小米的雷军和美的的方洪波是最近互联网上被热议的两位企业家。 一个是短暂成为中国首富、科技劳模、造车界的营销鬼才企业家，一个是中国职业经理人的翘楚和范本。 这个过程也成为观察小米和美的两家企业、雷军和方洪波两位企业家经营理念和商业合作态度的绝佳契机。 一场各取所需的资本联姻 2014年，是中国制造业转型的关键节点。彼时，美的集团市值突破千亿，但传统制造模式遭遇增长瓶颈，急需向智能化转型；而成立仅5年的小米，估值 已达450亿美元，正以惊人的速度扩张生态链，但缺乏强大的供应链支撑。 在这样的背景下，雷军与方洪波一拍即合，达成了一项震惊业界的合作协议：美的斥资12.73亿元入股小米，而小米也以12.66亿元参与美的定增，成为第 十大股东。 这场跨界联姻，被外界视为"制造+互联网"的完美结合。 两位企业家近期的动态，也让十年前那场备受瞩目的"联姻"旧事再次浮出在人们视野中。美的与小米从资本蜜月期的甜蜜携手，到商业竞杀阶段的针锋相 对，这一历程犹如一面镜子，映射出中国制造业转型浪潮中传统巨头与互联网新贵各自的生存之道与发展谋略。 美的的想法，是借力小米的互联网基因，突破传统家电的"管道化"困境。美的看中小米的用户运营能 ...

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].