雷递网 乐天 9月26日 9月25日，2025雷军年度演讲在国家会议中心举办，小米集团创始人、董事长兼CEO雷军做了主题为"改变"的第六次个人年度演讲，分享玄戒芯片及小米汽 车背后的故事。 随着小米过去五年在底层核心技术上的投入，以及高端化战略的持续突破，小米成为首家横跨手机、汽车、家电三大领域的科技公司。小米定义其为从一 家"互联网公司"成长为"硬核科技公司"。 小米首座智能家电工厂此前已在武汉破土动工，预计将于今年年底前正式投产。 雷军在年度演讲中表示："过去五年，无论对小米还是对我个人，都是一场彻底的蜕变，我们用五年脚踏实地的努力，重塑了小米的骨骼和灵魂。" 雷军还说："从迷茫到蜕变，有时隔着万水千山，有时只隔了一层窗户纸。只要持续努力、不断成长，每个人、每个团队，都有机会'逆天改命'。" 曾陷入严重内耗 雷军在演讲中称，2024年3月，小米发布了小米汽车，小米成为首家横跨手机、汽车、家电三大领域的科技公司。2025年5月，小米推出了玄戒O1 芯片，小 米成为中国大陆首家发布 3nm 制程旗舰芯片的公司。 这些改变，都来自五年前那次触及灵魂深处的大反思。 雷军说，5年前的2020 年，小米迎来了自己的十 ...

具体来看，当时苹果、三星、华为近乎成为无法逾越的大山，小米是躺平认命还是继续打拼，成为新的 选择题。小米团队中很多人也觉得累了，想停一停。同时，网络平台充满各类质疑、批评甚至攻击，例 如说"小米只会营销""小米就是组装厂""小米没有技术"等等。 小米通过复盘，最终决定持续投入底层核心技术，坚定从互联网公司走向硬核科技公司，坚定未来投入 千亿元研发。"从此，小米基因开始重塑，技术为本，重新创业热情被完全点燃。"雷军说。 9月25日晚7点，雷军年度演讲在北京启幕。这是雷军第六次年度演讲。 作为演讲开始的重头戏，雷军回忆了小米造芯的历程。演讲中多次动情。 雷军回忆说，5年前，小米进行了一次触及灵魂深处的大反思。当时小米已经进入世界500强。但是雷军 内心有"难以言说的焦虑"。 雷军演讲中的回忆照片 不过压力很快又来了。2023年5月，某手机厂商3000多人芯片团队解散。 此后，小米开始引入大量人才，重组核心管理团队，12位高管中有9位都是新面孔，其中包括卢伟冰 等。 雷军介绍，小米芯片业务最早可以回溯到2014年。小米创业4年时，就曾经全资成立芯片类公司。2018 年小米做了一个艰难决定，停掉了SoC芯片研发，继续 ...

Core Insights - Xiaomi's journey into chip development began with a deep reflection five years ago, leading to a commitment to invest 100 billion yuan in R&D and a shift from being an internet company to a technology-driven firm [2] - The company faced significant challenges in 2022, with a 15% revenue decline, marking the first such drop in its 15-year history, largely due to geopolitical factors [3] - Despite internal doubts about the chip initiative, Xiaomi's leadership emphasized the long-term importance of self-developed chips, leading to a renewed commitment to the project [4] - In May 2023, Xiaomi successfully launched its first flagship SoC, the玄戒O1, which was seen as a significant achievement, although the company acknowledged that this was just the beginning of a long journey [8] - Xiaomi is also developing the next generation of its chip, tentatively named XRingO2, which is expected to continue using 3nm technology [11] Company Strategy - Xiaomi's strategic pivot involved restructuring its management team, with 9 out of 12 executives being new hires to support the chip initiative [2] - The company has committed to a long-term investment strategy, planning to invest at least 50 billion yuan over a decade in its chip development [2] - The decision to continue with chip development was made during a tense executive meeting, highlighting the leadership's resolve to not abandon the project despite financial pressures [4] Product Development - The玄戒O1 chip was successfully tested and integrated into four products, with plans for future applications in automotive technology [8] - The company aims to validate its technology with the first generation of the玄戒 chip, while the second generation is expected to expand its use [8] Market Context - Xiaomi's challenges are compounded by simultaneous ventures into both chip development and electric vehicle production, indicating a high-stakes strategy that leverages its accumulated resources [9]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, the Hang Seng Tech Index dropping by 1.45%, and the State-Owned Enterprises Index decreasing by 0.86% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks rallied, with Tongguan Gold rising over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD [1] Company Developments - Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term investments and expanded losses [2] - The upcoming Alibaba Cloud Summit in September 2025 will focus on AI infrastructure and applications, indicating a strategic shift towards AI [1][2] - Both Alibaba and Baidu are investing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] Investment Outlook - The expectation of increased capital expenditures from Alibaba, combined with the narrative around consumption and cloud services, is likely to attract continued capital inflow [2] - The potential for a Federal Reserve interest rate cut may further enhance the inflow of southbound capital, supporting a revaluation of the Hang Seng Tech Index [2]

Core Viewpoint - Nomura's report indicates that Baidu Group-SW (09888) stock price has increased by 50% over the past month, significantly outperforming the Hang Seng Index's technology sector, which rose by 13%, primarily driven by positive news regarding its chip design subsidiary, Kunlun Chip [1] Group 1: Company Overview - Kunlun Chip was established in 2011 as an internal business unit of Baidu, initially to support Baidu's search operations [1] - The subsidiary began developing self-designed chips in 2018 and launched its first-generation Kunlun chip in 2020 [1] - In 2021, Baidu spun off Kunlun Chip and completed its first round of financing, achieving a valuation of $2 billion [1]

Core Insights - TP-Link's chip division has been completely dissolved, marking a significant shift in the company's strategy towards its self-developed chip initiatives [3][5][8] - The layoffs occurred rapidly, with the entire process from notification to completion taking only half a day [4][7] - This decision follows a previous round of layoffs in June, where the WiFi chip department also faced significant cuts, indicating ongoing challenges in the company's chip development efforts [4][8] Company Overview - TP-Link has been a leader in the global router market and initiated its self-developed chip program three years ago to reduce reliance on external suppliers like Qualcomm and MediaTek [8] - Despite successfully developing two chips, the projects were halted before reaching mass production, highlighting difficulties in commercializing their technology [5][8] - The chip team was established in 2021, but the inability to achieve commercial viability in the competitive WiFi 7 technology landscape has led to the current dissolution of the division [5][8] Layoff Details - The compensation plan for the layoffs follows an "N+3" model, where "N" is based on the average social wage, providing additional months of compensation based on tenure [7] - The layoffs affected all positions related to chip development, including recent graduates who had only been with the company for two months [4][7] - The previous layoffs in June primarily targeted the WiFi front-end module (FEM) development area, but the September cuts were more comprehensive, affecting nearly the entire chip department [4][7]

Key Points Summary Market Performance - The Hang Seng Index closed at 26,544, down 1.35% for the day but up 32.33% year-to-date [1] - The Hang Seng Tech Index closed at 6,271, down 0.99% for the day and up 40.36% year-to-date [1] - The CSI 300 Index closed at 4,498, down 1.16% for the day and up 14.31% year-to-date [1] - The Dow Jones Index closed at 46,142, up 0.27% for the day and up 8.46% year-to-date [1] Currency and Commodity Trends - The Renminbi Index is at 96.600, up 0.58% over the last month but down 2.47% over the last six months [2] - Brent crude oil is priced at $67.76 per barrel, up 2.85% over the last month but down 0.51% over the last six months [2] - Gold is priced at $3,668.34 per ounce, up 10.05% over the last month and up 20.86% over the last six months [2] Company News - Alibaba's AliExpress has received conditional approval to form a joint venture with South Korea's Shinsegae [5][14] - Huawei plans to launch its self-developed Ascend 950PR chip in the first quarter of next year [5][16] - The China Securities Regulatory Commission reported that the shareholding of Shankai Holdings is highly concentrated, with 24% held by 20 shareholders [5][17][18] Economic Indicators - Initial jobless claims in the U.S. fell to 231,000, below expectations, indicating a strengthening labor market [5][11] - The Bank of England's interest rate remains at 4.00%, unchanged from the previous period [5][12][13] - Reports indicate that China has terminated its antitrust investigation into Android ahead of U.S.-China talks [5][15] Stock Market Movements - The Hong Kong stock market experienced significant volatility, with the Hang Seng Index reaching a four-year high before closing lower [5][6] - Semiconductor-related stocks saw gains, with Hua Hong Semiconductor rising nearly 9% [5][6] - The A-share market showed weakness, with major indices closing down over 1% [6] Upcoming Economic Data - Key economic data releases include the Eurozone consumer confidence index and U.S. manufacturing PMI [5][29]

Core Viewpoint - TP-Link's chip division has been entirely dissolved, marking a significant shift in the company's strategy and raising concerns about its future in the WiFi chip market [11][12]. Group 1: Layoff Details - The layoffs were sudden, with the entire process from notification to completion taking less than half a day [2][11]. - Initially, it was believed that only algorithm and design positions would be affected, but more roles, including product testing and project coordination, were also included, leading to a near-total operational shutdown of the WiFi chip department [2][11]. - The compensation for the layoffs was set at N+3, consistent with previous layoffs [11]. Group 2: Reasons for Layoffs - The core reason for the layoffs is the decision to abandon the WiFi Front-End Module (FEM) development line due to low return on investment and increased competition from industry giants like Qualcomm and MediaTek [10][12]. - The competitive landscape for WiFi chips has changed significantly, making it difficult for TP-Link to achieve breakthroughs in technology and market presence [10][12]. - Despite having developed two router chips that were ready for mass production, the company opted to close its chip-related positions entirely, indicating a strategic retreat from self-developed chip initiatives [11][12]. Group 3: Impact and Future Outlook - The mass layoffs have raised questions about TP-Link's future strategy and have negatively impacted its brand image and industry reputation [13]. - There has been no official statement from TP-Link regarding the layoffs, leading to speculation about the company's direction moving forward [13].

Core Viewpoint - Li Auto's performance is under short-term pressure, with cautious guidance for Q3 deliveries due to intensified market competition [1] Group 1: Q2 Performance Summary - Q2 sales reached 111,000 units, with year-on-year and quarter-on-quarter growth of 2% and 20% respectively [1] - Revenue for Q2 was 30.25 billion RMB, showing a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [1] - Q2 gross margin was 20.1%, with a year-on-year increase of 0.6 percentage points but a quarter-on-quarter decrease of 0.5 percentage points [1] - Automotive gross margin improved by 0.7 percentage points year-on-year due to reduced average sales costs, while it slightly decreased by 0.3 percentage points quarter-on-quarter [1] - R&D and sales expenses for Q2 were 2.8 billion and 2.7 billion RMB respectively, showing a year-on-year decrease and a quarter-on-quarter increase [1] - Net profit attributable to shareholders was 1.09 billion RMB, with a year-on-year decrease of 1% but a quarter-on-quarter increase of 68% [1] - Net profit margin was 3.6%, with a year-on-year increase of 0.1 percentage points and a quarter-on-quarter increase of 1.1 percentage points [1] Group 2: Q3 Outlook - For Q3, the company expects deliveries to be between 90,000 and 95,000 units, representing a year-on-year decrease of 41.1% to 37.8% [1] - Revenue for Q3 is projected to be between 24.8 billion and 26.2 billion RMB, indicating a year-on-year decrease of 42.1% to 38.8% [1] - The company anticipates maintaining a gross margin around 19% for Q3 [1] Group 3: New Product Launches and Innovations - Li Auto launched the i8 on July 29, with deliveries starting on August 20, aiming for 8,000 to 10,000 units by the end of September [2] - The upcoming i6, a five-seat pure electric SUV, is expected to achieve stable monthly sales of 9,000 to 10,000 units [2] - The Li MEGA MPV continues to see rising sales, with over 3,000 units delivered in August, making it a leader in the luxury MPV and pure electric vehicle segments in China [2] - The VLA model will undergo a full rollout on September 10, featuring five major upgrades for enhanced driving experience [2] Group 4: Strategic Expansion and R&D - The company has outlined a three-phase development strategy, with 2023 marking the start of its global expansion [3] - Li Auto has established R&D centers in Germany and the U.S. and is building overseas sales and service networks [3] - The self-developed chip is currently undergoing road testing, with expectations for it to be featured in flagship models by 2026 [3] - The company is optimistic about the integration of smart driving software and hardware, which is expected to enhance user experience at lower costs [3] Group 5: Financial Projections - The company has adjusted its profit forecasts due to competitive pressures, projecting sales of approximately 420,000, 600,000, and 730,000 units from 2025 to 2027 [4] - Total revenue is expected to reach 116.8 billion, 159.1 billion, and 200.4 billion RMB for the same years [4] - GAAP net profit is projected at 4.7 billion, 8.7 billion, and 12 billion RMB, with corresponding net profit margins of 4.0%, 5.4%, and 6.0% [4] - The target market capitalization is set at 217.6 billion RMB, with target prices of approximately 111 HKD and 28 USD for respective listings [4]

Group 1: Core Objectives and Synergies - The acquisition aims to build self-research capabilities in chip technology, enhancing the company's competitiveness in the radar field [1] - The company has seen an increasing trend in chip procurement, with amounts of 17.21 million and 57.06 million yuan for 2023 and 2024 respectively, and quantities of 414,000 and 871,600 chips [2] - The target company's products, including optical sensors and MCU chips, will align with the company's self-research strategy, facilitating business integration and enhancing operational capabilities [3] Group 2: Pricing and Compliance - A differentiated pricing scheme has been established, considering investment costs and time, with external shareholders benefiting from market-based negotiations [4] - The target company's previous financing and repurchase agreements have been cleared, ensuring compliance with accounting standards and market comparability [4] Group 3: Performance Compensation and Stakeholder Interests - The transaction includes performance rewards to incentivize the management team, with cash rewards for exceeding profit commitments by 10% [5] - The deal structure balances cash and equity, with 50% of the consideration in shares and cash, ensuring stability for the management team and protecting minority shareholders [5] Group 4: Valuation and Market Comparison - The valuation of the target company is based on a 421.40% appreciation rate using the income approach, which aligns with the characteristics of the semiconductor industry [6] - The assessment methods and results are comparable to industry peers, reflecting the target company's operational model and growth stage [6]