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， ...

小米首款电动汽车SU7发布整整两年后，迎来了首次改款。 今天上午，小米汽车通过官方微博宣布，新一代SU7预计将于4月上市，目前已开启小订。 与此同时，改款车型的预售价格也同步披露：标准版22.99万元起、Pro版25.99万元起、Max版30.99万元起。 对比两年前SU7发布时小米CEO雷军披露的售价，如今新车价格因改款而明显上探。 外观上，新车新增了"卡布里蓝"配色。 但相比颜色、配饰变化，小米此次在新品官方宣传中更强调的是安全。 最新一批官方宣传物料显示，新一代SU7的核心卖点之一，已被明确指向整车安全性能的提升。 就连雷军本人也在宣传微博中直言，新款SU7在安全性上"进一步增强"。 具体来看，升级主要集中在被动安全和电池安全两大维度。 在被动安全方面，新一代SU7全系标配2200MPa超强钢"内嵌式防滚架"，并统一搭载9个安全气囊，同时新增2个后排侧气囊； 在电池安全方面，新车全系标配1500MPa防刮底横梁，以及电池包底部"防弹涂层"，以应对底盘刮蹭等高风险场景。 除安全配置外，新一代SU7还在智能驾驶和续航能力上进行了系统性升级。 按照雷军的说法，新车将全系标配激光雷达，辅助驾驶"全部满配"。 续 ...

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。" ...

本文源自：金融界AI电报 小米集团(01810.HK)于1月7日以1.488亿港元回购390万股B类股份。 ...

每经记者｜李少婷 每经编辑｜许绍航 2026年1月7日，小米颁布2025年度技术大奖，玄戒O1获一等奖（千万技术大奖），2200MPa小米超强钢获二等奖，小米智能康镜创新架构获三等奖。 分别来看本次获奖的三个产品，一等奖"玄戒O1"是小米自研芯片，小米在2025年5月22日晚间举行的15周年战略新品发布会介绍，玄戒O1旗舰处理器采用 第二代3nm先进工艺制程，190亿晶体管，芯片面积109mm²，实验室跑分突破300万。 图：雷军转发：小米玄戒O1芯片入选《人民日报》的年度记忆 图：每经记者 李少婷摄 雷军表示，小米早在2014年便开始进行芯片研发，于当年9月立项澎湃项目，但此后因种种原因遭遇挫折，其暂停了SoC大芯片的研发，决定转向"小芯 片"路线。 记者|李少婷 他当时透露，公司决定重启大芯片业务，即研发手机SoC芯片是在2021年做出的决策。根据雷军披露的数字，截至2025年4月底，玄戒累计研发投入已超 135亿元。 雷军还表示，小米的芯片对标苹果。雷军称，玄戒O1 GPU功耗比苹果降低35%，支持动态性能调度技术，例如可根据手机的需要决定是全核全速运行或 是小规模运行。彼时，小米发布的小米15S Pr ...

格隆汇1月7日丨小米集团-W(01810.HK)发布公告，2026年1月7日耗资1.49亿港元回购390万股，回购价 格每股38.12-38.2港元。 ...

智通财经APP讯，小米集团-W(01810)发布公告，于2026年1月7日，该公司斥资1.49亿港元回购390万股 股份，每股回购价格为38.12-38.2港元;就根据股份计划授予参与人(发行人的董事除外)的股份奖励或期 权而发行8.3万股股份。 ...

1月7日，小米产业投资部合伙人潘九堂发文称，据其所知，小米从未"包养"过任何人。小米在早期阶段不给任何人投钱，产品均通过小米网自行销售。 潘九堂补充道：他在加入小米投资前，2012年-2017年虽被称作"核心米系KOL"，但从没收过钱，所以在加入小米投资后更是毫无顾忌地批评公关/市场部 门。近年来小米与优质内容博主开始有少量正常且平等的合作，这些博主并非只与小米合作，而是"吃百家饭"，与国际大厂也有类似合作，并且当小米出现 问题或犯错时，他们同样会进行批评。潘九堂推测，小米此次与相关KOL接触，估计是因被恶意抹黑，实在难以忍受才出此昏招。 此前，小米投放KOL"万能的大熊"的消息在米粉中引发争议，在小米相关高管的微博下，众多网友留言抵制，"支持小米和其他博主投放商单合作，但不能 投放给每天都抹黑小米的大V"。 据CNMO了解，近日，针对团队与相关KOL接触一事，小米管理层经过讨论后认定，该事件严重违背了公司 的原则，也严重伤害米粉朋友们的感情，属于严重违规。基于此，小米依据公司制度作出严肃处罚决定：涉 事负责经办人员，做辞退处罚；集团副总裁兼CMO许斐和集团公关部总经理徐洁云承担管理失职责任，予以 通报批评， ...