XIAOMI(HK:01810) 中国基金报·2025-09-25 13:26Core Viewpoint - The annual speech by Lei Jun, CEO of Xiaomi, emphasized the company's transformative journey over the past five years, focusing on its ventures into automotive and chip development, alongside the launch of new products like the Xiaomi 17 series and Xiaomi Pad 8 series [2][5]. Group 1: Company Transformation - Xiaomi celebrated its 15th anniversary with significant breakthroughs in the automotive and chip sectors, which stemmed from a deep reflection initiated five years ago [5][8]. - The company’s strategic shift involved moving from being an "internet company" to a "hardcore technology company" through substantial investments in core technologies [8]. Group 2: Chip Development - Xiaomi has long harbored ambitions to develop its own chips, having established Pinecone Electronics 11 years ago for SoC chip development, but faced challenges that led to a halt in this initiative after the release of the "Surge S1" [10]. - In 2021, Xiaomi resumed its chip development efforts, committing over 10 billion yuan, despite facing skepticism from both internal and external stakeholders [11]. - The first flagship SoC, "Xuanjie O1," was successfully launched on May 22, 2024, marking a significant achievement for Xiaomi in the chip market [15]. Group 3: Automotive Ventures - Xiaomi's automotive project aims to compete with industry leaders like Tesla and Porsche, with the goal of creating the world's strongest pure electric performance vehicle [16][18]. - The Xiaomi SU7 Ultra project was officially initiated in December 2021, but faced setbacks that led to the temporary suspension of the Ultra variant to ensure the success of the SU7 [18]. - The SU7 Ultra prototype set records at the Nürburgring racetrack, showcasing Xiaomi's automotive capabilities, with the production version achieving impressive results in testing [20]. Group 4: Future Outlook - Lei Jun expressed that change is always possible, emphasizing that at 55 years old, it is still a prime time for innovation and growth [23]. - The transformation of Xiaomi extends beyond automotive and chip development, as the company has fundamentally restructured its core identity and mission over the past five years [25].