Core Insights - Xiaomi has launched a unique customization service for its YU7 model, targeting consumers with high aesthetic standards who seek distinctiveness [2][4] - The initial offering includes nine colors, with five new striking colors introduced in the customization service, utilizing advanced techniques and premium paints [2] - The new colors available for customization are Amethyst, Racing Red, Twilight Rose, Matte Gold Pink, and Bud Green [2] - The service also allows for personalized interior options, including custom interiors, door panels, seats, and welcome lights [2] - Xiaomi plans to collaborate with top global paint suppliers to design 100 color options over the next three years [2][4] Service Details - The deposit for the customization service is set at 80,000 yuan, with a limit of 40 customized units per month during the trial operation phase [4] - Customization is available for the YU7 Max and SU7 Ultra models, and must include custom configurations with a minimum additional cost of 100,000 yuan (excluding promotional benefits) [4] - The customization options must include at least one custom feature, ensuring a tailored experience for consumers [4]

Core Insights - Xiaomi's YU7 SUV has achieved over 40,000 deliveries since its launch on July 6, indicating strong market acceptance and demand [1] - The YU7 has successfully attracted a high percentage of family users, with 69% of buyers being families and 85% of those having children, reflecting a shift in consumer preferences towards multifunctional vehicles [1] - The introduction of Xiaomi's "customization service" aims to enhance user experience and brand loyalty, offering 26 personalized configuration options for the YU7 Max and SU7 Ultra models [1][3] Group 1 - The customization service is a significant move towards high-end branding and user loyalty, positioning Xiaomi not just as an electric vehicle manufacturer but as a tech company redefining consumer experiences [5] - The complexity and high costs associated with deep customization in the automotive industry present new challenges for Xiaomi's supply chain management and production systems [3] - Xiaomi's goal of "technology equality, experience equality, and luxury equality" aims to democratize customization options previously reserved for high-end vehicles, potentially reshaping competition in the Chinese automotive market [5] Group 2 - The trial period for the customization service will last one year to assess market response and operational feasibility, highlighting the cautious approach taken by Xiaomi in this new venture [3] - If successful, the high-value customization service could provide a significant revenue stream beyond traditional vehicle sales, enhancing overall profitability for Xiaomi's automotive division [3] - The initial success of the YU7 and the bold attempt at customization indicate that "personalization" and "experience equality" may become new variables and competitive dimensions in the automotive market [5]

产品采用三筒独立水路系统与独立悬挂结构，有效降低运行时的震动与噪音，提升运行稳定性。 针对精细化洗护需求，小筒配备专属洗涤程序，涵盖内衣、内裤、棉袜等私密衣物清洗模式，可有效去除血渍、汗渍等顽固污渍， 并具备除螨、除病毒功能。结合活水漂洗技术，洗衣液残留量减少22%，提升洗涤纯净度。 此前，有网友在雷军抖音评论区留下的一张手绘图，说想要分区洗衣机，不用占很大体积。今天，这张"许愿图"终于实现了。 9月25日，在年度演讲暨秋季新品发布会上， 小米推出了首款三区洗衣机——米家三区洗衣机Pro 滚筒10kg，售价3999元。 据介绍，米家三区洗衣机Pro 滚筒10kg体积尺寸与标准10kg滚筒洗衣机相当， 轻松嵌入主流标准橱柜，不需要改造家装。 （齐鲁晚报·齐鲁壹点客户端编辑 石卉 综合小米发布会、都市快报城市互动、网友评论等） 网友评论称"直接解放了我的双手""三区洗真的一下子实现了啊"...... ...

Core Insights - Xiaomi's collaboration with Kingsoft Office has significantly improved the efficiency of its chip design team's document management and technical review processes, achieving a 77% reduction in review time from 30 days to 7 days [2][3] Group 1: Document Management and Efficiency - The Xiaomi chip team manages over a million research and development documents, utilizing WPS 365 for enhanced document security and efficiency [2] - WPS 365 employs a single-file permission management system, allowing for fine-grained and automated version control, which is crucial for high-sensitivity chip design documents [2] - The integration of real-time document review tools within WPS 365 allows experts to provide feedback directly on documents, increasing transparency and collaboration among project members [2] Group 2: Industry Leadership and Collaboration - The partnership between Xiaomi and Kingsoft Office represents a significant advancement in private network collaboration tools tailored for high-end manufacturing sectors, particularly in chip design [3] - The full-stack private deployment of WPS 365 covers document storage, collaborative editing, and instant messaging, setting a new standard for efficiency in the industry [3] - The ongoing exploration of integrating private AI into the development network aims to further enhance collaborative efficiency within the Xiaomi chip team [3]

花旗予该股"买入"评级，原因包括法院裁决阻止美国对该股票的投资限制；公司意外获得市场份额；指 数移除的压力结束；又认为小米市场份额增长带来吸引人的风险及回报前景，应有利于市场的乐观情 绪。鉴于中国补贴驱动的需求及正常化的元件成本，花旗对智能手机业务及毛利率展望更为乐观。花旗 以2026年为基础，鉴于长期可见度稳固，使用总和估值法(SOTP)对小米每股估值为66港元。 花旗发表研报指，小米集团推出最新旗舰手机Mi 17，令人印象深刻。此外，小米汽车正式推出客制化 服务，有望进一步提升电动车平均售价/利润率。花旗认为，Mi 17规格强大、设计出色且电池容量大， 极具竞争力，有望在4千至6千元售价区间获得市场份额，较佳的产品组合可能稳定毛利率压力，接下来 的智能手机出货数据可能支持双位数增长。下一催化剂包括2025年第三季度业绩、电动车新版本发布。 ...

Core Viewpoint - Goldman Sachs published a research report indicating that Xiaomi has launched the flagship Xiaomi 17 smartphone series, which includes the 17, 17 Pro, and 17 Pro Max, while also introducing the 15T series in international markets and upgrading to HyperOS 3.0, alongside six new high-end AIoT products [1] Group 1 - Xiaomi's 17 Pro smartphone features competitive pricing and differentiated innovative functions, which may attract more consumers to upgrade from basic models and expand its consumer base [1] - The introduction of customized services for the YU7 Max and SU7 Ultra demonstrates Xiaomi's commitment to solidifying its leadership position in the high-end automotive market by making luxury service experiences more accessible [1] - Starting in 2025, all Xiaomi air conditioners sold will come with a 10-year free warranty service, including central air conditioning, indicating Xiaomi's strategy to enhance service offerings to capture market share in the Chinese air conditioning sector [1] Group 2 - Goldman Sachs has moderately raised Xiaomi's 12-month SOTP-based target price from HKD 65 to HKD 66, maintaining a "Buy" rating [1]

Xiaomi Corp. (1810.HK) Conference Call Summary Company Overview - **Company**: Xiaomi Corp. - **Ticker**: 1810.HK - **Market Cap**: HK$1.5 trillion / US$198.1 billion - **Enterprise Value**: HK$1.3 trillion / US$172.5 billion - **Current Price**: HK$59.45 - **Target Price**: HK$66.00 - **Upside Potential**: 11.0% [1][21] Key Product Launches - **Xiaomi 17 Series**: Launched flagship smartphones including Xiaomi 17, 17 Pro, and 17 Pro Max with innovative features and competitive pricing starting from Rmb4,499 for the base model [1][25] - **AIoT Products**: Introduction of 6 new premium AIoT products including tablets, TVs, routers, and smart speakers, with a focus on the European market [1][44] - **HyperOS 3.0**: Upgraded operating system with enhanced efficiency and AI capabilities [1][46] Core Insights 1. **Smartphone Pricing Strategy**: - The 17 Pro's pricing is Rmb200-500 lower than previous versions, potentially attracting more consumers and increasing market share in the Rmb5k+ segment [2][27] - Xiaomi's market share in the Rmb5-6k segment was approximately 15% in 2Q25, compared to 25% in the Rmb4-5k segment [2][21] 2. **Electric Vehicle (EV) Commitment**: - Launched customization services for YU7 Max and SU7 Ultra, aiming to strengthen its position in China's premium auto market [3][22] - Average delivery capacity is expected to increase as the run rate approaches 10k units/week [3][22] 3. **AIoT Warranty Service**: - Announced a 10-year free warranty for all ACs sold from 2025, surpassing the industry standard of 6 years [4][20] Financial Projections - **Revenue Growth**: - Projected revenue for 2024 is Rmb365.9 billion, increasing to Rmb737.6 billion by 2027 [7][21] - Total revenue growth rates are expected to be 35.0% in 2024, 29.2% in 2025, and 20.0% in 2027 [15][21] - **Earnings Per Share (EPS)**: - New EPS estimates are Rmb1.07 for 2024, Rmb1.56 for 2025, and Rmb2.62 for 2027 [7][21] - **Profit Margins**: - EBITDA margin projected to increase from 8.4% in 2024 to 11.9% in 2027 [15][21] Market Dynamics - **AIoT Revenue Growth**: Expected to moderate in 2026 due to a higher base, with a notable slowdown in growth rates [50][21] - **Competitive Landscape**: Xiaomi's pricing strategy aims to capture market share from competitors, particularly in the premium smartphone segment [27][21] Additional Considerations - **Upcoming Events**: - Monitoring EV delivery capacity ramp-up and Singles' Day GMV data [22][21] - Anticipation of new EV model filings with MIIT [22][21] - **Investment Recommendation**: - Maintain a "BUY" rating with a target price of HK$66, reflecting a modest increase from previous estimates [21][1] This summary encapsulates the key points from the Xiaomi conference call, highlighting product launches, financial projections, and strategic insights into the company's market positioning and future outlook.

此次，小米17系列共有三款，分别是小米17、小米17 Pro、小米17 Pro Max。 9月25日，小米举行新品发布会，发布小米17系列、小米平板 8 系列以及众多科技家电新品。 雷军称小米17 Pro起步价比标准版只贵了500块钱，比iPhone 17 Pro便宜了4000块；小米17 Pro Max售价5999元起。 至于苹果对比，也只参考iPhone 17和17 Pro：前者标准版的售价5999元起，Pro售价8999元起，Pro Max售价9999元起。 此外，雷军还表示："小米17的性能、散热都非常出色。和iPhone17比一下重载游戏，我们的帧率更高、温度更低，三小时游戏，我们的 帧率和温度的表现一样更好，对比iPhone，我们的温控表现确实更加出色。" （齐鲁晚报·齐鲁壹点客户端编辑 石卉 综合小米发布会、红星新闻、小米官网等） 小米 17 Pro 系列首次和 iPhone Pro 系列完全对标，"iPhone 17系列相比过去而言，迈出了一大步"，他认为，在很多技术领域上，小米17 都要领先iPhone 17，"这就是我们为什么有信心全面对标"，雷军说道。 售价方面，小米17起售价4499元 ...

每经AI快讯，9月26日，小米集团短线走低，现跌超4%，成交额超50亿港元。 ...

Core Viewpoint - Xiaomi is focusing on high-end market expansion with the launch of the Xiaomi 17 series smartphones and a range of new IoT products, aiming to compete directly with Apple’s iPhone by 2025 [1][2][4]. Mobile Phones - Xiaomi launched the Xiaomi 17 series, including three models: Xiaomi 17, 17 Pro, and 17 Pro Max, all equipped with the fifth-generation Snapdragon 8 chip and starting prices of 4499, 4999, and 5999 yuan respectively [1]. - The Xiaomi 17 features a 6.3-inch display, a 7000mAh battery, and a Leica triple-camera system [1]. - The Xiaomi 17 Pro series includes advanced features such as a new back screen and enhanced camera capabilities, while the 17 Pro Max boasts a 6.9-inch display and a 7500mAh battery [1]. IoT Products - Xiaomi introduced several high-end IoT products, including the Xiaomi Pad 8 series starting at 2199 yuan, featuring the Snapdragon 8 chip and a 9200mAh battery [2]. - The S Pro Mini LED 2026 series television was launched with advanced specifications, including 2880 backlight zones and a peak brightness of 5200 nits, starting at 5199 yuan [2]. - The company also released a high-end French refrigerator and a washing machine, further enhancing its AIoT ecosystem [2]. Automotive - Xiaomi's YU7 model has delivered over 40,000 units, and the company has launched a customization service for its vehicles, allowing for personalized options [3]. - The customization includes various exterior colors, interior designs, and unique features, enhancing consumer experience [3]. - The company anticipates increased delivery rates as production capacity ramps up at its Beijing factory [3]. Financial Outlook - Xiaomi is projected to achieve total revenues of billions for the years 2025, 2026, and 2027, with adjusted net profits also expected to grow significantly [4]. - The company aims to rank among the top five global automotive manufacturers by 2035, supported by its expanding vehicle lineup and international market growth [4].