Core Insights - Xiaomi is actively building and deepening its competitive moat through three key aspects: the all-ecosystem of people, vehicles, and home; the Xiaomi model; and technology as the foundation [1][3]. Group 1: All-Ecosystem of People, Vehicles, and Home - Xiaomi's all-ecosystem strategy was officially closed with the launch of the SU7 last year, significantly enhancing the brand's image and leading to substantial growth in high-end smartphones and smart home appliances [1]. - In the first quarter, Xiaomi's entire product line experienced growth, showcasing the value of its smart ecosystem and providing impressive cross-device smart experiences [1]. Group 2: Xiaomi Model - The Xiaomi model, which includes methodologies like the explosive product model and new retail model, has proven to be effective in ensuring commercial success [3]. - The initial success in the automotive sector and advancements in chip development demonstrate the applicability and vitality of the Xiaomi model, which will be further strengthened and promoted globally [3]. Group 3: Technology as the Foundation - Xiaomi has consistently adhered to the principle of "technology as the foundation," committing to significant investments in core technology research and development [3]. - Over the past five years, Xiaomi has pledged to invest 100 billion RMB in core technology R&D, with expectations to exceed 102 billion RMB from 2021 to 2025, and an estimated 30 billion RMB this year [3]. - In the next five years, Xiaomi plans to invest an additional 200 billion RMB in core technology, focusing on chips, AI, and operating systems to strengthen its technological foundation [3]. Group 4: Future Outlook - Xiaomi acknowledges the challenges ahead and emphasizes a steady approach to progress, with confidence in delivering outstanding results over time [4]. - Since 2018, Xiaomi has experienced both peaks and troughs, but its capabilities and performance have steadily improved, indicating a positive long-term outlook for investors [4].

最近小米公司的争议声很大，因为小米手机做成全球前三后雷军又捣鼓汽车，结果上市一年就爆卖超20万辆，汽车成功后小米又发布芯片，一出手就是3nm 规格的SoC芯片。 这就是小米陷入争议的原因，凭啥那么多车企造车没成，苹果十年干不成的事，你小米三年多就干成了，而且你上市一年就能如此成功，凭什么？ 凭啥OPPO投上几百亿造芯片失败了，那么多中国公司前仆后继研发芯片，结果要么是搞PPT搞概念，要么就被美国制裁了，你投资100多亿就能搞出3nm芯 片？凭什么？ 雷军也在介绍中强调，人车家全生态一方面是整个品牌印象的提升，另一方面，智能生态的价值已经开始显现，带来了越来越丰富、令人惊艳的跨端智能体 验。 关键是小米的人车家全生态是其它厂商学不会的生态板块，因为小米已经成为了全球拥有最完整生态的科技公司，未来所有终端产品的生态协同能力也会越 来越强大。 其实说来说去，说白了就是对小米的不信任，认为小米配不上这样的成绩，因为在他们心里，小米就是没有核心技术，没有自己的"护城河"。 事实上小米不光有自己的护城河，而且小米的护城河坚不可摧，更无法复制，因为小米的护城河是过去十多年来，一点点构建起来的，而不是突然就存在的 东西。 在 ...

Core Viewpoint - Xiaomi's entry into the automotive market with the SU7 signifies a step forward, but the company faces significant challenges ahead, including public scrutiny over safety incidents and marketing claims [1][3][10] Group 1: Automotive Challenges - A recent traffic accident involving a Xiaomi vehicle has led to ongoing public criticism and scrutiny regarding the company's marketing practices, particularly concerning the carbon fiber hood of the SU7 Ultra [3][4] - The company issued an apology for misleading information regarding the hood's features, offering compensation that has not satisfied affected customers, leading to demands for refunds [3][4] - Xiaomi's automotive sales have reportedly declined for three consecutive weeks, indicating potential struggles in the competitive electric vehicle market [9] Group 2: Leadership and Strategic Focus - Founder Lei Jun has acknowledged the need for a balanced allocation of his attention between the smartphone and automotive sectors, as both face intense competition [1][9] - The company has committed to significant R&D investments, with over 100 billion yuan planned over five years, emphasizing the importance of technology in addressing public concerns [6][8] - Lei Jun's personal brand is closely tied to Xiaomi, and as competition intensifies, he may need to reconsider the extent of his involvement in various projects [2] Group 3: Market Performance - Xiaomi's stock price has fluctuated significantly, rising from a low of 15.36 HKD to a high of 59.45 HKD, but has recently faced volatility due to automotive issues [1] - In the smartphone market, Xiaomi has regained the top position in China with a 19% market share, driven by a 40% year-on-year increase in shipments [9] - However, international smartphone sales have declined by approximately 8.7%, reflecting challenges in overseas markets [9]