XIAOMI(HK:01810) Zheng Quan Shi Bao Wang·2025-09-25 13:46Core Insights - The core message of the article is that Xiaomi has undergone a significant transformation over the past five years, evolving from an internet company to a hard-tech manufacturer, focusing on smart manufacturing and core technologies [1][4]. Company Transformation - Xiaomi's founder and CEO Lei Jun emphasized that the company has made substantial changes, moving towards a full ecosystem of "people, vehicles, and homes" [1]. - The company has invested 100 billion yuan in core technologies over the past five years, a significant increase from 7.5 billion yuan in 2019 [5]. - Xiaomi's revenue reached 227.2 billion yuan in the first half of 2025, marking a 38.2% year-on-year increase, with net profit soaring by 146% to 22.83 billion yuan [5]. Product Launch - The Xiaomi 17 series was officially launched, with prices starting at 4,499 yuan for the standard version, 4,999 yuan for the Pro version, and 5,999 yuan for the Pro Max version [3][11]. - The series features significant advancements in battery life, display technology, and imaging capabilities, with the standard version boasting a 7,000mAh battery, nearly double that of the iPhone 17 [6][9]. Competitive Positioning - Xiaomi 17 series is positioned to compete directly with the iPhone 17, with Lei Jun stating that the product capabilities have been upgraded across various dimensions [6]. - The standard version of Xiaomi 17 is highlighted as the "king of small-size endurance," showcasing superior battery performance compared to its competitors [6][9]. Technological Advancements - The new series incorporates advanced display technology, achieving a resolution of 2656×1220 and a peak brightness of 3500 nits, which is considered industry-leading [10]. - The imaging system of the Xiaomi 17 series includes a professional optical module and advanced sensor technology, enhancing overall photographic performance [10][11].