Group 1 - Xiaomi Group-W (1810.HK) saw a 4% increase in stock price, reaching HKD 59.2, marking the highest level since July 3 [1] - Xiaomi announced plans to sell electric vehicles in the European market by 2027 during an international conference held on September 24 [3] - The company is considering establishing car showrooms in Europe and may not design entirely new models for the market [3] Group 2 - Xiaomi has launched the Xiaomi SU7, the high-end SU7 Ultra, and the SUV model Xiaomi YU7, with the SU7 achieving 300,000 deliveries in the first 15 months [3] - The Xiaomi YU7 received 200,000 orders within 3 minutes of its launch [3] - By 2030, Xiaomi plans to open 10,000 self-operated Xiaomi Home stores globally and will increase sales of smart IoT appliances overseas [3] - The company aims to integrate its "Human x Car x Home" smart ecosystem for global customers [3]

Core Viewpoint - Xiaomi Group's stock rose over 4% following the announcement of the Snapdragon 8 Gen 2 mobile platform, which is touted as the "world's fastest mobile CPU" [1] Group 1: Product Launch - Xiaomi's founder and CEO Lei Jun confirmed that the Xiaomi 17 series will be the first to feature the new Snapdragon platform, with the official launch scheduled for tonight [1] - The Xiaomi 17 series will include three models: Xiaomi 17 Standard, Xiaomi 17 Pro, and the compact imaging flagship Xiaomi 17 Pro Max, all running on Xiaomi's own operating system, MIUI 3 [1] Group 2: Financial Goals - Daiwa reported that during a non-deal roadshow with Xiaomi's management, the company set a revenue target of 700 billion RMB within three years [1] - Xiaomi aims to increase its annual smartphone shipments by 10 million units to reach 200 million units, contributing 250 billion RMB to mobile business revenue [1] - The company plans to double its IoT revenue to 200 billion RMB and achieve annual electric vehicle deliveries of 1 million units, contributing an additional 250 billion RMB in revenue over the next three years [1]

Core Viewpoint - Xiaomi Group's stock price increased by over 4% following the announcement of the Snapdragon 8 Gen 2 mobile platform, which is touted as the fastest mobile CPU globally, and the upcoming launch of the Xiaomi 17 series smartphones [1] Group 1: Product Launch - Qualcomm officially launched the Snapdragon 8 Gen 2 mobile platform on September 25, which Xiaomi's CEO Lei Jun praised as "indeed strong" [1] - The Xiaomi 17 series will be globally launched tonight, featuring three models: Xiaomi 17 Standard, Xiaomi 17 Pro, and the compact imaging flagship Xiaomi 17 Pro Max, all equipped with Xiaomi's own OS, MIUI 3 [1] Group 2: Financial Goals - Daiwa reported that during a non-deal roadshow with Xiaomi's management, the company set a revenue target of 700 billion RMB within three years [1] - Xiaomi aims to increase its annual smartphone shipments by 10 million units to reach 200 million units, contributing 250 billion RMB to mobile business revenue [1] - The company plans to double its IoT revenue to 200 billion RMB and achieve annual electric vehicle deliveries of 1 million units, contributing 250 billion RMB in revenue over the next three years [1]

Core Insights - Xiaomi Group is set to launch the new Xiaomi 17 series, which includes Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, on September 25 at 7 PM [1] - The Xiaomi 17 Pro features the Leica Light and Shadow Master imaging system, introducing the Light Hunter 950L image sensor and LOFIC high dynamic technology, achieving an ultra-high dynamic range of 16.5 EV [1] - The standard version of the Xiaomi 17 is positioned as "the strongest standard flagship in history," while the Pro model emphasizes "small size imaging," and the Pro Max is defined as "the strongest peak technology imaging flagship" [1] Product Features - The Xiaomi 17 Pro is equipped with advanced imaging capabilities, significantly improving issues like ghosting, haze, and glare through optical coating technology [1] - The entire Xiaomi 17 series will run on the new Xiaomi Surge OS 3 system [1]

Group 1 - The core message emphasizes that Xiaomi's Chairman and CEO Lei Jun is preparing for a significant speech regarding the company's future strategies, particularly in the automotive and semiconductor sectors [1] - Lei Jun indicates that the decisions to enter the automotive market and restart semiconductor production were made simultaneously, reflecting a substantial commitment of the company's resources accumulated over the past decade [1] - He expresses the immense pressure associated with these decisions, likening it to the challenge of supporting two children in college, and reflects on the courage it took to make such bold moves [1]

Group 1 - The core viewpoint of the report emphasizes stable automotive deliveries, competitive advantages in major appliances, and the potential catalyst from new smartphone releases [1][2] Group 2 - The company maintains revenue forecasts for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The automotive delivery volume exceeded 30,000 units in July and August, indicating a strong outlook for surpassing the annual target of 350,000 units [1] - The automotive production capacity is expected to ramp up quickly due to accumulated supply chain experience and component reuse from the first-phase factory [1] Group 3 - The air conditioning segment saw a shipment volume of over 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates exceeding 50% for three consecutive quarters [2] - The new Wuhan factory is set to enhance the company's competitive edge in major appliances, complementing its new retail model [2] - Upcoming smartphone releases, including the Xiaomi 17 Pro and ProMax, are anticipated to drive improvements in revenue and gross margin in Q4 [2]

Investment Rating - The investment rating for Xiaomi Group is "Buy" [7]. Core Views - The report highlights that Xiaomi's automotive deliveries are stable, its major appliances maintain competitive advantages, and the upcoming smartphone releases may serve as significant catalysts for growth [3][4]. Financial Summary - Total revenue is projected to reach RMB 270,971 million in 2023, increasing to RMB 758,393 million by 2027, reflecting a compound annual growth rate (CAGR) of 18.2% [5]. - Gross profit is expected to grow from RMB 57,477 million in 2023 to RMB 188,736 million in 2027, with gross margin improving from 21.2% to 24.9% over the same period [5]. - Adjusted net profit is forecasted to rise significantly from RMB 19,273 million in 2023 to RMB 83,643 million in 2027, indicating a strong growth trajectory [5]. Automotive Segment - Xiaomi's automotive deliveries have consistently exceeded 30,000 units in July and August, positioning the company to potentially surpass its annual target of 350,000 deliveries for 2025 [11]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production experience [11]. Home Appliances Segment - The air conditioning segment has seen a significant increase, with shipments exceeding 5.4 million units in Q2 2025, representing a year-on-year growth of 60% [11]. - The new Wuhan factory is anticipated to enhance Xiaomi's competitive edge in the major appliances market [11]. Smartphone Segment - The upcoming launch of the Xiaomi 17 Pro and ProMax is expected to be a key catalyst, with pre-orders reportedly doubling compared to the previous generation [11]. - The report suggests that the new smartphone releases could lead to improved revenue and gross margin performance in Q4 [11].

9月23日，小米董事长兼CEO雷军发文预热年度演讲称：很多人认为，小米跻身世界500强，造车进展也 不错，似乎一切都很顺利。其实，最近几年的每一步，都是被巨大的挑战逼出来，最关键的改变发生在 2020年。 【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 ...

Group 1 - The core point of the article is that Xiaomi Group's stock experienced a decline after initially rising over 1%, influenced by news regarding a recall of a significant number of vehicles [1] Group 2 - Xiaomi Auto Technology Co., Ltd. has announced a recall of approximately 116,900 units of the SU7 standard version [1]

Group 1 - Xiaomi Auto Technology Co., Ltd. has initiated a recall of 116,887 SU7 standard electric vehicles produced between February 6, 2024, and August 30, 2025, due to safety concerns related to the L2 highway navigation assistance feature [1] - The recall includes 98,462 vehicles of model XMA7000MBEVR2 and 18,425 vehicles of model BJ7000MBEVR2, with the main issue being insufficient recognition and response to extreme scenarios, potentially increasing collision risks [1] - The company plans to address the safety issue through free software upgrades via over-the-air (OTA) technology for the affected vehicles [1] Group 2 - The Xiaomi SU7 is the first mass-produced model from Xiaomi Group, positioned as a pure electric mid-to-large sedan, officially launched on March 28, 2024, with cumulative deliveries exceeding 250,000 units by June 6, 2025 [2] - The recent focus on intelligent driving capabilities is seen as a competitive battleground for automakers, with the Ministry of Industry and Information Technology releasing a draft for safety requirements for intelligent connected vehicles, promoting the establishment of L2 driving standards [2] - According to Guotai Junan, the sales of new passenger cars equipped with combination driving assistance systems in China reached 7.76 million units from January to July 2025, indicating a growing market for intelligent driving technologies [2] Group 3 - CITIC Securities indicates that the new standards will impose stricter requirements on the safety of intelligent driving systems and regulate driver monitoring systems (DMS), likely increasing the difficulty of L2 driving system approvals [3] - The regulatory changes are expected to guide the intelligent automotive industry towards high-quality and safe development, benefiting hardware related to driving safety, automotive testing institutions, and leading players in intelligent driving [3]