Lei Jun’s speech is here again! New goal： to reach the top of the world in three years; recall the original： to be trained by investors as a primary school student

In the just-concluded Lei Jun annual speech, Lei Jun will tell everyone about his entrepreneurial journey, the 10 most difficult choices, and the most frustrating day in the past decade.

When it comes to Xiaomi’s listing, Lei Jun told a few short stories.

The first is pricing and breaking. In his speech, Lei Jun recalled the situation of Xiaomi’s listing breaking. In early 2018, after repeated discussions, Xiaomi finally confirmed its listing in Hong Kong. At that time, the investment bank gave a valuation of 17 Hong Kong dollars to 22 Hong Kong dollars per share.

Lei Jun said, "Almost all entrepreneurs will choose to be more expensive without hesitation.We did not hesitate to choose the lowest price because we want Xiaomi’s stock to be as well-priced as our productsOur wishes are so beautiful and simple, but the reality has disappointed us a bit. "

Xiaomi Group share price

"On July 9, 2018, the much-anticipated Xiaomi IPO came, with more than 600 people in attendance. This was the first company in Hong Kong with the same shares and different rights, so everyone was very excited at that time, hoping that the stock price would skyrocket as soon as it opened. In such an atmosphere, the market opened, and the result broke," Lei Jun said.

Lei Jun said that he and Xiaomi co-founder Lin Bin hid in the utility room of the Hong Kong Stock Exchange at the time. At the thank you banquet, Lei Jun said: "I’m sorry everyone, but we will work hard to make IPO investors at least double their profits."

On September 2, 2019, when Xiaomi Group’s Hong Kong stock price fell to HK $8.28,Compared with the IPO price, it has been halved. At that time, almost everyone was about to collapse, and some even thought it would fall to HK $4.…

"During that time, I was particularly reluctant to meet investors. One investor insisted on meeting me. As soon as he sat down, he only exchanged pleasantries for a few rounds, and he said rudely, how did you make me lose so much money? I really don’t know how you did it.From Xiaomi’s strategy, to Xiaomi’s products, to Xiaomi’s management, he trained me as a primary school student for more than an hour.My shirt was wet at the time. After the meeting, I sat alone in the conference room for a long time. At that moment, I was very desperate. "

After bottoming out, Xiaomi’s share price began a year and a half-long rally, hitting 35.9 Hong Kong dollars at the beginning of this year, which is double the issue price.

Lei Jun said, "After the share price of Xiaomi doubled compared to the IPO price, I had no pressure. I uninstalled the stock trading software such as Futu, Tiger Finance, Flush, Great Wisdom, Snowball, and Optional Stocks, and never watched it again".

"From tomorrow onwards, be a happy person, feed horses, chop firewood, and travel the world." Lei Jun said, this is how he felt at the time.

Lei Jun Releases Xiaomi Mi Mix 4Xiaomi wants to become the first in the world in three years

This evening, Lei Jun also released the latest work to explore the field of black technology – Xiaomi MIX4.

Under the trend of more and more homogeneity in the performance and appearance of smartphones, differentiation has become a breakthrough point that mobile phone manufacturers are competing for. After taking advantage of the ultimate cost performance and MIUI to capture the city, Xiaomi knows that whether it is to enhance the brand, attack the high-end market, or remain competitive in the fierce mobile phone market, it needs to come up with "black technology" that can better impress consumers.

In 2016, Xiaomi launched the first full-screen concept phone, Xiaomi MIX, officially launching the journey to explore black technology.

Many people call Sharp’s AQUOS phone the pioneer of the full screen. Indeed, in terms of form, Xiaomi MIX is similar to it. If Sharp’s AQUOS phone is the pioneer of the three-sided borderless, then Xiaomi MIX should be regarded as the leader of the "full screen". Whether it is a full screen or not, the screen ratio is the most intuitive indicator. The screen ratio of Xiaomi MIX reached 93.1%, and the screen ratio of the general mobile phone was only about 70% at that time.

In order to achieve the effect of full screen, Xiaomi MIX cancelled the traditional earpiece and replaced it with a cantilever beam piezoelectric ceramic acoustic system. The front-facing camera was reduced by 50% and moved under the phone, and the fingerprint was unlocked on the back. From the front, the impact of the whole screen of Xiaomi MIX really made people have infinite reverie about the "full screen" at that time.

Due to its pioneering full-screen design, the Mi MIX was permanently collected by the Finnish National Design Museum, becoming the first Chinese product in the museum’s collection and the first modern smartphone.

In terms of appearance, Xiaomi MIX2 inherits the design of the MIX 1. In order to increase the grip, it persuaded Google to use an 18:9 screen ratio. At the same time, the ceramic back cover on the MIX 1 was upgraded to a Unibody integrated ceramic body, optimizing the look and feel of the full screen.

MIX 3 is another attempt by Xiaomi to explore the full screen, combining magnetic power with the slide structure, and the magnetic power slide rail design has also made Xiaomi MIX 3 jokingly called "decompression artifact" by netizens.

The Xiaomi MIX Alpha completely broke through the boundaries of the full screen, and the surround screen design made the entire body wrapped by the screen lock, with a screen ratio of 180.6%. However, the difficulty of mass production of this phone is too great, and it is still only in the concept stage.

The release of Xiaomi MIX 4 this time still represents Xiaomi’s exploration on the road to full screen.

In order to make the front screen more complete, Xiaomi MIX4 uses a CUP full screen, which hides the front-facing camera under the screen, which is commonly known as the under-screen camera technology. The technical difficulty of the under-screen camera is how to improve the light transmittance of the screen to ensure that the camera is not disturbed by the screen when working. Xiaomi MIX4’s approach is to use micro-drill arrangement and transparent leads, and redesign the circuit layout so that light can pass through the pixels.

The whole screen is a 6.67-inch AMOLED micro-curved flexible screen, technical indicators, 10bit primary color screen, TureTone display, Dolby Vision, equipped with Hamanka audio, to ensure a comprehensive experience of vision and hearing.

At the press conference, Xiaomi also released the Xiaomi tablet series that has not been updated for a long time – Xiaomi iPad 5, Xiaomi Sound high fidelity audio, Xiaomi TV Master 77 ?? OLED, Xiaomi TV 6 OLED version, CyberDog bionic quadruped robot and other new products.

Seven years ago, at the World Internet Conference in Wuzhen, the high-spirited Lei Jun publicly expressed Xiaomi’s dream: "In five to ten years, Xiaomi will be the first in the world." Bruce Sewell, senior vice-president of Apple, who was present, said: "It’s easy to say, it’s much more difficult to do." The audience laughed.

The host at that time immediately asked Lei Jun what he planned to do, and Lei Jun replied with a sentence from Ma Yun: What if it is realized?

Seven years later, according to the data of the world’s four major data institutions, Xiaomi’s mobile phone sales in Q2 2021 increased by 83% year-on-year, with a market share of 17%, surpassing Apple to become the second largest in the world and becoming the first Chinese brand to reach the top of the European market.

17% market share, to take a more intuitive example, in the second quarter, every six smartphones sold globally, one was Xiaomi. The growth in performance has also made Xiaomi on the Fortune Global 500 list for three consecutive years, ranking 338 in 2021, up 84 places.

In today’s speech, Lei Jun also announced Xiaomi’s next goal:In three years, he won the first place in the world.

If you do a simple calculation, you will find that if "the world’s first in three years" really becomes a reality, then Lei Jun’s "five to ten years, Xiaomi will be the world’s first" statement will really come true. Maybe just as Lei Jun said seven years ago that Xiaomi would be the world’s first, the audience and the guests on the stage laughed, and today some people will still laugh at Lei Jun’s "three years of world first". The difference is that now more people may start to believe that this may really become a reality.

To this day, there are still many people who think that Xiaomi mobile phones are not so good and not worth spending so much money, but the fact is that more and more people choose Xiaomi. Xiaomi’s success may be seen in the final part of today’s press conference.

Ten years ago, Xiaomi Mobile Phone 1 went on sale, priced at 1999 yuan, and sold 184,600 units, totaling 370 million yuan. This is Xiaomi’s first income. It is with this income that today’s Xiaomi has become. To thank the first batch of Xiaomi mobile phone users, Xiaomi gave them a red envelope of 1999 yuan each to thank them for their help to Xiaomi.

Do you think Xiaomi’s mobile phone can surpass Apple and Samsung to become the number one in the world?