This paper explores the emerging research direction of electromagnetic information theory (EIT), which aims to integrate traditional Shannon-based methodologies with physical consistency, particularly the electromagnetic properties of communication channels. We propose an EIT-based multiple-input multiple-output (MIMO) paradigm that enhances conventional spatially-discrete MIMO models by incorporating the concepts of electromagnetic (EM) precoding and EM combining. This approach aims to improve the modeling of next-generation systems while remaining consistent with Shannon's theoretical foundations. We explore typical EIT applications, such as densely spaced MIMO, near-field communications, and tri-polarized antennas, and analyze their channel characteristics through theoretical simulations and measured datasets. The paper also discusses critical research challenges and opportunities for EIT applications from an industrial perspective, emphasizing the field's potential for practical applications.