Summary of Key Points
Xiaomi recently launched its first NAS product, which achieved tremendous success through crowdfunding (over 10,000 supporters in just one hour, raising more than 20 million yuan). The NAS market is moving from being niche to mainstream (GreenNet's NAS revenue increased by 213% in 2025, with the highest global shipments), but the industry generally faces the issue of selling a large volume while making low profits. AI-powered computers (such as the Mac mini) are challenging the core functions of NAS devices due to their ability to run local AI models and remain online continuously. These two technologies are converging towards a combination of "storage + intelligent processing." Different manufacturers (smartphone companies, Apple, and dedicated NAS providers) are adopting differentiated strategies, and future NAS devices will need to兼具 both data storage and AI task processing capabilities.
1. Xiaomi Entering the NAS Market: Not Competing for Storage, but Completing the Ecosystem
Xiaomi's entry into the NAS market is not about competing with GreenNet and Jispace for the "storage tool" business; rather, it's about adding a crucial piece to its Mi Home ecosystem.
- Product Features: Dual hard drive bays, no support for complex functions (Docker/virtual machines), focusing on simplicity and ease of use—pre-installed Seagate Red drives, ready to use out of the box; integration with HyperOS Connect, allowing for interaction with Xiaomi phones, cameras, and Xiaoai devices (e.g., automatic video storage on NAS, phone backups, voice-activated file access).
- Motivation: Xiaomi's ecosystem lacks a "local storage hub." Previously, users' data was either stored on their phones (limited space) or in cloud drives (expensive and insecure). With the NAS, users can keep their data at home, addressing their storage concerns and making them more dependent on the Xiaomi ecosystem (e.g., easy data migration when switching phones).
In short, Xiaomi's NAS is an accessory to its Mi Home ecosystem, not a standalone storage product.
2. The NAS Market Is Popular but Not Profitable: Focusing on "New Users" Rather than "Upgrades"
NAS devices are selling well, but manufacturers are not making much profit for the following reasons:
- Growth Depends on New Users: NAS was once a niche product for programmers, but now domestic brands (like GreenNet and Jispace) have lowered prices (around 1,000 yuan for four-drive models) and simplified operations (similar to using a USB drive), attracting many ordinary households (e.g., for storing photos and videos). GreenNet's NAS revenue increased by 213% in 2025, mainly by selling existing features to new users, not through new innovations like AI processing.
- Low Profit Margins: GreenNet's NAS has a gross profit margin of only 29%, far lower than that of charging cables and data cables (which can generate over 40%). The market is highly competitive, with prices constantly being slashed (e.g., from 1,999 yuan to 1,499 yuan), focusing on volume rather than premium pricing.
- Changing Market Leaders: Established manufacturers (such as QNAP and Western Digital) are being overtaken by GreenNet and Jispace, indicating a shift from a professional to a consumer-oriented market.
3. The Rise of AI-Powered Computers: Does This Threaten NAS?
With the popularity of AI-powered computers in 2026, the Mac mini has become highly sought after as a "local AI server," challenging the core functions of NAS devices:
- Advantages of AI-Powered Computers: Low power consumption (only a few watts in standby mode), capable of running large AI models (e.g., 32B parameter models), permanent online connectivity, and remote control. They can not only store data but also perform tasks automatically (e.g., organizing files, generating reports, calling APIs).
- NAS's Weaknesses: NAS devices typically use low-power processors (e.g., N150) with limited memory (4-16GB), capable of running only small AI models (e.g., for photo classification), which is far from the performance of Mac mini models.
- User Confusion: If a Mac mini can both store data and run AI tasks, why buy a separate NAS?
4. The Convergence of NAS and AI-Powered Computers: The Future Is "Storage + Execution"
NAS and AI-powered computers are not in direct competition; instead, they complement each other:
- NAS Enhancing Performance: GreenNet has launched NAS devices with built-in large models for semantic searches; QNAP offers AI consoles for enterprise users, using NAS as the foundation for AI processing. Some manufacturers are even adding external GPUs to boost performance.
- AI-Powered Computers Supplementing Storage: Devices like the Mac mini require multiple hard drive bays, backup features, and data partitioning (e.g., using SSDs for frequently used files and HDDs for less frequently accessed ones—features that NAS has had for years).
- Future Trend: A single device will combine SSDs (for the system, models, and frequently used files) with HDDs (for photos, videos, etc.), providing both secure data storage and AI capabilities, essentially creating a "small home data center."
5. Different Manufacturers' Approaches: Who Will Win in the Long Run?
There are three main strategies in the market:
- Smartphone Companies (Xiaomi, Huawei): Making NAS devices part of their ecosystems, targeting household users. For example, Xiaomi's NAS integrates with HyperOS, and Huawei's with HarmonyOS, focusing on retaining ecosystem users rather than maximizing profits.
- Apple: Does not produce NAS directly, but the Mac mini functions as a "hidden NAS + AI host." Apple's low-power architecture, UNIX system, and MLX framework are well-suited for AI, and its ongoing investment in AI tools will likely replace NAS in the future.
- Dedicated NAS Manufacturers (GreenNet, Jispace, QNAP):
- GreenNet/Jispace: Continuing to compete on price, but with low profit margins, they need to move towards AI-based solutions (e.g., adding more computing power); however, their R&D investment is limited (only 4.6% of sales).
- QNAP: Shifting from the consumer market to the enterprise segment, targeting higher-priced, higher-profit products.
Conclusion: NAS devices that can only store data will not be competitive in the long run. Future devices must be able to both store data and perform AI tasks. As AI capabilities improve, users will increasingly demand "intelligent storage they can control"—this is where the convergence of NAS and AI-powered computers lies.
(The entire analysis is written in plain language to make the current state and future trends of the NAS industry understandable to non-financial professionals.)