Core Insights - Xiaomi officially launched the Xiaomi 17 series smartphones on September 25, 2025, featuring the Qualcomm Snapdragon 8 Gen 5 processor, built on TSMC's 3nm process, with a peak frequency of 4.6GHz and a 10% reduction in power consumption compared to the previous generation [3] - The pricing strategy of "more for less" positions the Xiaomi 17 standard version starting at RMB 4,499, the 17 Pro at RMB 4,999, and the 17 Pro Max at RMB 5,999, effectively covering the high-end market segment priced between RMB 5,000 and 7,000, demonstrating Xiaomi's commitment to high-end product offerings [3] - In the innovation sector, Xiaomi improved the YU7 basic version's range from approximately 620 kilometers to 835 kilometers, maintaining the same price point, which enhances product competitiveness [3] - Xiaomi's founder, Lei Jun, emphasized the need for an investment of at least RMB 50 billion and a commitment of at least ten years for chip development [3] - Overall, Xiaomi is expanding its product line with a focus on value for money, which aligns with consumer expectations for Xiaomi products [3]

Group 1 - Morgan Stanley reports that Xiaomi Group-W (01810) launched its flagship smartphone series, the Xiaomi 17, which includes three models: 17, 17 Pro, and 17 Pro Max [1] - The Pro and Pro Max models feature a new rear display, representing an innovative design that, combined with high product quality and attractive pricing, is expected to lead to better-than-expected sales performance [1] - Morgan Stanley maintains an "Overweight" rating on Xiaomi Group with a target price of HKD 62, positioning the stock as a top pick in the industry [1] Group 2 - Xiaomi has initiated a "customization service" in its electric vehicle business, offering five new custom colors, two new interior designs, and additional features such as custom logos and seat belts [1] - Although the initial production is limited to only 40 vehicles per month, this customization service is anticipated to become a key competitive advantage for Xiaomi's electric vehicles [1] - As the utilization rate of the new electric vehicle factory increases, the customization service is likely to expand to most models, helping Xiaomi maintain a steady flow of new orders [1]

智通财经APP获悉，摩根士丹利发布研报称，小米集团-W(01810)周四(25日)发布其旗舰智能手机——小 米17系列，包括三款型号——17、17 Pro及17 Pro Max。Pro及Pro Max型号配备全新后置屏幕，这是一 项创新设计。结合优良的产品质量及吸引人的价格，大摩认为小米17系列的销售表现很可能超预期。此 类新产品可能加速小米在高端智能手机市场的份额增长。大摩维持小米集团"增持"评级，目标价62港 元，将该股定位行业内首选。 与此同时，小米已在其电动车业务中启动"客制化服务"。大摩表示，该服务将推出五种新定制颜色、两 种新内饰设计以及其他新功能，如定制标志、安全带等。虽然初期数量非常有限，每月仅40辆，但相 信"客制化服务"将成为小米电动车的关键竞争优势。一旦新电动车工厂的利用率提升，"客制化服务"很 可能扩展至大多数型号，帮助小米维持稳健的新订单流。 ...

Group 1 - The Hong Kong stock market indices collectively declined on September 26, with technology stocks experiencing significant drops while wind power stocks strengthened [1] - Xiaomi's new smartphone series, the Xiaomi 17, was launched with starting prices of 4499 yuan for the base model and up to 5999 yuan for the ProMax version, featuring the fifth-generation Snapdragon 8 chip [1] - Xiaomi's CEO Lei Jun emphasized the importance of self-developed chips for the company's success, committing to invest at least 50 billion yuan over the next decade [1] Group 2 - Alibaba's stock price has doubled this year, making it the largest weighted stock in the Hang Seng Tech Index at 9.17% [2] - The market outlook is optimistic due to potential interest rate cuts by the Federal Reserve and continued inflow of southbound capital, which may lead to a revaluation of the Hang Seng Tech Index [2] - Investors without access to Hong Kong Stock Connect accounts can consider the Hang Seng Tech Index ETF (513180) to gain exposure to core AI assets in China [2]

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.

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 Group's stock dropped over 4% following the launch of the new Xiaomi 17 series smartphones, indicating market reaction to the product release and pricing strategy [1] Product Launch - The Xiaomi 17 series smartphones were launched on September 25, with starting prices set at 4499 yuan for the standard model, 4999 yuan for the Pro model, and 5999 yuan for the Pro Max model [1] - The Xiaomi 17 series features the global debut of the fifth-generation Snapdragon 8 Supreme Edition [1] - Xiaomi's CEO Lei Jun claimed that the battery capacity of the Xiaomi 17 is double that of the iPhone 17, positioning it as superior to all iPhone 17 models [1] Pricing Strategy - Lei Jun highlighted that the Xiaomi 17 Pro is only 500 yuan more expensive than the standard version, and compared to the iPhone 17 Pro, it is 4000 yuan cheaper, suggesting a competitive pricing strategy [1] Chip Development - Lei Jun emphasized that chip development is essential for Xiaomi's success, committing to at least 10 years and an investment of 50 billion yuan in self-developed mobile SoCs [1] Automotive Development - Regarding the automotive sector, Lei Jun announced that since the delivery of the new SUV model YU7 began on July 6, over 40,000 units have been delivered [1]

Core Viewpoint - Xiaomi Group's stock dropped over 4% following the launch of the new Xiaomi 17 series smartphones, indicating market reaction to the product announcement [1] Product Launch - The Xiaomi 17 series smartphones were launched on September 25, with starting prices of 4,499 yuan for the standard model, 4,999 yuan for the Pro model, and 5,999 yuan for the Pro Max model [1] - The Xiaomi 17 series features the world's first Snapdragon 8 Gen 2 processor [1] - Xiaomi's CEO Lei Jun highlighted that the battery capacity of the Xiaomi 17 is twice that of the iPhone 17, claiming superiority over all iPhone 17 models [1] Pricing Strategy - Lei Jun stated that the Xiaomi 17 Pro is only 500 yuan more expensive than the standard version, and it is 4,000 yuan cheaper than the iPhone 17 Pro, positioning Xiaomi competitively in the market [1] Strategic Initiatives - Lei Jun emphasized that developing in-house chips is essential for Xiaomi's success, committing to a minimum investment of 50 billion yuan over the next decade for self-developed mobile SoCs [1] - Regarding the automotive sector, the newly launched SUV model YU7 has delivered over 40,000 units since its delivery began on July 6 [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 他还表示，在手机汽车取得经验后，小米今天在推全品类高端化。过去小米的确走的有点快，今天我们 要求把设计质量全方位拿起来，认真的把各个品类做好。"我坚信，我们还会在更多领域突破，小米也 一直在持续学习提高之中。" 新浪讯 9月25日晚间消息，在今日的2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军与媒体 对话。 雷军表示，小米15年前创办时的使命就是始终坚持做感动人心、价格厚道的好产品，让全球每个人都能 享受科技带来的美好生活。简单来说，就是科技平权。"5年前，我们发现智能手机已经普及了，所以经 过反思后，坚定提出了高端化战略，全面对标苹果进入高端领域。" 他表示，这5年小米在手机高端化下了很大功夫，做汽车也坚定做高端车。第二季度财报，小米汽车的 含税均价28.9万，今天小米汽车这么大的量其实已经在高端区间里。"我越来越坚信，只要下功夫投入 技术研发 ...

Investment Rating - The report maintains a "Strong Buy" rating for Xiaomi Group [1] Core Views - Xiaomi has launched the Xiaomi 17 series, which includes significant upgrades across all models, aiming to compete directly with the iPhone in the high-end market [5] - The company is expanding its IoT product line with new high-end devices, including tablets, TVs, and smart home appliances, enhancing its AIoT ecosystem [5] - Xiaomi's automotive segment is gaining traction, with over 40,000 units of the YU7 model delivered and the introduction of customized services for its vehicles [5] - The report forecasts substantial revenue growth for Xiaomi, projecting total revenues of 489.9 billion, 660.3 billion, and 823.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 43.1 billion, 63.5 billion, and 86.6 billion yuan for the same years [6][9] Summary by Sections Company Overview - Xiaomi Group is positioned as one of the top three smartphone manufacturers globally and the largest AIoT smart hardware platform [5] Financial Performance - The report provides a detailed financial forecast, estimating total revenue growth of 34% in 2025 and 35% in 2026, with net profit growth of 66% and 54% respectively [6][9] - Key financial metrics include a projected PE ratio of 35.7 for 2025, decreasing to 16.7 by 2027, indicating improving valuation over time [6][10] Product Development - The Xiaomi 17 series features three models with advanced specifications, including the Snapdragon 8 processor and significant battery capacity [5] - The introduction of high-end IoT products, such as the Xiaomi Pad 8 series and the S Pro Mini LED TV, reflects Xiaomi's strategy to enhance its product offerings [5] Automotive Segment - The automotive division is expected to grow, with the YU7 model's delivery numbers indicating strong market acceptance and the potential for further expansion through customized services [5]