Lei Jun: The mobile phone industry is fiercely competitive and high-end is a battle of life and death for Xiaomi

On the evening of August 14, 2023 #雷军年度演讲 #在国家会议中心拉开帷幕，这是雷军举办的第4次年度演讲。 with the theme of “growth”

“I didn't expect it to be so difficult to be high-end.” In his speech, Lei Jun said that Xiaomi is a leader in the mobile phone industry, including high-tech companies such as Apple, Samsung, and Huawei. If Xiaomi doesn't do high-end, it will eventually lose its competitiveness.

Lei Jun said that Xiaomi has invested tens of billions of dollars in high-end products over the years, the initial products were not very successful, and there was a lot of pressure.

According to Lei Jun, the Xiaomi 13 almost died before it went on sale. There was intense debate at the project planning meeting, and more than half of the opinions opposed continuing to make the screen smaller. It was almost abandoned before going public. Lei Jun insisted on convincing everyone that although it's not on the parameter list, feel is the most important user experience. Fortunately, the product team went back and forth. In the end, the ill-fated Xiaomi 13 came out.

“Some users said that buying a pair of Xiaomi and not paying for it shocked my heart. But in the end, Xiaomi 13 was a success and was well received by Xiaomi's 'Thirteen Fragrances'.” Lei Jun said that the success of this product is of great significance to Xiaomi, and the company has won a phased victory. I believe Xiaomi products will get better and better in the future.

Radar Finance noticed. In 2022, Xiaomi will continue to invest in technology research and development, with R&D expenditure of 16 billion yuan, a compound growth rate of 38.4% over five years, and the total R&D is expected to exceed 100 billion yuan in five years (2022-2026). As of December 2022, R&D personnel accounted for nearly 50% of the total number of employees.

During his speech, Lei Jun recalled his past while studying computers at Wu University. In 1987, Lei Jun watched “Fire in Silicon Valley” to ignite a dream. I set a first goal for myself. The first goal was to complete all credits in two years. In order to choose courses, Lei Jun accumulated his first experience in life and didn't know how to ask anyone.

Lei Jun's second goal is to become an excellent programmer. When he has time, he goes to the computer room entrance and waits for his classmate's computer, or goes in and takes a look, which is extremely addictive. Write the program on paper and repeat the procedure until it is the same as the example. After staying up all night long, Lei Jun gradually became a “technical expert” in the eyes of his classmates. His homework was compiled into a new version of the textbook by his teacher. The assembly language code he wrote in his sophomore year is still being discussed more than 30 years later.

Lei Jun's third goal is to publish papers in journals. There was a major outbreak of computer viruses in China in the early 90s. Lei Jun's thoughts on computer viruses were published in “Computer Research and Development.”

Lei Jun believes that young people should dare to think and act. If you believe in the power of dreams, you can do many things you couldn't do before.

After graduation, Lei Jun joined Jinshan. He believes this is where he really grew up.

In his speech, Lei Jun talked about dreams many times. For him, every experience and every transformation is a cognitive breakthrough, but also a critical growth. Only by growing down-to-earth can you fill your heart, have light in your eyes, and be full of strength every moment. People are great because of their dreams, and they also grow because they stick to them.

In April 2010, Lei Jun founded Xiaomi. At first, the focus was on value for money. After a certain amount of accumulation, Xiaomi made efforts to become high-end. As of the close of trading on August 14, the market value of Xiaomi was HK$295 billion.

$XIAOMI-W (01810.HK)$

Article produced by Radar Financial Hongtu | Edited by Peng Xue|Deep Sea

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