小米：硬件净利率不超过5%，是一句承诺，还是这门生意的设计？｜EP35

from 投研随身听 · host 慢研播客

2018年上市之前，小米董事会承诺每年硬件业务综合净利率不超过5%，但小米从未碰到过这个上限。完整的商业模型还有后半句：通过互联网和服务再挣5%。本期拆解小米如何用微利硬件换取装机量，再靠自研系统中的广告位变现；也解释存储涨价后选择保价不保量，为什么是对自身模式的一次被迫背离，以及汽车全部由集团自有资金承担带来的收益与代价。信息截止：2026-08-24。本节目不构成投资建议。

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小米：硬件净利率不超过5%，是一句承诺，还是这门生意的设计？｜EP35

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