its technology journey [7][8]. Automotive Ambitions - Xiaomi announced its ambitious plan to develop high-performance electric vehicles, aiming to compete with brands like Porsche and Tesla [10][11]. - The company faced numerous challenges in its automotive development but managed to overcome them, achieving significant performance milestones with its SU7 Ultra model [11][12]. Talent Acquisition and Financial Strategy - Lei Jun emphasized the importance of talent acquisition and financial management, stating that finding the right people and securing sufficient funds are crucial for success [14][18]. - Xiaomi's workforce includes a significant number of R&D personnel, with 21,190 employees dedicated to research, representing 48.5% of the total workforce [17]. Financial Performance - As of mid-2025, Xiaomi's total funds reached 192.768 billion yuan, reflecting a strong financial position to support its ambitious projects [19]. - The company's market capitalization increased significantly from 245.4 billion yuan in 2020 to 1.42 trillion yuan by 2025, showcasing investor confidence in its transformation strategy [19].