Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Smartphone and Consumer Electronics Key Points and Arguments Sales Performance - The Xiaomi 17 series launched on September 27, 2025, with the Xiaomi 17 Pro Max accounting for over 50% of sales volume on the first day [1][2] - The Xiaomi 17 series broke the first-day sales volume and GMV record for domestic smartphone models in 2025 YTD within 5 minutes of launch [1] - The 17 Pro series is estimated to have accounted for over 80% of the Xiaomi 17 series sales volume on Day 1, with 33% for Pro and 54% for Pro Max [3][9] Pricing Strategy - The starting price for the 17 Pro is Rmb4,999, which is Rmb200-500 lower than previous versions, while the 17 Pro Max is 50% cheaper than the iPhone 17 Pro Max in China [1] - This competitive pricing strategy is expected to attract consumers from the base model and expand the consumer base [1] Market Dynamics - Xiaomi's share price experienced high volatility, dropping 8% on September 26 and rising 4% on September 25, attributed to high investor expectations and market concerns regarding sales volume of the base model [2] - The favorable sales mix of the 17 Pro/Pro Max is expected to reverse concerns about soft sales volume of the base model [2] Premiumization Strategy - The favorable sales mix could drive a mid-teen percentage increase in average selling price (ASP) compared to the previous generation [3] - Xiaomi's premiumization execution is supported by enhanced R&D investments, expanding retail channels, and an integrated "Human x Car x Home" ecosystem [3] Competitive Landscape - The iPhone 17 base model recorded the highest sales volume increase in its first week, indicating strong competition in the smartphone market [3][11] Long-term Outlook - Xiaomi is positioned as the world's 3 smartphone brand with a projected 13.8% of 2024 shipments and is in the early stages of a multi-year ecosystem expansion [13] - The company is expected to achieve revenue and EPS CAGRs of 26% and 37% respectively from 2024 to 2027 [13] - Xiaomi's robust balance sheet and capabilities in software-hardware integration are expected to enhance its competitiveness in the EV market [13] Price Target and Risks - The 12-month target price for Xiaomi is set at HK$66, representing an upside of 20.8% from the current price of HK$54.65 [16] - Key downside risks include intense competition, higher GPM pressure, execution risks in brand premiumization, geopolitical risks, and softer macroeconomic conditions [14] Additional Insights - The company is leveraging its interconnected consumer terminals to build one of the largest consumer physical intelligence ecosystems globally [13] - The sales volume mix may change based on pricing strategy and competitive landscape [3] This summary encapsulates the critical insights from the conference call regarding Xiaomi Corp.'s recent performance, market dynamics, and strategic outlook.

【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 格隆汇9月28日｜雷军今日发微博表示："很多门店小米17 Pro Max已经缺货，推荐大家试试小米17 Pro，手感也非常不错。" (责任编辑：宋政 HN002) ...

Group 1: Money Market Funds - Total assets in money market funds (MMFs) have reached a record of $7.7 trillion, tripling over the past eight years, driven by elevated short-term interest rates and market volatility [3][4] - Major asset managers such as Fidelity, Schwab, J.P. Morgan, Vanguard, and BlackRock account for 76% of the growth in MMF assets, highlighting the dominance of a few key players in the sector [4] Group 2: Health Insurance Costs - A U.S. government report claims health insurance costs have declined by 19% over the last five years, raising doubts about the accuracy of official inflation data [5] - Contrasting analyses indicate significant premium increases for 2026, with many businesses facing increases of 9% or more, and ACA enrollees potentially seeing costs surge by over 75% due to the expiration of enhanced federal subsidies [6] Group 3: Electric Vehicle Market - Xiaomi's CEO praised Tesla's Model Y as "outstanding" after disassembling three units for study, indicating a strategic move to understand and compete with market leaders [10] - Xiaomi's YU7 electric SUV received over 289,000 orders within the first hour of sale, significantly surpassing initial orders for its SU7 model, leading to raised profit forecasts from brokers [11] - The YU7 is priced at RMB253,500, which is RMB10,000 cheaper than the Tesla Model Y, showcasing Xiaomi's aggressive strategy to capture market share in the EV sector [11]

Core Viewpoint - Xiaomi's recent product launch event showcased multiple new products, including the Xiaomi 17 series smartphones, Pad 8, smart home appliances, routers, and a customized service for Xiaomi cars, highlighting the company's focus on continuous investment in R&D and breakthroughs in self-developed chips and smart vehicles [1][3]. Group 1: Smartphone Launch - The Xiaomi 17 series includes three models: Standard, Pro, and Pro Max, all equipped with Qualcomm Snapdragon 8 Elite chips using TSMC's 3nm process, matching the performance and efficiency of Apple's A19 series [2]. - The battery technology in the Xiaomi 17 series significantly enhances battery life, with the Standard and Pro Max models showing improvements of 109% and 50% in battery life compared to the iPhone 17 and iPhone 17 Pro Max, respectively [2]. - Pricing for the Xiaomi 17 Standard remains at 4499 RMB, while the Pro model is priced at 4999 RMB, reflecting a 300 RMB decrease from the previous year's Pro model [2]. Group 2: Automotive Developments - Xiaomi introduced a customization service for its vehicles, targeting high-end users, with options for limited paint colors and interior features, aiming to enhance brand prestige [3]. - The gross margin for Xiaomi's automotive and AI innovation business reached 26.4% in Q2 2025, an increase of 11 percentage points year-over-year, indicating potential for further margin improvement with the new customization service [3]. - The SU7 Ultra model, equipped with Xiaomi's self-developed V8s motor, has been recognized as the fastest four-door production car on the Nürburgring track, showcasing advancements in the automotive sector [4]. Group 3: R&D and Financial Outlook - Xiaomi's founder, Lei Jun, emphasized the company's commitment to hard technology, particularly in self-developed chips and electric vehicles, which have seen significant advancements since 2021 [3][4]. - The company has successfully launched the Xuanjie SoC chip, which has been applied in various smartphones and tablets, demonstrating progress in its chip development efforts [4]. - The target price for Xiaomi is set at 65.4 HKD, based on a sum-of-the-parts valuation method, with projected net profits of 443.1 billion, 526.3 billion, and 671.2 billion RMB for 2025-2027 [4].

Market Overview - Chinese concept stocks experienced a significant adjustment, with the Nasdaq China Golden Dragon Index dropping over 2% [2][4] - The three major US stock indices opened higher but showed mixed performance, with the Dow Jones Industrial Average up 0.36%, while the Nasdaq and S&P 500 indices fell by 0.27% and 0.13%, respectively [1][2] Individual Stock Performance - Kinsan Cloud saw a decline of over 11%, while Zhengye Bio and Daqo New Energy fell by over 8% [4][5] - Notable declines also included WeRide, GDS, NIO, Bilibili, and others, all experiencing drops exceeding 4% [4][5] - Among leading Chinese tech stocks, Xiaomi Group ADR fell over 7%, Baidu Group over 3%, and Alibaba, NetEase, and JD Group all dropped over 2% [6] Xiaomi Group Developments - Xiaomi Group's stock dropped over 8% following the announcement of new products, including the Xiaomi 17 series and other home appliances [7] - Analysts noted that the stock's decline was primarily due to short-term profit-taking after a strong pre-event performance [7] - Morgan Stanley maintained an "overweight" rating on Xiaomi Group, projecting that the sales performance of the Xiaomi 17 series could exceed expectations, potentially accelerating market share growth in the high-end smartphone segment [7] XPeng Motors Expansion - XPeng Motors saw a rise in stock price, gaining over 4% as it announced its entry into five new European markets [8] - The company has been expanding its global presence since 2021, now covering over 46 countries and regions [8] - XPeng's international and Hong Kong-Macau-Taiwan market deliveries exceeded 24,702 units from January to August 2025, marking a year-on-year growth of over 137% [9]

Core Viewpoint - The article discusses a significant adjustment in Chinese concept stocks, highlighting a general decline in the market, particularly in the Nasdaq China Golden Dragon Index, which fell over 2% [2][4]. Market Overview - On September 26, U.S. stock indices opened high but showed mixed performance, with the Dow Jones up 0.36%, while the Nasdaq and S&P 500 indices fell by 0.27% and 0.13%, respectively [1][2]. - The overall decline in Chinese concept stocks is noted, with specific stocks experiencing substantial drops [2][4]. Individual Stock Performance - Notable declines include: - Kingsoft Cloud down over 11% - Zhengye Technology and Daqo New Energy down over 8% - WeRide, GDS, and NIO down over 6% - Bilibili down over 5% [4][5]. - Among leading Chinese tech stocks, Xiaomi Group's ADR fell over 7%, Baidu down over 3%, and Alibaba, NetEase, and JD down over 2% [6]. Xiaomi Group Developments - Xiaomi Group's stock dropped significantly after the launch of its new products, including the Xiaomi 17 series, which had a starting price of 4,499 yuan [7]. - Analysts suggest that the drop was due to short-term profit-taking following a strong pre-launch performance, but Morgan Stanley maintains a positive outlook, predicting strong sales for the Xiaomi 17 series and a target price of 62 HKD [7]. XPeng Motors Expansion - XPeng Motors saw a rise in stock price, announcing its entry into five European markets, including Switzerland and Austria [8]. - The company reported a significant increase in international deliveries, with over 24,702 units delivered from January to August 2025, marking a year-on-year growth of over 137% [9].

Group 1 - Xiaomi has established its first electric vehicle R&D and Design Center in Munich, Germany, marking its entry into the global automotive market [2][3] - The center is part of Xiaomi's strategy to enter the European market by 2027, confirming its focus on this region [2][3] - The popularity of Xiaomi's SU7 and YU7 vehicles in China, with the YU7 SUV receiving over 289,000 orders within an hour of its launch, indicates strong domestic demand [3] Group 2 - Other Chinese EV manufacturers are also expanding in Europe, with Xpeng planning to enter five countries and BYD experiencing a 225% sales surge in the region [4]

Core Viewpoint - Xiaomi is set to launch its self-developed smartphone SoC, XRING 01, in late May, aiming to enhance its position in the high-end smartphone market, but it will not follow a yearly release schedule like Apple [1][5]. Group 1: Chip Development Strategy - Xiaomi plans to invest at least 50 billion yuan ($7 billion) over the next decade to develop its own chips, indicating a long-term commitment to semiconductor development [5]. - The company aims to produce 1 million units of the XRING 01 initially, but needs to reach 10 million units per chip release to break even, suggesting a cautious approach to scaling production [7][8]. - Xiaomi's strategy includes learning and planning for future chip generations, acknowledging the need for patience in achieving profitability [5][8]. Group 2: Competitive Landscape - Xiaomi's move to develop its own chips aligns with similar strategies from major competitors like Apple, Samsung, and Huawei, as it seeks to capture a larger share of the premium smartphone market [2]. - The company currently relies on Qualcomm and MediaTek for its smartphone chips but intends to continue this partnership while gradually introducing its own semiconductors [12][13]. Group 3: Technological Integration - The XRING 01 is based on a 3-nanometer manufacturing process, one of the most advanced technologies available, which positions Xiaomi competitively in the semiconductor space [3]. - Developing its own SoC allows Xiaomi to better integrate its hardware with its Android-based operating system, HyperOS, and its AI applications, HyperAI, enhancing user experience [9][11].

Group 1: Market Overview - On September 26, Hong Kong technology stocks experienced a significant decline, with the Hang Seng Tech Index dropping over 3% at one point, and Xiaomi Group's stock falling by over 8% [1][2] - The overall market sentiment indicates that liquidity easing is expected to provide marginal support to the Hong Kong stock market, which is anticipated to maintain a trend of fluctuating upward [1][4] Group 2: Xiaomi Group Performance - Xiaomi Group's stock price fell sharply, closing down 8.07% at HKD 54.65 per share, with a total trading volume of HKD 23.35 billion [2] - The decline in Xiaomi's stock is attributed to short-term investors cashing out after the company's product launch event, despite the positive reception of the new Xiaomi 17 series and other products [2][3] - Xiaomi's chairman, Lei Jun, emphasized the importance of self-developed chips for the company's success, committing to invest at least RMB 50 billion over the next decade [2] Group 3: Future Outlook for Hong Kong Stocks - Morgan Stanley maintains an "overweight" rating on Xiaomi Group, projecting that the sales performance of the Xiaomi 17 series may exceed expectations, potentially accelerating Xiaomi's market share growth in the high-end smartphone segment [3] - Citic Securities notes that the current phase of the long-term bull market for Hong Kong stocks began in the fourth quarter of last year, with expectations of continued liquidity easing over the next 1-2 years [4] - UBS expresses optimism regarding the growth potential of Chinese stocks, particularly in the technology sector, forecasting a moderate earnings growth of 3% for companies in the MSCI China Index by Q2 2025 [5]

Market Overview - The Hong Kong stock market experienced significant declines, with the Hang Seng Index falling by 1.35% to close at 26,128.2 points, and a total trading volume of HKD 3,236.74 million [1] - The Hang Seng Tech Index dropped by 2.89%, while the Hang Seng China Enterprises Index decreased by 1.49% [1] - Weekly performance showed cumulative declines of 1.57% for the Hang Seng Index, 1.79% for the China Enterprises Index, and 1.58% for the Tech Index [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) led the blue-chip decline, falling 8.07% to HKD 54.65, impacting the Hang Seng Index by 137.07 points [2] - Other notable blue-chip movements included Hang Seng Bank (00011) rising 3.23% and Mengniu Dairy (02319) increasing by 2.87% [2] - Semiconductor stocks showed mixed results, with SMIC (00981) down 5.01% and Hua Hong Semiconductor (01347) up 3.02% [2][11] Sector Performance - Large tech stocks generally declined, with Xiaomi's new product launch contributing to its drop [3] - Pharmaceutical stocks faced pressure due to new tariffs announced by President Trump, with many stocks in this sector declining significantly [4][3] - Wind energy stocks performed well, with companies like Goldwind Technology (002202) rising over 4% [4][5] Wind and Nuclear Energy Insights - Morgan Stanley reported a positive outlook for the Chinese wind energy sector, predicting a turnaround in pricing and profitability by early 2025 [5] - The report anticipates an average annual new installed capacity exceeding 110 GW during the "14th Five-Year Plan" period [5] - Nuclear energy stocks also saw gains, with China National Nuclear Power (02302) increasing by 8.91% [6] Notable Stock Movements - Xinjiang Xinxin Mining (03833) surged 32.43% after announcing plans to issue A-shares [7] - Jiali International (01050) rose 33.33% after being included in NVIDIA's supplier list [8] - Xiaopeng Motors-W (09868) gained 5.03% as it announced market entry into several European countries [10]