回购日期回购均价回购股数回购金额本年累计回购股数2025-12-1541.897720.00万3.02亿1.19亿2025-12- 1142.262230.00万9720.35万1.12亿2025-12-1041.877240.00万1.01亿1.09亿2025-12-0941.267720.00万2.97 亿1.07亿2025-12-0842.496480.00万2.04亿9982.52万2025-12-0441.876240.00万1.01亿9502.52万2025-12- 0340.245750.00万3.02亿9262.52万2025-12-0240.619250.00万1.02亿8512.52万2025-12-0140.1681000.00万 4.02亿8262.52万2025-11-2841.115700.00万2.88亿7262.52万2025-11-2640.142750.00万3.01亿6562.52万 2025-11-2540.287250.00万1.01亿5812.52万2025-11-2137.918800.00万3.03亿5562.52万2025-11- 2037.6121350.0 ...

造车成功的小米，下一个战略方向会不会是人形机器人？ 近日，雷军接受《北京日报》采访时释放要做机器人的讯号，称"未来5年小米工厂要被人形机器人占领， 家庭才是终极战场。" 雷军从不打无准备之仗，这次公开发声进军机器人赛道也是"兵马未动粮草先行"，早已对机器人布局进行谋划。前特斯拉Optimus灵巧手研究负责人卢泽 宇高调加入小米，就已经说明雷军对机器人早有布局。 2025年11月26日，卢泽宇在个人社交平台正式宣布加入小米。担任小米机器人灵巧手负责人，直接向小米机器人总裁办公室汇报。 作为前特斯拉Optimus灵巧手团队核心成员，新加坡国立大学机器人学博士卢泽宇，研究方向为机电一体化、触觉感知与灵巧操作，曾在清华大学、约翰 斯·霍普金斯大学参与科研实习，技术功底扎实。在特斯拉工作期间深度参与从触觉传感器、灵巧抓取算法到 "触觉皮肤"硬件设计的全链条研发。主导开 发了Optimus实现轻捏鸡蛋不碎、稳拧矿泉水瓶盖等精细操作的核心手部模块。参与早期 "触觉皮肤"原型设计，融合柔性电子与多模态传感。覆盖底层硬 件（PCBA布局、模拟/数字电路）到上层控制算法的跨层能力。是机器人领域的精英人才。 加入小米的第二天，卢泽 ...

他指出，要不了多久，可能会看到阿里、腾讯、美团这些大厂抱团推出联合防御协议，一起限制AI跨 APP调用。手机厂商更不会让出桌面控制权，小米MIUI华为Harmony OS这些厂商手握系统权限，可以 随时限制豆包运行，降低调用速度，甚至推出自家助手正面抗衡。明年新手机可能直接预装厂商系助 手，把豆包挤到硬商店角落。 【#周鸿祎称豆包手机冲垮大厂护城河#，美团淘宝高管可能要连夜开会了】12月4日消息，360创始人、 董事长@红衣大叔周鸿祎 发视频谈豆包手机。视频中，周鸿祎表示，手机操作要变天了，字节不造手 机，却要抢走所有手机的灵魂。最近豆包手机助手一出来，美团淘宝的高管们可能要连夜开会了。因为 这个AI不用点他们的APP，就能帮用户完成所有操作。这款处于技术预览阶段的手机助手，核心亮点不 是手机，是这个助手。它不是单独的APP，是直接嵌入手机系统的，也就是说它能接管你的手机。 他表示，最狠的是，这会直接冲垮互联网大厂的护城河，他们原本靠用户必须打开APP才能享受服务， 建立的优势可能要重新定义了。比如淘宝、美团靠用户停留和广告赚钱，现在AI帮用户直接完成任 务，不用看广告，不用刷首页，APP核心KPI彻底作废， ...

小米昨日发布2023年第一季度财报。财报显示，该公司第一季度总收入达到595亿元，较2022年同期下 滑18.9%；经调整净利润为32亿元，较2022年同期增长13.1%。其中包含智能电动汽车等创新业务费用 11亿元。 财报发布后，小米集团合伙人、总裁兼国际业务部总裁卢伟冰，副总裁、CFO兼天星数科董事长林世 伟等高管出席了随后举行的财报电话会议，解读财报要点，并回答了数位分析师的提问。 以下即为本次电话会议分析师问答环节实录： 摩根士丹利分析师Andy Meng：我的问题有关小米最主要的手机板块。我们看到第一季度在手机市场 整体需求非常疲软的情况下，小米的毛利率取得大幅的改善，这是非常令人鼓舞的。 展望二季度，我们也看到公司最近已经正式启动了"618"的预售，在新闻稿当中我也看到了有16亿的大 礼包，热销机型包括小米13系列、红米K60系列都有不小的折扣。 作为投资人，我们应该如何解读这样的促销策略对二季度的出货量、手机的平均销售价格和毛利率这三 个核心指标的影响？促销的折扣是不是会在推高销量的同时对毛利率产生一些负面影响？或者说公司有 信心在促销提高出货量的同时，依然能够维持很好的毛利率水平？除此之外，能 ...

Core Insights - The article highlights the unique synergy between Lei Jun's personal brand and Xiaomi's product identity, which has led to significant commercial success, particularly with the SU7 vehicle, surpassing Tesla Model 3 sales in December 2024 [1][5] - Lei Jun's personal image has become a core asset for Xiaomi, transforming from a "brand amplifier" to a key factor in capital pricing, as evidenced by the substantial market trust reflected in his shareholding value [5][11] Group 1: Lei Jun's Personal Brand Development - Lei Jun has cultivated a strong personal brand over the past decade, deeply integrating his image with Xiaomi's corporate identity, which serves as a competitive moat for the company [3][4] - His background as a programmer and entrepreneur has established him as a credible figure in the tech industry, enhancing user trust and engagement [4][10] - By leveraging social media, Lei Jun has amassed a significant following, with over 38 million followers on Douyin and 25 million on Weibo, reinforcing his influence [4][10] Group 2: Business Performance and Impact - The SU7's launch saw over 50,000 pre-orders on its first day, with total deliveries reaching 135,000 units in 2024, showcasing strong market demand [5][11] - Xiaomi's automotive business contributed 18% to its revenue in 2024, driven by Lei Jun's personal brand and the resulting user trust [5][11] - The content generated around Lei Jun's activities has led to over 7 billion exposures on platforms like Douyin, creating a positive feedback loop of user trust, order conversion, and capital recognition [5][11] Group 3: Comparative Analysis of Entrepreneurial IP - The success of Lei Jun's personal brand can be contrasted with other tech entrepreneurs like Luo Yonghao and Yu Chengdong, highlighting the importance of aligning personal brand value with core business capabilities [6][7] - Luo Yonghao's experience with Smartisan Technology illustrates the pitfalls of an IP that outstrips the company's operational capabilities, leading to its eventual decline [6][7] - Yu Chengdong's Huawei persona, while strong, is heavily reliant on the company's technological prowess, lacking the personal brand resilience seen in Lei Jun's approach [9][10] Group 4: Risks and Challenges - Despite the advantages of Lei Jun's personal brand, there are inherent risks, such as potential brand image issues stemming from personal controversies, which could impact Xiaomi's market perception [11][12] - The challenge of "IP over-reliance" is evident as Xiaomi navigates high-end market segments, where pricing strategies may conflict with the established brand narrative [11][12] - The need for Xiaomi to develop a decentralized IP strategy is crucial for long-term sustainability, especially as the company faces leadership transitions in the future [12][14] Group 5: The Essence of Entrepreneurial IP - The article posits that Lei Jun's journey exemplifies the "capitalization of trust" in the social media era, where users prefer relatable and credible figures over traditional brand messaging [13][14] - The balance between personal charisma and corporate capability is essential for building a sustainable competitive advantage in the tech industry [13][14] - The future challenge for Xiaomi lies in ensuring that Lei Jun's personal brand evolves into a lasting asset for the company, transcending individual leadership [14]

Core Viewpoint - The introduction of the "shake to shake" advertising feature in the Guangzhou Metro app has sparked significant criticism from users due to its intrusive nature, leading to the eventual removal of this feature after public backlash [4][5][6]. Group 1: Advertising Mechanism - The "shake to shake" advertising mechanism is designed to trigger ads when users interact with their phones in specific ways, such as scanning QR codes at metro gates, which has led to user frustration and complaints [4][16]. - Despite the negative reception, this advertising method has proven effective in increasing ad exposure rates, particularly in high-traffic environments like the Guangzhou Metro, which sees around 10 million rides daily [16]. Group 2: Regulatory Response - Regulatory bodies have attempted to address the issues surrounding "shake to shake" ads by establishing standards to prevent automatic ad triggers that do not align with user intent, aiming to protect user rights [5][6]. - The National Cybersecurity Standardization Technical Committee has issued guidelines that specify the conditions under which "shake to shake" ads can be triggered, emphasizing user control and consent [6][12]. Group 3: User Experience and Alternatives - Users have expressed a strong desire for more control over advertising features, with some apps like Bilibili adhering to guidelines by providing options to disable "shake to shake" ads [28]. - For users seeking to avoid intrusive ads, alternatives such as using NFC metro cards or other apps that do not employ such advertising methods are recommended [29][31].

Core Viewpoint - The future of AI hardware will not simply be existing hardware enhanced with AI, but will require a new ecosystem of hardware operating systems that effectively organize input and output in a multi-modal and demand-driven manner [2][3][4]. Group 1: Evolution of AI Hardware - The interaction and system architecture in the AI era will evolve significantly, with wearable devices potentially leading the transformation in AI interaction [4][21]. - The founder of Guangfan Technology, Dong Hongguang, emphasizes the importance of a unified AI brain coordinating multiple devices for seamless interaction [4][31]. - The company has rapidly gained attention in the industry, securing 130 million RMB in funding within three months of its establishment [4]. Group 2: Historical Context and Future Trends - Historical shifts in personal computing have been driven by technological advancements that reshape interaction methods, leading to new hardware and software forms [14][15]. - The transition from command-line interfaces to graphical user interfaces and then to touch interactions has significantly broadened user access to computing devices [14][16]. - The introduction of AI will further transform interaction from command-based to demand-based, allowing for a more intuitive user experience [18][19]. Group 3: The Role of Devices in AI Interaction - Future devices will need to support multi-modal interactions, moving away from traditional graphical interfaces to more natural forms of communication, such as voice and visual inputs [19][20]. - Wearable devices are expected to play a crucial role in this transition, as they can provide continuous interaction and context awareness [21][40]. - The shift towards a distributed device structure, where multiple devices work together under a central AI brain, will redefine the concept of personal computing [29][31]. Group 4: Challenges and Opportunities in AI Hardware - The complexity of developing general-purpose AI hardware is increasing, as it must integrate various sensors and support a wide range of applications [45][47]. - The industry is witnessing a proliferation of AI hardware, but the long-term value will lie in devices that can serve multiple functions rather than specialized ones [45][46]. - Privacy concerns will need to be addressed as AI systems require extensive user data to function effectively, necessitating advancements in data protection technologies [48]. Group 5: Future of Operating Systems in AI - The next generation of operating systems will need to accommodate multi-modal interactions and data fusion, moving beyond traditional graphical interfaces [49]. - Companies like Guangfan Technology are positioning themselves to build a new software ecosystem that supports the complex demands of AI interactions [49].

Core Viewpoint - The article discusses the changing narrative surrounding Xiaomi and its founder Lei Jun, emphasizing the need for a shift from emotional storytelling to a more strategic and rational approach in communication as the company matures and faces new expectations from the public [5][10][34]. Group 1: Current Challenges - Xiaomi's recent success with the SU7 model has led to increased scrutiny and criticism, with public sentiment shifting due to various incidents and controversies surrounding the vehicle [5][8]. - The over-personalization of Xiaomi's branding and marketing strategies has become tiresome for consumers, leading to a decline in brand trust [9][11]. - The narrative that once focused on Xiaomi's innovative methodologies has shifted to emotional appeals, which are now perceived as repetitive and lacking substance [19][21]. Group 2: Evolution of Communication - In the past, Xiaomi's communication was rich in methodology and provided valuable insights into its business strategies, making its events educational for entrepreneurs [15][18]. - Recently, the focus has shifted to emotional narratives and comparisons with competitors, which do not provide the same level of informative content [19][34]. - The current communication style has become predictable and has led to a loss of engagement, as audiences can anticipate the messaging [26][27]. Group 3: Expectations from Leadership - Public expectations of Lei Jun have evolved from viewing him as an inspirational figure to seeing him as an industry leader who should provide strategic insights and future directions for Xiaomi [32][34]. - The need for a shift from a narrative of struggle to one of vision is emphasized, with a call for Lei Jun to articulate a clear technological roadmap and strategic vision for the future [38][46]. - The article suggests that Xiaomi's communication should reflect its current status as a leading tech giant rather than a struggling underdog [29][39]. Group 4: Organizational Communication Structure - Xiaomi's reliance on Lei Jun as the primary spokesperson highlights a structural issue within the organization, lacking other identifiable voices to convey technical and strategic narratives [39][44]. - In contrast to competitors like Apple and Tesla, which utilize a diverse range of leaders to present specialized knowledge, Xiaomi's singular focus on Lei Jun limits the depth of its technical storytelling [40][42]. - The article argues that a more decentralized communication approach would enhance credibility and provide a clearer understanding of Xiaomi's technological advancements [45][46].

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]

Core Insights - Xiaomi's recent annual speech by Lei Jun emphasized the company's innovative journey and breakthroughs in chip and automotive sectors, marking its 15th anniversary [2][3] - The success of Xiaomi's innovations is attributed to a well-rooted methodology that combines user-centricity, technology, cost-effectiveness, efficiency, and leadership [2][21] Group 1: Reflection and Methodology - The breakthroughs in chips and automotive sectors stem from a deep internal reflection initiated five years ago, addressing critical questions about past successes and failures [3][4] - This reflection led to a strategic shift towards becoming a hard-tech company, with a commitment to invest 100 billion yuan in core technologies over five years [6][19] Group 2: Chip Business Insights - Xiaomi's chip business began with the establishment of Pinecone Electronics in 2014, but initial attempts faced challenges due to a focus on low-end products [8][9] - The rebranding of the chip initiative to "Xuanjie" in 2021 involved aligning the chip team closely with the smartphone team, fostering a shared risk and goal environment [9][11] - The successful launch of the Xuanjie chip, utilizing a 3nm process, is expected to position Xiaomi among the top players in the market [9][19] Group 3: Automotive Business Insights - Xiaomi's automotive venture, initiated in 2021, aims to create the world's strongest pure electric performance vehicle, reflecting a long-term investment philosophy [12][14] - The SU7 Ultra's development faced challenges but ultimately achieved record-breaking performance, while the YU7 model was designed based on user insights, leading to significant pre-orders [14][18] Group 4: Leadership and Organizational Evolution - Leadership and organizational capabilities are crucial for Xiaomi's success, with Lei Jun's direct involvement in the automotive sector being a key factor [36][37] - The evolution of Xiaomi's leadership structure, with new executives joining, signifies a maturation of the company's management philosophy [36][42] Group 5: Broader Industry Impact - Xiaomi's innovative methodology serves as a benchmark for the transformation of China's manufacturing industry, demonstrating that high-end products can be achieved without high prices [44][46] - The company's approach to user co-creation and efficiency optimization has implications for various sectors, providing a replicable model for other businesses [50][49]