Core Viewpoint - The article discusses the challenges faced by Xiaomi and its CEO Lei Jun, highlighting the company's struggle to maintain its market position and the mixed reactions from investors following product launches and strategic shifts [5][9]. Group 1: Company Performance and Market Reaction - Xiaomi's stock price dropped by 8% on September 26, 2023, marking a departure from previous years where stock typically rose after Lei Jun's annual speeches [9]. - Since 2020, Xiaomi's stock has generally performed well after these speeches, with a notable 4.24% increase in 2024 [9]. - The unusual market reaction in 2023 is attributed to issues with the newly launched Xiaomi 17 smartphone [10]. Group 2: Product Launch and Consumer Expectations - The Xiaomi 17 smartphone skipped the 16 model, directly targeting Apple's iPhone, which raised consumer expectations [11]. - The product faced criticism for perceived lack of innovation and downgraded specifications, such as a reduction in ultra-wide angle capabilities and USB speed [11][12]. - The article emphasizes that Xiaomi's brand image is closely tied to its value-for-money proposition, which has been a key selling point for its products [12]. Group 3: Strategic Direction and Brand Positioning - Xiaomi aims to complete its brand high-end strategy within a year, which requires either increasing prices or reducing specifications to reflect brand value [13]. - The absence of self-developed chips in the Xiaomi 17 has disappointed consumers, as high-end brands are expected to utilize proprietary technology [15][16]. - The article suggests that Xiaomi's high-end strategy is hindered by a lack of consumer support and the need for the company to justify its pricing and product quality [18]. Group 4: Leadership and Company Culture - Lei Jun's leadership style is characterized by a "hardworking mentality," which may lead to consumer fatigue and perceptions of insincerity [20][23]. - The article calls for a shift in Lei Jun's communication style to be more relatable and less focused on struggles, suggesting that a lighter approach could resonate better with consumers [22][23]. - The company is seen as capable and courageous in its ambitions, but it needs to adjust its mindset and broader vision to succeed in the high-end market [23].

Core Viewpoint - The annual speech by Lei Jun highlighted the challenges faced by Xiaomi, emphasizing resilience despite external skepticism and market pressures [1][2][4]. Group 1: Company Performance and Market Reaction - Xiaomi's stock price dropped by 8% on September 26, indicating a negative market reaction to the recent developments [4]. - Historically, Xiaomi's stock has generally risen after Lei Jun's speeches, with a notable increase of 4.24% in 2024, except for 2021 [5]. - The unusual market response this year may be attributed to issues with the Xiaomi 17 model [6]. Group 2: Product Development and Innovation - The Xiaomi 17 skipped the 16 designation, directly competing with the iPhone, which raised expectations [7]. - Concerns were raised regarding the Xiaomi 17's innovation, with criticisms about downgraded features and specifications [10][12]. - The absence of a self-developed chip in the Xiaomi 17 has disappointed fans, as self-developed technology is often associated with high-end branding [18][20]. Group 3: Brand Strategy and Consumer Expectations - Xiaomi aims to complete its brand high-end strategy within a year, which requires a shift from a focus on cost-performance to brand premiumization [15][16]. - The company is encouraged to align its product offerings with consumer expectations for high-end devices, which includes either raising prices or adjusting specifications [16][19]. - There is a call for Xiaomi fans to support the brand's transition to high-end products, emphasizing the need for mutual commitment between the company and its consumers [17][25]. Group 4: Leadership and Corporate Culture - Lei Jun's leadership style is characterized by a "hardworking mentality," which may lead to perceptions of fatigue among consumers [29][30]. - The narrative of struggle and perseverance in speeches may create a disconnect with the audience, suggesting a need for a more relatable and engaging communication style [34][35].