公开资料显示，小米汽车是小米集团于2021年正式进军智能电动汽车领域所设立的全资子公司。此前， 自2024年3月28日首款车型SU7发布至11月20日第50万辆车下线，小米汽车用时602天，创下国内新能源 汽车行业最快的纪录，引发业内关注。 近日，21财经《辟谣财知道》注意到，"小米汽车M系列又撞人了"等谣言在互联网上发酵，引起舆论关 注。21财经·南财快讯记者从小米汽车官网上了解到，该公司主要车型为小米YU7、小米SU7 Ultra和小 米SU7，并不存在M系列车型。 11月26日，小米汽车副总裁李肖爽发文辟谣，称"此事与小米完全无关。众所周知，小米汽车没有M7型 号产品，请大家不信谣、不传谣。"小米集团董事长特别助理、战略市场部副总经理徐洁云亦现身评论 区称"望周知"。 11月26日，小米集团港股股价震荡走低，截至13:08，报40.28港元/股，跌0.15%，年内已涨超16%，总 市值为1.05万亿港元。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） ...

Core Viewpoint - The ongoing court case regarding Xiaomi's "carbon fiber hood" has attracted significant public attention, focusing on whether the promotional statements made by Xiaomi's founder Lei Jun constitute misleading advertising and if the features of optional components align with the promotional claims [1][12]. Group 1: Legal Proceedings - The recent court hearing did not result in an immediate verdict, with Xiaomi's civil defense indicating that the core dispute revolves around the promotional statements made by Lei Jun on social media [1]. - Xiaomi's legal team presented 84 pages of new evidence during the initial hearing, which led to a postponement of the trial [5]. - The new evidence includes critical assertions such as "Lei Jun does not understand structure, his Weibo posts do not count" and "the 42,000 yuan accessory is not a key factor in purchasing the car" [5]. Group 2: Implications of New Evidence - Legal expert Zhou Rui analyzed the implications of the statement "Lei Jun does not understand structure" and its potential impact on the case, emphasizing the significant influence of a company's founder in promotional activities [6]. - Zhou noted that the founder's public statements could be considered promotional under Chinese laws against unfair competition and advertising, which could lead to legal liabilities if found misleading [6]. - Denying the authority of a founder's public statements could have far-reaching consequences for the company's marketing strategies, as it raises questions about the validity of claims made by all sales personnel [6]. Group 3: Background of the Case - The controversy began in May when Xiaomi's SU7 Ultra, which had only been delivered for two months, faced backlash over its optional carbon fiber hood [7]. - Customers participating in the lawsuit argue that the actual functionality of the 42,000 yuan carbon fiber hood does not match the promotional claims made by Xiaomi, alleging false advertising [12].

Core Viewpoint - The article discusses the challenges faced by Lei Jun and Xiaomi, highlighting the backlash against Lei's call to combat online misinformation and the perception of arrogance following a recent car accident involving a Xiaomi vehicle [4][5]. Group 1: Public Perception and Criticism - Lei Jun has been criticized for being labeled an opportunist and for his approach to business, with emphasis on the need for both hard work and seizing opportunities [1]. - Following a serious incident involving a Xiaomi vehicle, public sentiment has turned against Lei's call to resist online attacks, with many interpreting it as dismissive of legitimate safety concerns [4]. - Critics argue that Xiaomi's response to public criticism reflects a failure to fully embrace a consumer-first philosophy, as noted by former Global Times editor Hu Xijin [4]. Group 2: Industry Context and Reactions - The automotive industry is characterized by intense scrutiny, especially regarding safety, with competitors like Geely emphasizing safety over aesthetics in vehicle design [5]. - There is a widespread acknowledgment within the industry of the use of online tactics to undermine competitors, which complicates the landscape for companies like Xiaomi [5][7]. - Despite efforts from industry leaders to combat negative online narratives, such as BYD and Great Wall Motors offering rewards for information on black public relations activities, the effectiveness of these measures remains questionable [7].

Core Insights - Xiaomi Auto has announced a new organizational adjustment by establishing an architecture department that will report directly to the group's chairman, Lei Jun [1][3] - The new architecture department will be responsible for strategic planning of next-generation technology architecture for smart electric vehicles [1] - The core team for the architecture department has been initiated, with former vehicle development head Cui Qiang taking on a new role in the department, and former power system head Wang Zhensuo stepping in as the new head of vehicle development [1] Industry Context - Typically, functions like the architecture department are handled by secondary departments or project teams, with direct leadership usually from the Chief Technology Officer or R&D Director [3] - The elevation of the architecture department indicates Xiaomi Auto's heightened emphasis on technology research and development [3] - Xiaomi Auto was founded in 2021 and plans to launch its first product in 2024, focusing on self-developing high-performance core motors to achieve impressive acceleration and track performance [3]

Core Viewpoint - Xiaomi's automotive division is currently facing intense scrutiny and criticism following two severe accidents involving the SU7 model, leading to significant public concern over safety issues [1][15][16] Group 1: Recent Incidents - A major safety incident occurred on October 13, where a Xiaomi SU7 Ultra caught fire after a collision, resulting in the unfortunate death of the owner [3][15] - This incident follows another serious accident that took place just six months prior, raising alarms about Xiaomi's driving technology and safety protocols [15][16] Group 2: Public and Media Response - Xiaomi's CEO Lei Jun has publicly condemned "black public relations" and online trolls, but his comments have been criticized as tone-deaf given the timing of the recent tragedy [3][11] - Major state media outlets have issued strong criticisms of Xiaomi, emphasizing the need for the company to address safety concerns rather than deflecting blame onto external factors [6][7][11] Group 3: Legal and Corporate Strategy - Xiaomi's legal department has been proactive, evaluating over 16,465 pieces of public sentiment and filing lawsuits against 92 malicious accounts, indicating a robust strategy to manage public perception [6] - Despite these efforts, the backlash from official media suggests that Xiaomi's approach may not be sufficient to quell public concern regarding safety [6][11] Group 4: Broader Implications - The ongoing safety issues and negative media coverage have led to a decline in consumer trust, with criticisms directed at Xiaomi's business model, marketing strategies, and overall product safety [8][13][15] - The company is at a critical juncture where it must reassess its strategies and address the underlying safety issues to regain consumer confidence and stabilize its market position [16]

Core Viewpoint - Xiaomi's automotive division is facing significant challenges regarding safety and public perception, particularly following a recent fatal accident involving the SU7 model, which raises questions about the company's operational strategy and marketing approach [1][3][5]. Group 1: Incident Overview - A fatal accident occurred on October 13, 2025, involving a Xiaomi SU7 Ultra, where the driver, under the influence of alcohol and speeding over 100 km/h, collided with a taxi and subsequently caught fire, resulting in the driver's death [3][5]. - The incident has sparked public concern over the safety features of Xiaomi vehicles, particularly questioning why the car doors failed to open during the emergency [5][10]. Group 2: Safety Concerns - The recurring safety issues with Xiaomi vehicles, including the recent accident and a previous incident in March that resulted in three fatalities, highlight a pattern of negative news surrounding the brand [16][17]. - Xiaomi's claims regarding safety technologies, such as the "downward battery explosion-proof technology," are under scrutiny, raising doubts about their effectiveness [5][19]. Group 3: Marketing and Strategy - Xiaomi's marketing strategy emphasizes performance and affordability, positioning the SU7 Ultra as a high-performance vehicle at a lower price point compared to luxury brands, which may inadvertently encourage reckless driving behaviors among consumers [8][10]. - The company's approach to innovation, described as "guarding the right while being extraordinary," may not be suitable for the automotive industry, where safety is paramount [19]. Group 4: Public Perception and Reputation - The series of controversies and safety incidents have led to a decline in public trust and brand reputation for Xiaomi and its founder, Lei Jun, suggesting a need for introspection and strategic change [1][15][19]. - The automotive sector's expectations differ significantly from those of the smartphone market, where rapid iteration is more acceptable; thus, Xiaomi must prioritize safety and reliability to maintain its market position [19].

Core Insights - The 20th Nanchang International Auto Show opened on October 1, 2025, and will last until October 4, showcasing over 70 vehicle brands and more than 800 models, with a focus on new energy vehicles [2] Group 1: Event Overview - The auto show features new energy as a core highlight, attracting significant public interest during the National Day holiday [2] - Major brands such as Xiaomi, AITO, and BYD showcased their latest new energy vehicles, emphasizing advanced intelligent driving and comprehensive range capabilities [2] - The event serves as a platform for integrating automotive consumption with cultural and tourism activities, providing insights into the automotive consumption upgrade in Nanchang and Jiangxi [2] Group 2: Technological Innovations - The exhibition includes cutting-edge technologies such as onboard drone systems, enhancing the appeal of the showcased vehicles [12] - The presence of eVTOL aircraft at the show indicates a cross-industry display of automotive and aviation technologies [12]

Core Viewpoint - Xiaomi Group-W (01810) recently held a product launch event showcasing its flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with the introduction of customized services for Xiaomi cars YU7 and SU7 Ultra, indicating a strategic shift towards high-end products in both smartphones and AIoT, reinforcing its "people, vehicles, and home ecosystem" strategy [1] Group 1 - The launch event highlighted Xiaomi's focus on high-end development in smartphones and AIoT products [1] - Xiaomi 17 series starts at a competitive price of 4,499 RMB, which is lower than the starting price of iPhone 17 at 5,999 RMB, showcasing a pricing advantage [1] - The starting prices for Xiaomi 17 Pro and Max are 4,999 RMB and 5,999 RMB respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] Group 2 - The introduction of features like the "wonderful back screen" and direct compatibility with the Apple ecosystem reflects Xiaomi's strategy to directly compete with iPhone [1] - The report from CMB International maintains a target price of 62.96 HKD for Xiaomi and reiterates a "buy" rating [1]

Core Viewpoint - Xiaomi Group recently held a product launch event, introducing the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with custom services for Xiaomi cars YU7 and SU7 Ultra [1] Group 1: Product Launch and Pricing - The starting price for the Xiaomi 17 is set at 4499 yuan, which is competitive compared to the iPhone 17's starting price of 5999 yuan [1] - The Xiaomi 17 Pro and Max have starting prices of 4999 yuan and 5999 yuan respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] - The new models feature innovative elements such as the "Miao Xiang" back screen and direct compatibility with the Apple ecosystem, reflecting the company's strategy to directly compete with the iPhone [1] Group 2: Strategic Implications - The product launch demonstrates Xiaomi's advancement in high-end smartphones and AIoT products, reinforcing its comprehensive ecosystem strategy across vehicles, homes, and personal devices [1] - The target price for Xiaomi is maintained at 62.96 HKD, with a reiterated "Buy" rating from the research report [1]

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].