Xiaomi, once the world’s most highly valued technology start-up, has conceded that it grew too rapidly and has pledged to rein in its pace — even as it targets Rmb100bn ($14.5bn) in revenues this year.

曾經是全球估值最高科技初創企業的小米(Xiaomi)如今承認它發展得過快了，并承諾放慢步伐，即便它今年的收入目標仍然是1000億元人民幣（合145億美元）。

Lei Jun, chief executive, on Thursday joined his opposite number at fellow tech upstart LeEco in engaging in a spot of hubris following rollercoaster rides of bold ambition and heady growth. His comments came barely two months after Jia Yueting, who heads up LeEco, released his reflections on his year of “fire and ice” and referred to “big company disease”.

在經歷了過山車式雄心勃勃的高速增長后，小米首席執行官雷軍周四和科技初創企業樂視(LeEco)首席執行官賈躍亭一樣表現得有點狂妄。在他做上述表態兩個月前，賈躍亭發布了對自己過去“冰火兩重天”一年的反思，并談到了“大公司病”。

Xiaomi, which makes products ranging from smartphones to smart rice cookers, typifies the breeds’ almost Icarus-like trajectory. It was valued at $45bn in a late 2024 fundraising, exceeding Uber’s then-$40bn, but then missed its 2024 handset shipment targets as smaller rivals grabbed market share.

生產從智能手機到智能電飯煲等系列產品的小米，代表了這些企業近乎伊卡洛斯式的軌跡（伊卡洛斯為希臘神話人物，因飛得過高，蠟翼被太陽融化而墜海身亡——譯者注）。小米在2024年末一輪融資中估值450億美元，超過了優步(Uber)當時400億美元的估值，但之后，隨著較小規模的競爭對手搶走市場份額，它未能實現2024年的手機出貨目標。

“A few years ago, we rushed too fast, achieving a miracle in the history of modern business growth, but we also overspent a portion of our growth,” Mr Lei wrote in a memo posted on his WeChat account and on Facebook. “We must slow down and earnestly learn from our mistakes. Prevention is better than having to fix things later.”

雷軍在上傳至微信(WeChat)和Facebook的一份備忘錄中寫道：“前幾年我們沖得太快，創造了現代商業史上的成長奇跡，但也提前透支了一部分成長性。所以，我們必須放慢腳步、認真補課，而且早補要比晚補好，文火慢補要比急火猛藥好?！?/p>

Xiaomi started out selling online-only, a strategy quickly copied by its rivals, before moving into physical stores selling a range of its goods. It now has 54 of its Mi Home stores.

小米開始只在線上銷售，這一戰略很快被其競爭對手模仿，后來小米開始設立實體店銷售其一系列產品。它現在有54家“小米之家”店鋪。

The Chinese company is also banking on India, where revenues exceeded $1bn last year and where it doubled sales of smartphones from 3m to about 6.5m. Xiaomi touted the numbers as evidence that it “truly became an international company”.

小米還對印度市場寄予厚望。去年小米在印度的收入超過10億美元，智能手機銷量從300萬部增至大約650萬部。小米宣稱，這些數據表明它“真正成為了一家國際化公司”。

However, analysts are less convinced Xiaomi can regain its ranking on the global smartphone league tables, where it trails fast-climbing local rivals like Shenzhen-based Huawei as well as Oppo and Vivo. Suppliers too suggest that Xiaomi has some way to go, saying the company is less present at buying and other discussions than in previous years.

然而，分析師不太確信小米能否奪回其在全球智能手機排行榜上的排名——它如今的排名落后于總部位于深圳的華為(Huawei)、以及Oppo和Vivo等排名快速攀升的國內競爭對手。供應商也表示，小米還得努力，小米參與采購和其他談判比往年少了。

Mr Lei’s comments echoed a heart-bearing memo in November from Mr Jia declaring that “LeEco’s pace has been too fast” and slashing his own annual salary to Rmb1.

雷軍的話讓人想起去年11月賈躍亭的一封真誠的內部信，賈躍亭在信中稱，“LeEco節奏過快”，并將自己的年薪降至1元人民幣。

Like Mr Lei, he pointed to supply chain problems among other issues. “We were blindfolded, simultaneously burning money in the pursuit of expansion while our globalisation strategy stretched us too thin,” he wrote.

與雷軍一樣，他提到了供應鏈問題以及其他問題。他寫道：“我們蒙眼狂奔、燒錢追求規模擴張同時，全球化戰線一下子拉得過長?！?/p>

“I have spent more than Rmb100bn of my own funds, but directly guiding and financially supporting LeEco individually is not enough?.?.?.?our capital structure is irrational, and the scale of external financing cannot meet the rapid amplification of our financial needs,” Mr Jia added.

賈躍亭補充稱：“一方面樂視汽車前期投入巨大，陸續花掉100多億的自有資金，直接導致我個人對LeEco的資金支持不足……另一方面我們的融資能力不強，方式單一、資本結構不合理，外部融資規模難以滿足快速放大的資金需求?！?/p>

LeEco has moved on from consumer electronics to entertainment and even driverless cars at a rapid clip.

樂視已從消費電子快速轉向娛樂、甚至無人駕駛汽車領域。

In the process, it has triggered questions about its debt levels and graphically illustrated the cost of touting its achievements prematurely: one of its prototype electric cars was involved in a crash during its drive from Los Angeles to a San Francisco press conference in October.

在這個過程中，樂視引發了人們對其債務水平的質疑，并生動地展示了過早宣傳其成就的代價：它的一輛原型電動車去年10月在從洛杉磯運往舊金山參加發布會的途中遭遇事故。

For its part, Xiaomi is still setting its sights high. In addition to identifying big targets it found time to buy into a less-than-core asset: the operator of online astrology and horoscope information platform Constellation Goddess Culture Communications.

就小米而言，該公司定的目標仍然很高。除了制定了大目標以外，它還抽時間投資不那么核心的資產：在線星座和占星信息平臺運營商星座女神文化傳媒(Constellation Goddess Culture Communications)。

Xiaomi, once the world’s most highly valued technology start-up, has conceded that it grew too rapidly and has pledged to rein in its pace — even as it targets Rmb100bn ($14.5bn) in revenues this year.

曾經是全球估值最高科技初創企業的小米(Xiaomi)如今承認它發展得過快了，并承諾放慢步伐，即便它今年的收入目標仍然是1000億元人民幣（合145億美元）。

Lei Jun, chief executive, on Thursday joined his opposite number at fellow tech upstart LeEco in engaging in a spot of hubris following rollercoaster rides of bold ambition and heady growth. His comments came barely two months after Jia Yueting, who heads up LeEco, released his reflections on his year of “fire and ice” and referred to “big company disease”.

在經歷了過山車式雄心勃勃的高速增長后，小米首席執行官雷軍周四和科技初創企業樂視(LeEco)首席執行官賈躍亭一樣表現得有點狂妄。在他做上述表態兩個月前，賈躍亭發布了對自己過去“冰火兩重天”一年的反思，并談到了“大公司病”。

Xiaomi, which makes products ranging from smartphones to smart rice cookers, typifies the breeds’ almost Icarus-like trajectory. It was valued at $45bn in a late 2024 fundraising, exceeding Uber’s then-$40bn, but then missed its 2024 handset shipment targets as smaller rivals grabbed market share.

生產從智能手機到智能電飯煲等系列產品的小米，代表了這些企業近乎伊卡洛斯式的軌跡（伊卡洛斯為希臘神話人物，因飛得過高，蠟翼被太陽融化而墜海身亡——譯者注）。小米在2024年末一輪融資中估值450億美元，超過了優步(Uber)當時400億美元的估值，但之后，隨著較小規模的競爭對手搶走市場份額，它未能實現2024年的手機出貨目標。

“A few years ago, we rushed too fast, achieving a miracle in the history of modern business growth, but we also overspent a portion of our growth,” Mr Lei wrote in a memo posted on his WeChat account and on Facebook. “We must slow down and earnestly learn from our mistakes. Prevention is better than having to fix things later.”

雷軍在上傳至微信(WeChat)和Facebook的一份備忘錄中寫道：“前幾年我們沖得太快，創造了現代商業史上的成長奇跡，但也提前透支了一部分成長性。所以，我們必須放慢腳步、認真補課，而且早補要比晚補好，文火慢補要比急火猛藥好?！?/p>

Xiaomi started out selling online-only, a strategy quickly copied by its rivals, before moving into physical stores selling a range of its goods. It now has 54 of its Mi Home stores.

小米開始只在線上銷售，這一戰略很快被其競爭對手模仿，后來小米開始設立實體店銷售其一系列產品。它現在有54家“小米之家”店鋪。

The Chinese company is also banking on India, where revenues exceeded $1bn last year and where it doubled sales of smartphones from 3m to about 6.5m. Xiaomi touted the numbers as evidence that it “truly became an international company”.

小米還對印度市場寄予厚望。去年小米在印度的收入超過10億美元，智能手機銷量從300萬部增至大約650萬部。小米宣稱，這些數據表明它“真正成為了一家國際化公司”。

However, analysts are less convinced Xiaomi can regain its ranking on the global smartphone league tables, where it trails fast-climbing local rivals like Shenzhen-based Huawei as well as Oppo and Vivo. Suppliers too suggest that Xiaomi has some way to go, saying the company is less present at buying and other discussions than in previous years.

然而，分析師不太確信小米能否奪回其在全球智能手機排行榜上的排名——它如今的排名落后于總部位于深圳的華為(Huawei)、以及Oppo和Vivo等排名快速攀升的國內競爭對手。供應商也表示，小米還得努力，小米參與采購和其他談判比往年少了。

Mr Lei’s comments echoed a heart-bearing memo in November from Mr Jia declaring that “LeEco’s pace has been too fast” and slashing his own annual salary to Rmb1.

雷軍的話讓人想起去年11月賈躍亭的一封真誠的內部信，賈躍亭在信中稱，“LeEco節奏過快”，并將自己的年薪降至1元人民幣。

Like Mr Lei, he pointed to supply chain problems among other issues. “We were blindfolded, simultaneously burning money in the pursuit of expansion while our globalisation strategy stretched us too thin,” he wrote.

與雷軍一樣，他提到了供應鏈問題以及其他問題。他寫道：“我們蒙眼狂奔、燒錢追求規模擴張同時，全球化戰線一下子拉得過長?！?/p>

“I have spent more than Rmb100bn of my own funds, but directly guiding and financially supporting LeEco individually is not enough?.?.?.?our capital structure is irrational, and the scale of external financing cannot meet the rapid amplification of our financial needs,” Mr Jia added.

賈躍亭補充稱：“一方面樂視汽車前期投入巨大，陸續花掉100多億的自有資金，直接導致我個人對LeEco的資金支持不足……另一方面我們的融資能力不強，方式單一、資本結構不合理，外部融資規模難以滿足快速放大的資金需求?！?/p>

LeEco has moved on from consumer electronics to entertainment and even driverless cars at a rapid clip.

樂視已從消費電子快速轉向娛樂、甚至無人駕駛汽車領域。

In the process, it has triggered questions about its debt levels and graphically illustrated the cost of touting its achievements prematurely: one of its prototype electric cars was involved in a crash during its drive from Los Angeles to a San Francisco press conference in October.

在這個過程中，樂視引發了人們對其債務水平的質疑，并生動地展示了過早宣傳其成就的代價：它的一輛原型電動車去年10月在從洛杉磯運往舊金山參加發布會的途中遭遇事故。

For its part, Xiaomi is still setting its sights high. In addition to identifying big targets it found time to buy into a less-than-core asset: the operator of online astrology and horoscope information platform Constellation Goddess Culture Communications.

就小米而言，該公司定的目標仍然很高。除了制定了大目標以外，它還抽時間投資不那么核心的資產：在線星座和占星信息平臺運營商星座女神文化傳媒(Constellation Goddess Culture Communications)。