"谁在黑小米？" 雷军创办小米已经15年了，也经历过不少低谷期，但恐怕没有哪一年像这两年会让他如此困惑不解。小米怎么就成了"营销最成功的公司"，黑小米的声音 为何会越来越多？把事情推向高潮的还得是"米黑KOL被投放事件"。 在1月5日，网传米黑系博主"万能的大熊"在群聊中透露"小米投了我"，消息迅速在米粉社群发酵；有个叫"午后狂睡"的米系大V，直接宣布停掉跟小米的 合作，把手里的小米手机换成了一加，还在微博上艾特了雷军和小米公关负责人徐洁云。雷军的微博评论区沦陷了，徐洁云的微博评论区也沦陷了。"大 熊 小米"四个字冲上热搜，科技榜第一。 图源：网络 当日晚，小米公关部总经理徐洁云发文致歉，承认团队曾与该KOL接触，立即终止所有合作并承诺"永不合作"；1月6日，小米发布正式调查结果，认定事 件"严重违背公司原则、伤害米粉感情"，对涉事经办人员予以辞退，对集团副总裁兼CMO许斐、公关部总经理徐洁云通报批评并扣除2025年绩效及年度 奖金（网传百万级奖金）；1月7日，雷军在直播中回应，雷军在直播中明确回应：这件事的严重性不在于KOL批评小米或得罪米粉，而是"这个KOL一直 在攻击贬低米粉、诅咒米粉"。他强调，小米要 ...

Core Insights - Xiaomi's transformation by 2025 is driven by three key factors: the density of its engineering team, long-term R&D investment capability, and the will to continue betting on uncertain directions [1][53][102] - The focus is not merely on the success of individual products but on the formation of a cohesive structure within the larger AI wave, where the competition is about having complex, real, and continuous application scenarios [1][53] Smartphone Business - Xiaomi's smartphone shipments in Q3 2025 reached 43.4 million units, maintaining a global market share of 13.6%, and showing a 1.3% year-on-year increase [3][54] - In the Chinese market, Xiaomi's sales in the 4000 yuan and above price segment rose to about 25%, indicating a shift from occasional high-end hits to a structural component of its offerings [5][56] - The smartphone has evolved from a high-cost-performance terminal to an ecological entry point, serving as a personal identity credential and a control hub for the interconnected ecosystem of vehicles and home appliances [5][56] Automotive Business - Xiaomi's electric vehicle deliveries reached a record high of 108,800 units in Q3 2025, with total deliveries exceeding 250,000 units in the first three quarters, and an annual target of over 400,000 units [8][59] - The automotive business transitioned from loss-making to operational profitability, with Q3 2025 revenue of approximately 28.3 billion yuan, nearly tripling year-on-year, and a gross margin of around 25% [11][62] - Xiaomi's self-developed intelligent driving technology has received multiple high-level driving licenses, showcasing its commitment to full-stack self-research in smart driving [13][64] AIoT Ecosystem - By Q3 2025, Xiaomi's AIoT platform connected over 1 billion devices, marking a significant increase from 624 million devices at the end of 2023 [22][73] - The AIoT ecosystem has evolved from "connecting everything" to "intelligent interconnection," with the voice assistant, Xiao Ai, upgraded to serve as a smart home hub capable of executing complex cross-device commands [23][74] - Xiaomi's AIoT devices are now part of a dynamic system that integrates user intent, cloud-based models, and home devices, enhancing the overall user experience [22][73] R&D and Manufacturing - Xiaomi's R&D investment in 2025 is projected to exceed 30 billion yuan, with a focus on building long-term capabilities rather than just optimizing functions and experiences [34][96] - The establishment of the Wuhan smart home appliance factory, with a planned annual capacity of 7 million air conditioners, represents a significant step in achieving a complete closed-loop from R&D to mass production [18][69] - Manufacturing capabilities have been enhanced through automation and digitalization, with the Beijing smartphone factory achieving high production efficiency and the automotive factory implementing advanced manufacturing techniques [41][94] Future Outlook - Xiaomi's strategy is to integrate all dispersed devices, scenarios, data, and capabilities into a cohesive system, positioning itself uniquely in the AI landscape [99][101] - The company is seen as an "ecological empire," with a complete structure that connects smartphones, vehicles, home appliances, and IoT, continuously expanding its boundaries and capabilities [50][101] - Xiaomi's long-term vision emphasizes patience in building foundational capabilities, which will support the expansion of its interconnected ecosystem [102]

受空调市场竞争加剧、原材料成本上涨影响，有空调企业宣布上调提货价格，打响了空调行业"反内卷"第一枪。 12月4日，安徽美博智能电器集团有限公司（以下简称"美博集团"）、美博空调国内营销中心向美博空调各代理商 发出的调价通知备受关注，并宣布自12月16日起，空调整机提货价格在11月份的价格基础上提升5%。 12月5日，《中国经营报》记者多次拨打美博集团在企查查对外公布的注册电话，但提示"您拨打的号码已关机"。 12月4日，美博集团方面在《关于美博空调12月价格调整通知》（以下简称"《通知》"）中表示，为有效缓解成本 压力，确保产品稳定供应与品质保障，同时落实"早打款、早受益，多打款、多受益"的合作原则，保障各位代理 商的利润空间，对12月份价格政策进行调整。 具体来看，原2025年11月份销售政策有效期执行至12月15日截止；自12月16日起，提货价格在11月份价格基础上 提升5%，具体产品价格明细由区域经理单独下发。 记者注意到，在美博集团发出上述《通知》背后，原材料价格上涨是主要因素。美博集团方面在《通知》中指 出："自2025年四季度以来，以铜为代表的大宗原材料价格持续高位运行：沪铜主连价已突破90750 ...

当空调安装扳手成为品牌博弈的工具，家电行业的竞争焦点正从前端的技术战、价格战，又悄然转向后端的服务战场。 近日，一则关于美的要求售后服务商"二选一"的传闻引发关注——部分区域服务商被要求不得同时承接小米或格力的空调安装维修业务。对此，美的集团 （000333）迅速回应称："一直秉承用户体验第一原则，并无强制排他性合作行为。" 但市场反馈却呈现另一番景象：有媒体报道称，确有区域负责人向合作方传达类似指令，个别头部服务商已终止与小米等品牌方的合作。 奥维云网2025年前三季度全渠道数据显示，美的以22%的市场份额稳居第一，格力以20%紧随其后，海尔占18%，而小米则以14%跃居第四。尤其在线上渠 道，小米增长迅猛，已与格力展开第二名的拉锯战。 | 27 64 | 今天奥港云更新了7月中国空调线上份群战据:小米 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 已经是越格力,位居第二了, | - 原梅曼XCG | 十多1 | 7月全豪遭第三 ...

Core Viewpoint - The founder of Xiaomi, Lei Jun, emphasizes that the next five years will be a critical window for the profound impact of artificial intelligence (AI) on traditional industries, suggesting that all industries are worth re-evaluating with AI's empowerment [1] Group 1: AI in Manufacturing - Xiaomi's internal operations in its automotive factory reveal how AI addresses previously unsolvable pain points in traditional manufacturing [2] - The introduction of AI visual models and X-ray technology in automotive manufacturing has significantly improved the efficiency of large die-casting part inspections, achieving a tenfold increase in detection efficiency, with full inspections taking only two seconds [3][5] - The precision of these AI-driven inspections is over five times better than traditional methods, marking a new height in manufacturing efficiency and quality control for Xiaomi [5] Group 2: Broader Applications of AI - Xiaomi's smart home appliance factory in Wuhan serves as a testing ground for AI technology, achieving a remarkable production speed of one air conditioner every 6.5 seconds, with key component inspection accuracy at 100% [5] - The early and deep application of AI tools is becoming a watershed for companies to build core competitive advantages [5] Group 3: Market Potential and Collaboration - The deep integration of AI with traditional industries is expected to create a massive market worth trillions, necessitating collaboration among industry leaders to drive systemic upgrades across the supply chain [6] - Lei Jun outlines an aggressive timeline for the large-scale application of humanoid robots in the next five years, which will enhance production efficiency and take on more repetitive or high-risk tasks [7] Group 4: Future Outlook - The potential for humanoid robots in household scenarios is anticipated to surpass that in industrial settings as technology matures, indicating a broader market space [7] - The penetration of AI across various sectors signals that adapting to this new trend is essential for companies to seize opportunities and avoid being eliminated in the upcoming industry reshuffle [8]

Core Viewpoint - The article discusses the competitive dynamics in the domestic air conditioning market, particularly focusing on the conflict between Midea Group and Xiaomi, highlighting Midea's recent actions against Xiaomi's service providers as a response to Xiaomi's rapid growth in the air conditioning sector [1][5]. Group 1: Midea's Actions and Market Dynamics - Midea Group has reportedly instructed its nationwide service providers to stop servicing Xiaomi and Gree, primarily targeting Xiaomi due to its immature service system in the air conditioning sector [1][5]. - The competitive landscape is described as a "Three Kingdoms" battle, with Midea facing pressure from Xiaomi's rapid market expansion and Gree's established presence [1][11]. - Midea's decision to cut ties with Xiaomi's service providers is seen as a strategic move to protect its market share and service network, which is crucial for maintaining its competitive edge [6][7]. Group 2: Xiaomi's Growth and Market Strategy - Xiaomi's air conditioning sales have surged, with a reported shipment of over 4.4 million units in 2023, marking a 49% year-on-year increase, and projections of reaching 6.8 million units in 2024 [5][6]. - The company has adopted a direct sales model, significantly reducing prices and increasing its market share, which poses a direct threat to Midea's traditional distribution channels [6][11]. - Xiaomi's strategy includes building its own supply chain and leveraging its ecosystem to integrate various smart home devices, which could disrupt Midea's traditional business model [6][11]. Group 3: Historical Context and Strategic Partnerships - The relationship between Midea and Xiaomi began in 2014 with a strategic partnership that aimed to combine Midea's manufacturing capabilities with Xiaomi's smart technology [2][3]. - Initial collaborations, such as the "i-Youth smart air conditioner," faced challenges due to misaligned strategic priorities and brand positioning conflicts [3][4]. - The turning point came in 2018 when Xiaomi launched its "Mijia Internet Air Conditioner," which directly targeted Midea's market segment, leading to a significant shift in market dynamics [4][5]. Group 4: Future Outlook and Industry Implications - The ongoing competition is expected to lead to a prolonged battle for market dominance, with Midea tightening its distribution channels as a defensive strategy against Xiaomi's aggressive pricing and market penetration [11][12]. - The article suggests that the traditional manufacturing industry is facing a critical transformation due to the disruptive influence of internet companies like Xiaomi, which challenges established business models [13][14]. - The outcome of this competitive struggle will likely reshape the air conditioning market and influence the broader home appliance industry [12][14].

Core Viewpoint - Xiaomi is navigating a dual battle in the automotive and IoT sectors, achieving profitability in its electric vehicle division while facing challenges in regaining consumer trust and adapting its business model from a "traffic-driven" to a "value-driven" approach [4][30]. Automotive Battle: Profitability and Challenges - Xiaomi's revenue for Q3 2025 reached 113.1 billion yuan, a year-on-year increase of 22.3%, with adjusted net profit hitting a record high of 11.3 billion yuan, up 80.9% [8]. - The electric vehicle division achieved its first quarterly profit of 700 million yuan, a significant milestone compared to competitors like Li Auto and NIO, which took longer to reach profitability [9]. - Xiaomi's automotive production and delivery are ramping up, with Q3 2025 deliveries reaching 108,796 vehicles, marking a new high [13]. - The gross margin for the electric vehicle division stands at 25.5%, with an average post-tax price of around 260,000 yuan, comparable to luxury brands [14]. - Despite these achievements, challenges loom, including a potential decline in gross margin due to reduced government subsidies and increased competition in the automotive sector [16]. IoT and Home Appliances: Growth and Competition - Xiaomi's IoT and home appliance business generated 27.6 billion yuan in revenue for Q3 2025, a 5.6% year-on-year increase, with a gross margin of 23.9% [22]. - The company has seen a significant rise in its air conditioning market share, reaching 16.71% in July 2025, surpassing Gree and ranking second behind Midea [21]. - However, the smart home appliance segment experienced a 15.7% year-on-year revenue decline, attributed to subsidy reductions and intensified competition [23]. - Xiaomi is investing in smart manufacturing, with a new factory in Wuhan aimed at enhancing production capabilities and efficiency [26]. Rebuilding Consumer Trust - Xiaomi faces significant challenges in restoring consumer trust following several incidents, including a tragic accident involving its SU7 model and subsequent safety concerns [28]. - The company is under pressure to redefine its brand image and ensure product safety as it transitions from a smartphone-centric business to a broader technology and manufacturing focus [30]. - Xiaomi's strategy involves a shift from being an internet-driven company to a mission-driven technology firm, emphasizing safety and user-centric values [30].

不知道柴油们最近有没有刷到过一种风格独特的视频，就是一整个大脸塞进镜头里，占满整个屏幕。 而细看内容，会发现都是在网上把一些掐头去尾的关于小米和雷军的视频，或者相关内容，然后疯狂的阴阳一番，就能干出几万的点赞，上千条评论。 甚至，还有些离谱的，开头一句军儿，但视频内容和小米或者雷军没有任何关系，也能干到几千点赞，数百条评论。 比如下面这个，视频开头是：军儿，来看个视频，然后后面就是一个十来秒的放羊的视频，结果就有高达四千多的点赞，三百多条评论。 再看看评论区起哄的，要么就是骂小米和雷军的，要么就是阴阳小米和雷军的，还有部分忠实粉丝，在评论区等着他喊"军儿"。 然后视频开头第一句表情狰狞的喊出一句"军儿"，比如下面这样的（打码打得有点抽象，柴油们多包涵）： 还有下面这样的。 小柴随后去看了下这"博主"的主页，其第一条视频是今年8月底发的，也是喊雷军的，三个月总共发了三百多条相关视频，总共涨粉超过12万。 看到这里，小柴真是想立马躺平了，小柴这个号，几个人干了这么多年，才多少粉啊，关键这个"博主"只要是喊"军儿"的视频，几千个点赞都是少的，四 万五点赞实属正常水平。 然而，小柴看到了这个博主视频下方的关联词，也就 ...

Core Viewpoint - The article suggests that the technology, robotics, and AI computing sectors are unlikely to see significant market movements in the future. The author plans to gradually invest in Xiaomi stocks, believing that the company's valuation is close to its target price of HKD 43, especially with the upcoming financial report on November 18 as a potential catalyst for investment [1]. Group 1: Company Performance and Strategy - Xiaomi operates in mature sectors with low profit margins, relying heavily on marketing strategies while compromising product quality to generate profits. This approach may not be sustainable, especially in the automotive sector where product issues are more visible [3][4]. - The company's marketing-driven model is effective for low-value products, but it may backfire for higher-value items, leading to increased consumer scrutiny and potential backlash, which could negatively impact sales across its product lines [8]. Group 2: Consumer Sentiment and Product Quality - There is a growing dissatisfaction among consumers regarding Xiaomi's product quality, with reports of issues such as malfunctioning televisions and high repair costs, leading to a decline in brand reputation [5][7]. - The article highlights a trend where consumers feel trapped by the high costs of repairs and replacements for Xiaomi products, which diminishes their overall satisfaction and loyalty to the brand [10][11]. Group 3: Market Position and Valuation - The current market perception of Xiaomi is that it is overvalued, especially considering the potential decline in consumer trust and the impact of negative feedback on its sales performance [8][14]. - The article raises concerns about Xiaomi's ability to maintain its market position if its marketing strategies fail, suggesting that the company's reliance on these tactics could lead to rapid deterioration in its business model [3][4].

Core Viewpoint - Gree Electric's introduction of the "zero electricity cost" air conditioning system has garnered significant attention, addressing consumer concerns about high electricity bills and potentially revolutionizing the air conditioning market [2][4][13]. Group 1: Product Innovation - Gree's "zero electricity cost" air conditioning system utilizes photovoltaic direct drive technology, allowing it to operate independently of the grid and significantly reduce electricity expenses for households [5][13]. - The system integrates solar power generation, energy storage, and air conditioning technology, achieving a high energy utilization rate of 99% by eliminating the need for traditional inverters [13][15]. - Gree claims that in sunny regions, the system can save approximately 4,000 kWh of electricity annually, equivalent to over half a year's electricity costs for an average household [15]. Group 2: Market Competition - The competitive landscape has intensified between Gree and Xiaomi, with both companies engaging in public disputes over market share and product quality [6][12]. - Xiaomi's rapid growth in air conditioning sales, with over 5.4 million units shipped in the first half of 2025 and a year-on-year growth rate exceeding 60%, has put pressure on Gree [12]. - Gree's market share remains strong at 29.42%, but the close competition in online sales, where Gree's share is 17.66% compared to Xiaomi's 15.92%, indicates a tightening market [12]. Group 3: Technological Advancements - Gree has made significant strides in research and development, with a reported R&D expenditure of 7.14 billion yuan in 2024, reflecting a 1.9% year-on-year increase despite overall revenue decline [17]. - The company has filed nearly 140,000 patents, including over 70,000 invention patents, establishing a strong foundation for its innovative products [18]. - Gree's breakthroughs in magnetic levitation technology for large central air conditioning systems could save approximately 20.48 billion yuan in electricity costs annually if adopted by 30% of public buildings nationwide [17]. Group 4: Environmental Impact - The "zero electricity cost" air conditioning system is expected to contribute to significant carbon reduction, with one system's annual carbon offset equivalent to 400 million trees [15]. - Gree's technology aligns with global sustainability goals, promoting a shift from energy-consuming products to energy-efficient systems, thereby enhancing China's position in the green technology sector [21].