Core Insights - The article discusses the evolving relationship between Xiaomi and Midea, highlighting their initial collaboration and subsequent competition in the context of China's manufacturing transformation [1][2][3]. Group 1: Initial Collaboration - In 2014, Midea invested 1.273 billion RMB in Xiaomi, while Xiaomi invested 1.266 billion RMB in Midea, marking a significant partnership aimed at combining traditional manufacturing with internet capabilities [3][5]. - Midea sought to leverage Xiaomi's internet expertise to overcome challenges in traditional appliance sales, while Xiaomi aimed to enhance its IoT ecosystem through Midea's supply chain [5][6]. Group 2: Strategic Divergence - By 2016, Midea shifted focus towards the B2B industrial internet, acquiring KUKA Robotics, while Xiaomi expanded its ecosystem from 30 to 200 companies, posing a direct threat to Midea's core business [8][10]. - Xiaomi's actions from 2018 to 2023, including stock reductions in Midea and a complete severance of IoT system integration, indicated a strategic pivot towards self-reliance and dominance in the smart home market [9][10]. Group 3: Financial Performance - Xiaomi's smartphone business faced low profit margins, with a gross margin of 12.6% in 2024, while its IoT and lifestyle products saw significant growth, with revenues reaching 104.1 billion RMB and a gross margin of 20.3% [11][12]. - Midea's revenue in 2023 surpassed 373.7 billion RMB, with a net profit of 33.7 billion RMB, demonstrating resilience despite increased competition from Xiaomi [13]. Group 4: Market Dynamics - Xiaomi's aggressive pricing strategy in the air conditioning market and its growing presence in smart home products have intensified competition with Midea [13][14]. - The article suggests that while Xiaomi's rapid expansion has been successful, it has also led to reputational challenges for its founder, Lei Jun, due to perceptions of opportunism in business partnerships [14].

以下文章来源于电商总监 ，作者文韬 电商总监 . 100 万电商高管的核心圈子，看趋势、定战略、谋增长！ 文 ｜ 文韬 来源｜ 电商总监（ID： dszj360） 封面来源 ｜ IC photo "小爱同学！" 这句唤醒小米智能家居的经典指令，恐怕没人陌生。 但你能想象，有人对着马桶喊"小爱小爱"吗？ 这事儿还真就发生了。 "李鬼"小米两年狂卖1.3亿 小米起诉获3000万赔偿 最近，上海第三中级人民法院一纸判决，把一场"马桶大战"推上了热搜：小米起诉山寨厂商"小米零度"商标侵权及不正当竞争，获赔3000万元！ 小米起诉小米零度。 图源：微博 这事儿还得从2022年说起。 "小米"作为驰名商标，在智能硬件领域早已家喻户晓，你"小米零度"用着近似商标，摆明了是想"浑水摸鱼"； 第二板斧直指不正当竞争。 "小爱小爱"和"小爱同学"就差两个字，语音指令相似度高达50%，这不是故意误导消费者是什么？ "小米零度"倒也不怂，搬出两大"护身符"： 一家名为"小米零度"的厂商突然在电商平台横空出世，主推智能马桶和花洒，价格亲民，销量惊人。 但仔细一看，产品页面赫然写着"小米零度"，商标是个和小米"MI"Logo神似的"M" ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [11][13]. Core Insights - The "Self-Pleasing" new consumption concept supports the successful launch of the SU7, with the YU7 expected to replicate this success. Xiaomi is accelerating its layout of extended-range models, entering a strong product cycle, and is expected to achieve rapid sales of one million vehicles. Based on Xiaomi's steady growth trend in high-end penetration in its smartphone and IoT businesses, as well as the rapid ramp-up of its automotive segment, the projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated to be 35.404 billion, 51.653 billion, and 65.531 billion yuan respectively [4][11]. Summary by Sections SU7 Initial Success and YU7 Potential - The 200,000 to 300,000 yuan price segment for cars is continuously expanding, with the SU7 positioned accurately and establishing a mid-to-high-end brand tone, achieving an average monthly sales of 23,000 units since its launch. The YU7 is expected to target a larger market and leverage its comprehensive strengths to potentially become another bestseller [7][34]. Xiaomi's Methodology and Automotive Success - Xiaomi's success in the smartphone and IoT sectors has led to the development of a unique "User + Product + Technology + Efficiency" methodology. This includes a large fan base, self-developed motor and control technology, supply chain management to reduce production costs, and a focus on creating blockbuster products [8][9]. Strong Model Cycle and Sales Projections - The high-end market is expanding, with significant opportunities for domestic alternatives in the electric and intelligent vehicle sectors. The projected sales for the high-end passenger car market (priced above 200,000 yuan) in 2024 is 9.443 million units, a year-on-year increase of 4.8%. The CAGR for high-end market sales from 2020 to 2024 is 14.6%, with domestic brands expected to capture a growing market share [9][10]. Brand Synergy and Ecosystem Integration - The launch of the SU7 not only marks the realization of Xiaomi's car manufacturing plans but also extends its "Smartphone + AIoT" ecosystem strategy into the automotive sector. The interconnected ecosystem enhances user stickiness and drives revenue growth across other product lines, with the lifetime value of automotive users exceeding 230,000 yuan [10][11]. Investment Recommendations - The report emphasizes the potential for Xiaomi to replicate Tesla's profitability rhythm, with expectations for the automotive segment to turn profitable by 2025, and a projected net profit per vehicle exceeding 10,000 yuan [9][10].

4月27日，深圳市罗湖区举办以"罗湖新生态?智家筑未来"为主题的"智能家"产业发展投资促进大会，从 空间赋能、资本赋能、服务赋能、场景赋能、政策赋能等5个方面，推介罗湖区"智能家"招商体系，发 布《罗湖区支持"智能家"产业集聚发展若干措施》。 活动同期，罗湖区正式发布支持智能家产业集聚发展的若干措施，从全产业链发展支持、市场拓展支 持、应用示范支持、产业生态发展支持四个方面，全方位对智能家产业集聚发展提供支持。 深圳市罗湖区商务局副局长颜坤鹏介绍，罗湖区将对智能家产业相关的研发、设计、终端销售等企业给 予企业发展支持，推动全产业链集聚发展。其中，对智能家产业科学研究和技术服务业企业，按经营资 质、发展情况、带动效应、集聚能力等维度进行综合评估，分档给予最高1亿元支持；对智能家产业工 程设计与技术服务业企业，根据经营情况，分档给予最高300万元支持；对智能家产业零售企业，按条 件给予最高1000万元支持。 在全球数字化浪潮与消费升级的双重驱动下，全球智能家居产业正迎来爆发式增长。近年来，罗湖区积 极布局"智能家"产业，加快打造"智能家"产业集聚区。据介绍，罗湖区笋岗片区自1996年"中华第一 仓"启幕以来，已吸 ...