Group 1: Core Insights - The annual speech by Lei Jun, CEO of Xiaomi, focused on the theme of "Change," highlighting the company's development over the past five years, particularly in the automotive and chip sectors [1][3] - Xiaomi aims to transition from an "internet company" to a "hardcore technology company" by heavily investing in core technologies [5] - The company has made significant breakthroughs in chip development, with the launch of the first flagship SoC, the玄戒O1, which has performed exceptionally well in the market [11] Group 2: Chip Development - Xiaomi's journey in chip development began 11 years ago with the establishment of Pinecone Electronics, but the initial SoC project was halted after the release of the 澎湃S1 due to challenges faced [7] - After a thorough review, Xiaomi decided to restart its chip development in 2021, committing over 50 billion yuan to the project despite external skepticism [9] - The company believes that self-developed chips are essential for its success, with a commitment to invest at least 50 billion yuan over the next decade [9] Group 3: Automotive Ambitions - Xiaomi's automotive project, the SU7 Ultra, aims to compete with industry leaders like Tesla and Porsche, with a focus on creating a high-performance electric vehicle [12] - The SU7 project faced challenges, including the temporary cancellation of the Ultra variant, but has since made significant progress and is set to showcase its capabilities on the Nürburgring track [12][13] - The company has adjusted its vehicle specifications, increasing the range of the YU7 model to 835 kilometers while maintaining the same price, demonstrating a commitment to high performance and customer satisfaction [13] Group 4: Company Philosophy - Lei Jun emphasized that change is always possible, and through five years of dedicated effort, Xiaomi has redefined its core identity and mission [13] - The company believes that continuous effort and growth can lead to significant transformations, allowing teams to "reverse their fate" [13]

9月25日晚7点，雷军发表第6次年度演讲，分享近5年小米经历的"改变"，再谈玄戒芯片和小米汽车。雷军谈及造芯时表示，芯片是小米走向成 功的必由之路，自研手机SoC，至少要坚持10年、至少投入500亿元。相关话题登上热搜第一。 小米17系列、全新平板 Xiaomi Pad 8 系列，以及众多科技家电新品也在同场发布。 谈造芯：至少要坚持十年、至少投入五百亿 雷军表示，芯片是小米走向成功的必由之路，自研手机SoC，至少要坚持十年、至少投入五百亿。 记者丨 雷晨 编辑丨张嘉钰 曾静娇 视频丨杨浩凯 陈泽 锴 提到小米YU7与特斯拉Model Y的对比， 雷军表示，今年年初，内部买了三台特斯拉Model Y拆解，确实是一辆好车。 "如果大家不选小米 YU7，可以选Model Y，明天理想i6发布大家也可以关注。" 此外雷军还称 小米YU7是小米汽车最后的底牌，50岁仍是闯的年纪。 小米17系列手机发布，起售价4499元 雷军在发布会上发布全新小米17系列手机，起售价4499元（12GB+256GB）。此外，12GB+512GB版本售价为4799元，16GB+512GB版本 售价为4999元。 小米17系列全球首发第五 ...

Core Points - Xiaomi launched the new Xiaomi 17 series smartphone at a starting price of 4499 yuan (12GB+256GB) during its autumn launch event on September 25 [2][4] - CEO Lei Jun emphasized that the craftsmanship of the Xiaomi 17 is comparable to that of the iPhone [2][4] - The Xiaomi 17 series features the world's first Snapdragon 8 Gen 2 mobile platform, utilizing a third-generation 3nm process with a peak frequency of 4.6GHz [6] - The device is equipped with a 7000mAh battery, boasting a silicon content of 16%, high energy density, and a lifespan of five years [8] Product Features - The Xiaomi 17 series comes in four color options: Snow Mountain Pink, Ice Melting Blue, and classic black and white [10] - It features a 6.3-inch Super Sunshine display with a new generation Xiaomi M10 screen technology, achieving a peak brightness of 3500 nits [10] - The device supports 100W wired and 50W wireless fast charging [8] Chip Development Strategy - Lei Jun shared insights on Xiaomi's self-developed chips, stating that the company plans to invest at least 50 billion yuan over the next 10 years, focusing on high-end products [12] - The decision to continue chip development was made after a critical meeting in 2022, where Lei Jun expressed strong support for the initiative despite previous setbacks [14] - Xiaomi's chip development began in 2014 with Pinecone Electronics, and the company aims to build a strong chip R&D team regardless of the outcome [14] Market Reaction - Following the announcement, Xiaomi's stock price surged over 4%, reaching 59.45 HKD, marking a new high since July [16] - The launch coincided with Qualcomm's release of the Snapdragon 8 Gen 2 platform, which is touted as the fastest mobile CPU globally [16] Future Plans - Xiaomi announced plans to enter the European electric vehicle market by 2027, with intentions to establish car showrooms and potentially build a local factory [21] - The company has already delivered 300,000 units of the Xiaomi SU7 within the first 15 months and received 200,000 orders for the Xiaomi YU7 within three minutes of its launch [21] - Xiaomi aims to open 10,000 self-operated stores globally by 2030, expanding its smart home ecosystem alongside its smartphone and electric vehicle offerings [21]

Core Insights - Xiaomi's Chairman and CEO Lei Jun emphasized the challenges of developing self-researched chips, highlighting the importance of overcoming the fear of failure after the setback with Pinecone [1] Group 1 - The project for self-researched chips has just been initiated, and the name "Pinecone" was initially suggested but ultimately rejected in favor of "Xuanjie," symbolizing a serious commitment to chip development [1]

Core Insights - Lei Jun's annual speech highlighted Xiaomi's significant breakthroughs in the automotive and semiconductor sectors, marking a transformative phase for the company as it celebrates its 15th anniversary [3][4] - The company aims to invest heavily in core technologies, particularly in self-developed chips, committing at least 500 billion yuan over the next decade [4][6] - Xiaomi's automotive division is experiencing rapid growth, with plans to optimize vehicle delivery cycles significantly, potentially reducing wait times by up to two months [22][23] Group 1: Company Developments - Xiaomi has launched its self-developed chip "Xuanjie O1," which utilizes advanced 3nm technology and features 190 billion transistors, making Xiaomi the fourth company globally to develop its own mobile SoC [6] - The company is actively recruiting top talent, with a significant portion of its current executive team being new hires, indicating a strategic shift towards innovation and expertise [7][20] - Xiaomi's automotive sales have surged, with the company achieving a delivery volume of 36,500 units in the previous month, positioning it as a strong competitor in the electric vehicle market [22][23] Group 2: Market Position and Strategy - Xiaomi's strategy to enter the automotive market is driven by a team of passionate engineers eager to make a significant impact, which has contributed to the company's rapid progress [8][10] - The company is focusing on high-end products, with Lei Jun stating that success in the high-end market is crucial for the future of its chip development [6][10] - Xiaomi's recent financial performance shows a record revenue of 115.96 billion yuan for Q2 2025, reflecting a 30.5% year-on-year growth, alongside a net profit increase of 75.4% [23]

Core Viewpoint - Xiaomi's journey in chip development has been marked by both ambition and challenges, with a renewed commitment to self-developed chips being crucial for the company's future success [1][2][4]. Group 1: Chip Development History - Xiaomi began its chip development journey in 2014, launching its first self-developed SoC, Surge S1, in 2017, which sold over 600,000 units [1]. - In 2018, Xiaomi made the difficult decision to halt SoC development and focus on smaller chips due to the challenges faced [1]. - The failure of the Surge project led to reflections on the need to target high-end markets for self-developed chips, as seen with competitors like Huawei and Apple [1]. Group 2: Strategic Decisions and Challenges - The complexity and cost of chip development have significantly increased, with estimates of requiring ten years and $50 billion for a successful SoC [2]. - In early 2021, Xiaomi restarted its chip journey by establishing the "Xuanjie" team, but faced significant revenue challenges shortly after [2][3]. - A critical meeting in May 2022 led to a consensus to continue chip development despite financial pressures, emphasizing the long-term vision over short-term gains [3]. Group 3: Commitment to Chip Development - Xiaomi's leadership expressed strong support for continuing chip development, viewing the investment as essential for building a robust R&D team, regardless of the outcome [4]. - By early 2024, the self-developed chip "Xuanjie O1" was successfully taped out using advanced 3nm technology, boosting confidence within the team [4]. - The success of the Xuanjie O1 is seen as just the beginning, with the company acknowledging the long road ahead in achieving ultimate success in chip development [5].

雷军在"2025年雷军年度演讲"中表示，芯片是小米走向成功的必由之路，自研手机SoC， 至少要坚持十年、至少投入五百亿 。 ...

Core Viewpoint - Xiaomi's Chairman and CEO Lei Jun emphasized the challenges of developing self-researched chips, particularly in overcoming the failures experienced with the Pinecone project, highlighting the importance of confronting internal fears [2] Group 1: Chip Development - Lei Jun stated that the difficulty in developing self-researched chips lies not only in the technology but also in the ability to recover from past failures [2] - The project was initially suggested to retain the name "Pinecone," but the team ultimately decided on "Xuanjie," symbolizing a serious commitment to chip development [2]

风险提示及免责条款 雷军在"2025年雷军年度演讲"中表示，芯片是小米走向成功的必由之路，自研手机SoC，至少要坚持十 年、至少投入五百亿。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - Xiaomi's founder and CEO Lei Jun emphasizes the company's determination to innovate and expand into new sectors such as automotive, chips, and high-end products during his upcoming annual speech [1][4] Group 1: Automotive Sector - Xiaomi's first vehicle, the SU7, is set to begin deliveries in April 2024, with a target of 135,000 units for the year, exceeding initial goals [8] - The company plans to launch its second model, the YU7, in 2025, aiming for a delivery target of 300,000 units [8] Group 2: Chip Development - Xiaomi has invested over 13.5 billion in research and development for its chip technology, including the launch of the self-developed 3nm SoC chip "Xuanjie O1" in 2025 [8] - The company has made significant progress in various chip segments, including the "Pengpai C1" and "P1" chips [8] Group 3: High-End Market Strategy - Xiaomi's high-end product strategy has shown remarkable results, with sales of models priced above 4,000 yuan increasing by 48% year-on-year [8] - Flagship products like the Xiaomi 15 Ultra have gained a foothold in the premium market through advanced technologies such as satellite communication and Leica imaging [8]