Core Perspective - Xiaomi Group has undergone a significant transformation over five years, shifting from a business model innovator to a technology-driven company, reflecting a broader trend in China's manufacturing sector towards high-quality development [1] Strategic Change - The core philosophy of Xiaomi's transformation has shifted from "opportunity-driven" to "strength-driven," as articulated by CEO Lei Jun [2] - Xiaomi faced criticism for being "big but not strong" five years ago, prompting a fundamental decision to focus on long-term technology research and development [2] - The company committed to investing 100 billion yuan (approximately 14 billion USD) in R&D over five years, with actual investments reaching about 102 to 105 billion yuan [2] - In the new five-year plan, Xiaomi aims to increase R&D investment to 200 billion yuan, with over 30 billion yuan expected in 2025 [2] Technological Advancement - The launch of the Xiaomi 17 series showcases the results of five years of technological breakthroughs, particularly in display, battery, and imaging technologies [4] - Key innovations include the M10 display technology, a new high-density battery, and advancements in reverse light photography, demonstrating Xiaomi's original innovation capabilities [4] - The successful development of the 3nm flagship SoC chip "Xuanjie O1" positions Xiaomi as the first in mainland China and the fourth globally to achieve advanced 3nm design capabilities [4] - Xiaomi's new red light-emitting materials achieve an efficiency of 82.1 cd/A, marking a significant advancement in material science [4] Competitive Landscape - Xiaomi's transformation extends beyond individual products to a comprehensive ecosystem that spans smartphones, automobiles, and smart home devices [5] - This shift signifies a move from product-based competition to ecosystem-based competition, underpinned by proprietary core technologies [5] - The company's journey reflects the broader narrative of Chinese manufacturing striving for higher quality and innovation-driven growth [5]