Xiaomi has yet to find the right path for its high-end mobile phones.

After watching Lei Jun's speech, I had a feeling: the trend has really changed. In the past, there were only fans, but now even haters are starting to surface.

Of course, not all those who criticize are haters. Many just do it for fun. But then again, a lean camel is still bigger than a horse. Even if Xiaomi gets bashed badly, it can still achieve impressive daily sales.

So I thought it'd be more meaningful to go to a store myself to check out the Xiaomi 17 Pro Max and see what it's really like.

1

How was the experience? I went to the Chaoyang Joy City store. There were quite a lot of people and the atmosphere was lively.

When I picked up the Xiaomi 17 Pro Max, my first impression was: its appearance and texture are indeed very close to those of the iPhone 16 Pro Max.

The aluminum alloy frame and the visual experience of the screen are both decent. But when you hold it in your hand, there's still a difference in weight and feel. I can't quite put my finger on whether it's the center of gravity or the details, but it still has that familiar Xiaomi vibe: almost there, but still a bit off.

I also noticed a detail: many passers-by would pick up an iPhone to compare, give it a little weigh in their hands, and then shake their heads and leave. This shows that while the appearance comparison is okay, Xiaomi hasn't reached the level where people can blindly trust its "premium feel."

My friend Lao Su once said: Apple's art of balance.

With each generation of iPhone, either the exterior is strong while the interior is a bit lacking, or vice versa. But overall, it can always guarantee a baseline of "five years of smooth performance." More importantly, it's very restrained: no folding screens, no split screens. It doesn't touch those fancy features that most people won't use. The result is simple: once you buy an Apple product, you can rest easy.

Xiaomi's problem lies in its philosophy. There's nothing wrong with its UI and icons individually, but when compared with Apple, it just lacks that certain charm.

Apple's design is about "restraint": unified logic, less is more. All functions revolve around one goal and are very user-friendly. Xiaomi is more like "copycatism": it crams in all the functions and fancy animations that others have. The result is complexity and fragmentation, lacking in refinement.

So, even with top-notch specifications, it still lacks that "soul."

The Leica lens on Xiaomi does take good photos. But when it comes to professional workflows, you'll still end up relying on the Apple ecosystem. HyperOS also has many functions, but the old impression of ads and bugs hasn't completely faded. High-end users can't help but wonder: Can this phone last four or five years?

Some say the iPhone is the same, practicing "copycatism" with most of its supply chain outsourced. But the difference is that Apple can integrate what it "borrows" into a seamless experience, while Xiaomi has yet to achieve this.

At the store, I casually asked a clerk: What's the use of the rear screen?

The clerk answered very enthusiastically, saying things like "you can raise virtual pets," "you can have more wallpapers," and "it's more convenient for selfies." It was clearly a rehearsed answer. The problem is, buddy, you didn't hit the point.

Will high-end users really spend over 5,000 yuan on a phone just because they can raise a virtual pet? Probably not.

2

In recent years, I've increasingly felt that the world is too complex and the information is too noisy. Ordinary people can't remember many details about a company. No matter how amazing your product launch is, people will forget about it in a few days. So what should be done?

You need to figure out: What exactly do you want people to remember about you?

Apple is one of the few companies that can sit at the top table, alongside Nike, Disney, and Coca - Cola. Don't think it's always been this great. Apple also had periods when it was marginalized and ignored.

Later, it realized that constantly comparing "screen refresh rates" or "how much better it is than Windows" was useless. These things can only hold up for a year or two, not in the long run. So, it changed its strategy: to make people remember you, you need to create a sense of "absence."

What does that mean? Let me give you an example.

The milk industry used to have the slogan "Drinking milk is good for your health." Would you drink it? Maybe you'd be convinced at first, but you'd get tired of it over time.

But when the slogan changed to "Have you had your milk?" it was completely different. It reminds you that something seems missing from your life. In psychology, it's called the "gap effect": leave a hole in the narrative, and people will can't help but fill it in themselves.

That's what Steve Jobs thought back then.

He and his team asked three questions: "Who is Apple? What does it stand for? What's its position in the world?" Finally, they found the answer: values. Apple believes that passionate people can really change the world and make it a better place.

That's how the "Think different" ad came about. Many people have heard that speech: those crazy, non - conformist people, like square pegs in round holes, who hate rules and are not satisfied with the status quo.

You can like them or hate them, but you can't ignore them because they drive the world forward. Only those crazy enough to believe they can change the world can really do it.

Tell me, is there a single word in it about product specifications? No, it's all about the soul. Apple used this to tie itself to "being different" and "being creative," and this has continued to this day.

Nike has the same approach.

It never talks about how thick the air cushions in its shoes are. It only does one thing: pay tribute to athletes and the sports spirit. And what's the result? Whenever you think of Nike, you think of a certain drive.

Domestically, Fat Donglai is a good example.

While other supermarkets offer discounts, it simply says "no discounts." It seems like retail suicide to anyone, but it has become its trademark. Why? Because the value it conveys is: I sell quality and respect. You don't have to calculate or worry about being cheated.

For example, when selling medicine, it sells by the pill. When you have a cold, you don't have to buy a whole box and throw half of it away. It'll just give you enough pills. That's "truly thinking about the customers."

Putting these examples together, the answer is clear: Great brands are built on values and soul.

Lei Jun has been diligently imitating Apple and Tesla, but he's only learned the superficial aspects. The Xiaomi fandom still revolves around Lei Jun, not Xiaomi's product philosophy. Apple's brand identity lies in "Think different," which is on a completely different level.

So, even if Xiaomi maxes out the specifications, it still lacks "soul" because Lei Jun has put his personal charm on himself instead of injecting it into the products. The next - generation Xiaomi products must have soul to truly move up.

3

Besides the issue of soul, if Xiaomi really wants to break into the high - end market, it needs to understand what "productive users" are.

Many people automatically think of "tech enthusiasts," "spec - obsessed people," and "those who love to tinker" when they think of high - end. But the ones who really pay the money and support the high - end image are a different group: people who rely on devices for their livelihood.

Music producers, video creators, photographers, designers, as well as lawyers, consultants, and business people.

When they buy devices, they not only want to play but also to work. What they care most about is: Can this thing help me finish my work faster, more stably, and more conveniently? Finishing work means making money, and making money means value.

Entertainment features and rear - screen pets, which are just add - ons for self - expression, are not important to them at all.

So, the characteristics of this group are very obvious:

Firstly, they have a very strong willingness to pay. As long as it can improve efficiency and reduce downtime, they're willing to spend money. Secondly, they have very high loyalty. Once they get used to an ecosystem, it's very hard for them to switch. If you're used to the combination of iPhone + Mac + AirDrop, who would want to go through the hassle of changing phones, software, and workflows?

Thirdly, they naturally bring a "professional" and "reliable" image to the brand.

If a brand is widely used by lawyers, directors, and musicians, even if ordinary people don't use those professional functions, they'll subconsciously think "this brand is premium."

Let me give you an example:

When Eason Chan holds a concert, he uses Apple's Mac for music production backstage. You can often see Logic Pro running on the screen. He really uses it for work.

Another example is the Spring Festival Gala. In one year, after the show, when everyone took a group photo, with a quick glance, all the hosts and actors were holding iPhones.

Do they lack phones? No. They get a lot of domestic phones for free, but they still choose Apple in the end. Why? Simple. In their eyes, Apple is a standardized productivity tool that can guarantee stability and reliability, and it's a partner they can rely on at work.

That's why Apple can firmly hold the high - end market. It's selling a whole set of productivity tools.

Mac + iPhone + iPad + AirDrop work seamlessly together. Final Cut and Logic Pro have become industry standards. Coupled with a stable system and long - term updates, you can use a device for five or six years with peace of mind.

So, for many creators, Apple devices are not luxury items but a means of livelihood. Spending over ten thousand yuan on a computer to get more jobs is definitely worth it. Apple's high - end premium is supported by this group of people.

Now look at Xiaomi. It keeps saying it wants to break into the high - end market, but where does it focus? On all sorts of flashy things like the rear screen and game modes, which can attract attention but don't target the real core users.

Think about it from another angle: Why do most of Xiaomi's video and photo project files end up being processed in the Apple ecosystem?

Although Xiaomi has caught up with the iPhone in terms of design and specifications, in the minds of productive users, it hasn't really established a connection with the keywords "reliable," "professional," and "livelihood - supporting."

So, I believe that when Xiaomi shouts about breaking into the high - end market, it hasn't found the right entry point. What really determines whether a brand can be recognized as high - end is whether the device can become a reliable tool for those who depend on it for their livelihood.

4

The night after Lei Jun's speech, I checked Xiaomi's stock price the next day. It had lost over HK$80 billion in value.

This is quite surreal: the offline stores are packed with people, and the daily sales are impressive, but the capital market gives it a cold shoulder. Why? The market looks at the future. Just because your phone can be a hit for a day doesn't mean you can make money for the next decade. So what exactly is the capital market worried about?

I think there are two reasons. Firstly, the small ecosystem is not a closed loop.

Xiaomi's "Mi Home" products include phones, TVs, smart bands, air purifiers, and more. But when it comes to creating a complete workflow with them, you'll always feel unsure.

Let's take a scenario:

You take a video with your Xiaomi phone, want to transfer it directly to your tablet for editing, then project it onto the TV for preview, and finally send it to your client with one click. With Apple, you can do this seamlessly with AirDrop and iCloud. With Xiaomi, you'll have to struggle for a long time and may still end up using a Mac to finish the job.

The Mi Home ecosystem often only achieves "connectivity" but fails to deliver high - efficiency usage.

Secondly, the large - scale ecosystem hasn't been fully developed.

Xiaomi tries to do everything on its own. As a result, once the companies in its ecosystem grow big, they'll find themselves competing with Xiaomi. This is the case with air purifiers and smart bands.

From the perspective of the capital market, this means unstable partnerships. Everyone is worried about being "taken over" one day. So, who would want to make long - term investments?

Let's look at how top - tier companies operate.

When Tencent launched its open platform, it shared advertising and game revenues, allowing countless companies to thrive on it. Apple's App Store is even more obvious; everyone in the supply chain, developers, and creators can benefit.

The logic of top - tier companies is: I set up a table, and everyone can sit down. Xiaomi's logic is more like: I open a canteen, and everyone comes to work for me.

So, the capital market's cold attitude is not because of sales but because the ecosystem puzzle hasn't been completed.

For Lei Jun's speech next year, instead of listing a bunch of specifications, he should talk about closed loops. For example: I take a project video with my Xiaomi Leica phone, transfer it directly to my Xiaomi computer, edit it smoothly without any lag or overheating, and then post it on Douyin right away. That's a complete productivity closed loop.

When users can experience this "small closed loop," they'll start to believe that you can build a "large - scale ecosystem." The same principle applies to cars.

The question finally boils down to this:

Can Xiaomi turn its "self - serving canteen" into a "table where everyone can sit"? I'll keep watching, as the market is also watching. Maybe, Lei Jun's speech in 2025 will truly be a turning point for Xiaomi.

This article is from the WeChat official account “Wang Zhiyuan” (ID: Z201440), written by Wang Zhiyuan and published by 36Kr with authorization.