Summary of Xiaomi's Conference Call Industry and Company Overview - The conference call discusses Xiaomi's strategies and performance in the home appliance sector, particularly focusing on its television (black goods) and air conditioning (white goods) businesses [1][2][3]. Key Points and Arguments Xiaomi's Business Model Transformation - Xiaomi has altered the traditional black goods profit model by adopting an internet television approach, selling hardware at a loss while relying on advertising and internet services for profit, thus reducing consumer costs and promoting industry internetization [1][4]. - The company initially attracted users with low-priced televisions, which led to increased market share and intensified competition in the industry [2][4][17]. Performance in White Goods vs. Black Goods - In the white goods sector, Xiaomi emphasizes scale growth, with air conditioning sales growing over 50% in Q2 2025, making it the third-largest player in the industry based on online sales [1][3]. - In contrast, Xiaomi focuses on improving operational quality in the black goods sector, maintaining the second-largest market share in domestic television sales without solely pursuing market share [3][11]. Cost Management and Supply Chain Strategy - Panels account for 60%-70% of television costs, and Xiaomi leverages China's excess production capacity to lower upstream supplier profits, thereby reducing costs and enhancing product competitiveness [1][6]. - The company collaborates with upstream suppliers to develop display technologies, further improving its competitive edge [6]. Changes in Television Product Strategy - Recent changes include a decrease in ARPU due to a ban on opening screen advertisements, prompting Xiaomi to increase hardware profits through price hikes and to position the Redmi brand for lower-end products [7][11]. - Xiaomi is actively engaging in the Mini LED trend, offering high-performance products at competitive prices to enhance profitability, despite lower profit margins compared to competitors like TCL [8][10]. Market Position and Future Strategy - As of 2025, Xiaomi holds the second-largest market share in the domestic television market, with sales figures around six to seven million units, closely trailing Hisense [11]. - The company is transitioning from an internet company to a technology company, necessitating significant investments in R&D and capital expenditures across various sectors, including home appliances and chips [13][14]. Competitive Landscape and Industry Outlook - The Mini LED market is becoming increasingly competitive, with Xiaomi focusing on structural upgrades to improve profitability rather than engaging in aggressive price competition [15]. - The overall industry is expected to gradually optimize, with Xiaomi prioritizing profit quality over sheer scale growth, reflecting a strategic shift in response to market dynamics [18]. Other Important Insights - Xiaomi's integration of its television business into the mobile division aims to achieve procurement synergies, particularly in panel sourcing, which is crucial for maintaining competitive advantages [12]. - The company is likely to continue expanding its international market presence, particularly in the Mini LED segment, as overseas markets are seen as having long-term growth potential [16].

每经记者｜彭斐 每经编辑｜文多 历经3年多时间后，小米公司与海信集团旗下聚好看科技股份有限公司之间发生的"Vidda"电视名誉权诉 讼案，有了终审结果。近日，针对"海报争议文案诋毁小米"事件，Vidda电视方面已发布声明，以期"消 除影响"。 这起案件的一审判决结果在2024年3月份宣布。当时小米法务部发文称，法院判定Vidda电视发布侮辱、 贬损小米公司的误导性信息，且主观恶意明显，最终判定Vidda赔偿小米公司经济损失50万元，并且连 续7日刊登微博置顶声明，以消除对小米的影响。 奥维云网近日发布的数据显示，在2025年1月—4月的国内线上电视市场上，小米旗下的红米品牌以 20.76%的市占率位列第一，Vidda品牌的市占率为13%，位列行业第二。 在一位不愿具名的家电行业人士看来，这几年电视行业的形势可谓天翻地覆，游戏电视、人工智能电视 等各种新品层出不穷，新品牌也乘势而上，营销手段已随之发生了很大变化。该人士还表示，希望品牌 之间理性竞争，最终能为消费者提供更多、更好的选择，这才是多赢的局面。 封面图片来源：视觉中国-VCG211410301566 Vidda电视5月10日发布的上述声明显示："202 ...