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 ...

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 - Xiaomi has undergone a significant transformation over the past five years, evolving from an internet company to a player in smart manufacturing, focusing on a comprehensive ecosystem of "people, vehicles, and homes" [1][11] - The launch of the Xiaomi 17 series smartphones marks a pivotal moment, showcasing advancements in battery life, imaging technology, and display quality, positioning the products to compete directly with Apple's iPhone [2][15] - The company has made substantial investments in research and development, with a commitment of over 100 billion yuan in core technologies over five years, leading to breakthroughs in self-developed chips and electric vehicles [13][16] Product Launch and Performance - The Xiaomi 17 series includes three models, with starting prices of 4499 yuan for the standard version, 4999 yuan for the Pro version, and 5999 yuan for the Pro Max version, achieving record sales within minutes of launch [1][10] - The Xiaomi 17 Pro Max has reportedly captured over 50% of the sales within the series, breaking records for first-day sales in the domestic market [1][10] Technological Advancements - The Xiaomi 17 standard version features a 7000mAh battery, nearly double that of the iPhone 17, showcasing significant advancements in battery technology [2] - The imaging system in the Xiaomi 17 Pro series is highlighted as a leader in mobile photography, utilizing advanced technologies to enhance image quality [2][3] - The introduction of the "super pixel" technology in the display of the Xiaomi 17 Pro Max improves clarity and reduces power consumption by 26% [3] Strategic Direction - Xiaomi's shift towards high-end products is characterized by a focus on user insights and technological breakthroughs rather than mere specifications [15] - The company aims to redefine the automotive space with its electric vehicles, emphasizing a combination of technology and ecosystem integration [9][17] Financial Performance - In the first half of 2025, Xiaomi reported total revenue of 227.2 billion yuan, a year-on-year increase of 38.2%, with net profit reaching 22.83 billion yuan, a significant growth of 146% [10] Long-term Vision - Xiaomi's commitment to long-term investment in technology and innovation is evident, with plans to continue expanding its capabilities in both the automotive and semiconductor sectors [8][14] - The company aims to establish itself as a leading force in global technology, moving beyond traditional competitors and setting new benchmarks for innovation [19]

以下文章来源于中国企业家杂志 ，作者赵东山 中国企业家杂志 . 雷军专门在演讲中拿出时间，表示这个 slogan 的灵感来自于他 28 年的好友，二次创业、转型直播电商的凡客 CEO 陈年——雷军讲到这些时， 正在抖音直播的陈年掩面流泪不已。 今年的演讲，雷军带来的是小米玄戒芯片、小米造车背后的故事。从 2020 年首次演讲，雷军年度演讲不仅是他个人思想的分享，更是观察小米在 特定发展阶段，所面临挑战与转型思考的窗口。 讲好企业家故事，弘扬企业家精神 作者： 赵东山 来源： 中国企业家杂志 " 小米内部经常吵得死去活来，翻天覆地，甚至为一个问题争执一年。但这样，老板才不容易犯错误。 " 9 月 25 日晚，小米董事长雷军在接受《中国企业家》等媒体采访时称。 9 月 25 日 19 时，小米 CEO 雷军发表了自己的第 6 次年度演讲，主题 是《改变》。发布会前，雷军在微博上曝光了身穿印有"正是闯的年纪"字样 T 恤的照片。 ---------------------------------- 去年，雷军以《勇气》为主题，宣扬的是一个意气风发、英雄主义的造车故事。但今年， 各大平台的直播评论中，滚动着不少批评小 ...

Group 1: Xiaomi's Strategic Shift - Xiaomi's founder and CEO Lei Jun emphasized the company's transition from an "internet company" to a "hardcore technology company" during his annual speech, highlighting a commitment to core technology investment since 2020 [2][9] - The company has invested between 102 billion to 105 billion yuan in R&D over the past five years, exceeding its initial plan of 100 billion yuan, and has set a new five-year R&D budget of 200 billion yuan [2] - The strategic shift requires a balance between "soft communication" and "technical confidence expression" to ensure brand longevity rooted in continuous technological breakthroughs [3] Group 2: JD.com's AI Strategy - JD.com unveiled its AI ecosystem plan at the JDDiscovery-2025 conference, committing to invest in building a trillion-yuan scale AI ecosystem over the next three years [4] - The company has upgraded three major AI infrastructure platforms, focusing on the JoyAI model as the core to serve the entire industry chain [4] Group 3: Li Auto's New Model Launch - Li Auto officially launched its pure electric i6 model, priced at 249,800 yuan, with a promotional price of 239,800 yuan during the initial sales period [5] - The i6 will feature the AD Max advanced driver assistance system, which will be provided free of usage fees, showcasing Li Auto's confidence in smart driving technology [6] Group 4: SAIC and Huawei's New SUV - SAIC and Huawei launched the first SUV model, the Shangjie H5, with a starting price of 159,800 yuan, targeting the competitive market segment below 200,000 yuan [7] - The H5 is equipped with advanced driving features, positioning it competitively against other models in the same price range [7] Group 5: Alibaba's AI Security Upgrade - Alibaba Cloud announced a significant security upgrade for its Tongyi AI coding model, achieving global leadership in AI coding security [8] - The upgrade addresses the increasing financial losses from global AI model security incidents, which are projected to rise significantly in the coming years [8] Group 6: Corporate Leadership Changes - The Bank of Communications elected Ren Deqi as chairman and Zhang Baojiang as vice chairman, indicating a strategic focus on innovation and continuity [10] - China CNR Corporation appointed Sun Yongcai as chairman, leveraging his extensive experience in rail transportation equipment development [11][12] Group 7: Alibaba and NVIDIA Collaboration - Alibaba Cloud and NVIDIA have partnered in the Physical AI sector, integrating NVIDIA's software stack into Alibaba's AI platform to enhance development cycles for applications like embodied intelligence and autonomous driving [13]

文｜财天COVER 豆蔻 叶梨 编辑 | 阳一 9月25日，一年一度的雷军年度演讲如约而至。这次的年度演讲，雷军特意选择了和小米17系列发布会 同时举行，用他自己之前在微博上的话说就是"蹭小米17流量"。 小米处在发展的转折阶段，雷军讲述了自己在转型上的思考、改变的目标，并高调地再次将小米手机对 标苹果，或许正是想展示小米"逆天改命"、进一步成长的决心。 9月26日，小米集团港股开盘后持续走低。截至午间休市，小米股价报56.20港元/股，下跌5.47%。 01、10年投入500亿造芯，雷军50多岁出来闯 雷军的第六次年度演讲，把"改变"作为主题，对外解释了小米为何进行高端化转型，并阐述了在手机领 域对标苹果、在汽车领域对标特斯拉与保时捷，是必然选择。 雷军在年度演讲中，主要分享了小米玄戒芯片和小米汽车背后的故事。他说，这两次重大突破，均源于 5年前的一次"触及灵魂深处的大反思"。 2020年时，成立10年的小米已年收入超2000亿元，但在雷军看来，当时的苹果、三星、华为等头部厂 商，仍是横亘在小米面前无法逾越的高山，"几乎看不到赶超的希望"。 雷军说，更让自己感到疲惫的是，网上充斥着对小米的质疑声音，比如"小 ...

大屏幕上，黑色的海平面，一座灯塔亮着光。而在整个背景的最中央，"大反思"三个大白字，格外显 眼。 文/瑞财经 曾树佳 雷军穿着白色内搭、灰色休闲西装，与台上的色调融为一体。跟往年一样，他夹着麦克风，手拿PPT翻 页笔，就开始了演讲。 自2020年以来，这已经是他连续六次登上年度演讲的舞台。 在此十天前，雷军直接在社交媒体上，喊话正面迎战iPhone，小米手机也决定跳过数字16序列，直接推 出小米17。 雷军设立目标，喜欢以十年做周期。 2021年，小米造车和重启造芯以来，把其前10年攒下的家底全押上了。而如今，雷军更是透露："小米 造芯至少干十年，至少投入500亿元。" 这像是又一个十年"赌约"。 做芯片九死一生 演讲故事的开头，一般都从回忆说起。 雷军说，小米十周年之际，自己的内心曾充满焦虑，因为小米所处的行业中，苹果、三星、华为如同几 座无法逾越的大山，团队中很多人都觉得累了，想停下来歇一歇。同样，雷军自己也觉得很累。 以往，其主题多为"梦想""相信美好""勇气"等较为感性的词汇，而这一次，他演讲的主题是"改变"，主 要是讲述小米玄戒芯片、小米汽车背后的故事。 雷军演讲的节点，正是小米进入多线作战的时间线 ...

管好百万份研发文档，评审效率提速77% 鉴于知识产权保护的重要性，芯片设计企业通常采用内网办公模式，但传统 IT 架构下存在效率问题。 小米玄戒芯片团队与金山办公合作将内网协同办公的体验从"手动挡货车"提升至"F1赛车"水平。 9月25 日晚，小米集团董事长兼CEO雷军在第六次年度演讲中分享了小米玄戒芯片和小米汽车背后的故 事。作为小米玄戒芯片团队研发内网的协同办公平台，WPS 365通过全栈私有化部署与全生命周期文档 管理能力，助力小米芯片团队实现高保密环境下的研发流程数字化提效，让研发文档的技术评审提效 77%。 全栈私有化部署，内网协同办公效率领先行业 此次合作意味着国产协同办公软件完全适配芯片设计等高端制造行业。 在内网办公提效实践中，小米玄戒芯片团队达到行业领先水平：全栈私有化部署覆盖文档存储、协同编 辑与即时通讯场景，支持各类文档的实时协作与版本管理；技术评审全流程线上解决方案填补行业空 白，实现评审意见和文档修改的无缝协同。目前，小米芯片团队与金山办公正探索将私有化AI引入研 发内网，旨在持续提高协同效率。 针对芯片设计文档的百万级体量与高敏特性，WPS 365采用单篇文件级权限管理架构，突破传 ...

9月25日晚，小米集团创始人雷军举办第6次年度演讲，主题是"改变"，重点分享了小米玄戒芯片与小米汽车背后的故事，并与小米17系列旗舰新品发布会 联合举办。相关话题冲上微博热搜，引发广泛关注。 事实上，对于外界关注的小米造车四年，在发布会之前，雷军已经接连发声造势。9月23日，雷军发文表示："很多人认为，小米跻身世界500强，造车进 展也不错，似乎一切都很顺利。其实，最近几年的每一步，都是被巨大的挑战逼出来，最关键的改变发生在2020年。" 9月24日，雷军再次发文称："造车和重启造芯，几乎是同时做的决策，把小米前十年攒下的家底全押上了。说实话，'同时供家里两个孩子上大学'，压力 巨大。现在想想，都会感慨，当时哪来这么大的勇气。" 在演讲中，雷军回顾道，2020年小米迎来十周年，在很多人眼中，小米已经非常成功了，但他的内心充满着难以言说的焦虑，外界也有很多质疑声。雷军 称，很多人对小米有偏见，他陷入了严重的内耗。之后经过挣扎和深入复盘，雷军带领小米找到了破局之道，决定持续投入底层核心技术，从互联网公司 走向"硬核科技公司"。 雷军为小米找到了两条新赛道——芯片和汽车。2021年3月，小米正式官宣造车，首期投资1 ...