$XIAOMI-W(01810.HK) Xiaomi held an investor conference yesterday. If you've been consistently tracking the company's developments, there's actually nothing new from the information perspective, but there are some new understandings.

1. Regarding Robotics

Musk also admitted that the hand is more difficult, requiring much higher operational precision and demands than walking movements. Xiaomi always likes to choose the more challenging points to break through, and this path should be correct. Look at some robots that rely on walking gimmicks; they've not only fallen silent but also find it hard to generate value. Based on its engineering culture, Xiaomi's robotics direction is very pragmatic. After the hand is completed, it can advance or retreat. It's not a toy; it can first go into factories to tighten screws for continuous training. When the market and technology mature to the civilian stage, it can unleash its accumulated strength.

2. Regarding Automobiles

1. Some say the auto show is boring, with similar designs and technologies, and there's also CEO Lei's T-shirt giveaway gimmick. Actually, this might be the beginning of a phase transition. Looking at Europe, based on the Industrial Revolution, there are many well-known car brands, such as Germany's BMW, Mercedes-Benz, Porsche, Volkswagen, Audi, etc. After a century of development, they haven't engaged in cutthroat competition but have formed an ecosystem with deeply bound cooperation in the underlying supply chain and fierce competition at the surface level. Their competitiveness lies mainly in tuning and taste. That is to say, a truly mature market is never about who will replace whom, but about a stable foundation and a diversified market.

2. Regarding people, we also saw Great Wall's Mr. Wei, his Guiyuan platform, and the Great Wall Pao, Dali Lun. There are seasoned veterans and new blood, industrial foundations, passionate persistence, plus an automotive culture. With waves of predecessors and successors, there is an unceasing driving force. A hundred flowers blooming together is spring. True strength is not going it alone but the maturity of the industry's ecosystem.

Currently, the domestic retail penetration rate of new energy vehicles has exceeded 40%, meaning the domestic market no longer has a dividend advantage. In the first quarter of this year, new energy vehicle exports surged 120% year-on-year. Combining the data, we can see that new energy is entering a mature period and a great navigation era.

3. AI Developments

Xiaomi's AI development is fast and steady. The investor conference mentioned that MiMo's user retention rate after charging exceeds 35%, and the repurchase rate is also high. The revenue share of high-tier versions has already exceeded 50% of the total revenue. I can understand this very well. Retention is because after using it, you can't go back to cheap, low-quality models. People are willing to pay for better results and a more stable process. The high share of Pro/Max is because it indeed burns tokens, but compared to the Claude model, MiMo's price is only 1/5. Spending one-fifth of the cost brings far more than one-fifth of the capability. Thinking this way makes the psychology much more balanced.

Today, the Hundred Trillion Token Plan was launched again. Compared to purely free access, this can attract more high-quality users through applications. Not only will the scenarios be of higher quality, but it's also likely to become a built-in community voice and traffic source. Xiaomi being close to its fans has always been a tradition. I hope the model aspect will also inherit this culture.

4. Regarding Shareholding

It's indeed a bit tough to endure, with continuous declines for half a year. Now, I'm used to the declines. My current mindset is not to fight it. I don't think it will cut me, nor do I think I can make money. My current holding mentality is more like planting a tree. You have to endure the seasonal winter of the cycle. In spring, the leaves still need to grow slowly. You have to wait until autumn to get the fruit. Looking at the hardware cycle's overseas trend and the company's ongoing layout that hasn't yet concluded, major positive catalysts are probably next year.