以下文章来源于吴怼怼 ，作者吴怼怼 吴怼怼 . 左手科技互联网，右手文创与消费 来源 ｜吴怼怼（ID： esnql520） 但走到现在，舆论风向开始悄然转变。 同一套"雷军叙事"，边际效应正在迅速递减，甚至开始反噬品牌信任。 今年4—10 月间，多起围绕小米汽车 SU7 的事故与功能争议叠加，带来情绪转向。 与此同时，"过度人格化运营"的打法被消费者读懂、厌倦，舆论对"持续走心"的容忍度下降。 这不是雷军个人的失败，恰恰相反，这是他太成功的代价。 当一个企业家的个人IP过度饱和，当每一次发布会都成为"雷军秀"，当他的每一句话都被放大解读，问题就已经埋下了。 小米需要思考的是：是时候让雷军降一降出镜频次了，小米也是时候换一套表达文本了，需要升级话语体系。 最近谈论小米确实是有一定风险的，很多米粉非常狂热。希望狂热粉丝看到此文，不要来留下对小米和雷军"低级捧高级黑"的言论。 从方法论到情绪价值 小米失去的硬核叙事 2024年末至今，小米汽车SU7的成功让雷军站上了事业的又一个巅峰。 我是雷军的忠实读者，也在2022到2024年持续抄底小米股票。 翻开《参与感》、《一往无前》、《生生不息》、《小米的创业思考》等雷军 ...

Core Viewpoint - The recent success of Xiaomi's SU7 has led to a shift in public sentiment, with criticisms emerging regarding the over-personalization of the brand and diminishing returns on Lei Jun's narrative style [2] Group 1: Brand and Leadership - Lei Jun's personal brand has become overly saturated, leading to a decline in consumer trust and engagement [2][10] - Xiaomi needs to reconsider Lei Jun's visibility and update its communication strategy to align with its current market position as a leading tech giant [2][11] Group 2: Communication Strategy - Early Xiaomi communications were rich in content and methodology, focusing on clear business logic and innovative strategies [3][4] - Recent presentations have shifted towards emotional appeals and comparisons with competitors, lacking in-depth strategic discussions [5][6] - The audience's expectations have evolved from seeking motivational narratives to desiring insights on future industry directions and technological advancements [12][13] Group 3: Organizational Structure - Xiaomi's communication relies heavily on Lei Jun, lacking a diversified team of spokespersons who can represent various technical and strategic aspects of the company [14][15] - This centralization of communication diminishes the clarity and credibility of Xiaomi's technical narratives, as they are filtered through Lei Jun's personal lens [15][16] Group 4: Future Directions - For Xiaomi to transition into a world-class tech company, it must undergo a "self-revolution" in its narrative and organizational expression [16][17]

王如晨/文 演讲从自研玄戒芯片与汽车业务切入，尤其聚焦 SU7 Ultra 与 YU7 两大关键成果，还原了小米一段复杂的创新突破之旅。 这让无数人瞬间产生强烈感受，那就是，凡是小米涉入的领域，无论从MIUI到手机、手机到IOT/家电，还是澎湃OS到汽车、芯片等领域，仿佛 "干啥啥 成"的样子。 直接上问题：小米创新为何成功率如此之高？ 答案恐怕并非运气。在我们的观察中，这家公司有一套植根于长期实践、可验证的创新方法论。它背后有着用户为先、技术为本、性价比、效率革命以及 领导力共同生成乘法效应，最终驱动小米在各种生态与跨界探索中不断破局，并逐渐成为整个行业的创新标杆。 芯片、汽车突破背后："灵魂反思"与"复盘三问" 摘要 ◎"灵魂反思"与"复盘三问" ◎"用户×技术×效率×领导力"：小米方法论方程 ◎ 溢出效应 9月25日晚，雷军以《改变》为主题的第六次年度演讲，为小米15周年发展历程留下了一个意味深远的注脚。 小米芯片与汽车领域的突破，起点并非凭空的跨界野心，而是雷军开场提及的５年前那场"触及灵魂深处的大反思"。 那是2020年，小米已诞生10年，IPO已两年。彼时营收已破2000亿、跻身世界500强，外人 ...

Core Viewpoint - The collaboration between Xiaomi and Rovio's "Angry Birds" marks a significant return of the classic mobile game to the Chinese market, tapping into nostalgia and cultural relevance for a generation of users who experienced the rise of smartphones [1][3][5]. Group 1: Company and Product Development - Xiaomi's recent product launch featured a nostalgic presentation of "Angry Birds," which resonated with the audience and highlighted the game's cultural significance [1]. - The game, launched in 2009, has achieved over 5 billion downloads by 2022, making it a landmark title in mobile gaming history [3]. - Xiaomi's history with the "Angry Birds" IP dates back to 2011, showcasing a long-standing relationship that has evolved from themed merchandise to integrated software features [5]. Group 2: Market Trends and Consumer Sentiment - The revival of "Angry Birds" aligns with current market trends that favor nostalgic content, appealing to users who have grown into key societal roles since the game's initial popularity [5]. - The collaboration not only serves as a marketing strategy but also reflects a deeper cultural connection, as the game symbolizes a shared experience for many early smartphone adopters in China [3][5].

Core Viewpoint - The internet healthcare company Fangzhou Jianke has entered a performance realization phase, achieving significant revenue growth and profitability, indicating a shift towards value-driven development in the chronic disease management sector [1][2]. Financial Performance - In the first half of 2025, Fangzhou Jianke reported revenue of 1.494 billion yuan, with a 28.2% year-on-year increase in online retail pharmacy services revenue [1]. - The company turned a profit with a net profit of 12.5 million yuan, and adjusted net profit reached a record high of 17.6 million yuan, up 16.8% year-on-year [1]. User Engagement and Loyalty - Fangzhou Jianke has cultivated a loyal user base, with a high repurchase rate of 85.4% among paying users, and a registered user count of 52.8 million, with 11.9 million monthly active users [4][5]. - The company’s "familiar doctor-patient" model has led to a strong user loyalty and willingness to pay, which is above industry averages [5]. Market Position and Valuation - Despite its strong performance, Fangzhou Jianke is significantly undervalued compared to competitors like JD Health and Alibaba Health, which have market capitalizations of 200 billion HKD and over 80 billion HKD, respectively, while Fangzhou Jianke's market cap is around 5 billion HKD [1][7]. - Analysts suggest that the potential market value of Fangzhou Jianke could range from 35.7 billion to 47.6 billion HKD based on user engagement metrics, indicating a substantial undervaluation [7]. Competitive Landscape - The company’s business model is likened to Xiaomi's "Mi Fan" model, emphasizing the importance of loyal users and high-frequency interactions as key drivers of growth [5][6]. - Fangzhou Jianke's focus on chronic disease management and its innovative AI-driven healthcare platform positions it well within the competitive landscape of internet healthcare [1][8]. Intangible Assets and Future Potential - The company possesses significant intangible assets, particularly in its medical service capabilities and human capital, which are not yet accurately quantified in market valuations [8]. - The lack of consensus on how to measure the value of healthcare service assets contributes to the current undervaluation of Fangzhou Jianke [7][8].

Core Viewpoint - The electric vehicle (EV) business has become the biggest highlight for Xiaomi in the latest quarter, with both Morgan Stanley and UBS emphasizing that EV deliveries will be a key driver for the stock price in the second half of the year [1][5][11]. Financial Performance - Xiaomi's Q2 2025 adjusted net profit reached 10.831 billion RMB, a year-on-year increase of 75.4%, marking the highest quarterly profit in history [3]. - Total revenue for Q2 reached 115.956 billion RMB, a year-on-year growth of 30% and a quarter-on-quarter growth of 4%, exceeding Morgan Stanley's expectations by 3% [15]. - The company's overall gross margin improved to 22.5%, up 1.8 percentage points year-on-year, but down 0.3 percentage points quarter-on-quarter [8]. Business Segment Analysis - The EV business showed a gross margin of 26.4%, significantly up by 3.3 percentage points quarter-on-quarter, indicating strong profit potential [8]. - AIoT business gross margin was 22.5%, up 2.8 percentage points year-on-year but down 2.7 percentage points quarter-on-quarter [9]. - The smartphone business faced challenges with a gross margin of 11.5%, down 0.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, reflecting intense market competition [10]. Electric Vehicle Business Insights - UBS maintains a delivery forecast of 720,000 units for 2026, assuming full capacity operation of the second-phase factory [14]. - The average selling price of EVs increased by 6.4% quarter-on-quarter to 254,000 RMB, driven by high-end models SU7 Ultra and YU7 [11]. - The strong order intake for the YU7 model is expected to drive EV delivery volumes, which will be a key catalyst for stock price growth in the second half of the year [13]. Market Outlook - Morgan Stanley maintains an "Overweight" rating with a target price of 62 HKD, indicating an 18% upside potential from the current stock price [1][5]. - The company's diversified business strategy is proving effective, with the rapid development of the EV business opening new growth avenues [17].

Core Viewpoint - Morgan Stanley believes that the explosive growth of Xiaomi's electric vehicle (EV) business is effectively compensating for the slowdown in its smartphone business, with the ramp-up of production capacity at the Beijing second factory in the second half of the year expected to be a catalyst for the stock price [2] Group 1: Financial Performance - Xiaomi's total revenue for Q2 reached 1159.56 billion RMB, a year-on-year increase of 30% and a quarter-on-quarter increase of 4%, exceeding Morgan Stanley's expectations by 3% [9] - The AIoT business revenue was 387 billion RMB, a significant year-on-year increase of 45%, surpassing expectations by 18% [9] - The EV business revenue was 213 billion RMB, more than doubling year-on-year and exceeding estimates by 6% [9] - Smartphone business revenue was 455 billion RMB, a year-on-year decline of 2%, falling short of expectations by 8% [9] - Internet services revenue was 91 billion RMB, a year-on-year increase of 10%, but 5% below expectations [10] Group 2: Profitability and Margins - The overall gross margin for the company reached 22.5%, an increase of 1.8 percentage points year-on-year, but a decrease of 0.3 percentage points quarter-on-quarter [6] - The EV business gross margin was 26.4%, significantly increasing by 3.3 percentage points quarter-on-quarter, indicating strong profitability prospects [6] - The AIoT business gross margin was 22.5%, up 2.8 percentage points year-on-year but down 2.7 percentage points quarter-on-quarter [6] - The smartphone business gross margin was 11.5%, reflecting a year-on-year and quarter-on-quarter decline of 0.7 and 0.9 percentage points, respectively, due to intense market competition [7] Group 3: Future Outlook - The EV business is seen as the biggest highlight for Xiaomi in the current quarter, with average selling prices increasing by 6.4% to 254,000 RMB, driven by high-end models SU7 Ultra and YU7 [8] - Morgan Stanley analysts believe that the delivery volume of EVs will be a key driver for the stock price in the second half of the year, especially following strong orders for the YU7 model [8] - UBS maintains a delivery forecast of 720,000 units for 2026, assuming full capacity operation at the second factory, which requires stable production capacity by the end of Q4 [8][11]

Core Viewpoint - The emergence of the "downgrade escape method" reflects a significant disconnect between Xiaomi and its core user base, particularly among tech enthusiasts who once supported the brand for its open approach to device customization [1][3][12]. Group 1: User Demand and Historical Context - Users have a strong demand for Bootloader unlocking, which is rooted in Xiaomi's history of allowing deep customization of its MIUI system, attracting a community of developers and tech enthusiasts [6][12]. - Xiaomi's initial commitment to allowing users to unlock and modify their devices was a key factor in building brand loyalty among tech-savvy consumers [6][12]. - The transition to the self-developed Surge OS has led to dissatisfaction among users, who find it less stable and more cluttered with ads compared to previous versions [6][7]. Group 2: Current Challenges and User Reactions - The stringent requirements for unlocking the Bootloader have led to the rise of a "unlocking industry" on platforms like Taobao, with some users paying over 8000 for unlocking services [8][12]. - Users have expressed their frustration through collective complaints, highlighting a perceived betrayal of Xiaomi's original promises regarding device control [10][12]. - The "downgrade escape method" is a risky response to the restrictive unlocking process, indicating a desperate attempt by users to regain control over their devices [17][19]. Group 3: Xiaomi's Business Logic - Xiaomi's tightening of Bootloader unlocking permissions is driven by security concerns, aiming to protect users from malicious software and data breaches as its user base expands [12][13]. - The company prioritizes the integrity and stability of its operating system, which is crucial for its broader "smart home" ecosystem strategy [13][15]. - The financial data indicates that Xiaomi's internet services, which include advertising revenue, are significantly more profitable than its hardware sales, influencing its decision to limit system modifications [14][15]. Group 4: Future Considerations - Xiaomi may need to explore more nuanced management strategies to address the needs of technically proficient users while maintaining system security [18][19]. - Improving the overall user experience of Surge OS could reduce the motivation for users to seek unauthorized modifications [18][19]. - Transparent communication regarding policy changes and their implications for different user groups could help mitigate dissatisfaction and restore trust [18][19].

Core Viewpoint - The article discusses the increasing difficulty and risks associated with unlocking the bootloader (BL) of Xiaomi smartphones, leading some users to resort to desperate measures to bypass these restrictions. Group 1: Xiaomi's Bootloader Unlocking Policy - Xiaomi has implemented stringent measures for unlocking the BL, including requiring users to answer numerous questions and submit a written application, which has been likened to an examination [2][3][4]. - The new unlocking strategy has led to a phenomenon where users attempt to outsmart engineers at Xiaomi service centers to obtain unlocked devices [4][5]. Group 2: User Behavior and Risks - Users are increasingly taking risks to unlock their devices, with reports of individuals attempting to snatch unlocked phones from service personnel [1][4]. - The success rate of these attempts is not guaranteed, as service engineers are quick to re-lock the BL [4]. Group 3: Industry Trends - Other manufacturers, such as Samsung, are also tightening controls on bootloader unlocking, as evidenced by the removal of the "OEM Unlock" option in the latest One UI 8 system [5][8]. - The trend indicates a broader industry shift towards restricting user modifications to enhance security and protect user data [30][34]. Group 4: Historical Context and Evolution - The article outlines the historical significance of bootloader unlocking in the Android ecosystem, noting that it was once a means to improve device functionality but has now become a risky hobby for many users [12][19]. - As smartphone usage has evolved, the risks associated with unlocking the BL have increased, particularly concerning the security of personal information stored on devices [21][23].

Core Viewpoint - The article discusses the increasing difficulty and risks associated with unlocking the bootloader (BL) of Xiaomi smartphones, leading some users to resort to extreme measures to bypass these restrictions [3][6][30]. Group 1: Xiaomi's Bootloader Unlocking Policy - Xiaomi has implemented stringent measures for unlocking the bootloader, including a complex application process that resembles an exam [4][5]. - Users must answer numerous questions related to Android basics, mathematics, programming, and logic within a limited time frame [4][6]. - The difficulty and lack of clear rules in the unlocking process indicate Xiaomi's stance that unlocking the BL carries significant risks and is not suitable for the average user [6][30]. Group 2: User Reactions and Consequences - Some users have attempted to steal unlocked devices during the unlocking process, although the success rate is not guaranteed due to quick countermeasures by service engineers [7][8]. - Reports suggest that some service centers have installed barriers to prevent users from accessing unlocked devices [7][8]. - The article highlights a broader trend among smartphone manufacturers, including Samsung, tightening controls over bootloader unlocking [9][10]. Group 3: Historical Context and Evolution of Bootloader Unlocking - The concept of bootloader unlocking has evolved from a means of enhancing device functionality to a niche hobby, with risks now outweighing benefits for most users [26][30]. - Historically, Android's open nature allowed for extensive customization, but as the ecosystem matured, the need for such modifications diminished [26][30]. - The article emphasizes that the risks associated with unlocking the bootloader today include potential data loss and security vulnerabilities, especially given the increasing reliance on smartphones for personal information [30][32][46]. Group 4: Security Implications - Unlocking the bootloader compromises the security measures protecting personal data, making it easier for malicious actors to access sensitive information [33][34]. - The article warns that lost or stolen devices with unlocked bootloaders can lead to significant data breaches, as unauthorized users can bypass security features [34][36]. - Manufacturers are increasingly implementing restrictions to mitigate these risks, reflecting a shift towards prioritizing user security over customization freedom [40][42]. Group 5: Recommendations and Best Practices - The article suggests that manufacturers like Sony have implemented more secure unlocking processes that could serve as a model for others [47][48]. - It advocates for a balanced approach that allows for user customization while ensuring adequate security measures are in place to protect sensitive information [46][48].