MARS 商业思考

Since everyone is paying close attention to this placement, at the request of shareholders, we have compiled the previous three articles into a collection as the final output of our thoughts on this placement. To fully understand this placement by Xiaomi Group, we need to start from 2011 when Lei Jun returned to Kingsoft. Back then, to complete Kingsoft's transformation from traditional software to the internet, Lei Jun redesigned Kingsoft Group's equity structure. Qiu Bojun and Zhang Xuanlong sold 9.79% and 5.88% of their shares respectively, and Tencent was introduced as the largest institutional shareholder with a 15.68% stake...

Every summer, Xiaomi holds cultural activities related to integrity. For a Fortune 500 company, values are always the sacred and inviolable action guidelines for all employees. After reading various online versions about the Wang Teng penalty incident and confirming with trusted friends, the currently known internal email is likely the final official response. As for the exact reason, it might involve another non-disclosure agreement. Generally, external institutions or partners consulting with internal employees may charge fees ranging from thousands to tens of thousands per hour. Wang Teng has been with Xiaomi for many years...

They say choice is more important than effort, and I think this is even more true in a "bull market". Among the "Nio, XPeng, Li Auto" trio, XPeng seems to have found its positioning. From the launch of the XPeng MONA M03 in August last year, which became a hit in the 100,000-yuan market, to the G6 gradually establishing user recognition in the SUV market under 200,000 yuan, XPeng has delivered its strongest half-year performance since its founding, with revenue increasing by 137% year-on-year to 37.3 billion yuan, and losses also significantly reduced compared to the same period. Meanwhile, Li Auto and Nio faced challenges due to overlapping new model launches...

At the beginning of the year, Manus was introduced. Despite facing considerable skepticism and criticism from the outside world, Manus demonstrated a further advancement in AI capabilities. Following the era of ChatBot, AI can now handle multi-task processing requests based on human natural language instructions. On August 21, the Fourth Paradigm released its 2025 interim performance report, showing H1 revenue of 2.626 billion yuan, a year-on-year increase of 40.7%, and a net loss of 43 million yuan, narrowing by 71.2% compared to the same period last year...

In 2018, Tesla released its Q1 financial report, with total revenue of $3.41 billion, a net loss of $780 million, and total liabilities reaching $9.4 billion. Wall Street initiated a countdown titled "Tesla Bankruptcy," and financial elites, after meticulous calculations, concluded that Tesla's cash flow wouldn't last until the end of the year. Musk ignored these external noises and chose to move his mattress directly to the factory, personally overseeing operations on the front lines and solving problems on the assembly line. The rest of the story is familiar to us all...

After the release of YU7 on June 26, the stock price of Xiaomi Group continued to decline, falling from a high of 61.5 yuan to 51.25 yuan at Friday's close, causing some anxiety among shareholders. Simply put, even with over 300,000 orders on the night of YU7's release, production capacity issues are a dark cloud hanging over Xiaomi and Lei Jun, as well as the capital market. If sales cannot be converted into deliveries, the short-term financial data will be affected. Many friends have been asking me about the progress of the second-phase factory construction and production capacity...

Due to the delayed announcement of the large order results, Li Auto's stock price plummeted. Seeing the comments from various influencers, a familiar feeling returned. Looking back at the discussions about Xiaomi in April this year, a large number of non-followers and non-shareholders flooded the comment section, not to express their own views, but to create opposition and stir up topics. For a long time after that, I set the comment section to 'only followers can comment.' Even the comment section on Lei Jun's personal Weibo became unbearable, so it was set to 'follow for 180 days to comment.' I have never quite understood the atmosphere of the auto industry where people are quick to criticize. If you don't like a car, just don't buy it...

After scouring most of the online reviews of the Li Auto i8, it might be a car that is severely underestimated by institutions and analysts. From the exterior, the overall style of the i8 leans more towards balancing external wind resistance and internal space, attempting to achieve the interior passenger experience typically found in MPVs through an SUV product form. This gives families with two children and business travelers an additional choice between SUVs and MPVs. Li Auto's core competitiveness lies in its deeply ingrained user-centric thinking and continuously iterating product capabilities. Most people discuss the topic of competition between brands...

Stocks like Tencent and Kweichow Moutai have long been hailed by investors as the best targets for value investing, following the classic value investing framework established by Buffett and Munger, with performance growth matching market capitalization as the long-term investment rationale. In 2024, Xiaomi Group is undoubtedly the brightest star in the Hang Seng Tech Index. After the sustained strong sales of the SU7 in June, its stock price began to rise. Not only Xiaomi, but also its ecosystem company Kingsoft Cloud saw its stock price quadruple in a short period. From a growth perspective, compared to traditional internet companies, Xiaomi, with its core strategy of [Human-Car-Home Full Ecosystem], is more favored by global capital...

On July 17th, 4Paradigm announced that the company would place 25.9 million shares at a price of HKD 50.5 per share for the R&D and investment in stablecoins, RWA, and related industries. Upon the news, the market and most retail investors interpreted it as negative, but I have a different view. It is an undeniable fact that the placement dilutes the shares of all shareholders, including small and medium-sized ones. However, from a broader perspective, the largest dilution still falls on the major shareholders and investment institutions directly involved in the company's strategic decisions. If the company can raise funds through placement to supplement its cash flow...

At the recent YU7 delivery ceremony, there were fewer content creators present, and the event was arranged more low-key than before, held at Xiaomi's headquarters in Beijing's Qinghe district: Xiaomi Science and Technology Park. Apart from quietly picking up the car, taking a photo with Mr. Lei, and helping the car owner open the door, there were no more flashy elements, making the delivery ceremony what it should be. The fact that I haven't talked about Xiaomi recently doesn't mean my views on Xiaomi have changed. In fact, I've been catching up on more content and will find the right opportunity to share my thoughts with everyone...

Before the I8 was listed, most voices I heard were about the design not being innovative enough and the "overly competitive" pure electric SUV market. When the YU7 was released, it pushed the standard version of the pure electric SUV's range to 800KM. After experiencing the ultra-fast charging technology of the SU7 Ultra, it can charge from 0 to 80% in almost 15 minutes, and the degradation rate from 80% to 100% is far lower than competitors. As a company with an internet mindset like Xiaomi, Li Auto, I believe this product definition capability doesn't require too much worry...

This content was supposed to be written by the CEO of 4Paradigm, Dai Wenyuan, but it seems that their PR and public relations department is not very enthusiastic about the company's market value management, marketing planning, product launches, etc. As a spiritual shareholder, I had to step in and do it a try. Seven years ago today, a consumer electronics technology company born in Zhongguancun was listed on the Hong Kong Stock Exchange with an issue price of HKD 17. It fell below the issue price on the first day, and the founder and vice chairman hid in a storage room, too embarrassed to meet with the investors who participated in the IPO, even though he firmly believed in his heart that he was embarking on a great cause...

In the movie "Oppenheimer," the actor playing Danish physicist Bohr had a line: "Quantum mechanics is not just a step forward, but a whole new way of understanding reality. Einstein opened the door, and now we are peering into another world, a world made of energy and paradoxes." Now, the door to AI has also been opened, and we are on the eve of an efficiency revolution. At the beginning of 2025, DeepSeek emerged out of nowhere, and in March, Manus exploded in popularity, receiving enthusiastic praise from Silicon Valley investors. Clearly...

In the latest episode of Knowing and Doing Tavern that interprets Duan Yongping's podcast, I heard many stories about patience. Whether it was stepping down at the peak of Subor or choosing to move to the U.S. to accompany his wife and children during his prime, the rationality of Duan Yongping's decisions often only became clear to the public many years later. After completing on-site research in June, I slowed down the pace of channel updates significantly in July. During this time, I listened to many podcasts, read numerous articles, walked a lot, and gradually realized that the truly important things don’t seem to be that urgent. The reason why investing goes against human nature...

If five players are to capture over 80% of the new energy vehicle market share, which five would they be? According to the data report from DeepSeek, as of Q1 2025, the top five players in global new energy vehicle sales are BYD (15.4%), Tesla (12.6%), Geely (6.9%), with SAIC-GM-Wuling and Volkswagen's ID series ranking fourth and fifth respectively. The top five models in new energy vehicle sales are also quite interesting. From January to May 2025, the best-selling model was the Geely Xingyuan...

The chairs at the launch event were not comfortable. When Xu Fei handed the stage to Lei Jun, everyone rushed back to their seats from the outer area, quietly awaiting the most important product announcement of the evening. To be honest, I don’t remember much about the first half of the event, which covered the features of the YU7, but one specification stood out clearly to me. During the introduction of Xiaomi’s assisted driving system, the 700TOPS NVIDIA Thor chip, LiDAR, 4D millimeter-wave radar, and the vehicle’s 11 high-definition cameras and 12 ultrasonic radars were all standard across the lineup. In an article before the YU7’s launch, I mentioned...

During the 10-day business trip in the Greater Bay Area in early June, I happened to drive the SU7 Ultra for the first 5 days and the "Big Mouse" Model Y for the last 5 days. On the eve of the launch of Xiaomi YU7, comparing it to Tesla, the only automaker with a trillion-dollar market cap globally and the undisputed best-selling vehicle worldwide, I have some personal opinions for reference. Model Y is not invincible. Richard Yu mentioned on Weibo: "YU7 will continue to challenge Model Y." From a product perspective, Richard Yu himself expressed great confidence...

Long time no see, I'm back after 15 days. Unlike the trip in April, this time I was more about addressing my own and the channel's confusions, chatting with friends. In Xiaolan, I met several senior entrepreneurs with Brother Hui. Some are already very well-known entrepreneurs in Guangdong, but what slightly differed from my expectation was that they didn't choose to rest on their laurels but instead chose to dive in, seeking the 'second curve' of growth for themselves and their companies. Growth is perhaps the best solution to alleviate anxiety, maybe even the only one. As consumption gradually returns to its essence, we've seen the rise of Mixue Ice City...

If calculated from the IPO, Mixue Bingcheng's stock price has nearly doubled, forming the "three carriages" of consumer stocks this year alongside Laopu Gold and Pop Mart. On the day of Mixue's listing, a kind friend warned me that "bubble tea stocks" contain huge bubbles. I thanked him for the reminder but still bought at a high price of 265 yuan with a 30% increase on that day and have held it since. Many people don't understand how a cup of lemonade can support a market cap of 200 billion HKD. So I wrote an article titled "Mixue Bingcheng: A Freshly Made Coca-Cola"...