Core Viewpoint - Xiaomi is focusing on its automotive division, with significant advancements in technology and production capabilities, aiming for increased visitor engagement and sales in the coming years [1][3][6]. Group 1: Factory and Production - Xiaomi's automotive factory received over 130,000 visitors in the previous year, with a target of 200,000 visitors by 2026 [1] - The factory features high automation with 600-700 robots for 100% automated assembly and testing, and is environmentally friendly with solar panels providing all its electricity [3] - The first generation of the Xiaomi SU7 has completed production with over 360,000 units delivered, and preparations are underway for the new generation SU7 [4][6] Group 2: Product Launch and Features - The new generation Xiaomi SU7, set to launch in April, includes upgrades in motor, battery, electronic architecture, and safety features [3][4] - The electronic architecture of the new SU7 utilizes a self-developed four-in-one domain control module, leveraging Xiaomi's expertise in electronics from its mobile phone business [3] Group 3: Sales and Market Performance - In January, Xiaomi delivered over 39,000 vehicles, a 22% decrease from December's over 50,000 deliveries, attributed to the transition between the old and new SU7 models [6] - Xiaomi aims for a total delivery target of 550,000 vehicles in 2026, following a target of over 410,000 vehicles in 2025 [6] - Xiaomi's automotive division became the sales leader among new car manufacturers in January 2026, significantly ahead of competitors [7] Group 4: Customer Engagement and Support - Xiaomi launched a "Spring Festival Travel Worry-Free" initiative, offering free roadside assistance during the holiday period, along with reimbursement for transportation and accommodation costs for vehicle issues [5]

Core Viewpoint - The rising prices of DRAM and NAND storage are expected to negatively impact global consumer electronics demand and brand gross margins, leading to a forecasted decline in Xiaomi's overall gross margin and net profit in Q4 2025 [1][2]. Business Segments Summary Automotive Business - In Q4 2025, Xiaomi's automotive revenue is projected to reach 37.2 billion RMB, representing a year-on-year increase of 123% and a quarter-on-quarter increase of 28% [1][3]. - The gross margin for the automotive segment is expected to be around 21.6%, influenced by a decrease in the delivery proportion of the SU7 Ultra model [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its target of 550,000 units, supported by new model launches [2][3]. Smartphone Business - Xiaomi's smartphone shipment is expected to decline to 37.8 million units in Q4 2025, a year-on-year decrease of 11.5% [1][4]. - The gross margin for smartphones is anticipated to drop by 2.6 percentage points to approximately 8.5% due to rising memory prices [1][4]. - For 2026, smartphone shipments are projected to decrease by 10% to 148 million units, but the average selling price (ASP) is expected to improve by about 5% due to product mix enhancements [4]. IoT and Internet Business - The IoT segment's revenue in Q4 2025 is estimated to be around 25.2 billion RMB, with a gross margin expected to remain high at 22.2% despite a year-on-year decline of 19% due to subsidy reductions [1][4]. - Internet business revenue is projected to grow by 2% to 9.5 billion RMB, maintaining a gross margin of 76.9% [1][4]. - For FY26, IoT revenue is expected to increase by 5% year-on-year to 130.5 billion RMB, driven mainly by overseas demand [4]. Financial Forecast and Valuation - The company has revised its revenue forecasts downward for 2025-2027 by 3.1%, 9.5%, and 11.5%, respectively, and has also reduced its Non-GAAP net profit estimates for the same period by 9.1%, 21.4%, and 19.4% [4]. - The target price has been adjusted to 47 HKD from 53.8 HKD, based on a sum-of-the-parts valuation method, corresponding to a 29 times PE for 2026 [2][4].

◎记者 徐潇潇 2026年开年，特斯拉、蔚来、小米等车企发起"7年超低息"车贷竞赛。近期，东风日产推出"0首付，8年 贷"方案，让竞争愈发激烈。 从传统的1至5年期到如今的7至8年期，这场看似"普惠"的营销背后，是车企在新能源渗透率突破54%的 市场变局中的焦虑和突围。然而，当贷款期限超越产品换代周期，当车辆残值难抵未还贷款，在"低月 供"的诱惑之下，一系列隐忧也悄然浮现。 车贷期限"卷"到8年 他表示，传统车贷以车辆为抵押物，期限与车辆残值周期紧密挂钩。如今，"8年贷"已远超一般电动车 的主流换车周期。金融机构的风险模型正在从"资产覆盖风险"转向"用户信用风险"。 在深圳一家东风日产门店，销售人员对上海证券报记者表示："这款车的裸车价是12.99万元，加上购置 税、保险和上牌费，全部落地大概14万元。如果选择8年分期，总利息约27000元，加上裸车的车价，日 供55元左右；选择分期会有2000元政府补贴。" 目前，东风日产已将这一超长期金融方案扩展至全系车型，覆盖N6、N7、轩逸经典等主力车型，同样 支持96期0首付分期。其中，轩逸经典日供最低可至27元。上述销售人员介绍，合作的东风日产汽车金 融是正规持牌 ...

Core Viewpoint - Xiaomi's entry into the U.S. automotive market is currently not planned, despite speculation arising from the sighting of a test vehicle in California [1][3] Group 1: Market Entry Plans - Xiaomi's founder Lei Jun stated that there are no specific plans for entering the U.S. market at this time, suggesting that the spotted vehicle may belong to a U.S. competitor or supplier [1] - Xiaomi's co-founder Lu Weibing previously indicated that the company plans to expand into overseas markets by 2027, although he acknowledged that the complexity of automotive exports is greater than expected, involving product adaptability, local regulations, and policy environments [3] Group 2: Domestic Market Focus - Lei Jun emphasized that Xiaomi's automotive division will prioritize strengthening its position in the Chinese market, asserting that without a solid domestic foundation, international expansion would be challenging [3] - Currently, Xiaomi is focusing resources on enhancing its domestic market performance, with its SU7 and YU7 models achieving impressive results [3] - The first upgraded version of the SU7 is set to launch in April this year, which aims to further solidify Xiaomi's market position [3]

智通财经 据雷军介绍，初代SU7交付量接近37万辆。 本 期 编 辑 邢潭 小米创办人、董事长兼CEO雷军在直播中透露，最后一辆初代小米SU7量产下线，正在运送途中，将安 排车主提车。这意味着初代小米SU7正式停产。 ...

Group 1 - Xiaomi's founder and CEO Lei Jun announced that the Xiaomi automobile factory received over 130,000 visitors in the previous year, with a target of 200,000 visitors by 2026 [2] - The factory features high automation with 600 to 700 robots for 100% automated assembly and inspection, and it is environmentally friendly with solar panels on the roof providing all its electricity [3] - The new generation Xiaomi SU7, set to launch in April, includes significant upgrades in its motor, battery, electronic architecture, high-voltage architecture, and chassis, with a focus on meeting new national safety standards [3] Group 2 - The new SU7 will start showcasing in stores from February 13, with initial displays in major cities including Beijing, Shanghai, and Guangzhou [4] - During the Spring Festival, Xiaomi's sales and service centers will operate normally, covering 158 cities and offering quick repair services [4] - Xiaomi is launching a "Spring Festival Travel Worry-Free" initiative, providing free roadside assistance and reimbursement for transportation and accommodation costs for customers facing vehicle issues during the holiday period [4]

IT之家 2 月 10 日消息，小米创办人，董事长兼 CEO 雷军今晚举行小年夜直播，在直播中，雷军透露小米汽车 2026 年春节假期出行暖心服务已就位，即 日起至 3 月 3 日（元宵节），小米汽车支持所有车主 24 小时免费道路救援。 此外，雷军表示，春节期间，小米汽车仍有 275 个交付中心继续运营，支持打临牌、办理交付手续等。最快的情况就是"上午买，下午就能提车"。 如果车辆晚于 2 月 23 号修好，小米还可以免费把车送到指定城市。在此基础上，小米汽车还可以报销 1500 元的高铁和机票，同时提供 500 元的住宿费用 报销。 雷军强调，免费道路救援即"不管什么原因，抛锚或者事故导致车辆无法正常行驶，小米汽车都会免费提供不限次数和里程的道路救援"，如果车坏在路上 的话，小米汽车还会提供 500 块钱的打车券。 ...

2月10日晚，小米创办人、董事长兼CEO雷军在直播中透露，最后一辆初代小米SU7量产下线，正在运送途中，将安排车主提车。这意味着初代小米SU7正 式停产。据雷军介绍，初代SU7交付量接近37万辆。 直播中，雷军带网友云参观小米汽车科技展厅和定制服务中心。在介绍新一代小米SU7时，雷军表示，门把手提前符合了新国标。有消息称，新一代小米 SU7的隐藏门把手新增了机械冗余，解决了低温失灵，故障率高等问题。 我回答一下：我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的对标车。 图片来源：雷军微博 雷军表示，小米汽车工厂第一个特点是高度智能化，工厂里面有六七百台机器人，可以做到组装的所有环节是百分之百自动组装的，也是做到了百分之百的 自动检测，智能化程度非常高。整个厂房的屋顶都铺设了自发电的光伏板。工厂的用电全部来自于屋顶的自发电的光伏板。 2月10日，小米创办人，董事长兼CEO雷军在微博发文表示，前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？ 小米汽车官方微博此前宣布，1月交付量超3.9万辆，较2025年12月超5万辆的交 ...

2月10日，针对小米YU7被拍到行驶在美国加州的高速公路上，挂着当地的测试车牌或进入美国市场的消息，小米集团创始人、董事长兼CEO雷军在微博 上回应，"我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的对标车。" 实际上，早在2025年7月，雷军便在直播间中透露过小米汽车的出口规划。据雷军与小米集团总裁卢伟冰此前披露，小米汽车海外布局优先选择欧洲、东 南亚及中东地区，并将2027年定为在海外市场首次正式落地的关键年份，其中已确认欧洲为优先市场，将在多个国家开设"体验中心"和进行线上预售。不 过，雷军也提到，小米汽车出海的前提是在中国市场取得显著成绩，为海外拓展奠定坚实基础。由于国内等待交付的用户数量较多，未来两年小米汽车将 优先保障国内市场交付，出口相关事宜预计要到2027年才会启动。 目前，小米汽车在售车型主要有三款，分别是SU7、SU7 Utrla和YU7，其中YU7于2025年6月推出，截至当年全年销量153,673辆，是同期SU7的两倍。今 年1月，小米汽车交付超3.9万辆，较2025年12月超5万辆的交付量下降22%。对此，雷军表示，当前销量得益于订单储备厚度与市场认可 ...

IT之家 2 月 10 日消息，小米创办人、董事长兼 CEO 雷军今晚举行小年夜直播，谈及新一代小米 SU7 时提到，最后一辆初代小米 SU7 已量产下线，正在运 送途中，将安排车主提车。 他表示，购买这辆车的车主是一位老米粉，对小米有深厚的感情，称其一定要买一辆初代 SU7。 雷军在直播中还透露，初代小米 SU7 量产了接近 37 万辆，目前产线正在改造，为新一代小米 SU7 的量产做准备。 新一代 SU7 已于 1 月 7 日开启小订。新车提供三个版本，预售价分别为标准版 22.99 万元、Pro 版 25.99 万元、Max 版 30.99 万元。对比老款 SU7，新一代 SU7 标准版和 Pro 版售价上涨了 1.4 万元，Max 版售价上涨了 1 万元。 新一代 SU7 全系换装 V6s Plus 超级电机，替代现款车型搭载的 V6 及 V6s 电机。动力参数方面，标准版与 Pro 版车型的最大功率由 220kW（299 马力）提 升至 235kW（320 马力）；Max 版车型的综合功率则由 495kW（673 马力）提升至 507kW（690 马力）。 智能驾驶领域，新一代 SU7 全系标配激光 ...