以下文章来源于字母PRO ，作者彦飞 1月3日晚，雷军开启2026年第一场直播。他和团队现场拆解一辆小米YU7 SUV，详细展示了这辆车的方方面面。 文 ｜ 彦飞 编辑 ｜ 王靖 来源｜ 字母PRO（ID： molibang168 ） 封面来源 ｜ 视频截图 素以温和姿态面对公众的雷军，罕见地"动怒"了。 了解互联网巨头们的一切。 "尬黑给我造成了很大的心理阴影。" 字母PRO . 但全场直播真正的重头戏，是雷军对近期围绕小米的种种争议和谣言，亲自做出解释澄清。 "黑水军"，成为雷军回应一切的醒目关键词。 在谈到所谓"200公里瞬间刹停"时，他表示，"尬黑确实给我造成了很大的心理阴影"，以至于讲每一句话都得想了又想、看了又看，还为此次直播准备了 很厚一本小抄，"恨不得就念稿子了"。 "我有时候在想，这是不是就是黑水军打击我所要达成的目的，就是让我不要说话，是吧？"雷军略显激动地说， "你们希望看到这样的雷军吗？你们希望 我以后只是念稿子吗？" 不久前走马上任的小米公关部总经理徐洁云，见状丝滑接过话头："大家可能都不希望、都不会真的喜欢，在社交媒体上随便说一句话，都要字斟句酌、 要小心其中某一段被人断章取义、歪 ...

Core Viewpoint - The Haikou City Meilan District People's Court ruled that Xiaomi's "prepayment of the balance within 7 days without vehicle inspection" clause in the purchase agreement is invalid, marking a significant judicial reference for consumer rights protection in the automotive industry [1][3]. Group 1: Court Ruling Details - The court identified three main bases for its ruling: the invalidity of the format clause, violation of good faith principles, and breach of supplementary agreements [3]. - The format clause imposed an undue payment obligation on consumers without allowing for vehicle inspection, which contradicts the Consumer Rights Protection Law [3]. - Xiaomi's official communication indicated support for payment after vehicle inspection, which was not honored in practice, undermining consumer trust [3]. Group 2: Consumer Case Background - A consumer, referred to as Ms. Li, ordered a vehicle and paid a deposit, but faced demands for full payment without vehicle delivery, leading to a legal dispute [2][4]. - The company unilaterally canceled the order and forfeited the deposit, prompting Ms. Li to file a lawsuit after unsuccessful attempts to resolve the issue through customer service [2][4]. Group 3: Industry Implications - The ruling highlights systemic issues in the automotive industry's pre-sale model, including data inflation and delivery discrepancies due to supply chain challenges [5][7]. - Complaints regarding payment obligations and delivery timelines have surged, indicating a broader trend of consumer dissatisfaction with pre-sale practices in the industry [5][6]. - The traditional model of "deposit plus payment upon delivery" is contrasted with Xiaomi's approach, which may lead to significant consumer rights concerns [6][7].

Core Viewpoint - The Haikou City Meilan District People's Court ruled that Xiaomi's "prepayment of the balance before vehicle delivery" clause in its purchase agreement is invalid, marking a significant legal precedent for consumer rights in the automotive industry [1][3]. Group 1: Legal Judgment - The court found the clause requiring payment of the full balance within seven days without vehicle inspection to be invalid, as it imposed undue obligations on consumers and restricted their rights [3]. - The ruling emphasized that Xiaomi's promotional statements about allowing payment after vehicle inspection were misleading, violating the principle of good faith [3]. - The court also noted that Xiaomi breached the supplementary agreement regarding the order's validity period, as they demanded payment without receiving a production request from the consumer [3]. Group 2: Industry Context - The case highlights broader issues within the automotive industry, particularly the problematic "pre-sale" model, which has led to consumer complaints about payment obligations not aligning with delivery commitments [1][5]. - There is a growing trend of complaints against Xiaomi regarding the sequence of payment and delivery obligations, indicating systemic issues in their sales practices [4][5]. - The automotive industry is facing challenges such as data inflation, where refundable deposits are misrepresented as actual orders, leading to distorted industry metrics [5][6]. Group 3: Consumer Rights and Industry Practices - The traditional practice in the automotive sector involves paying a deposit and settling the balance upon vehicle delivery, which protects consumer interests [5]. - The court's decision reinforces the notion that companies cannot shift all risks to consumers through contractual clauses, advocating for fair transaction principles [6]. - The industry must balance growth with the ability to fulfill commitments, focusing on service quality to ensure long-term success [6].

Group 1 - The core point of the article is the release of Fortune magazine's list of the 100 most influential business leaders globally for 2025, with NVIDIA CEO Jensen Huang ranking first [1] - Among the list, 11 business leaders from Chinese companies are included, such as Wang Chuanfu at 5th, Ren Zhengfei at 7th, and Lei Jun at 16th [1] - Other notable Chinese leaders on the list include Cai Chongxin (21st), Ma Huateng (25th), Zeng Yuqun (30th), Zhang Yiming (43rd), and Liang Wenfeng (72nd) [1] Group 2 - Lei Jun, founder of Xiaomi, is recognized as one of the most followed internet entrepreneurs in China, with a significant focus on electric vehicle production [3] - Since its launch in 2024, Xiaomi's first electric vehicle model, SU7, has sold over 240,000 units, and the latest model, YU7 SUV, received 200,000 reservations within three minutes of its release [3] - Xiaomi aims to sell 350,000 vehicles this year, leveraging a $14.2 billion investment and a team of 3,400 engineers for the development of its first prototypes [3]

Group 1: Company Announcements - Wolong Electric Drive has submitted an application for issuing overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange on August 13, 2025, with the application materials published on the same day [1] - Shunhao Co., Ltd. plans to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to respond to national policies aimed at accelerating the development of new productivity and promoting business transformation [2] - Chipsea Technology announced its intention to issue shares overseas and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [3] Group 2: Financial Reports - Kang Shifu reported a revenue of 40.092 billion yuan for the first half of 2025, a decrease of 2.7% year-on-year, with a net profit of 2.688 billion yuan, an increase of 20.3% [23] - Weibo's Q2 revenue reached 4.448 billion USD (approximately 32 billion yuan), with an adjusted operating profit of 1.618 billion USD (approximately 11.58 billion yuan), exceeding Wall Street expectations [24] - Lenovo Group reported a revenue of 136.2 billion yuan for the first quarter of the 2025/26 fiscal year, a year-on-year increase of 22% [25] Group 3: Market Trends - The global smart glasses market saw a 110% year-on-year increase in shipments in the first half of 2025, with Meta holding over 70% market share [22] - JD Group reported a revenue of 356.7 billion yuan for Q2, a year-on-year increase of 22.4%, with a net profit of 16.2 billion yuan [27] - Vipshop achieved a net revenue of 25.8 billion yuan in Q2, with a GMV of 51.4 billion yuan, reflecting a 1.7% year-on-year growth [28] Group 4: Investment and Financing - "Dagu Technology" completed a new round of financing worth tens of millions of yuan, with the funds intended for production line construction, technology research and development, and global market expansion [29]

Group 1 - Wolong Electric Drive has submitted an application for H-share listing on the Hong Kong Stock Exchange, targeting qualified overseas and domestic investors [4] - Shunhao Co. plans to issue H-shares and list on the Hong Kong Stock Exchange to respond to national policies and promote business transformation [5] - Chipsea Technology intends to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] Group 2 - The interview questions released by Pang Donglai for ex-offenders focus on reflecting on legal violations, self-evaluation, and future planning, aiming to help them reintegrate into society [7][8] Group 3 - Kodak faces a survival crisis with a net loss of $26 million in Q2 and a warning about its inability to repay approximately $500 million in debt [18] - Ideal Auto has announced the cancellation of its five regional sales divisions and will implement a direct management system [19] Group 4 - Lenovo reported a 22% year-on-year revenue increase to 136.2 billion yuan in Q1 of the 2025/26 fiscal year [26][27] - NetEase's Q2 revenue reached 27.89 billion yuan, a 9.4% year-on-year increase [28] - JD Group's Q2 revenue was 356.7 billion yuan, up 22.4% year-on-year, with a net profit of 16.2 billion yuan [29] - Vipshop's Q2 net revenue was 25.8 billion yuan, with a GMV of 51.4 billion yuan [30]

Core Viewpoint - Tesla is facing significant challenges with declining sales and revenue, leading to a major drop in stock price and market value, as CEO Elon Musk acknowledges the difficulties the company is experiencing [3][6][20]. Financial Performance - In Q2, Tesla reported revenue of $22.5 billion, a 12% year-over-year decline, marking the largest drop in a decade. The automotive segment saw a 16% revenue decrease, while energy business revenue fell by 7% [6][8]. - The gross profit for the quarter was $3.88 billion, down 15.3% year-over-year, and free cash flow was only $146 million, significantly below the expected $760 million [6][8]. - Tesla's vehicle deliveries dropped by 13.5% year-over-year, from 443,000 to 384,000 units, with total deliveries for the first half of the year at 720,000, a 13.24% decline [8][10]. Market Challenges - Tesla's sales are declining across major markets, with a 13% drop in the U.S. and a 33% decline in Europe during the first half of the year. In California, sales fell by 21% for the second quarter [9][10]. - In China, Tesla's sales totaled 129,000 units in Q2, down 12% year-over-year, and 364,000 units in the first half, a 15% decline [10][13]. Management Changes - Following the sales decline, several high-ranking executives responsible for U.S. and European markets have left the company, indicating a significant management restructuring under Musk's leadership [13][15]. Brand Image Issues - Musk's controversial political actions and associations have negatively impacted Tesla's brand image, particularly among liberal consumers in the U.S. and Europe, contributing to the sales decline [15][17]. - Increased competition in the Chinese market from brands like BYD and new entrants like Xiaomi is further eroding Tesla's market share [17][19]. Future Strategies - To boost sales, Tesla may need to lower prices or introduce more affordable models, although Musk has previously canceled plans for a lower-cost model [20][21]. - Musk is focusing on future technologies like autonomous vehicles and robotics as potential new revenue sources, despite current operational challenges in these areas [21][24]. Autonomous Vehicle Developments - Tesla has launched a small fleet of autonomous taxis in Austin, Texas, but the technology still requires human oversight and has faced safety concerns [28][30]. - Musk has made ambitious claims about expanding the autonomous taxi service, despite regulatory challenges and the need for further technological development [31][32].

Core Viewpoint - Tesla is facing significant challenges with declining sales and revenue, leading to a bleak outlook for the company, as highlighted by CEO Elon Musk's repeated use of the term "difficult" during the earnings call [1][3][10]. Financial Performance - Tesla reported Q2 revenue of $22.5 billion, a 12% year-over-year decline, marking the largest drop in a decade [3]. - The automotive segment saw a 16% decrease in revenue, while the energy business declined by 7% [3]. - Gross profit for the quarter was $3.88 billion, down 15.3% year-over-year, and free cash flow was only $146 million, significantly below the expected $760 million [3]. Sales and Deliveries - Q2 vehicle deliveries fell by 13.5%, from 443,000 units in the same period last year to 384,000 units [4]. - Total vehicle deliveries for the first half of the year were 720,000, a 13.24% decrease compared to the previous year [4]. - In the U.S., Tesla's sales dropped by 13% in the first half of the year, with California experiencing a 21% decline in Q2 [6][7]. Market Challenges - Tesla is facing intense competition in the Chinese market, with Q2 sales of 129,000 units, a 12% year-over-year decline [7]. - The company is undergoing significant management changes in response to declining sales, with several key executives leaving [7]. Strategic Issues - Musk's controversial political actions have negatively impacted Tesla's brand image, particularly among liberal consumers in the U.S. and Europe [10]. - The cancellation of electric vehicle incentives and carbon credit trading could further harm Tesla's sales and revenue [14]. Future Outlook - Musk is focusing on autonomous vehicles and robotics as potential new revenue sources, despite current challenges in these areas [16][20]. - Tesla plans to expand its autonomous taxi service, although it faces regulatory hurdles and safety concerns [23]. - The company is expected to introduce a lower-priced version of the Model Y, which may help boost sales [15].

Core Viewpoint - Xiaomi's introduction of the "Xuanjie O1" chip marks a significant advancement in its technology narrative, positioning the company among the top global chip designers and highlighting the challenges faced by Chinese tech firms in the high-end chip sector [2][4]. Group 1: Chip Development Journey - Xiaomi's chip development journey began in 2014, culminating in the launch of the Xuanjie O1, which required over 135 billion yuan in R&D investment [4][12]. - The Xuanjie O1 is the first 3nm flagship processor from Xiaomi, making it the first in mainland China and the fourth globally to master 3nm process technology [4][10]. - The chip features a 10-core CPU, 16-core GPU, and a transistor density of 19 billion, although it still lags behind Apple's performance [4][12]. Group 2: Strategic Implications - The launch of the Xuanjie O1 is a critical step for Xiaomi to reduce its dependency on Qualcomm, addressing the broader issue of self-sufficiency in high-end chips for Chinese tech companies [4][10]. - Xiaomi's "human-vehicle-home ecosystem" strategy is being realized through self-developed chips, which aim to integrate various devices and enhance overall functionality [4][8]. Group 3: Market Position and Challenges - Xiaomi's high-end smartphone shipment share in mainland China is projected to reach 23.3% in 2024, reflecting a 3 percentage point increase year-on-year, yet it still trails behind Apple and Huawei [10]. - The company faces significant challenges, including achieving a production volume of over 10 million units to avoid losses, maintaining cost control, and advancing baseband technology [10][14]. - The competitive landscape in the semiconductor industry is intensifying, with major players like Apple and Qualcomm continuously innovating, while Xiaomi plans to invest 200 billion yuan over the next five years [10][11]. Group 4: Future Outlook - Xiaomi's commitment to long-term investment in chip development is seen as a potential transformation from a "price killer" to a "technology benchmark" [11][12]. - The introduction of the YU7 SUV, which utilizes an 800V high-voltage platform and a 700 TOPS computing power auxiliary driving chip, reflects Xiaomi's ambition in the automotive sector [5][13]. - The company aims to redefine its market perception, moving from being viewed as a budget brand to a technology-driven entity, which will require a shift in consumer mindset and brand narrative [14][15].