The various issues of Xiaomi reflected in the article 'Inside Xiaomi'—whether it's average employee treatment, lack of capable generals in the ranks, or failure in high-end branding—have all been talked to death by various media outlets. I believe Lei Jun himself is also very aware of these points.

The reason these problems arise is that the public's understanding of Xiaomi generally still stays at the perspective of a commercial company. But in fact, the values that Lei Jun himself advocates have always hoped to shape Xiaomi into a 'socialist enterprise.' This is evident from his admiration for Costco. However, there are indeed considerable differences between the retail industry and the technology industry, so execution is more difficult.

The common understanding of the tech industry is: a company forms technological barriers through patents and brands to obtain excess profits, then uses high salaries to recruit talent and high R&D investment to feed back into technological iteration, thus building a moat of patents and brands. From a capitalist perspective, this is perfectly fine. But from a socialist perspective, what I want to achieve is technology accessible to all, not pure shareholder interests. For example, on the eve of Xiaomi's IPO, the Xiaomi board passed a resolution: the comprehensive net profit margin of Xiaomi hardware will never exceed 5%. Such a decision, if it hopes to bring high R&D investment to maintain technological leadership, inevitably requires employees to have a spirit of dedication, which coincides with the call of the revolutionary era.

Moreover, I have always believed that Lei Jun, among all Chinese entrepreneurs, is the one who applies Chairman Mao's ideological strategy to the extreme. For example, the meaning of the Xiaomi brand name comes from the phrase 'millet plus rifles' during the Anti-Japanese War; the origin of the Mi fan community culture is the 'mass line'; and the initial pricing of 1999 RMB for the phone also carries a hint of overthrowing the 'three mountains' and completing the 'land reform.' It is precisely with these several strokes that Xiaomi quickly captured the market and won the hearts of the people during its growth period.

But as it entered the mature development stage, the low profit margin brought by this model, running over a long period, actually goes against human nature. So we see that Xiaomi's core founding team has all left, various executives have been changed one after another, the highly trusted Zhou Shouzi also jumped to TikTok, and employees are generally dissatisfied with their salaries. Watching his comrades collectively heading to 'Pudong' (i.e., pursuing wealth and success in Shanghai's financial district), Lei Jun's own heart may be mixed with various emotions, feeling extremely lonely. Therefore, comparing him to Xiang Yu might not be appropriate; it is more fitting to compare him to Chairman Mao.

Overall, Xiaomi's car-making is actually Xiaomi's second 'Long March,' undertaking the important mission of upgrading Xiaomi's brand to high-end, raising the overall profit margin of the business, and achieving 'reform and opening up.' Its milestone significance is no less than the 'Zunyi Conference' in 2016 when Lei Jun was forced to adjust the founding team after Xiaomi's smartphone shipments declined. So far, although there have been some twists and turns and tests, including various external pressures, overall it appears to be a victorious start, achieving a phased victory.

Chairman Mao once said: 'The future of the revolution is bright, the road of revolution is tortuous.' This actually corresponds to the various challenges Xiaomi encounters on its path forward. But to achieve a great cause, how can it be all smooth sailing? No matter how the times change, from individuals to enterprises and even society, there should be their own steadfastness. Staying simple and unassuming is the way to 'press forward with indomitable spirit.'