wen | qujieshangye liuliang

编辑 | TMT组

8yue21rixiawu，xiaomijituan（1810.hk）fabule2024niandierjiducaibao，youyuyejichaoguoshichangyuqi，xiaomijituan8yue22rigujiadazhangchao9%。

buguo，xiaomiqianjiaojiaole“kaojuan”dahuohaoping，houjiaozuixian“pofang”dequeshijiyueqichedegongguan。

yinweixiaomiqichebenjidukuisun18yiyuan，youmeitijucijisuanxiaomiqichedanchekuisunchaoguo6wanyuan；jieguojiyueqichegongguanfuzerenxujiye8yue22rishangwuzaipengyouquan“yinyang”leijun，“meitaichekui6wan，kuineimeduonihaimaineimeduoganma？”

qiaohedeshi，8yue22rishangwu，jiyueceoxiayipingfaboxuanbulejiyue07shoutailiangchanchezhengshixiaxian。

zai8yue22ridezhibozhong，leijunbiaoshi，“meitaichekuile6wanduoneigeresou，suandejiduiyebudui。ganggangcaikaishi，dengdaoleyidingguimo，xiangxinhenrongyidaping。dajiabuyongtiwomenjiaolv。zuochequeshishitingnande，yourenjuedewomenkuidetaiduo，wogerenjuedehaihao，qishishifenfeichangbucuodecaibao。”

xiangbilaishuo，gangshangshidexiaomisu7zheigekuisunfudubusuanhenda，erwentishi，zhihoudechannengruhepapo？rexiaoruheweichi？chucizhiwai，xiaomideshoujiyewuyouyaoruhechuangxin？

01.“最出色的季报”？

“zheishixiaomilishishangzuichusedejibao！ganxiedajiazhichi！”zaixiaomifabule2024niandierjiducaibaoshujuhou，leijunzaiweiboshangfabulezheiyangyiduanhua。

图源：微博截图

congyingshoushujulaikan，benjiduxiaomideyingshouheyinglinenglidouchaochuyuqi，youqishiqicheyewudemaolilvgengshibiaoxianchuse。

benjiduxiaomijituanshixianyingshou889yiyuan，tongbizengzhang32%；jingdiaozhenghoujinglirunwei62yiyuan，zengzhangdadaole20.1%。zheiyangdezengzhangcongshouruduanlaikanshichuantongyewuheqicheyewudeshuangzengzhangyiqishixiande；qizhong，shoujix aiotyewushixianyingshou825yiyuan，tongbizengzhang22.5%；qichejichuangxinyewushixianyingshou63.7yiyuan，zhanbizongyingshou7.2%。

图源：小米公告截图

erzaiqicheyijingkaishijiaofudeqingkuangxia，xiaomijituandezhengtimaolilvrengbaochizaile20%yishangdeshuiping，qizhongqicheyewudemaolilvgengshidadaole15.4%deshuiping。

duiyuqicheyewudechengbenkongzhi，xiaomizaicaibaohuiyishangbiaoshi，yinweigongyingshangduiyuxiaomiqichedeqianjingbaochileguantaidu，jiyulexiaomihendadezhichi。

zheijuhuaqishihaishiyoudianxinxiliangde，bijinggongyingshangyeshiyaozhuanqiande，buhui“weiaifadian”；suoyiyoukenengshixiaomihegongyingshangdachenglemouzhongxieyilaijiangdicaigouchengben，birujigongyingshanggengduodeyufukuan，zheidiancongxiaomiyufukuandezengfuzhongyenengkuijianyier。

cong2023niandisijidukaishi，xiaomiyufukuandetongbizengfubiqi2022、2023niandeshuipingdafulasheng，zheiyehexiaomisu7shangshiyujiaofushijianhuying。

数据来源：小米财报

dangran，tongguozengjiayufukuanlaihegongyingshangtantiaojian，zheiyeshiyeneichangjiancaozuo；erqieduiyuxiaomizheizhong“xianjinwangzhe”laishuoduanqineiyemeishenmeyali，zhiyaonenggoubaochiqichederexiao、channengshixianliangxingxunhuanjiuhao。

chulemaolizhiwai，xiaomiyingxiaofeiyongkongzhideyehenbucuo。

suizhexiaomisu7qichekaishou，xiaomibenjidudeyingxiaofeiyongwei58.99yiyuan，tongbizengzhang31.76%，jibenheyingshouzengsuchiping；erqieyingxiaofeiyongzhanbizongyingshoude6.6%，hequniantongqibijihumeiyoubianhua，zhenggexinyewudezengshoubingmeiyouhaofeitebieduodeyingxiaofeiyong。

congshoujiyewulaikan，benjiduxiaomideshoujiyewuyezaihuixue。2024niandierjidu，xiaomizhinengshoujiyewushixianyingshou465yiyuan，tongbizengzhang27.1%。

zhideyitideshi，xiaomizaicaibaozhongpilu，guoneishoujishichangfenetongbitishengjinyou0.8gebaifendian，erlamei、dongnanya、feizhoudengdideshichangfenedafutisheng，chuhuodiqujiegoudediaozhengyedaozhilexiaomishoujiyewuzhengtichuhuojunjiadexiajiang。benjidu，xiaomizhinengshoujichuhuojunjia1102yuan，tongbixiahua0.9%，zheiyecongcemianshuoming，zhongdiduanshoujiyiranshixiaomichuhuoliangdezhulijun。

图源：小米公告截图

xiaomijinnianlaiyizhidouzaizhuanzhushoujidegaoduanhua，jinguanxiaomishoujiqiangshizengzhang，dangaoduanhuabingweiqudemingxianchengguo。

ju“qujieshangye”lejie，zaizhongguodaludiqu，xiaomibenjidulingshoujia3000yuanjiyishangdegaoduanzhinengshoujichuhuoliangzhanbizhi22.1%，tongbitisheng2%；qizhong，zai3000-4000yuanjiaweiduan、4000-5000yuanjiaweiduan、5000-6000yuanjiaweiduan，xiaomizhinengshoujishizhanlvfenbiewei16.8%、20.1%he8.9%，junshixiantongbitisheng。

xiaomijituanzongcailuweibingyezaicaibaohuiyishangbiaoshi，“womenzaidijiaweishichangyijingfeichangqiangjing，duiyu6000yuanzhiyiwanyuanhuoyiwanyuanyishang，womenmianlinyali”。

chucizhiwai，xiaomiqicheyewuhedabufendiancheqiyedouyouyiyangde“tongbing”——kuiqian。benjiduxiaomiqichejiaofu27307liang，kuisun18yiyuan，cusuanxialaixiangdangyumeitaicheyaokuige6.5wanyuanduo。buguoqicheyewuqianqitourujuda，kuisunyeshuzhengchang，hekuangheyeneixiangbi，xiaomiqichekuisunfuduyijingsuanxiaode；danchixudekuisunzongbushitouziren“xiwenlejian”de。

duiyuxiaomiqicheheshiyinglidewenti，ciqiangaoshengcengzaiyanbaozhongyuce，xiaomiqichehuojiangzai2028nianshixianyingli。

图源：微博截图

zongtilaishuo，benjiduxiaomicaiwubiaoxianqueshibiaoxianchuse，dantongshi，shoujichixugaoduanhua、yijiqichedejiaofuheyinglirengshiweilaibixutuijindeketi。

02.雷厂长的“产能地狱”

“dajiadouzhiyini，pianpiannizuizhengqi”，zuijinzheijuhongbiandouyindejitangfangzaixiaomizaochezheijianshiqingshanghaitingheshi。

congzuikaishibeizhiyidaoshangshiremai，xiaomisu7deyuexiaoliang，shenzhiyijingchaoguoletesila。

图源：懂车帝截图

shangshi100duotian，“tubang”dexiaomisu7chidaolexiaoliangdetian，yedejinglichannengdeku。

rexiaozhihoujiushijiaofupaidui。shejiaomeitipingtaishang，wangyouduiyuxiaomisu7deshengyinyijingcong“zhibuzhidemai”zhuanxiangcheng“haiyaodengduojiu”le；yiweiwuxidexiaofeizhebiaoshiziji4yue3risuodanhouyijingdengleshibazhou，danshidakaiappxianshihaishiyaodeng5-8zhou，xiaoshouguwenshuodehuayemeishenmequbie。haiyouhenduo“dengchedang”wangyoufenfenzaitiezidixiahuifu，chengziji4yuechudingdeche，4geyueguoqulehaishiyaozaideng5-8zhou......

xiaomiyezaixiangbanfajiejuechannengpapodewenti。5yuedi，xiaomijiuxuanbugongchangkaiqi“shuangban”moshi，laibaozheng6yuekaishidejiaofupowan；7yuedi，youmeitibaodao，xiaomijituanzigongsijingxikejiyouxiangongsiyi8.42yiyuandejiagechenggongpaidebeijingyizhuangxinchengmoudikuaidegongyexiangmushiyongquan，zheikuaidiyebeiquerenshixiaomierqigongchangdeweizhi。

buguo，channengbuzuduiyuxianzaidexiaomiqichelaishuobingbushizhimingdewenti，danshi，duiyuxiayidaixiaomiqichelaishuo，xiaofeizhedeqidaizhiheyaoqiujiuhuiyuelaiyuegaole。xianzaihenduoxinnengyuanpinpaiyijingaoguolezuijiannande“channengdiyu”shiqi，jiaofuzhouqikeyiyasuodao4-8zhou，shenzhishangshizhijietiche；erdengxiaofeizheduiyuxiaomiqicheguole“xinxianjing”，yuqitapinpaixiangbijiaodeshihou，jiaofuzhouqibiranyehuichengweiyigegouchedekaolvyinsu。

zaibencicaibaohuishang，xiaomiyebiaoshibiqi“jiarujiagezhan”，xiaomiqichexianzaigengguanzhudeshitishengjiaofuxiaolvhechanneng。ju“qujieshangye”lejie，xiaomiqichemubiaozainianneichongcishierwantaijiaofu、zaishiyiyueshixianshiwantaijiaofu。

channengzhiwai，shouhouyeshixiaomisu7beiyonghu“tucao”henduodefangmian。

yiweiwangyoujiuzaixiaohongshushangtucaoshuozijidechezaizhuangdaoxiaofangshuanzhihoubeigaozhidequwuhanxiuche，duiyuyaowangfan700duogongliquhuanweidengtuqimiandezheijianshiqing，tabiaoshihenwunai。

shouhoubujiliyeshihenduoxinnengyuanpinpaidetongbing。birujikeqichedeshouhoujiujingchangbeitucao，yiweishenyangdejikechezhujiubiaoshijikehenduoshouhoudoushihelingkegongyongde，zijiyinweicheshenyixianghuanpeijianjiupaolesitang4sdian，yongleyigeduoyue。

danshijikedeshouhoutixihaodaihainengkaozhejilijituan，nengzhijiegongxiangxiongdipinpaideshouhouzhandian，xiangbizhixia“gujunfenzhan”dexiaomiqichedeshouhou“jingyanzhi”heweixiudiangengshao。

jiaofu、shouhou，zheixiewentiduiyuxiaomiqichelaishuodoushixuyaocong0dao1kuayuedenanguan，yeshiyingxiangxiaomizhihouqichexiaoliangdezhongyaoyinsu。

03.“人车家”的算盘怎么打？

“renchejia”dejiehe，zuoweixiaomixianzaiyabaodezhanlvezhongxin，yezaibencicaibaohuiyizhongpinpintiji。

suowei“renchejiaquanshengtai”，jiushiqiangdiaoyingjianshebeizhijiandewufenglianjieheshishijiaohu，shixianshebeizhijiandeshujuyuxinxigongxiang、kongzhixietongjizhinengxietong，congerweiyonghutigonggengjiazhinenghua、gexinghuadefuwu。xiaomidangqianxingchengle“renchejiaquanshengtai”goujiandequanchanpinjuzhen，baokuoyirenweizhongxindezhinengshouji，yijiatingweizhongxindeiot，yijiweiraoyidongchangjingdeqiche。ruanyingronghexia，zhinengshengtaihuliannenglidafuzengqiang。

shuobaile，xiaofeizheyidanyongshangxiaomiyingjianhexiaomixitong，qiruanyingjianzhijiandeliandongjiurangxiaofeizheyoulezhanxing，xiguanlezhihou，“mijia”deyingjianjiuyuemaiyueduo。zheibeihouzhanxiandejiushixiaomiyong“xitongbaoweiyingjian”decelve。

buguoxianzaishimianshangnenggouzuodaoruanyingjianzhinengliandongdechangshangbingbushizhiyouxiaomiyijia，suoyi“xitongbaoweiyingjian”zheileidecelveguranhuizengjiaxiaofeizheduipinpaidezhanxing，danyebushifeixuanxiaomibuke，zaigoumaixinyingjiandeshihouhaishihuikaolvyingjianbenshendezhiliangyijixingjiabi。

“renchejia”celvedebeihou，yeshi“ruanjiandingyiyingjian”deyanshen。zaizhengtiyingjianchuangxinmianlinpingjingdeshihou，zhuaneryongduozhinengyingjian、tongyizhinengruanjiandecelvelaimanman“tunshi”yonghusuoyouzhinengchangjing，shiyigecongmingdedafa。

dangran，zhikao“ruanjiandingyiyingjian”haishibugou，yingjianyedechuangxin。biru，jinnianyilaiaijiuchengleshoujichangderemenchuangxinfangxiang，zheiqizhongjiubaokuomashangyaotuichu“ai iphone”depingguoshouji；duici，xiaomijituanzongcailuweibingzaicaibaohuiyishangbiaoshi，muqianhaibulejiepingguohuituichushenmeyangdexinchanpin，buguozaixiaomimix flipdeyonghuzhong，“you42％deyonghucengjingshiiphoneyonghu”。luweibinghairenwei，“zhidaojintian，suoyousuoweideaishoujidoubuyinggaibeichengweiaishouji，tamenzhishiliyongaijishukaifaleyixieaigongneng，ranhouzheixiegongnengzaishoujishangyunxing；tamenshiaigongnengshouji，erbushiaishouji”。

图源：小红书截图

zaijinnianyijiducaibaofabushi，xiaomicengjiang“aizhinengshouji”lierugongside“hexinguancha”fanweizhong，bingbiaoshijituanjiangzai2024nianfaliduancedamoxing，bingjujiaoyudamoxingdeqinglianghua；errujin2024nianyijingzouwansanfenzhier，danxiaomidedayuyanmoxingmilmhaiweizhengshishangxian。

buguoluweibingzaibencicaibaohuiyishangyebiaoshiweilaijigeyuehuituichuyikuanxinchanpin，jiangjiyonghudailaiquanxindetiyan。

zongtilaishuo，xiaomiyijingcong“zaobuchucheyoumaibudongshouji”dezhianshikezhongzoulechulai，xiayijieduan，qicheruhetupochannengpapo、shoujiyouruhejieheaizuochuchayihuadechuangxin，shileijunhexiaomituanduiyaozhongdianjiejuedewenti。