Core Viewpoint - Xiaomi has made significant advancements in its technology, particularly with the introduction of the玄戒O1 chip, which showcases the company's commitment to in-house chip development and innovation in the automotive sector with the introduction of 2200MPa ultra-strong steel [1][4][7]. Group 1: Awards and Innovations - The 2025 Technology Awards recognized three key innovations: the玄戒O1 chip won first place, the 2200MPa ultra-strong steel won second, and the Xiaomi Smart Health Mirror won third [1]. - The玄戒O1 chip is a self-developed processor utilizing a second-generation 3nm process with 190 billion transistors and a lab score exceeding 3 million [1]. - The 2200MPa ultra-strong steel, developed in collaboration with Northeast University, is noted as the strongest hot-formed steel in the automotive industry, intended for use in Xiaomi's vehicles [7]. Group 2: Chip Development Journey - Xiaomi began its chip development journey in 2014 with the establishment of the澎湃 project, but faced setbacks that led to a shift towards smaller chips [2]. - In 2021, the decision was made to restart the development of large chips, specifically mobile SoC chips, with over 13.5 billion yuan invested in the玄戒 project by April 2025 [4]. - The玄戒O1 chip is designed to compete with Apple's chips, featuring a GPU that consumes 35% less power and supports dynamic performance scheduling [7]. Group 3: Automotive Achievements - The Xiaomi SU7 has achieved significant sales, delivering over 360,000 units in just 1 year and 9 months, averaging more than 17,000 units per month [10]. - The new generation SU7 is expected to launch in April 2026, with pre-orders already open starting at 229,900 yuan [8].

Core Insights - On January 7, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 83.52 billion, 44.91 billion, and 34.34 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 67.05 billion, 28.31 billion, and 19.91 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 83.52 billion, net buying of +9.74 billion - SMIC (00981): Trading amount of 44.91 billion, net selling of -10.38 billion - Tencent Holdings (00700): Trading amount of 34.34 billion, net buying of +8.86 billion - Xiaomi Group-W (01810): Trading amount of 23.83 billion, net buying of +8.13 billion - China Mobile (00941): Trading amount of 22.60 billion, net selling of -11.26 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 67.05 billion, net selling of -8.50 billion - Tencent Holdings (00700): Trading amount of 28.31 billion, net buying of +10.69 billion - SMIC (00981): Trading amount of 19.91 billion, net selling of -3.20 million - Xiaomi Group-W (01810): Trading amount of 16.55 billion, net buying of +8.19 billion - Meituan-W (03690): Trading amount of 13.07 billion, net buying of +4.48 billion [2]

Core Viewpoint - Xiaomi has awarded its 2025 Technology Awards, highlighting significant innovations within the company, including the first prize for the玄戒O1 and notable advancements in materials and smart technology [1] Group 1 - The 2025 Technology Awards included a first prize of ten million RMB for the玄戒O1, showcasing Xiaomi's commitment to technological excellence [1] - The second prize was awarded to the 2200MPa Xiaomi super steel, indicating advancements in material science [1] - The third prize recognized the innovative architecture of Xiaomi's smart glasses, reflecting the company's focus on wearable technology [1] Group 2 - In early 2024, Xiaomi's founder Lei Jun awarded a one million USD annual technology prize to engineers, which has now been upgraded to ten million RMB for 2025, demonstrating an increase in the company's investment in innovation [1]

Core Insights - Xiaomi's transformation by 2025 is driven by three key factors: the density of its engineering team, long-term R&D investment capability, and the will to continue betting on uncertain directions [1][53][102] - The focus is not merely on the success of individual products but on the formation of a cohesive structure within the larger AI wave, where the competition is about having complex, real, and continuous application scenarios [1][53] Smartphone Business - Xiaomi's smartphone shipments in Q3 2025 reached 43.4 million units, maintaining a global market share of 13.6%, and showing a 1.3% year-on-year increase [3][54] - In the Chinese market, Xiaomi's sales in the 4000 yuan and above price segment rose to about 25%, indicating a shift from occasional high-end hits to a structural component of its offerings [5][56] - The smartphone has evolved from a high-cost-performance terminal to an ecological entry point, serving as a personal identity credential and a control hub for the interconnected ecosystem of vehicles and home appliances [5][56] Automotive Business - Xiaomi's electric vehicle deliveries reached a record high of 108,800 units in Q3 2025, with total deliveries exceeding 250,000 units in the first three quarters, and an annual target of over 400,000 units [8][59] - The automotive business transitioned from loss-making to operational profitability, with Q3 2025 revenue of approximately 28.3 billion yuan, nearly tripling year-on-year, and a gross margin of around 25% [11][62] - Xiaomi's self-developed intelligent driving technology has received multiple high-level driving licenses, showcasing its commitment to full-stack self-research in smart driving [13][64] AIoT Ecosystem - By Q3 2025, Xiaomi's AIoT platform connected over 1 billion devices, marking a significant increase from 624 million devices at the end of 2023 [22][73] - The AIoT ecosystem has evolved from "connecting everything" to "intelligent interconnection," with the voice assistant, Xiao Ai, upgraded to serve as a smart home hub capable of executing complex cross-device commands [23][74] - Xiaomi's AIoT devices are now part of a dynamic system that integrates user intent, cloud-based models, and home devices, enhancing the overall user experience [22][73] R&D and Manufacturing - Xiaomi's R&D investment in 2025 is projected to exceed 30 billion yuan, with a focus on building long-term capabilities rather than just optimizing functions and experiences [34][96] - The establishment of the Wuhan smart home appliance factory, with a planned annual capacity of 7 million air conditioners, represents a significant step in achieving a complete closed-loop from R&D to mass production [18][69] - Manufacturing capabilities have been enhanced through automation and digitalization, with the Beijing smartphone factory achieving high production efficiency and the automotive factory implementing advanced manufacturing techniques [41][94] Future Outlook - Xiaomi's strategy is to integrate all dispersed devices, scenarios, data, and capabilities into a cohesive system, positioning itself uniquely in the AI landscape [99][101] - The company is seen as an "ecological empire," with a complete structure that connects smartphones, vehicles, home appliances, and IoT, continuously expanding its boundaries and capabilities [50][101] - Xiaomi's long-term vision emphasizes patience in building foundational capabilities, which will support the expansion of its interconnected ecosystem [102]

Core Insights - A leading manufacturer is set to launch a large-screen flagship model in the first half of the year, likely the Xiaomi 17 Max, featuring an ultra-narrow four-edge pure flat screen design [1][4] - The new device is positioned as an "all-around large-screen flagship," maintaining high-end screen materials and craftsmanship, and will include a new generation silicon-carbon battery with a capacity expected to reach 8000mAh [1][4] - The Xiaomi 17 Max will also support 3D ultrasonic fingerprint recognition and high-level waterproofing, enhancing its overall performance [1][4] Product Features - The device will feature a metal middle frame and a simplified rear camera module, focusing on practical user experience rather than excessive differentiation in design [3][5] - Audio performance will be balanced rather than enhanced to match the Redmi series, emphasizing the device's practical utility [3][5] - The imaging capabilities are expected to align with the X300 standard, indicating mainstream flagship-level photography performance [3][5] Market Positioning - The Xiaomi 17 Max is designed to cater to large-screen users, with core upgrades in battery life, display quality, and overall configuration [4][6] - The strategy focuses on practicality and stability, avoiding unnecessary features while enhancing competitive strength in the large-screen flagship market expected in the first half of 2026 [4][6] - The previous generation, the Xiaomi 17 series, was launched in September 2025, featuring the Snapdragon 8 Elite Gen 5 processor, with the standard version priced at 4499 yuan and a peak screen brightness of 3500 nits [3][5]

目前，正式调查结果已经公布。经管理层审议认为，该 事件严重违反公司既定原则，损害了长期支持小米的用 户情感，构成重大违规行为。根据内部管理制度，决定 采取以下处理措施： 一、对直接涉事的经办人员予以辞退处理。 二、集团副总裁兼首席营销官许斐与集团公关部负责人徐洁云，因负有管理责任，给予通报批评，扣除 2025年度相应绩效，并取消当年度全部奖金。 官方同时表示，小米今日所取得的一切成果，离不开用户的长期信任与支持。公司对此事深表歉意，并 诚恳接受社会各界持续监督。 2026年1月6日，有消息传出小米与部分网络意见领袖进 行接触并计划投放内容，此事在用户群体中引发讨论。 次日，小米公司通过官方渠道发布声明，对事件作出回 应。 公司表示，针对此前团队与相关人士接触的情况，已第 一时间展开专项调查，并于当晚由公关部负责人向公众 通报初步处理决定：立即终止相关接触行为，并明确承 诺今后不再开展此类合作。 公司表示，针对此前团队与相关人士接触的情况，已第一时间展开专项调查，并于当晚由公关部负责人 向公众通报初步处理决定：立即终止相关接触行为，并明确承诺今后不再开展此类合作。 目前，正式调查结果已经公布。经管理层审议认为， ...

Core Viewpoint - Xiaomi's new generation SU7 electric vehicle is set to launch in April, marking its first major update since its initial release two years ago, with pre-orders now open [1][15]. Pricing and Model Variants - The pre-sale prices for the updated SU7 are as follows: Standard version starting at 229,900 yuan, Pro version at 259,900 yuan, and Max version at 309,900 yuan, indicating a significant price increase compared to the original launch prices [3][17][18]. Safety Enhancements - The new SU7 emphasizes enhanced safety features, with a focus on both passive and battery safety improvements. Key upgrades include: - All models equipped with a 2200MPa ultra-strong steel "embedded roll cage" and nine airbags, plus two additional side airbags for rear passengers [22][23]. - Battery safety features include a 1500MPa anti-scratch bottom beam and a "bulletproof coating" on the battery pack to mitigate risks from undercarriage scrapes [22][23]. Intelligent Driving and Range - The new SU7 will feature systematic upgrades in intelligent driving and range capabilities, including: - Standardized laser radar across all models for fully equipped assisted driving [24][25]. - Range specifications: Standard version at 720 kilometers, Max version at 835 kilometers, and Pro version at 902 kilometers, making the Pro version the longest-range variant [26]. Door Handle Controversy - The previously controversial hidden door handle issue was not addressed in the official materials, although there are rumors of a mechanical design addition to mitigate failures in low temperatures and electronic malfunctions [27][28]. - Reports suggest that the new design may include a mechanical pull cord similar to that used in Volkswagen's ID series, ensuring mechanical unlocking in case of power failure [29]. Regulatory Context - The door handle safety concern has gained attention due to past incidents where hidden handles failed during emergencies, leading to delays in rescue efforts [32][33][36]. - Regulatory bodies are moving towards stricter standards, with a proposed ban on fully hidden door handles set to take effect in January 2027 [38]. Delivery Targets - Xiaomi has raised its delivery targets, with a goal of 550,000 vehicles by 2026, following a significant increase in deliveries in 2025, which surpassed the initial target of 300,000 to 350,000 vehicles [12][39][40].

北京商报讯（记者 陶凤 王天逸）1月7日，小米集团创始人、董事长兼CEO雷军宣布，今晚（1月7日）8 点将开启直播，聊聊新一代SU7，并继续回应网上各种质疑："大家有啥问题，可以直接留言。" ...

Group 1 - Xiaomi Group (01810.HK) repurchased 3.9 million Class B shares for HKD 148.8 million on January 7 [1]

Group 1 - The core point of the article is that Xiaomi awarded its 2025 Technology Awards, with the top prize going to the self-developed chip "Xuanjie O1," which features advanced technology and significant performance metrics [1][6] - The "Xuanjie O1" chip utilizes a second-generation 3nm process, contains 19 billion transistors, and has a die area of 109mm², achieving a benchmark score exceeding 3 million [1] - Xiaomi's chip development began in 2014, but faced setbacks leading to a shift towards smaller chips until the decision to restart large chip development was made in 2021 [3][6] Group 2 - The second prize was awarded to "2200MPa Xiaomi Super Steel," developed in collaboration with Northeast University, which is noted as the strongest hot-formed steel in the automotive industry [1][8] - Xiaomi's "Xuanjie O1" chip is designed to compete with Apple's chips, boasting a 35% lower GPU power consumption and supporting dynamic performance scheduling [8] - Xiaomi has been awarding technology prizes annually since 2019, with no upper limit on the prize amount, and the award amount was upgraded to 10 million RMB in 2025 [9] Group 3 - The new generation SU7 is expected to launch in April 2026, with pre-orders already open starting at 229,900 RMB [9] - The SU7 has delivered over 360,000 units in just 1 year and 9 months, averaging more than 17,000 units per month, making it one of the best-selling cars priced above 200,000 RMB [11]