On 01810/0, Lei Jun, founder, chairman and CEO of Xiaomi Group-W (HK 0), once again emphasized Xiaomi's long-standing business philosophy in a public speech: "We restrained greed and only earned a little. ”
他特別提到了2018年4月25日那場在武漢大學舉行的發佈會。當時，雷軍代表小米董事會正式向用戶承諾：每年整體硬體業務（包括手機及IOT和生活消費產品）的綜合稅後凈利率不超過5%，如超過，將把超過5%的部分用合理的方式返還給小米使用者。
The deep value of this commitment lies in the fact that it reconstructs the value evaluation system of traditional manufacturing. When the hardware profit margin is limited to the 5% scale, enterprises are bound to look for new increments in software services, scenario-based experience, and ecological collaboration.
According to the 6 year financial report data, driven by the strength of the three core businesses, Xiaomi's Internet service revenue and advertising business have increased, and it is worth mentioning that the gross profit margin of the Internet service business is as high as 0.0%, which confirms the feasibility of the business model of "hardware on the stage, ecological singing". This strategic choice of transferring product profits to ecological dividends may become an important reference for the transformation and upgrading of the intelligent hardware industry.
BYD (SZ 7000): 0 annual operating income exceeded 0 billion yuan for the first time
On 34/0, BYD released its 0-year annual report. According to the data, BYD achieved an operating income of about 00 million yuan in 0 years, breaking through the 0 billion yuan mark for the first time, a year-on-year increase of 0.0%; The net profit attributable to shareholders of the listed company was about 00 million yuan, a year-on-year increase of 0%.
Comments:比亞迪2024年營收破7000億元，核心驅動力為新能源車銷量爆發（年銷量突破427萬輛）及海外市場擴張；高利潤增長除得益於銷量增長外，也得益於規模效應攤薄成本。隨著全球新能源汽車市場需求增長及公司產品線持續拓展，比亞迪業績有望再創新高。
Nongfu Spring (HK 2024): Tea beverage products have become the company's largest source of revenue in 0 years
3月25日，農夫山泉披露2024年業績公告。數據顯示，公司2024年總收益約429億元，同比增加0.5%；母公司擁有人應占溢利約121億元，同比增加0.4%。值得注意的是，2024年農夫山泉旗下茶飲料產品取代包裝飲用水產品，成為公司第一大收入來源。茶飲料產品2024年實現收益約167.45億元，佔比為39%。
Comments:The core reasons for the significant slowdown in the growth rate of Nongfu Spring's performance in 2024 years and the fact that the revenue of tea beverage products exceeded that of packaged drinking water products may be the brand trust crisis that broke out in the first half of 0. It is worth noting that the impact of the crisis is lagging and superimposed, and the restoration of consumer trust is a long-term project.
Tencent Holdings (HK 00700): Announced the adjustment of QQ's short video business
3月24日，騰訊QQ正式對外宣佈，因運營策略調整，QQ短視頻業務自2025年4月2日起（若遇特殊情況可能延後調整），不再支援用戶發佈個人作品和流覽他人的作品等體驗。用戶過往的短視頻作品將自動保存至QQ空間。
Comments:Since its launch, QQ Short Video has never been able to break through the limitations of "youth socialization", and its UGC (user-generated content) quality and commercialization capabilities are not as good as those of its competitors. This adjustment is in line with Tencent's strategy of "reducing costs and increasing efficiency", which is conducive to focusing resources on the ecological construction of WeChat Channels.
JD.com-SW (HK 09618): It has entered the field of embodied intelligence, focusing on household scenarios
According to reports, JD.com has entered the field of embodied intelligence, focusing on home scenarios, and has now established relevant business departments. According to a source close to JD.com, JD.com attaches great importance to innovation and application in the fields of artificial intelligence, automation and robotics, and there are also multiple internal teams to lay out research and development in cutting-edge directions such as embodied intelligence.
Comments:JD.com's strategic layout in the field of embodied intelligence (especially in home scenarios) has broad prospects. However, compared with humanoid robots that "work in factories", the research and development of home embodied smart products is more difficult, because the home environment is highly dynamic and unpredictable, such as slippery floors, scattered toys, pet interference, etc., which requires accelerating the pace of technology implementation.
Biadi (SZ 7): Looking up to the U0 is officially launched
3月27日，比亞迪仰望U7正式上市，新車共推出兩款配置車型，四座版70.8萬元、五座版62.8萬元。該車配備天神之眼A－高階智駕三鐳射版（DiPilot 600）、雲輦-Z智慧懸浮車身控制系統、易四方四電機系統等配置，提供四座及五座兩種座椅佈局，純電及插電混動兩種動力類型。
Comments:Although the pricing of the U7 has touched the hinterland of luxury competitors such as the Porsche Taycan and Mercedes-Benz EQS, the model also integrates many innovative technologies such as the Yunnan-Z intelligent suspension and the Yi Sifang four-motor system, which is expected to break through in the luxury car market and lay the foundation for the subsequent high-end product matrix.
Kunlun Wanwei (SZ 6): Released the Mureka O0 model and the Mureka V0 model
On 6/0, Kunlun Wanwei officially released the Mureka O0 model and Mureka V0 model. According to reports, Mureka V0 is the current Mureka base model, which supports pure music generation, and also supports AI music creation in 0 languages, including English, Chinese, Japanese, etc. As the world's first music reasoning model, the Mureka O0 model is an optimized version of reasoning based on the Mureka V0 thinking chain, and it is also the first music model in the world to introduce CoT, adding thinking and self-criticism to the reasoning process.
Comments:據IFPI國際唱片業協會發佈的《2024全球音樂報告》，全球音樂市場規模達到了286億美元（約合人民幣2077億元），連續9年正增長。崑崙萬維的音樂模型憑藉推理優化技術，有望在B端影視配樂、廣告音樂等場景建立差異化優勢。
Xiaomi Group-W (HK 01810): Lei Jun reiterated Xiaomi's business philosophy: restrain greed and earn only a little
On 7/0, "Lei Jun Xiaomi YU0 Cherry Blossom Photos" rushed to the hot search. Recently, Lei Jun, founder, chairman and CEO of Xiaomi Group, returned to his alma mater, Wuhan University, to take photos with students, present awards and hold class meetings. In addition, Lei Jun also emphasized Xiaomi's long-standing business philosophy in a recent public statement: "We restrained greed and only earned a little. ”
Comments:Lei Jun's business philosophy of "restraining greed" directly points to Xiaomi's long-term commitment of "the comprehensive gross profit margin of all hardware products does not exceed 5 points", and this strategy has formed a differentiation in the red sea competition in mobile phones, new energy vehicles and other industries. In addition, at present, the consumer electronics industry is stuck in an innovation bottleneck, and Xiaomi's model of leveraging ecological benefits with the user base as the fulcrum may provide a new paradigm for technology companies to go through the cycle.
China Telecom (SH 601728): Appointed Liu Ying as the company's executive vice president
3月25日，中國電信發佈公告稱，經公司董事會提名委員會審核通過，同意聘任劉穎女士為公司執行副總裁。
Comments:China Telecom's appointment of Liu Ying as executive vice president continues the trend of younger and more professional operator executives. According to public information, Liu Ying is a senior communications engineer with rich experience in management and telecommunications industry, and is currently the deputy general manager of China Telecom Group Co., Ltd., the director and chairman of China Telecom Global Co., Ltd., and the board of directors of China Internet Investment Fund (Limited Partnership).
China Mobile (SH 09988) and Alibaba-W (HK 0): Signed a strategic cooperation agreement
3月26日，中國移動與阿裡巴巴在北京舉行戰略合作協議簽約儀式。根據協定，雙方將在數位基礎設施、應用生態、科創能力、國際業務方面展開深入合作，共同建設運營先進的AI（人工智慧）數據中心，助力雙方提升雲計算與AI服務的規模與效能，深化中國移動“九天”與阿裡巴巴“通義千問”AI模型的技術交流與生態共建，推動AI與各行業深度融合，創造更大產業價值。
Comments:本次簽約標誌著雙方全面戰略合作進入新階段，雙方將基於雲、算力、大模型等新勢能共建AI產業新生態。值得注意的是，合作明確提及“九天”與“通義千問”兩大AI模型的生態共建，中國移動的10億移動用戶數據與阿裡的電商行為數據若能合規打通，將顯著提升雙方AI模型的商業化能力。
National Business Daily