🔴LIVE：2025雷军年度演讲暨小米17发布会【中英字幕】 | Lei Jun's 2025 Annual Address and Xiaomi 17 Launch Event【Subtitles】

Welcome everyone. Today is my sixth annual speech. This year marks the 15th anniversary of Xiaomi's founding. On this 15th anniversary, Xiaomi has made two major breakthroughs in the automotive and chip sectors, which have impressed many people. It feels like Xiaomi has become a different company overnight. In fact, these changes all stem from a profound reflection five years ago that touched the very soul of the company.

Five years ago, in 2020, Xiaomi celebrated its 10th anniversary. At that time, we had been listed for two years, our annual revenue had exceeded 200 billion, and we had successfully entered the Fortune Global 500. In many people's eyes, Xiaomi was already very, very successful. But in my heart, I was filled with an indescribable anxiety. At that time, the industry we were in had Apple, Samsung, and Huawei like insurmountable mountains. There was almost no possibility of surpassing them. In this situation, should we lie flat and accept our fate, or continue to fight? After 10 years of entrepreneurship, many in the team felt tired and wanted to stop and rest. I completely understood this, because I also felt very, very tired. But then I thought, in the next decade, competition would only be fiercer. How many people would still be willing to fight alongside me?

What was even more exhausting was the online criticism, attacks, and doubts. To be honest, I felt many people didn't really understand Xiaomi. They had many inherent prejudices against us. Online, you'd often see things that made you angry, like 'Xiaomi is just an assembly plant,' 'Xiaomi has no technology,' 'Xiaomi only knows marketing and won't go far,' and so on. At that time, I was caught in severe internal friction. After much struggle, I finally made up my mind to face all the problems, find a way to break through, and change our destiny.

Changing destiny is easier said than done. At first, I didn't know how to face so many problems. Thinking back, I was lucky to have learned Go as a child, which taught me a very effective method: review. Many people misunderstand review. It's not a summary. It's answering three very, very critical questions: What did you do right? What did you do wrong? If you could do it again, how would you do it? We used this method to start a long and in-depth review. Each review session, I would find seven or eight people to talk freely, often for four or five hours. We did this forty or fifty times over about six months. Through this deep review, we solidified our development path for the next stage. What was our path? It was to continuously invest in core underlying technologies, firmly transition from an internet company to a hardcore tech company, and plan to invest 100 billion in core technology over the next five years. You need to know that in 2019, our R&D expenditure was 7.5 billion. So 100 billion in five years was a huge number for Xiaomi at that time. But it was by setting this goal that Xiaomi's genes began to reshape. Technology as the foundation became our unchangeable iron law. The passion for re-entrepreneurship was fully ignited.

In the following five years, we used our entrepreneurial determination to bring in a lot of talent and reshaped the core management team. You can see how much change there has been by looking at our current senior management team. Among our early founding team, only Lin Bin and Liu De are still fighting alongside me. So, out of our 12 senior executives, 9 are new faces. We actively brought in top external talent, including Lu Weibing, Zeng Xuezhong, Wang Xiaoyan, Lin Shiwei, Liu Wei, and other executives. Some of them were directly appointed as senior executives, while others were brought in as middle management and grew step by step. These colleagues have made significant contributions to Xiaomi's development in the past few years. The one you might be most familiar with is Lu Weibing. I also want to take this opportunity to thank Lu Weibing and all the talent and executives we have brought in. Thank you.

At the same time, we also placed great importance on internal cultivation. We promoted a group of young executives, all early Xiaomi colleagues who, after more than ten years of training and honing, have gradually become a new generation of leaders and entered Xiaomi's core team. Let me mention one: Zhu Dan. His employee number is 54. He was one of Xiaomi's earliest engineers. Zhu Dan formed our current chip team and led the team to conquer the Xuanjie OE. Speaking of Zhu Dan, let's talk about the ins and outs of our chip business.

Xiaomi has always had a chip dream. As early as 11 years ago, in 2014, when Xiaomi had just been founded for four years, we wholly-owned established Pinecone Electronics and resolutely began self-developing SoC chips. After three years of effort, in 2017, we officially released our first-generation terminal SoC, which was equipped in the Xiaomi 5C. That year, it sold about 600,000 units. So the situation looked very, very good. But I knew in my heart that China's path was actually unsustainable. In 2018, we made a difficult decision: we stopped the development of SoC chips, downsized the team, and continued to work on some smaller chips, just to keep a little spark alive.

I still remember that review five years ago. Whenever we talked about chips, everyone was particularly pained and had lingering fears. I thought that to untie everyone's knot, we had to figure out where we in China had actually lost. Later, we spent a lot of time researching and gradually found out why we lost back then. So review is very important here. I think the first counterintuitive conclusion is that self-developing mobile phone SoCs for the mid-to-low end has no chance at all. Only by going for the highest end is there a glimmer of hope. You might think that for such complex technology, we should start from the mid-to-low end. But the SoC chip industry is particularly complex. I won't go into the details here. I'll just say one conclusion: after our research, we found that Apple and Huawei both started from the highest end. No mobile phone company has ever entered the SoC space from the low end. This conclusion made us fully realize that China's entry point was wrong from the start. The direction was wrong.

Furthermore, developing chips requires the full support of the mobile phone team. Think about it: why would the mobile phone team abandon mature external chips and take on the huge risk of using self-developed ones? If the self-developed chip has problems, the entire mobile phone business could be ruined. Under such risk, without completely aligned goals and a shared sense of honor and disgrace, this thing definitely wouldn't succeed. At that time in China, we registered a subsidiary that was relatively independent in management, making coordination with the mobile phone team very difficult. There was often bickering. I even went down to coordinate many times myself, but in the end, I couldn't fix it. So the failure of China's chip effort became inevitable.

But chips are something Xiaomi absolutely cannot bypass in its development process. Global top tech giants have almost all eventually become chip giants. So I knew very well that chips are the necessary path for Xiaomi's success. But the complexity of making chips today has far exceeded that of ten years ago. Now, to make a mobile phone SoC, it would take at least 10 years and 50 billion. Even with that time and money, can we be sure of success? What if we fail? What would we do then?

This discussion process lasted a long time. Everyone was uncertain and couldn't make up their minds. After much discussion, I encouraged everyone by saying, 'If we don't do it, we will definitely lose. Hey, why don't we give it a try? How do we know we can't do it if we don't try?' Perhaps it was this little bit of courage at the most critical moment that led us to restart a new round of the chip journey at the beginning of 2021. Often, at the most crucial moment, if you have just a little bit of courage, you take that step.

Of course, the shadow of the previous failure still hung over many people's hearts. We had to explain ourselves to every partner we met. It took a lot of effort to rebuild the team. In the second year of the project, we encountered even greater difficulties. Due to the international economic situation and geopolitical influences, Xiaomi's business faced huge challenges. Revenue plummeted by 15%, and the next year it dropped another 3%. This was the first time in Xiaomi's 15-year development history that business had declined, even during our most difficult times in 2015 and 2016. At this time, car-making and chips each required investments of 50-60 billion. The pressure was suffocating.

Just then, some dissenting voices emerged within the team. The question was: would continuing with chips drag the company down? Our internal morale was shaken. At this most critical moment, in May 2022, we specially organized an executive meeting to discuss this seriously. I wanted all decisions to be made with the unanimous agreement of all executives. The atmosphere of the meeting was very, very heavy because everyone knew this was a major decision for Xiaomi, and a very difficult one to make. If we gave up again, Xiaomi might be forever disconnected from chips. If we gave up twice in a row, the market would no longer trust us or give us another chance.

Finally, one executive frankly said that from a commercial perspective, the accounts simply couldn't be calculated at that moment. It could only be judged by the founder. Without any hesitation, I immediately asked everyone a question: 'If we give up now, in 10 years, will we be glad that the company has a few hundred billion more in its accounts, or will we regret that Xiaomi has forever lost its chip business?' At the meeting, I clearly expressed my view: I firmly supported continuing. I believed that the investment of a few hundred billion was absolutely worth it. Even if we ultimately didn't succeed, it would cultivate a strong chip R&D team for Xiaomi and completely change the company's fabric. After thorough discussion, everyone's confidence was strengthened, and the project entered its third year.

In May 2023, an earthquake suddenly hit the chip industry. A peer company, without any warning, disbanded its chip team of over 3,000 people. My phone was instantly flooded with calls and messages. Many people asked if Xiaomi's chip team would also be disbanded. I was a bit stunned at the time, not knowing what had happened. Of course, having been through Pinecone, I knew how difficult self-developing SoCs was. It was definitely a near-death experience. For Xiaomi, we had already lost once. This time, we had to grit our teeth and persevere.

There were many rumors in the market. To stabilize morale, I immediately asked Zhu Dan to hold an all-hands meeting for the chip team. When the meeting notice was sent out, the chip colleagues were startled, thinking we were also going to disband. At the meeting, after Zhu Dan conveyed the company's decision, everyone breathed a long sigh of relief and were determined to make the chip a success.

By the beginning of 2024, the chip was taped out as planned. We were working on the most advanced 3-nanometer process. The tape-out fee alone was about 20 million US dollars. Then, on May 22nd of last year, the first day, the chip samples came back. Everyone was very, very excited and went to the airport collectively to welcome them. They put this precious chip in a paper bag and happily carried it back to the lab. That day, I was on a business trip out of town. Every few minutes, I checked the group chat, anxiously waiting for the final result. Everyone was also very nervous because if it didn't work, we would have wasted over 20 million US dollars. The bigger loss would be that the entire project would be delayed by six months, a loss of at least 1 or 2 billion.

Fortunately, at 9 PM that night, the system finally lit up. The next morning, I received a call from Zhu Dan using the Xuanjie OE, which meant all modules were working. To be honest, for such a complex 3-nanometer flagship chip to succeed on the first tape-out, our team is indeed quite impressive. At that moment, I was filled with mixed emotions. Let's watch the video record from that time.

[Video plays]

Thank you for your hard work. Please convey my congratulations to everyone. Haha.

I think you can understand how excited those engineers on site were. One year later, on May 22nd of this year, the Xuanjie OE and the phone equipped with this chip were officially released. No one expected that Xiaomi's first flagship SoC would perform so well, entering the top tier of the entire market. Now, this phone has been on the market for four months. Let's listen to the feedback.

Did you hear that evaluation? 'Unnoticeable' means it's no different from other chips. This is actually a very, very high praise for us. Looking back on the past four years and the Xuanjie OE project, I think the hardest part wasn't just the technology. The hardest part was, after experiencing the disastrous failure of Pinecone, how to muster the courage, how to stand up again, and how to restart the project. I think failure itself is not necessarily scary. The key is to face your own inner fear and overcome it to do the thing all over again. That is the truly difficult thing.

Of course, Xuanjie has only just begun. The success of Xuanjie OE is just the first step. Xuanjie still has a long way to go before final success. Here, I especially hope everyone can support us. We will also work hard to persevere until the day we succeed.

Let me share a small detail. When the project first started, I suggested continuing to call it Pinecone, to get up where we fell. But I really didn't expect everyone to strongly disagree. Later, we had to come up with a new name: Xuanjie. The meaning of this name is simple: it represents a solemn commitment that Xiaomi is serious about making chips this time.

Next, let's talk about Xiaomi's car and the story of conquering the Nürburgring. In June this year, Xiaomi announced some particularly explosive news. The SU7 Ultra prototype ranked third on the Nürburgring official lap time list, among all cars in history. The Ultra production car ranked first among global production electric vehicles. This news quickly shook the global automotive industry. Many people are curious: how can Xiaomi, a mobile phone company new to car manufacturing, be so formidable? The story begins four years ago.

Let me first introduce someone: A Can. Many Mi Fans might know him. He is Xiaomi's chief test driver and head of dynamic performance engineering. He was born in Zhuji, Zhejiang. He said there was a repair shop near his hometown where he grew up. The tools in that repair shop were his toys. In college, he spent all his time on car forums. After graduation, he became a chassis engineer. To excel at chassis work, he learned racing in his spare time and practiced hard, even winning several racing championships. This shows how obsessed A Can is with cars.

Four years ago, when Xiaomi announced it was making cars, the screen was full of comments saying 'Beat Tesla.' He and a group of friends were watching our launch event, feeling热血沸腾. Later, a colleague of his was preparing to join Xiaomi. He immediately asked, 'Bro, can you take me with you?' To show his determination, he even said, 'No matter where Xiaomi builds its cars, I will move my whole family there.' This is how Xiaomi gathered a large group of engineers who love cars and are ambitious, all eager to do something earth-shattering on the Xiaomi platform.

In September 2021, at Xiaomi Auto's first all-hands meeting, we announced an ambitious plan: to build the world's strongest pure electric performance car. Xiaomi Auto set such an exaggerated goal from the very beginning. Thinking back, it was like a newborn calf not fearing a tiger. To be the world's strongest, there were many difficulties. For example, there was no suitable high-performance motor on the market. What to do? Should we just drop the project? We gritted our teeth and decided to form our own team and do it ourselves. This became our Xiaomi V8S super motor. This motor was even built in our own factory, without using any contract manufacturers. Do you know why? Because if I used a contract manufacturer, they would say, 'This technology is from the supplier.' It's really infuriating.

Now you understand why I insisted on doing the V8S motor ourselves. To be honest, doing it ourselves is quite expensive. After several months of certification, the Ultra project was officially launched.

But just after the Spring Festival, the project was cancelled again. What happened? I don't know if you remember, I once mentioned that after the Spring Festival in 2022, we had a very long meeting. At that time, the development of the SU7 was at a critical juncture, and our resources and capabilities were severely insufficient. We were in pain. We decided to focus on the most critical projects. To ensure the success of the SU7, we gritted our teeth and reluctantly killed the Ultra project. After that, everyone was silent for a long time, feeling quite dejected.

No one expected that three months later, things would reverse. The Ultra project was revived. I remember that in May, we had a meeting online that lasted several days. To lighten the mood, I even sent a bottle of red wine to each colleague's home. We were having the online meeting while drinking wine. One engineer, getting a bit tipsy, raised his glass and proposed, 'Porsche is my god. Can we build a car that beats Porsche at the Nürburgring?' To be honest, when this crazy idea was proposed, it instantly ignited the whole room. Imagine how exciting that was for a car engineer: driving a car you built yourself on the Nürburgring and surpassing Porsche. Everyone was very, very excited. And since the SU7 project had achieved a阶段性 breakthrough and the pressure was less, we gritted our teeth and decided to restart the Ultra project. When the news was announced, the entire engineering team was沸腾. A Can himself jumped up in excitement.

So, in such a crazy company, no matter how many difficulties we encounter, we want to make the Ultra project a success. Ultra is a dream-chasing journey for a group of engineers. After the decision was made, everyone started working with great enthusiasm. Of course, for such a complex project, difficulties came one after another. There were so many difficulties that I don't even want to elaborate on them here. Let me mention one difficulty you'd least expect.

In August 2023, when our project had progressed to a certain stage, we contacted the Nürburgring officials for the first time. They were very polite and replied quickly. But unexpectedly, there was no news after that. We sent over 20 emails, all of which went unanswered. The difficulty we encountered was that we wanted to challenge the Nürburgring, but they simply didn't respond to us. It wasn't until three months later, around Christmas, that we received a second email. They finally agreed to receive us. So right after New Year's, our project team colleagues immediately went to the Nürburgring. It was snowing heavily that day.

After meeting, we learned the reason. Their first question was, 'Why does a Chinese mobile phone company want to run the Nürburgring?' They just couldn't understand. Actually, the Nürburgring officials were quite polite and received us warmly. They just couldn't figure it out and thought we were joking. When we详细介绍 our plan and the Ultra project, Xiaomi's ambition finally impressed them. Although the track schedule was very tight, the Nürburgring officials did their best to help us secure a slot. Think about it: we applied for a slot in early January and were scheduled for early October. Many people might not know how tight the Nürburgring schedule is. First, in winter, the Nürburgring is closed for five months. There are also various races and user events. Furthermore, almost all the world's best car manufacturers and parts suppliers are testing there. So you can imagine how tight the schedule is.

To ensure enough time to get good results, we made a tough decision and booked two consecutive days: October 9th and 10th. We made all the necessary preparations and looked forward to the Ultra's精彩表现. Unexpectedly, it rained all day on October 9th. Everyone's spirits were particularly low. The weather forecast said the next day might still have a chance, so we kept encouraging each other. To witness this important moment, I rushed to the Nürburgring early on the 10th. From 7 AM, I was by the track. But it rained all day again. The two days we had worked so hard to secure for the entire year were a complete washout.

So, what's the second difficulty of running the Nürburgring? The weather. It's an opportunity that depends on the heavens. As you all know, we later seized various opportunities, contacting the Nürburgring officials and peers from global car manufacturers. It was a曲折 process. On October 28th, we finally got a chance to run one lap. Just 10 minutes. With that one lap, the Ultra prototype set a record, allowing the world to witness the strength of Xiaomi's car for the first time.

Thinking back on the Ultra project now, I am truly filled with emotion. If it weren't for the engineers' deep-seated love and aspiration, and if we hadn't persisted and refused to give up, Xiaomi could never have created such a miracle. Seeing that just one lap last year could set a world record really makes me feel无比感慨. On April 1st this year, the Ultra production car officially attacked the Nürburgring. The weather was good. We only used four laps to achieve two stunning results. Just four laps, two cars.

Looking back on the three-year journey, we experienced many setbacks, but the final result far exceeded everyone's imagination. There's a saying online that I really like, and I want to share it with you today: 'Just do your best and leave the rest to fate.'

Perhaps the only regret is for A Can. Last October, to ensure success, he gave up the only lap opportunity to the local Nürburgring driver, David. This year, unfortunately, he didn't achieve his ideal lap time. Currently, there is no Chinese driver's name on the Nürburgring official lap time list. But he believes that one day, he will write his name on that list.

Earning respect through strength. Xiaomi's series of achievements at the Nürburgring are quietly changing the global automotive industry's impression of Chinese cars.

The SU7 series achieved remarkable results in its first battle. Let me briefly list some achievements. The SU7 became the best-selling sedan over 200,000 RMB in the past year, including gasoline cars. It ranked eighth in sales among all models, including cars costing tens of thousands of RMB. It also topped the value retention rate list. It is the most value-retaining car. This year, the YU7 was released in June and achieved even more惊人的 results. In three minutes, pre-orders exceeded 200,000 units. This number shocked the entire automotive industry. Because it was so astonishing, it attracted countless doubts. So the next day at 4 PM, we directly announced the number of confirmed orders: over 240,000 units locked in 18 hours.

Why did the YU7 achieve such huge success? Today, I want to tell you the story behind it. Many people might not know that the YU7 project was under immense pressure from the beginning. It was the summer of 2022, the most critical time in the SU7's development. The SU7 is a pure electric sedan. Except for Tesla, no pure electric sedan had ever sold well. At that time, almost everyone was pessimistic. If the SU7 didn't succeed, the YU7 was our last card. It had to shoulder the mission of turning things around for Xiaomi Auto. So we had high expectations for the YU7 internally.

At that very time, a domestic peer was doing exceptionally well. That was the launch of the Li Auto L9. The design of the 'TV, refrigerator, and big sofa' achieved phenomenal success. Li Auto开创 the new赛道 of large space extended-range SUVs. They are really remarkable in this regard. Many car manufacturers followed Li Auto's lead and also did well. So, for the YU7, Xiaomi Auto's last card, how should we proceed? Should we go our own way or copy others' homework like everyone else? This was probably the most激烈 debate since the founding of Xiaomi Auto.

Should we go our own way or copy others' homework? This was probably the most激烈 debate since the founding of Xiaomi Auto.

The atmosphere was very tense. After arguing, everyone had to make a gentleman's agreement. If we couldn't argue anymore, we would block each other for 24 hours, calm down for a day, and then continue arguing. It was really blocking each other on WeChat for 24 hours. Doesn't it seem like kindergarten kids? Anyway, after arguing, everyone's views became clear. That is, for large-space SUVs like the Li Auto, various car manufacturers rushed in. Soon, dozens of models will be on the market, just like today. The market competition will be very, very fierce. And there aren't that many families with multiple children. The total market demand is limited. If we also made a similar car, it would definitely have no future. Moreover, after communicating with a large number of users, we found that even if someone buys an SUV, most of the time they drive it alone. So in the end, we had a bold idea. We decided to take a different path. What is this? It is to design for the driver, to make a good-looking and fun-to-drive SUV that also takes into account daily family use. This is the path we deduced at that time: to make a sporty SUV. Sporty SUVs rarely succeed in the mass market; generally, only luxury cars dare to do it, because it is very, very risky. So during the certification process, some colleagues were very, very worried. What were they worried about? They said the domestic market is so competitive. If you make an SUV without a super large space, can it sell? To be honest, this is a route choice. Making a super large space is not that technically difficult. But making a sporty SUV is actually quite challenging. Our team spent a lot of time repeatedly pitching the design plan. Finally, we proved with the design that our interior space is no less than the Model Y. This space is definitely sufficient for family users. Only then did we make up our minds. The project was officially established. So from day one, Yuqi was determined to invest heavily, striving to perfect every detail. We were very, very crazy on this project. Let me give a small example. Our originally planned standard range was 620 kilometers. For a pure electric SUV, that's already quite good. The CLTC range of 620 kilometers is also much better than the Model Y. But at the end of last year, after several long-distance tests, including two I participated in—Beijing to Shanghai, 1,300 kilometers, departing at 9 a.m. and arriving at 9 p.m., I drove continuously for two full days—we all felt it was still not enough. Many people buy SUVs for long-distance travel and outings. We must completely eliminate users' range anxiety. But by the end of last year, it was too late to make major changes. What to do? We thought of the simplest, most direct, and most crude method: cancel this version. Rename the 835-kilometer long-range Pro version directly to the standard version, and keep the price unchanged. This is equivalent to increasing the standard version's range by 215 kilometers. When this plan was proposed, the procurement colleagues almost cried in the bathroom. When this plan landed on my desk, to be honest, compared to the Model Y, the competitiveness was too strong. Let's appreciate the Model Y, which is 10,000 yuan more expensive than us. Ah, I'm not dissing the Model Y. The Model Y is really, really an outstanding car. At the beginning of this year, we bought three Model Ys, disassembled them part by part, and learned from them. I think the Model Y is really a good car. If you don't choose the Model or Yuqi, you can consider the Model Y. Of course, other domestic cars are also good. Tomorrow evening, the Li Auto I6 will also be released. You can also consider the Li Auto I6. Really, I think it's the support of all our users that makes the entire new energy vehicle industry stronger and stronger. So at the press conference, I repeatedly emphasized that the standard version is not an entry-level version, not a base model, and certainly not a castrated version. It is equivalent to other brands' Pro, Max, or Ultra versions. This is not bragging. This standard version is the long-range Pro version we previously planned. We used such determination to make this car well. Before the summer press conference, I consulted many media friends. There were 23 in total, and 21 of them were not optimistic. This time, for Yuqi, I asked many media friends for their opinions again. Do you know what their opinions were? They were all very optimistic. That actually put more pressure on me. Can this different SUV really be accepted by everyone? We were still a bit uneasy inside, but I firmly believed that the countless efforts we poured into Yuqi would definitely resonate with many people. So at the end of the Yuqi press conference, I said a few words. Let me read them again today. Who is Yuqi designed for? It is for those who cannot tolerate mediocrity, those who always walk at the forefront of the times, and also for those who carry responsibilities on their shoulders but still have distant places in their hearts. For mothers who drop off their children at school in the morning and also buy themselves a bouquet of flowers along the way. For fathers who take the whole family camping on weekends and also prepare a set of fishing gear for themselves in the trunk. For those who, amidst the烟火气 of daily life, still have stars and oceans in their hearts. I especially want to say that Xiaomi Yuqi is the most affectionate and hardcore love letter written by our Xiaomi engineers to everyone who loves life. This is why Yuqi achieved such results upon launch. So the bold decision we made three years ago, all the efforts over the past three years, are all worth it in retrospect. Here, I want to share a story told to me by a Yuqi owner. He said that after his baby was born, he became a 'dad' in others' eyes. He even bought a large six-seat SUV. One night after work, he suddenly felt very lost and sat alone in the car for half an hour. Amidst busy work and happy family life, he seemed to have slowly lost himself. Over the past year, he had exhausted his efforts for every family member, but had not bought anything for himself, not even a T-shirt. He said that after watching the Yuqi press conference, he was deeply moved. That night, he convinced his family and bought himself a Yuqi. Perhaps the miracle of Yuqi comes from this. So from the last card to a brand-new miracle, what is the revelation of Yuqi? It is that when you encounter difficulties, you might as well change your thinking and try boldly, and you will get different results. From the SU7 to the SU7 Ultra and then to Yuqi, Xiaomi Auto has changed everyone's doubts about a phone company making cars with a series of solid achievements. At the same time, China's automotive industry is undergoing tremendous changes. In the high-end car market, domestic cars have fully risen. In recent years, the profound changes Xiaomi has experienced have also quietly changed many people. For example, my good friend Chen Nian. He is the founder of Vanke and often comes to my live stream to ride on my popularity, calling himself my top supporter. Let me clarify in advance: he hasn't paid a single cent in advertising fees. If you have any opinions about Chen Nian himself or Vanke, please go directly to their live stream to scold them, okay? Haha. Today, I deliberately didn't invite Chen Nian. Haha. Last year, the Xiaomi SU7 press conference was my first answer after three years of car manufacturing. This matter was very, very important to me. I specially invited Chen Nian to attend. He said he couldn't come. He said he was in Dalian writing a novel and had been in seclusion for over a year, hardly going out except to eat occasionally. I was indeed a bit surprised after hearing this. It had indeed been a while since I last saw him. He told me that when Vanke started its business, it expanded too much and ended up owing over a billion yuan. In the following ten-plus years, almost every morning when he woke up, the first thing he thought about was repaying the debt. He repaid it for ten whole years and finally paid it all off three years ago. At the moment he paid it off, he was completely exhausted. When he told me this, I didn't know what to say for a moment, nor how to comfort him. I could only say I understand. Unexpectedly, on the day of the SU7 press conference, he still came. The SU7 press conference was very successful. That night, many friends had dinner together. The atmosphere was lively, but he was exceptionally quiet and didn't say much. Half a year later, Chen Nian suddenly asked to meet me. We agreed to meet at 9 p.m. the next day. After meeting, I learned that he had taken a train from Hangzhou early in the morning to come. I hadn't realized it. Hangzhou? Wasn't he in Dalian writing a novel? How was his book going? Only then did he tell me that after watching the SU7 press conference in March last year, he was greatly inspired. In April, he moved his entire company to Hangzhou and led the team himself to fully transition to live-stream e-commerce. I casually asked, 'Moving the entire company to Hangzhou is a big deal. How many people did you move?' He said, 'Three or four people.' Haha. I immediately understood his state at that time. The Vanke that once had over 10,000 people had essentially returned to zero. In my impression, Chen Nian was very scholarly. I was a bit worried for him. Could he handle live-stream e-commerce? Moreover, at his age, could he start from scratch? He was very confident and told me that on the night of the SU7 press conference, something long dormant in his heart was suddenly ignited. He said, 'If Lei Jun can change himself and cross into car manufacturing, I can too.' At that moment, a sentence immediately popped into my mind: 'Indeed, at over 50, it's the age to take risks.' At the beginning of this year, he came to me again and happily told me that Vanke had reached the top three in Douyin men's clothing, and reportedly often ranked first. I haven't verified this. Then Vanke had developed and reportedly had several hundred employees. Chen Nian, this friend I've known for 28 years, I truly admire this time. This is a photo of us from over 20 years ago. Over the past five years, both for Xiaomi and for me personally, it has been a complete transformation. We have firmly moved from an internet company to a new battlefield of intelligent manufacturing. Starting from phones and consumer electronics, we have created a new ecosystem of people, cars, and homes. The changes along the way go far beyond car manufacturing, chips, and high-end positioning. More importantly, with five years of down-to-earth efforts, we have reshaped Xiaomi's bones and soul. My biggest feeling over the past five years is from confusion to transformation. Sometimes it feels like a thousand mountains and rivers away, sometimes it's just a layer of window paper away. As long as you keep working hard and growing, everyone and every team has the opportunity to change their fate against the odds. Thank you, everyone. Our first half of the speech ends here. After a three-minute break, there will be a more exciting Xiaomi autumn new product launch event.

Xiao Ai, what kind of clothes are suitable for today's temperature? For playing tennis, a long-sleeved sportswear is suitable. Xiao Ai, start recording. Xiao Ai, start recording. Nice. La la la. Oh, hello, hello, hello. Long time no see. Let me show you my puppy. Wow, this puppy is so cute. Hello everyone, the Xiaomi autumn new product launch event now begins. Five years ago, we started the high-end strategy for our phone business and officially began benchmarking against Apple. After five years of effort, we have made tremendous progress. Today, I bring you the annual重磅 new product, the Xiaomi 17. The standard version of the Xiaomi 17 is the most powerful small-sized all-round flagship in Xiaomi's history. It has been comprehensively upgraded. First, what is it? A major upgrade in quality. Because to be high-end, quality is very important. I will use four words to describe the change in the Xiaomi 17: stunning transformation. I think everyone can get to know Xiaomi phones again. Take a closer look. First, the screen is very, very beautiful. 2D pure flat screen with extremely narrow bezels, only 1.18 millimeters. It has reached the industry's peak level. The overall ratio has also been slightly adjusted, making it more舒展 and beautiful. The camera module has also adopted a lightweight design. The transparent camera base effectively reduces the camera's protrusion and bulkiness. The metal middle frame uses a wrap-around design, providing a good feel and being particularly sturdy. The refinement of all details is completely on par with the iPhone. Everyone can really compare. It is made very, very exquisitely. Then, a 6.3-inch screen, only 8.06 millimeters thick, and weighing only 191 grams. This size, weight, and thickness are very, very comfortable. The super large R-angle design makes the form more rounded. This is a continuously curved超椭圆 design. It is equipped with Xiaomi Longjing Glass, which is 10 times stronger than ordinary glass. The middle frame uses high-strength aviation aluminum for durability. It has full-level waterproof and dustproof capabilities, making it more reliable. It supports IP66, IP68 for 4-meter waterproofing, and IP69. Hey. Oh oh oh. And this time, there are also four colors to choose from. The back cover uses a glass material with a premium matte texture. Let me especially introduce these two new colors: Snow Mountain Pink. Beautiful, right? And Ice Melt Blue. This generation of Xiaomi 17 has a major performance upgrade. First, it is equipped with Qualcomm's latest and highest-end processor, the fifth-generation Snapdragon 8至尊版, and it is a global debut. Its performance and energy efficiency have reached the peak level of flagship phones. Let's take a look. Its CPU is built with a 3-nanometer process, making it faster and more energy-efficient. Its CPU uses an eight-core architecture, with the super core adopting the third-generation Orin architecture. Its main frequency has reached 4.6 GHz, which is currently the highest main frequency achievable by a mobile phone SoC. Whether multi-core or single-core, its performance can rival Apple's latest A49 Pro processor. Power consumption is reduced by 35% compared to the previous generation. Its GPU's independent cache has been increased by 50%, and its performance far exceeds the A19 Pro. Its power consumption is 20% lower than the previous generation. The three-dimensional ring-shaped cold pump cooling system has a cooling capacity three times that of a general VC vapor chamber. So its performance and heat dissipation are very, very outstanding. Compare it with the iPhone 17. Then, during heavy gaming at the highest graphics settings, our frame rate is higher and the temperature is lower. After three hours of gaming, our frame rate and temperature performance are still better. In various additional usage scenarios, compared to the iPhone, our temperature control performance is indeed more outstanding. The reason is actually very simple: our standard version is planned as a Pro model. That is, our performance is close to the iPhone 17 Pro, and our cooling capacity is also particularly outstanding. So in terms of performance, we are indeed superior. The screen upgrade is also very significant. A 6.3-inch OLED screen with 120Hz adaptive high refresh rate, making everything clear and smooth. The peak brightness is as high as 3,500 nits, making it easy to read outdoors and more power-efficient. Such excellent performance comes from the latest generation of screen light-emitting technology, M10. This M10 achieves the highest light-emitting efficiency in the industry, meaning higher brightness and lower power consumption. In this generation of screen technology, a more critical breakthrough has been made in one technology: the red light-emitting main material of OLED has achieved a major technological breakthrough. Its light-emitting efficiency has increased by 11.4%, reaching 2812.1. This technology comes from a domestic manufacturer strategically invested by Xiaomi, Lubinan. We established a joint laboratory to complete the verification and mass production of the new material, successfully applying it to the mass production of the Xiaomi 17. This is a major breakthrough in the underlying material technology of OLED. It is also the first time a domestic manufacturer has achieved the localization of this light-emitting material, and it has reached an international leading level from the start. Let's listen. The light-emitting material is the core of OLED and directly determines the performance of the entire display screen. So for our domestic screens to become strong and lead the world, we must start from the underlying light-emitting materials and lay a solid foundation for development. Ah, the new red light-emitting material we invented this time performs even better than the best imported materials. It has truly achieved global leadership. Isn't that very, very remarkable? Because today, we are not only leading in terminals and applications, but also making breakthroughs step by step in core technologies and materials science. Of course, speaking of the Xiaomi 17, as a small-sized flagship, due to its small size, battery life has always been a huge challenge. So how is the battery life of the Xiaomi 17 this time? Very, very exaggerated: 7,000 mAh. It's almost twice that of the iPhone 17. There are many major breakthroughs in this. Let's take a look slowly. It also supports 100W wired fast charging and 50W wireless fast charging. Compared to the Xiaomi 15, it has 1,600 mAh more. Compared to the iPhone 17, it has 3,300 mAh more. The most important reason is the latest generation of battery technology: Xiaomi Jinshajiang battery, with a silicon content of up to 16%. It achieves both ultra-high energy density and ultra-strong low-temperature battery life, as well as a 5-year ultra-long lifespan. So battery technology is changing with each passing day. Okay, let's compare battery life with the iPhone again. It might be a bit unfair. Take a look. Oh oh oh. Everyone knows why we call it the Xiaomi 17. Because it's too powerful. Of course, some netizens suggested calling it the Xiaomi 18. Ah, let's be modest. Okay, everyone should be able to see that the Xiaomi 17's battery life, compared to the iPhone 17 with a 5,000 mAh power bank attached, results in the iPhone being completely dead while we still have 26% left. So the Xiaomi 17 not only defeats the iPhone 17, but in actual tests, it defeated all models in the iPhone 17 series. Such terrifying battery life makes it the undisputed king of battery life among small-sized phones. Its imaging is also particularly outstanding. Leica imaging, three 50-megapixel Leica professional lenses: Leica main camera, Leica ultra-wide-angle, and a 2.6x Leica floating telephoto. Its standard version comes with a telephoto lens, and it's a floating telephoto. Its main camera is particularly powerful. Our product manager reminded me to make this clear: it is the Light Hunter 950, a 1/1.3-inch super large bottom. This is a Pro-level main camera, much stronger than the sensors in phones of the same class. I really hope to highlight this. In terms of optical capability, it uses a G+P lens group. I don't know if everyone knows G+P. It means adding a glass lens to the camera lens group. This is rare in its class, and every lens is coated. The overall image cleanliness is greatly improved. Let's look at sample photos. The performance across the entire focal range is very good, reaching the best level in Xiaomi's history. Under various complex lighting conditions like low light and backlight, the images are very, very clear. Especially the new generation of Master Portrait mode, with all underlying technologies reconstructed. For example, the skin tone maintains Leica's flavor while being real and natural. Let's look at the processing level of its hair, which has been greatly improved, comparable to professional cameras, with every strand清晰可见. The front camera has also been upgraded to a 50-megapixel ultra-sensitive camera with a large bottom and large aperture, making selfies even better. So, the Xiaomi 17 has爆表 product power, and it even reaches the Pro level. Its processor, cooling, and camera are all at the Pro level. So compared to the iPhone 17, this generation of iPhone 17 is also very good. I see online media reviews saying it's 'squeezing the toothpaste tube dry.' But compared to the Xiaomi 17, I think there is definitely a gap in hardware configuration. Of course, the iPhone still has many aspects worth learning from. Compared to the previous generation Xiaomi 15, the Xiaomi 17 is also a comprehensive upgrade. Let's highlight the key points. In these five areas, Xiaomi phones have made tremendous progress. First, the performance is very outstanding, using the latest and highest-end Qualcomm processor. Second, its small size and极致手感. Third, its screen is very good. Fourth, its battery life is extremely outstanding. Fifth, plus Leica imaging. With so many added features, what is the price? President Lu revealed the answer last week: more features for the same price. Still 4,499 yuan, okay? I hope to get everyone's support. I especially hope that media friends will sincerely compare. Don't think that Xiaomi phones have done nothing in the past five years. We have really put a lot of effort into this, okay? Next, we release the Pro, the all-around technology imaging flagship. This Xiaomi 17 Pro series fully benchmarks against the iPhone. It also comes in two sizes, large and small, and all are equipped with the fifth-generation Snapdragon 8至尊版, also a global debut. This time, the biggest feature of our Xiaomi 17 Pro series is the Miaoxiang back screen. We invested heavily in this back screen. We customized two flagship-grade high-quality OLED screens for these two phones, and all are covered with high-strength Xiaomi Longjing Glass, so no need to worry about scratches. What can this back screen, made at such a cost, do? Let's take a look together. First, it has various interesting clocks. You can raise a koi fish on it, making the phone's back screen come alive. You can also display photos of family and idols, and use AI to generate various styles to make the photos move. There are also AI pets, supporting many styles. It also serves as a notification bar for important information, such as flight and train itineraries, event ticket information, etc. It can also play music and control our Xiaomi car. The back screen has many, many more functions. Let me introduce a few. Back screen selfie: it can use the main camera for ultra-high-quality selfies, use the ultra-wide-angle for group photos, and use the telephoto for makeup details. There is also a sticker mode with rich templates and multi-shot连拍. After shooting, you can print them out with the Mi Home photo printer. How about that? Good. Also, it's convenient for taking photos of others. You can use the back screen to preview the composition and pose, which should reduce不少 family conflicts. Haha. Also, the back screen sticky note: it can prompt various important information. Circle the information you see on the front screen, and it will immediately be pinned to the back screen. What else can you pin? For example, the pickup code when ordering food, QR codes, or even a photo. It can all be pinned to the back screen. Very, very magical. What else can it do? Some netizens suggested installing a handle to turn it into a gaming console. This time, there really is one: a retro console protective case. When you're on a plane with no signal, you can use it to play a few small games. It's very enjoyable. I tried it too, and I couldn't stop. They are all the fun little games we played as kids. Its thickness is similar to a silicone protective case. Just treat it as a silicone protective case, and occasionally take it out to show off to friends. This thing is still quite good. So, the entire Miaoxiang back screen can make the phone more interesting. One more side means more excitement. Look at the newly acquired Xiaomi 17 Pro Max. How come there's an extra screen? Hmm, nice. You can also take selfies on the back. It takes good pictures. Hey, this fish is interesting. Wow, hahaha. Wow, your car. Hmm, my Yuqi. You can control it from here. Oh, amazing. One more screen makes everyone happier to use. This is the power of Xiaomi's smart technology innovation. The more such innovations, the more beauty there is in our lives. One more side, more excitement. Xiaomi 17 Pro series. So, the entire Xiaomi 17 Pro series' Miaoxiang back screen is very, very interesting. This time, we also offer four colors to choose from. There's the black everyone wants, the white everyone wants, and two new colors. One is Deep Wild Green, which is calm, restrained, and not张扬. The other is Cold Smoke Purple, which adds a bit of gray tone to purple, soft and restrained. This color went viral on social media as soon as it was released. What do you think? Good. Because there are two sizes, large and small, let's first look at the Xiaomi 17 Pro. A very powerful small-sized Pro. Where is it strong? First, it is strong in Pro-level imaging. It also has Leica triple cameras covering the entire focal range for creative imaging. Especially, it has a periscope-style 5x Leica floating telephoto, supporting 10x lossless zoom and 20cm macro shooting. Let's see how this periscope is made. First, the floating telephoto has two sets of optical lenses, then a three-refraction prism structure to complete the entire periscope process. With such outstanding innovation, its volume is reduced by 54% compared to the previous generation, and the area it occupies on the motherboard is reduced by 43%. Because for a small-sized flagship, the most important thing is miniaturization: how to achieve the original function or stronger functions while making it smaller and more precise. This is a very high challenge for small-sized flagships. Let's look at sample photos. Its performance across various focal lengths is very good. The image quality at telephoto is also very, very stunning. Not only that, the Xiaomi 17 Pro has also achieved a major innovation: backlit capture. Capture is already difficult, and backlit capture is even harder. How did we do it this time? First, we use a G+P hybrid lens, which includes a glass lens. Each piece is coated one by one, achieving a full set of coatings. This makes the photo quality very pure. Let's look at sample photos. It greatly reduces ghosting and flare. In strong backlight, the image is clear and transparent. Next, we also adopted a new top-level sensor: the Light Hunter 950L, with an 'L' added. This is a super large bottom, super large pixel, super large aperture. The 'L' represents a revolutionary technology for the future. I call it a revolutionary technology because of the Norfolk technology. It can achieve a dynamic range in a single frame that rivals the dynamic range of three-frame合成. This is the first time in the history of mobile phone photography. What is its biggest advantage? Not only is it good for backlit shots, but when shooting video, the high dynamic range can also be captured clearly. So this is very, very powerful. Its dynamic range has reached 16.5 EV. Many people may not know much about photography and may not know what 16.5 EV means. It is over 50 times that of the one-inch IMX989. I don't know if everyone remembers that back then, we customized a super large sensor with Sony, the one-inch one, which had a very high dynamic range. Today's sensor is over 50 times that. Let's look at sample photos. This one was taken with the 17 Pro. This one was taken with the iPhone. You can see how big the difference is. Let's look at the second group. For the third group, let's look at the video effect. So, with this nophic, we have achieved the dynamic range of a professional camera on a phone. For this, we invited Tim from Film Storm to try out our phone. Let's hear what Tim says. 'Hello, I'm Tim. The golden hour is probably familiar to everyone. It usually refers to the period around sunrise and sunset when the sun is low and the light is most expressive. But the golden hour is not easy to capture, especially when shooting against the light. It's easy to end up with a situation where you can only choose between the sky and the details of the subject. However, now the Xiaomi 17 Pro will bring us some different results. How does the Xiaomi 17 Pro manage to retain both the shadow and highlight details in backlit conditions? The key is a new sensor technology: LOFI. Its full name is Lateral Overflow Integration Capacitor technology. Simply put, it adds an extra large capacitor to each pixel. When the charge from highlights exceeds the capacity of the main pixel, the overflow is transferred to this extra capacitor instead of being discarded, which would cause loss of detail. It's like light is water and the capacitor in the sensor is a bottle. When there is a larger bottle that can hold the water overflowing from a smaller bottle, the highlights in the image naturally won't be easily overexposed. From the sample photos we took, you can see that when shooting against the light, the Xiaomi 17 Pro can maximize the retention of the sky's highlights and the shadow details of the subject, with natural transitions. In such high-contrast indoor and outdoor scenes, the Xiaomi 17 Pro can capture clear indoor details while preserving the view outside the window. We tested the Xiaomi 17 Pro, and its dynamic range has reached 16.5 stops, which can already compete with professional cinema cameras. And because it uses single-frame合成, it doesn't consume too much computing power, so the image you see on the screen is almost the same as the final photo. After extensive testing, we can say that this Xiaomi 17 Pro is a well-deserved king of backlit photography.' Isn't the nova technology quite impressive? It is particularly outstanding for taking backlit photos and videos. Okay, this very powerful small-sized Pro, even with the back screen, impressive imaging, and periscope lens, is still only 8mm thick and weighs 192 grams. Impressive, right? Seeing this number, I wonder if everyone is a bit worried about its battery life. Right? You see, it's the same as the standard version, but it has more features like the back screen, periscope, and Pro-level imaging. With the same thickness and weight, how is its battery life? It still achieves 6,300 mAh. Wow, today's technology is really amazing. Compared to the entire iPhone series, its battery life is very outstanding. Everyone might be curious about how this was achieved. Why did the Xiaomi 17 take such a big step forward? I think our engineers made a lot of technological innovations in engineering stacking. First, we further improved the motherboard's integration, achieving the smallest motherboard area in Xiaomi's history. We used three-layer stacking technology and a split design, reducing the area by 34% compared to the previous generation.

Fitting over 4,500 components in such a small area, we redesigned the entire metal mid-frame structure using AI simulation technology, greatly increasing strength while reducing weight and saving a lot of space. We also used the latest battery technology, Xiaomi's Jinshajiang battery with 16% silicon content. More importantly, we introduced shaped stacked battery technology for the first time, increasing battery capacity by 11.4%, about 720 mAh. You know how we achieved that? Of course, this technology comes at a cost—it's very expensive. Currently, only Apple uses it, and Xiaomi is the second. We also support UWB, which works especially well as a car key with the car. Let me briefly explain: when you're about two to three meters from the car, it senses your approach, activates the welcome lights, and unlocks. This is safer because Bluetooth keys can sometimes open the car from several meters away. On rainy days, if your hands are full, just standing in front of the trunk for a moment automatically opens it—very elegant. When you leave, it locks automatically. This is thanks to UWB's precise directional and distance sensing. That's the Xiaomi 17 Pro we've brought today—truly impressive. Under the same thin and light design, it adds a brilliant back screen compared to the standard model, a 950L sensor, LOFEK, a 5x floating periscope telephoto, shaped stacked battery, and upgraded UWB ultra-wideband connectivity. Of course, there are many more technologies. So what's the price? We're pricing it at 4,999 RMB, just 500 RMB more than the standard version's starting price. Compared to the iPhone 17 Pro, I think we're quite competitive—it's a full 4,000 RMB cheaper. So this 17 Pro is my strong recommendation. It's also the one I personally chose among the three models. Finally, let me introduce the 17 Pro Max. Many people prefer large screens. This time, following Apple's lead, we've made a 6.9-inch ultra-large flat screen. The phone is 8mm thick and only 219 grams. Every extra gram really makes a difference in experience. The iPhone is 8.75mm thick and 231 grams—quite heavy. With the same screen size, we're only 8mm thick and 219 grams. If you get a chance, go to a Xiaomi store and compare the weight. The experience is very different. As a large-screen phone, we've made another major upgrade to the display, equipping it with the latest generation of screen technology. This technology is particularly groundbreaking—it's called Super Pixel. Today, I don't want to turn the launch event into a classroom lecture, so I'll try to explain it simply. What is Super Pixel? In traditional OLED technology, it's quite difficult to display a complete pixel; it often uses three adjacent subpixels in a pixel arrangement to display one point. That means a pixel is composed of three surrounding points. Why? Because of technical limitations, it's impossible to fit RGB three subpixels into one pixel point. So this ingenious idea led to arrangements like Pentile or diamond. So what is Super Pixel? For the first time, OLED has achieved placing RGB three subpixels into one pixel point. This shows how big a leap this technology represents. After years of development, OLED has finally managed to fit RGB into one point. This brings about extremely dramatic changes. First, compared to traditional 2K OLED screens, it has more subpixels while achieving the same clarity. It not only saves power compared to 2K screens but even consumes less than 1.5K screens. The display effect is incredibly impressive. Let's look at the iPhone 17 Pro Max—it uses a 1.5K screen. Our display clarity achieves the same effect as 2K, but it's not only sharper but also more power-efficient. So this is the latest, most advanced screen technology. We feel it's almost perfect—combining ultra-high clarity with exceptional power savings. That's the powerful, advanced screen technology we've brought to the 17 Pro Max: Super Pixel. For such a high-grade screen, we've equipped it with the latest third-generation Xiaomi Longjing Glass, which increases drop resistance by 20 times. Let's see. So Longjing Glass is also very strong. Now let's look at imaging. It features the Guangying Lover 950L with three professional lenses. Backlit photography is excellent. What does it add compared to the 17 Pro? A large-bottom periscope telephoto—it uses a large sensor bottom because of its size. Its telephoto sensor is 1/2 inch, with a super-large aperture and hardware-level HDR. Compared to the iPhone, its sensor area is 35% larger. Sensor area is crucial. Additionally, it uses a new ultra-bright prism, which greatly increases light intake, improving it by 30% compared to the previous generation. First, it's a large bottom; second, it uses an ultra-bright prism, so the overall photography effect is much better. When comparing with the iPhone, the telephoto effect is particularly obvious. Let's look at the second set under various low-light conditions. The telephoto quality of the Xiaomi 17 Pro Max is stunning. Behind it is our sensor, which is 35% larger, and our ultra-bright prism technology is more advanced. Next, because large-screen phones consume more power, everyone is concerned about battery life. Apple does well here; their Pro Max has always had the best battery life in their series. Our Xiaomi 17 standard model already has 7,000 mAh, and the 17 Pro Max has 7,500 mAh—the highest capacity flagship phone in Xiaomi's history. 7,500 mAh! It also uses the Xiaomi Jinshajiang battery with 16% ultra-high silicon content, shaped stacked battery technology, 100W wired charging, and 50W wireless charging. The product manager reminded me to mention that it supports the PPS universal protocol for 100W fast charging. Do you understand? That means other brands' fast chargers can also charge Xiaomi phones. Not only Xiaomi's chargers but others' too. After the online release, many digital bloggers gave our engineers thumbs up. Comparing battery life, 7,500 mAh is incredibly strong. This is the Xiaomi 17 Pro Max. It also has powerful communication capabilities—strong signal, stable data, and supports 210 countries with 520 operators. If you frequently travel abroad, I recommend the Xiaomi 17 Pro Max. Let's summarize what's new. Building on the 17 Pro, it adds a 6.9-inch OLED flat screen, Super Pixel as a nuclear weapon—clarity comparable to 2K, power lower than 1.5K—Longjing Glass 3.0, ultra-bright large-bottom periscope telephoto, 7,500 mAh shaped stacked battery, and strong global roaming capabilities. This is the Xiaomi 17 Pro Max. How do we price it? Starting from 512GB, we price it at 5,999 RMB. Compared to the same memory version of the Xiaomi 17 Pro, it's only 700 RMB more—very affordable. That's the entire pricing of the Xiaomi 17 series. You can take a photo and look carefully. Do I need to recommend again? I think not. Everyone should be able to quickly pick their favorite. Before the launch, President Lu repeatedly urged me to introduce the Xiaomi 17 again. Should I? Such a powerful standard model already dominates the market. The Xiaomi 17 is very strong, not what some call an entry-level or stripped-down version; it's at the level of others' flagship models. Our standards are very high. In naming, we're also very disciplined, so we're relatively low-key and restrained. Right? Now, pre-sales begin. How will we sell? It will officially launch on September 27 at 10 AM. Xiaomi stores will also start selling at 10 AM the day after tomorrow. For those watching the livestream, you can go to our stores two days later to see the real device and experience it yourself. I also want to mention special launch period benefits. If you buy before October 8, the offers are attractive: a two-year screen replacement service, 365-day replacement without repair. If you like it, order early. I heard from President Lu that the stock should be sufficient. Having said that, I want to conclude with this: What lies behind the explosive product strength of the Xiaomi 17 series? It's massive technological innovation. Xiaomi now invests over 30 billion RMB annually in R&D—that's not a small number. I won't elaborate now; we'll fully introduce the technology behind it later in the media. We also designed liquid silicone protective cases for the Xiaomi 17 series, supporting magnetic attachment, as well as aramid fiber protective cases with a magnetic thin plate. When wearing it, the back screen automatically switches to a custom-designed clock theme—looks nice, right? We also have a 2-in-1 desktop magnetic wireless charger and a car magnetic wireless charger. Finally, I'd especially like to introduce a newly designed ultra-thin magnetic power bank. This power bank has an all-metal body, only 6mm thick, very slim, using Jinshajiang battery with 5,000 mAh capacity and 15W wireless charging. It's very refined and perfectly compatible with the entire iPhone 17 series. So, what Apple doesn't do, we do. If there are Apple users here, you can also make wishes to me. Last month, we just released HyperOS 3, which added features like Xiaomi Super Navigation, focusing on smoothness and stability. Honestly, I was nervous, but after reading comments, I relaxed—the feedback from Mi fans has been decent. This might be our best-received OS in recent years. I want to thank our software team. Thank you. The Xiaomi 17 series comes with it across the board. Here, I earnestly ask all friends: if you think something isn't good, directly give us feedback and applause, because our team has been criticized a lot in the past few years and needs some encouragement. Finally, let's talk about Apple ecosystem connectivity. For users who carry both a Xiaomi phone and an iPhone, the iPhone can view notifications from the Xiaomi phone and even reply to messages, including WeChat. The Xiaomi phone can also see notifications from the iPhone—convenient, right? Both phones can work together. If a Xiaomi phone user uses a Mac, it's also easy: the phone can be screen-mirrored to the Mac, and you can even use the Mac's Touch ID to unlock it. On the Mac, you can open multiple windows of the Xiaomi phone's apps and drag files directly. So, I welcome Apple users to try Xiaomi phones. If you've used many generations of iPhones, you can experience a different charm. Now, we also have a new series: the Xiaomi Pad 8. Let's look at the tablet. It's 11.2 inches, a perfect size—easy to hold with one hand and very portable. The screen quality is top-notch: 3.2K resolution, high brightness, high refresh rate. More importantly, it features a new generation nano-matte screen, which doesn't reflect in strong light and offers clearer visuals. This technology is very advanced, reducing visual noise by 44% compared to the previous generation. I really like this nano-matte screen. It's the thinnest LCD pad in Xiaomi's history, only 5.75mm thick and weighing 485 grams—thinner than the iPad Air's 6.1mm. It can easily fit into a small bag. It's powered by the Snapdragon 8 Gen 4, marking a huge performance leap—the most powerful Xiaomi pad ever. This tablet is excellent: great screen and strong performance. Its productivity can rival a PC. Let me give two examples: an Excel file with one million rows for complex calculations—its speed is similar to a PC. Editing a 2GB video is very smooth, also comparable to a PC. Playing large games is smooth too; it can run at the highest settings and full frame rate for five hours. With a 9,200 mAh battery and 67W fast charging, if you use it continuously for five hours, you still have two-thirds of the battery left. That's very reliable. Its configuration is flagship-level. It also runs HyperOS 3, with many new designs tailored for the tablet—like a great multi-window experience, deep optimization for high-frequency apps, opening with the best horizontal or vertical ratio, and improved split-screen operation with vertical split-screen, letting you watch lectures above and take notes below. The system looks great. We also rebuilt the PC version of the browser, matching the interface, controls, and display content of a computer. Many students open the campus network on the Xiaomi Pad 8, and it looks identical to a PC. It supports PC-style floating keyboards with large keys and a trackpad for stepless adjustment. Priced at 699 RMB. This Pad 8 has a major upgrade: the stylus. It's incredibly good. After many media professionals tried it, they praised it. The buttonless integrated design is extremely minimalist, with 1ms ultra-low latency, providing a very realistic writing experience. It supports touch control, allowing you to switch between brush and eraser with a double tap, adjust brush thickness by sliding up and down, and call up a color palette with a light pinch. It's compatible with popular drawing and note-taking apps. This stylus is excellent. This is our Xiaomi Pad 8 Pro released today—lightweight, long battery life, the most powerful pad in Xiaomi's history, with HyperOS 3 and new productivity accessories. If you often need light productivity, this is the best pad Xiaomi has ever made. Compared to the iPad Air, I think its features and configuration are far ahead. Priced at 2,799 RMB. I especially recommend the nano-matte screen version. We also have a standard Pad 8, powered by the Snapdragon 8S Gen 4, with decent performance and 45W charging. Other specs are similar to the Pad 8 Pro, priced at 2,199 RMB—good value. Launch period benefits: buy a Xiaomi Pad 8 series and get a free official double-sided protective case worth 129 RMB. If you're a student, you also get a 599 RMB focus stylus Pro. So, students here and watching—grab this opportunity. Starting at 2,199 RMB, you get a protective case and an advanced stylus—very cost-effective. That said, our recent strategy is human-vehicle-home ecosystem, with a focus on full-category premiumization. Today, we're releasing five major premium ecosystem products, each representing the high-end series in its category. Let's see how far we've come in full-category premiumization. As you know, Xiaomi home appliances are very popular recently. The first product we're launching is a high-end TV: the 85-inch Mini LED TV. Its screen and design have been fully upgraded—very impressive. This TV has a Mini LED screen with strong visual impact and layered images. How many backlight zones does it have? 2,880 zones. Over a thousand zones qualifies it as a high-end TV. Its peak brightness reaches 5,200 nits, with a dedicated image quality enhancement chip. So the picture quality far exceeds similar-tier TVs. The bezel is only 4.6mm wide, and with a 5mm wall-mount bracket, it hangs like an art frame—beautiful. We've upgraded to a low-reflection screen, avoiding white-out in strong light and not looking washed out in dark scenes, with three times better anti-glare. The wide viewing angle ensures color accuracy from any angle. It runs HyperOS 3 for a smoother experience, with the new Super Xiao AI for continuous conversation across all scenarios, and extensive HD content, especially major sports events. This excellent Mini LED TV comes in four sizes: 65, 75, 85, and 95 inches. I particularly recommend the 85-inch, as it's the largest that fits in most elevators. The 85-inch model is priced at 8,499 RMB, with launch period offers: 365-day replacement without repair and a free Xiaomi Movies membership card. Next is the high-end Xiaomi French refrigerator. Its advantage lies in two large French drawers. This time, we've created a fresh-preservation storage zone using micro-freezing technology. What's the benefit? It keeps items below 0°C without freezing, maintaining fresh meat and fish at their freezing point without damaging cell structure, significantly extending preservation. In tests, after 10 days, it stays fresh. The big advantage is no need to thaw—you can take and use it immediately. We achieved this with three high-precision temperature sensors, 34 vents, a polymer outer layer, and nano blue light UV sterilization. This refrigerator also has a fully automated ice-making function. This is Xiaomi's top-tier fridge; similar products from competitors usually cost over 10,000 RMB. We're pricing it at 6,399 RMB. The last appliance is a three-drum washing machine. Recently, washing machines have been getting extra drums—from single to double to triple. The large drum is 10 kg for family daily use, with two small drums—one for underwear, one for socks—very convenient. The biggest advantage is that it's still standard-sized, so cabinets don't need modification—just replace. Some competitors' double or triple drums are huge, which is inconvenient for users. Fitting three drums into the same size requires some technical skill. All three drums have independent water paths, with separate suspension systems, so they won't collide even when running together. It features Xiaomi's latest super electrolysis washing technology, which generates active oxygen molecules in water through electrolysis, integrating into fabric fibers to remove stains and kill bacteria. We use a diamond-coated motor for fast, powerful electrolysis, increasing active oxygen concentration 15-fold. This makes washing very clean, removing 20 types of special stains and whitening yellowed clothes in one wash. Mixing light and dark clothes doesn't cause color bleeding. It's also SG-certified for healthy washing, with natural sterilization and no residue, with four authoritative certifications. The three-drum wash is priced at 3,999 RMB, and the version with dual small drums and drying is 4,399 RMB. We also have two new tech-home products: a router—Xiaomi's highest-end model, and the best-looking one. It offers wireless and wired speeds up to 10 Gbps, meeting the demands of multiple devices and large file transfers. It has undergone 187 internal tests for enhanced stability, such as 48 hours of high-temperature and humidity tests and 24/7 high-speed networking with 100 devices. This high-end router can connect to an external SSD, supporting up to 8 TB for home storage. It also serves as a medium-speed Bluetooth gateway, connecting up to 300 IoT devices. The price is 1,699 RMB—a great router for geeks. Finally, the Xiaomi speaker—Xiaomi's highest-end model. It's beautiful, with excellent sound quality. After 15 years, we've put immense effort into this speaker. Its appearance is a typical front-sound design, with an all-metal body, seamless structure, die-cast from aluminum alloy and polished for nine hours. It looks nice. The lines and details are extremely minimal—a classic Bauhaus style that blends well with home environments. We designed three magnetic faceplates: metal for modern style, fabric for simplicity and warmth, and wood for classic versatility. It's an all-metal body with three faceplates. We also designed matching metal stands with hidden cable routing, making it look beautiful in the living room. The stand has a pre-embedded structure to hide power cords. It has high-end acoustic configuration: a three-way speaker system with mid, high, and low drivers. Below are two bass drivers, and in the center are independent coaxial mid and high drivers. The coaxial design ensures smooth mid-high transition. Two large 4-inch 30W bass drivers provide impactful low end, using the common MTM architecture for improved frequency integration and a more immersive sound. It has professional acoustic certification from the China National Institute of Metrology. Its monitoring mode passed authoritative tests, indicating high acoustic quality. It's also recognized by professional music producers, like Teacher A Kun, music director of A Bite of China, who personally loves this speaker: I specially tuned an electronic timbre that sounds delicious on this—very enjoyable. A small surprise: due to the three-way design, it has good mid-high frequency detail, making cymbal sounds rich in detail. The bass is also elastic, exceeding what you'd expect from its size. I'd call this a monitoring-grade art speaker. Have you heard? Teacher A Kun calls it an art monitoring speaker. This speaker represents huge effort. Pairing two speakers wirelessly is easy for stereo sound. We also designed an audio connector, a dongle that you plug into your TV to wirelessly connect multiple speakers, achieving ultra-low latency and lossless quality—no need for messy cables. There's also a smart spatial audio calibration function: on the phone app, it auto-tunes the sound based on the speaker's placement and room characteristics, making the home audio experience excellent. This carefully designed, beautiful, and functional high-end professional speaker is priced at 1,999 RMB. I highly recommend you try it, especially with the copper metal stand and three magnetic faceplates, plus the audio connector. We've invested a lot. In making this speaker, we've made many Bluetooth speakers before, but this time we went all out to redo the portable Bluetooth speaker. This portable one is also very nice and sounds great. It has an all-metal body, very refined, fits perfectly in the hand, with exquisite details. Available in six vibrant colors, including emerald green and titanium. Three-unit acoustic configuration for great sound, supporting multiple sound modes. This mini speaker has a very practical feature: when you hear a song you like on QQ Music or NetEase Cloud Music, you press a button to save it to the speaker—up to 700 songs—so you can listen without your phone later. That's super convenient. It has a 10-hour battery life, IP66 dust and water resistance, and NFC for one-tap connection. This very refined portable Bluetooth speaker is priced at 299 RMB. Check it out at Xiaomi stores. It's arguably the best Bluetooth speaker Xiaomi has made in 15 years. Please give our engineers a round of applause. They've been through a lot. Our launch event has been going on for 2 hours and 13 minutes. I promised to finish in 2.5 hours. Now, the most critical part: Xiaomi car. The YU7 has been on the market for three months. Let me briefly recap: within 18 hours of launch, orders exceeded 240,000 units, a record. Since delivery began on July 6, we've delivered over 40,000 units in 2 months and 19 days. I know there's still a huge gap from expectations—we'll keep working hard. The YU7 has received unprecedented attention from both media and users. Every part has been scrutinized under a magnifying glass. I'm proud to say it has held up. There's a lot of info online; let me go through some key concerns quickly. First, range: everyone cares about real-world range. Three major media outlets did live tests: e Vehicle tested the standard version at 784 km, Car Home also 784 km, and Dongchedi did a highway test at 652 km. That's impressive for a 250,000 RMB mid-size pure electric SUV. On a 1,300 km highway trip, you might only need to charge once. About space: there've been some negative press claiming the YU7 is cramped. In reality, it fully meets most families' needs. According to owner data, family users account for 69%, with 85% having children—nothing more convincing than that. Kids especially love it because the rear seats are big and comfortable, can be adjusted electrically, and with the rear tablet can watch cartoons or chat with Xiao Ai. The whole car is well-shaded: the glass roof has two layers, the windshield has three layers of silver coating, and all four-door glass has UV protection. The Max version comes with an intelligent sunroof. I've seen many videos where even tint shop owners advise that the YU7 doesn't need tinting—that's how effective it is. Assisted driving: 1,000 units are definitely end-to-end. The upgraded system has improved significantly and received good feedback. The YU7 doesn't differentiate hardware—all versions include the latest Thor chip with 700 TOPS, lidar, and end-to-end assisted driving—rare in the industry. I'd like to highlight the smart cabin. September's OTA update added many features with positive owner reviews. Three key points: immersive in-car karaoke without a microphone—you can sing with friends, with full-screen lyrics and five-screen syncing. Highly recommend trying it during a test drive. Also, the new in-car camera lets you take photos or record using the vehicle's cameras. You can capture scenery without pulling out your phone, or catch interesting moments hands-free. Another practical feature: when out in a group, you can activate the external camera to take group photos—no need to ask for help. Then there's Super Task: a single command can trigger multiple complex operations. The system offers over 200 ready-to-use scenarios, very convenient. So, that addresses some major concerns about the YU7. Finally, I want to emphasize

Expect isn't an ordinary commuter car. It's a luxury, high-performance SUV. Its performance is extremely powerful, and its driving dynamics are outstanding. Simply put, it's a very enjoyable SUV to drive. A while ago, we took the Max model to the Zhejiang Circuit. Using the factory PSEV tires, not racing semi-slicks, we got a very impressive result. Let's take a look.

1 minute 43.384 seconds. This result placed it 5th overall among SUVs. Many people might not know what 5th place means. It means it's the fastest SUV under 1 million RMB.

Take a good look.

As you know, our goals for Expect are very ambitious — we want to take on the Nürburgring. As a sports SUV, we will continue to refine our chassis and handling technology on the Nürburgring to make Expect the best-handling SUV. In fact, we are already testing Expect on the Nürburgring track. Let's all look forward to even better performance from Expect.

Let's admire Expect again. It's a classic luxury car with a long hood and sporty proportions. It's very stylish. Car owners have shared many beautiful photos online. For instance, the Luxurious Gold is very popular with many female owners. Another luxurious, high-end color, Dazzling Purple, is also very well-received. Expect is designed for people with high审美, those who cannot tolerate mediocrity. Over the past few years, we have been thinking about how to make Expect more beautiful, unique, and distinctive. Today, we are launching a special service: our customization service.

Many of you might not know about our customization service. Let me explain slowly. When Expect first launched, it had 9 colors. For the first batch of our customization service, we are launching 5 brand-new colors. And every single color in the customization service is stunning, using various expensive paints and advanced techniques. Let me walk you through these 5 colors one by one — they are all gorgeous.

The first color is Amethyst Purple, a very noble shade of purple. Isn't it beautiful? It's a dazzling, top-tier purple. Its design inspiration comes from Uruguayan amethyst. This paint is completely different from regular car paint. It's as glossy and bright as a mirror, with almost no orange peel effect, and it's as clear as crystal, creating a sense of three-dimensional, flowing light and shadow. It's truly beautiful. How is it achieved? It's made using a double-layer clear coat and precision polishing process. First, a layer of clear coat is sprayed, then meticulously hand-polished before the second layer is applied. After two rounds of hand polishing, it is polished twice by hand with lamb's wool. The entire process takes 50 hours. The resulting paint film is much thicker than ordinary paint, which perfectly restores the crystal's three-dimensionality and layering. Without modesty, this process rivals the craftsmanship of top luxury cars like Rolls-Royce and Bentley. So, take a look. Isn't it beautiful?

The second color is also explosive. Speed Red is a very confident, true red, symbolizing speed and passion. This color is often seen on sports cars. Its primer is a pure red with rich layers, and more importantly, it's sprayed with a layer of red clear coat. This clear coat uses nano-level pigment paste, increasing its saturation by 20% to make it more vivid and dazzling. Take a look again. Isn't it handsome?

The third color is called Twilight Rose. As its name suggests, it's like a rose blooming at dusk — elegant and refined. This paint is very rare. In the highlights, it's a warm, passionate magenta, and in the shadows, it's a cool, deep purple-red. I highly recommend you take a closer look at it.

Next, we have Matte Luxurious Gold. Based on the Luxurious Gold, we've sprayed another layer of matte clear coat. Many friends don't know what matte clear coat is. This is only available on luxury cars and is very expensive. It provides a unique, high-end, frosted texture. This matte coat reduces the interference of light and shadow, making every line and curve of the body clear and sharp, just like a piece of sculpture. So, this matte coat is also incredibly expensive.

There's another color: Sprout Yellow. It's a very distinctive, high-saturation sports car color. It's very popular with young people. Young people like me like it especially. This would be my first choice. It's my first choice. Only I can pull it off, an average person couldn't. It symbolizes new life, hope, and vitality, just like a newly sprouted bud in spring. It's not easy to pull off this color; it takes a bit of courage. So, these 5 colors have very distinct personalities, carefully designed for every unique individual. Truly unique colors. To make every Expect car more personalized, allowing everyone to have their favorite color, we have launched the Hundred Colors Plan. We've partnered with BASF and PPG, two of the world's top automotive paint suppliers. Over the next three years, we will design 100 different paints. So, it will be a wide array of options, and everyone will find something they like. Every single car will become unique.

We also have two customized interiors. The first one is Gentian Blue, a black and blue two-tone. This interior uses Alcantara-wrapped seats. The most special part is the blue Alcantara. I wonder if you've seen it before. It has a velvet-like texture that showcases luxury. It looks really opulent. It also features genuine wood trim, made from selected European ash with unique山水 patterns — every piece is one of a kind. There are also various other details like custom stitching, custom welcome lights, interior-matching seatbelts, and luxury-level craftsmanship in many details, such as embroidered logos, seat embroidery, and exclusive nameplates on the door panels.

There is also another interior called Aurora Black and Fluorescent Yellow. It's more distinctive, very sporty, and incredibly beautiful. There are also many more personalization options. For example, take this 20-inch or 21-inch five-spoke double-layer forged wheel. This forged wheel is very beautiful, milled by over 20 cutters, taking 11 hours. The entire wheel manufacturing process takes 40 hours. It's extremely refined. It's a double-layer five-spoke wheel, and we've meticulously designed four colors for it. Our brake calipers also come in three colors. For the car badge, we offer four options. Besides the popular 24K gold carbon fiber badge, there is also a black matte badge. More importantly, we've added two 24K gold ceramic badges. This white ceramic one is especially stunning, pairing perfectly with the Oxford Pink.

The entire customization program is vast. I won't go into every detail to save time. We have built a dedicated Xiaomi Customization Service Center right in the Xiaomi Auto Beijing Factory Store. You can come and experience our custom service for yourself. For all the customization items, from a single thread to a piece of leather, you can see and touch them in person. Our leather craftsmen will even be on-site handcrafting your custom seats. We've also prepared a hands-on area for car owners, fully equipped with tools, where you can create your own unique leather goods. This is the Xiaomi Custom Service we are launching today.

When I mentioned the custom service, many people didn't know much about it. That's because custom services in the past were only offered by luxury car brands like Rolls-Royce and Porsche, and were incredibly expensive. How expensive? Let's take a Porsche paint color. A Porsche paint can cost 129,200 RMB. Custom services are very costly. They must be very profitable, right? They can be. However, only a few luxury brands globally can do it or even afford to do it. Everyone else loses money. Why? Because the service is extremely complex, with high costs. You need a dedicated design team, many scarce and expensive materials, and many processes require experienced technicians to handcraft on specialized production lines. The costs are high, capacity is limited, and management is very complex. So, this service is very difficult to pull off.

I remember three years ago we started preparing. We set up a dedicated project team and worked for two years. In July last year, we canceled it at the last minute. A year later, when we announced it this time, there was still a lot of opposition. Many colleagues felt this service would definitely lose money and be a thankless task, suggesting we drop it. So we had another big disagreement. We held many meetings. But I firmly believe that beauty is very important. I believe that all the effort we put into beauty will be seen by our users. When users think our games look good, they might not know the dozens of things we did behind the scenes. So I firmly believe all this is worth it. I also hope to let more people enjoy the experience of top-tier luxury cars. I believe technology equality and experience equality are the goals Xiaomi pursues. Anyway, I finally managed to convince everyone in the end.

Actually, I'm pretty embarrassed about it. I know everyone was actually opposed. They just gave me, the boss, some face. They also gave the team some face, since the team had already worked for three years. If we hadn't launched it, I think countless people would be crying right now. So, if you love unique designs, please support us no matter what. We need to work together to make this extremely expensive and complex service work on cars costing three to five hundred thousand, or five to six hundred thousand RMB. I hope everyone can support Xiaomi's Experience Equality Plan. This service can only handle a maximum of 40 cars per month. We will start with the Expect Max and the SU7 Ultra. The SU7 Ultra can also be customized. Please take a good look. The cost of this service is high, so the pricing isn't cheap. But it's way cheaper than Porsche. I believe that once you've experienced it, you will feel from the bottom of your heart that these services are well worth the price.

Our designers have carefully put together two themes for you. One is called the Amethyst theme, already coordinated for you. The other is the Sprout Yellow theme, also coordinated. How do you buy this very unique service? Don't rush. You can take your time. You can make an appointment through the app. There's a basic threshold because the quantity is very small, so you don't need to compete. You need to have a customization and parts selection amount exceeding 100,000 RMB and pay an 80,000 RMB deposit. This deposit has a 90-day cooling-off period. After we receive the order, our professional consultant will contact you to help you finalize each item offline, completing the order locking process, and then confirm the delivery timeline for your car. Did everyone understand? So, no need to rush. You can also open the Xiaomi Auto app right now and experience the unique customization service of the Expect.

Ah, someone just mentioned the SU7. We also support the SU7 Ultra for customization. This is everything we released today. Over the past five years, we have undergone a complete transformation. Today, a brand new Xiaomi is firmly standing at the forefront of our era. Finally, I want to say a few things: Change itself is hope. We can retrace our steps, dreams can be redone, the future can be rewritten. Change is also a belief: daring to break through, being optimistic, always believing in a better tomorrow. May everyone undergoing change not be blocked by wind and rain, and eventually welcome their own brilliant future.

Thank you everyone. Our press conference is wrapping up. After this, I hope friends in the live stream will stay. I've asked Lu Weibing to do a live unboxing of the Xiaomi 17. Thank you all. Thank you, friends here.