当追觅科技创始人俞浩在朋友圈抛出"2026年底起多业务全球IPO"的豪言时，资本市场瞬间沸腾。这家 以扫地机器人起家的科技公司，正以惊人的速度跨界造车、布局手机、甚至涉足太空采矿，试图在智能 硬件领域复制小米的生态神话。 事实上，资本市场对"生态型企业"的偏好，早已被小米验证。2024年小米汽车SU7上市后，凭借手机与 车载系统的无缝联动、小米之家线下门店的渠道协同，仅15个月便完成30万辆交付，直接带动集团市值 从2000亿港币飙升至8570亿港币，涨幅超300%。 追觅显然试图复制小米的成功路径。通过分拆不同业务上市，将扫地机器人（估值看营收增速与毛利 率）、汽车（估值看订单量与技术壁垒）、天文设备（估值看研发进度与政策支持）的估值模型隔离， 避免业务协同性不足导致的整体折价。 但追觅的激进之处在于，它选择以"超豪华汽车"作为估值锚点。其首款纯电轿跑以零百加速1.8秒、风 阻系数0.185、轮端扭矩23000N·m的参数直逼千万级超跑；第二款SUV则复刻劳斯莱斯库里南的帕特农 神庙前脸，宣称车内有效空间达3.7米，配备100度行业最大增程电池包。这种性能对标和设计致敬的策 略，本质上是试图通过品牌溢价快速 ...

以下文章来源于盐财经 ，作者吴阳煜 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 吴阳煜 来源：盐财经 置顶微博从《勇气》换成了《改变》，雷军的第六次个人年度演讲，在9月25日晚到来。 ---------------------------------- 今年的演讲聚焦在小米玄戒芯片和小米汽车背后的故事。按雷军事前透露的，造车同时，重启造 芯，把小米前十年攒下的家底全押上了，他的压力巨大。 9月25日，雷军进行了2025年度演讲 在年度演讲上，雷军回顾了小米汽车造车历程，称"造车过程中遇到的困难非常多"。 从连续两年将自家汽车产品定为演讲主题，再到近期小米二季度财报公布后，雷军在微博单拎出来 特别表扬——不难看出，曝光度更高的汽车业务，正成为小米流量的突破口。 小米2025年二季度财报公布后，雷军在个人社媒上谈及智能电动汽车业务数据 雷军转发小米汽车召回SU7相关回应 回顾过去，一直以来，由于碳纤维机盖风波、车规级纸巾盒与消费级车机芯片对比等负面事件，屡 屡引发讨论的小米汽车，已经在舆论场里形成"红与黑"极致撕裂反差的奇异景象。 然而，9月26日，年度演讲结束后的第二天，市场的反应却很 ...

乘坐电瓶车穿梭在位于北京经济技术开发区的小米汽车超级工厂，近距离观摩智能电动汽车的制造流 程；来到青海，参观海南藏族自治州水光互补光伏产业园，见证利用清洁能源实现绿色发展……以"跨 越时空山海，青春力量传递中非友好"为主题的第九届中非青年大联欢近日举行，59名来自中非合作论 坛的非方青年成员及其他大洲的非裔青年代表，在6天行程中走访北京和青海等地，了解中国传统文 化、乡村振兴、生态保护、高新技术等方面发展成果。 走出工厂车间，进入展厅，一系列1︰1还原的核心零部件和整车模型吸引众人纷纷上前细看。"今天我 真正见识到小米在汽车制造领域的创新能力。"来自非盟委员会主席办的阿卜杜勒哈菲德·埃尔·伊德里西 ·阿米里感慨地说。站在各类展车前，他不断说着"美观""舒适""先进"这几个词。坐上驾驶座进行体验 后，阿米里称赞道："智能座舱的响应和反应速度，令人惊叹。" 令他印象更深刻的是SU7的"智能房间"功能：通过语音指令，能远程控制家居设备，实现车辆与生活场 景的无缝衔接。"科技正在以越来越舒适的方式融入日常生活。" 来自津巴布韦的提纳谢·萨鲁切拉站在展车旁，举起手机从不同角度认真拍摄。他注视着屏幕中的画面 说："除了先 ...

Core Viewpoint - The annual speech by Lei Jun focused on Xiaomi's automotive ambitions and the challenges faced in the electric vehicle (EV) sector, highlighting the company's significant investments in both automotive and chip manufacturing [2][3][5]. Group 1: Automotive Business Performance - Xiaomi's automotive revenue reached 21.3 billion yuan in Q2 2025, marking a 234% year-on-year increase, with vehicle deliveries hitting 81,302 units, a 197.7% increase from the previous year [8][10]. - The average selling price (ASP) and production capacity improvements contributed to the revenue growth, with the gross margin for Xiaomi's automotive segment rising to 26.4% in Q2 2025 [12][16]. - Xiaomi aims to achieve single-quarter profitability in its automotive business in the second half of the year, with a target of delivering 350,000 vehicles by year-end [16][18]. Group 2: Challenges in Production and Delivery - Xiaomi faces significant challenges with long delivery times for its vehicles, with the SU7 and YU7 models having delivery timelines extending up to 48 weeks, which is considerably longer than competitors like BYD and Tesla [20][22]. - The company is reportedly expanding its workforce to address production capacity issues, as the current delivery delays could lead to customer dissatisfaction and potential cancellations [22][24]. - Analysts suggest that Xiaomi's rapid growth in the automotive sector may have outpaced its operational capabilities, leading to production and quality control challenges [35][36]. Group 3: Quality Concerns and Market Perception - Recent quality issues, including a recall of over 110,000 SU7 vehicles for software upgrades, have raised concerns about Xiaomi's product reliability and quality control [5][30]. - Complaints from customers regarding vehicle performance and quality have surfaced, indicating a potential backlash against the brand if these issues are not addressed promptly [30][31]. - The company's marketing strategies, while effective in generating interest, may have led to unrealistic customer expectations, which could harm brand reputation if not managed carefully [36][37].

Core Insights - The core theme of the article revolves around Xiaomi's strategic transformation and innovation, particularly highlighted during the launch of the Xiaomi 17 series, which signifies a shift from merely following industry standards to defining them [1][17]. Product Changes - The Xiaomi 17 series showcases a fundamental shift in product design philosophy, emphasizing the "strong small-size all-round flagship" positioning with a 7000mAh battery and advanced charging capabilities [3]. - The standard version of the Xiaomi 17 is powered by Qualcomm's fifth-generation Snapdragon 8 processor, featuring a 4.6GHz CPU and a GPU with a 50% increase in cache capacity and a 30% reduction in power consumption [3]. - The Pro series introduces the "Leica Light and Shadow Master" imaging system, significantly enhancing dynamic range and low-light performance, marking a departure from the previous focus on sensor size [4]. - The Pro series also features an innovative "smart back screen" that enhances user interaction and addresses the challenge of previewing selfies taken with the rear camera [5]. Ecosystem Integration - The Xiaomi 17 series acts as a central hub for Xiaomi's ecosystem, enabling seamless interaction with the Xiaomi SU7 car and various smart home devices, showcasing the integration of "people-car-home" scenarios [6][7]. - The introduction of UWB technology enhances spatial awareness between devices, allowing for features like automatic unlocking and locking of the car [6]. Industry Impact - Xiaomi's emergence has been a pivotal moment in the Chinese tech industry, transforming perceptions of Chinese manufacturing and driving the evolution of the smart product ecosystem [10][12]. - The company's community-driven approach and investment in smart hardware startups have established a robust ecosystem that challenges traditional notions of "Chinese manufacturing" [11][12]. - Xiaomi's strategy has shifted from focusing solely on hardware performance to creating comprehensive solutions based on user needs, thereby enhancing the overall user experience [7][18]. Global Positioning - Xiaomi's approach to globalization contrasts with earlier strategies that relied on low pricing; instead, it emphasizes technology and ecosystem integration to build a premium brand image in international markets [17]. - The launch of the Xiaomi 17 series is seen as a culmination of Xiaomi's long-term commitment to technological innovation and strategic transformation, reflecting a broader shift in the Chinese tech industry towards self-reliance and global competitiveness [17][18].

Core Insights - The core theme of the article is the transformation of Xiaomi under the leadership of Lei Jun, focusing on the company's shift from an "internet company" to a "hardcore technology company" through significant investment in core technologies and innovation [2][3][13]. Summary by Sections Transformation Journey - Xiaomi's transformation began with a deep reflection in 2020, marking its 10th anniversary and a pivotal moment for the company [3][4]. - Despite achieving over 200 billion yuan in annual revenue and entering the Fortune Global 500, Lei Jun faced intense criticism regarding Xiaomi's technological capabilities [3][4]. Strategic Decisions - Lei Jun decided to invest 100 billion yuan in core technology over the next five years, marking a significant shift in Xiaomi's strategy [4][18]. - The company aimed to focus on high-end products and core technology development, particularly in chip and automotive sectors [5][6]. Chip Development - Xiaomi restarted its chip development journey in 2021, aiming for high-end 3nm technology, despite facing significant challenges and a 14.7% revenue decline in 2022 [5][6]. - By 2025, Xiaomi successfully launched its self-developed chip, the玄戒O1, marking a significant milestone in its technology journey [7][8]. Automotive Ambitions - Xiaomi announced its ambitious plan to develop high-performance electric vehicles, aiming to compete with brands like Porsche and Tesla [10][11]. - The company faced numerous challenges in its automotive development but managed to overcome them, achieving significant performance milestones with its SU7 Ultra model [11][12]. Talent Acquisition and Financial Strategy - Lei Jun emphasized the importance of talent acquisition and financial management, stating that finding the right people and securing sufficient funds are crucial for success [14][18]. - Xiaomi's workforce includes a significant number of R&D personnel, with 21,190 employees dedicated to research, representing 48.5% of the total workforce [17]. Financial Performance - As of mid-2025, Xiaomi's total funds reached 192.768 billion yuan, reflecting a strong financial position to support its ambitious projects [19]. - The company's market capitalization increased significantly from 245.4 billion yuan in 2020 to 1.42 trillion yuan by 2025, showcasing investor confidence in its transformation strategy [19].

Core Viewpoint - The article discusses Xiaomi's recent developments in the electric vehicle sector, highlighting the challenges and successes faced by the company as it aims to establish itself in the automotive market, particularly through its new models and the impact of its recent annual speech by CEO Lei Jun [2][6][10]. Group 1: Xiaomi's Automotive Business Performance - Xiaomi's automotive revenue reached 213 billion yuan in Q2 2025, marking a 234% year-on-year increase [15][16]. - The number of new vehicle deliveries in Q2 2025 was 81,302, a significant rise from 27,307 in the same period last year, representing a growth of 197.7% [16][19]. - The average selling price (ASP) of Xiaomi vehicles increased from 228,644 yuan to 253,662 yuan, attributed to the launch of the higher-priced SU7 Ultra [18][21]. Group 2: Challenges in Production and Delivery - Xiaomi faces significant challenges with long delivery times, with the SU7 and YU7 models having delivery periods of 35-48 weeks, which is considerably longer than competitors like BYD and Tesla [26][28]. - The company has been criticized for its production capacity issues, which have led to delays and potential customer dissatisfaction [29][30]. - Analysts suggest that the extended delivery times could lead to a loss of customer loyalty and increased competition from other brands offering quicker delivery options [32][33]. Group 3: Quality Control and Public Perception - Xiaomi has faced scrutiny over product quality, particularly following a recall of over 110,000 SU7 vehicles due to software issues that could increase collision risks [33][36]. - There have been multiple complaints regarding the YU7 model, including reports of quality issues and concerns about the vehicles being sold as "test cars" [34][39]. - The company’s rapid growth and aggressive marketing strategies have led to quality control challenges, which could impact its brand reputation if not addressed [43][44].

Core Viewpoint - The article emphasizes that Xiaomi is breaking the traditional barriers of the automotive industry by introducing personalized customization services in the mid-range market, which were previously exclusive to ultra-luxury brands [5][15][54]. Group 1: Market Dynamics - The mainstream automotive market, particularly in the 300,000 to 400,000 yuan price range, is becoming increasingly competitive, leading to a focus on efficiency and standardized offerings [2][3]. - Traditional automotive manufacturers prioritize cost control and rapid delivery, often limiting customization options to a few standard colors and features [4][12]. - The demand for personalized vehicles has been largely unmet in the sub-million yuan market, with customization services typically reserved for high-end brands like Porsche and Ferrari [14][12]. Group 2: Xiaomi's Strategy - Xiaomi aims to not only increase sales but also to drive a transformation in the Chinese automotive market through innovative business models [6][52]. - The company has launched a "Xiaomi Customization Service," offering 26 personalized options, including unique paint colors and interior materials, which were previously unavailable in this price segment [5][25]. - Xiaomi's approach challenges the traditional automotive industry's focus on efficiency, instead prioritizing consumer desires for individuality and aesthetic appeal [40][56]. Group 3: Challenges and Innovations - The development of customized paint colors involves significant costs and complexities, with a single color potentially exceeding 2 million yuan in development expenses [18][19]. - Xiaomi's customization service requires a flexible production model, which poses challenges to traditional assembly line efficiency [26][27]. - The company has successfully introduced new paint options, such as the "Purple Crystal" finish, which involves intricate production processes and extensive manual labor [20][21]. Group 4: Consumer Trends - The article notes a shift in consumer decision-making from practicality to emotional value and personal expression, indicating a growing demand for personalized products [32][33]. - Xiaomi's success in the automotive sector reflects a broader trend where consumers are willing to pay for emotional and aesthetic value, not just functional benefits [53][55]. - The introduction of customization services aligns with the emerging "color economy," where individual expression through color choices is becoming increasingly important in consumer preferences [41][44].

Core Viewpoint - Xiaomi is undergoing a significant transformation, shifting from a "geek brand" to a "mass brand," with a focus on high-end products and a broader customer base, including a notable increase in female users [6][9]. Product Launch and Strategy - Xiaomi launched the new Xiaomi 17 series, skipping the 16 to signify a new identity and to encourage consumers to re-evaluate the brand [3][5]. - The company aims to fully compete with industry leaders like Apple and Samsung, emphasizing that the Xiaomi 17 series has surpassed many features of the iPhone 17 [3][5]. - Xiaomi's strategy includes a commitment to long-term growth, targeting a 1% annual increase in market share over five years, aiming for a total of 20% [5][9]. Market Position and Competition - Xiaomi regained the top position in China's smartphone market in Q1 2025, marking its return to the number one spot after ten years [3]. - The smartphone market is described as highly competitive, with six major players each holding around 15-16% market share, leading to frequent shifts in market leadership [3][5]. Brand Evolution - The brand's image has evolved from being male-dominated and focused on tech enthusiasts to appealing to a wider audience, including women, particularly in the automotive sector [6][9]. - Xiaomi's automotive division has introduced a customization service, allowing users to personalize their vehicles, which is a significant step towards high-end market positioning [6][8]. R&D and Investment - Xiaomi has committed to investing 100 billion RMB over five years in research and development, with an annual R&D budget of over 30 billion RMB [9][11]. - The company emphasizes that its advancements are the result of long-term investments and efforts, countering perceptions of sudden changes [11]. Challenges and Industry Environment - Xiaomi's automotive brand has faced significant online criticism, and the company supports regulatory actions against malicious online practices that hinder industry growth [9][11].

Core Viewpoint - The central theme for the company in 2023 is "Change," as articulated by Lei Jun, emphasizing the need to confront challenges and criticisms while transitioning from an internet company to a hard-tech company [2][32]. Group 1: Company Strategy and Vision - Lei Jun expressed the determination to face challenges posed by competitors like Apple, Samsung, and Huawei, and to overcome internal struggles by focusing on core technology investments [2][4]. - The company aims to create the world's strongest pure electric performance vehicle, directly competing with Tesla and Porsche [3][4]. - The launch of the YU7 model has garnered significant attention, with over 200,000 pre-orders in just three minutes, showcasing the company's strong market entry [6][8]. Group 2: Product Development and Features - The YU7 project faced immense pressure during its development, with the success of the SU7 model being critical for the company's future in the automotive sector [8]. - The company has developed its own high-performance electric motor, the Xiaomi V8S, to address market gaps [4][6]. - The Xiaomi 17 series smartphones feature advanced specifications, including the fifth-generation Snapdragon 8 processor and a 7000mAh battery, highlighting the company's commitment to high-end technology [12][19]. Group 3: Market Positioning and Competition - The company is positioning itself against established brands like Tesla, with a focus on performance and technology to change perceptions of its capabilities in the automotive industry [10][32]. - Lei Jun acknowledged the competitive landscape and the need for collaboration within the domestic automotive industry to foster growth and innovation [34]. Group 4: Brand Image and Public Perception - The company has faced significant criticism and skepticism regarding its automotive ambitions, which Lei Jun aims to address through transparency and performance [2][34]. - The renaming of the Xiaomi 16 to Xiaomi 17 is part of a strategy to redefine the brand and assert its commitment to challenging leading global brands [33].