XIAOMI(HK:01810) Sou Hu Cai Jing·2025-09-26 03:41Core Insights - Lei Jun's recent speech emphasized resilience and innovation, highlighting Xiaomi's journey in the automotive sector and the launch of the Xiaomi 17 series [1][6] - The narrative of Xiaomi's car manufacturing journey reflects both challenges and successes, particularly with the SU7 Ultra and YU7 models [3][10] Group 1: Xiaomi's Automotive Journey - Xiaomi's car project was initiated unexpectedly due to external pressures, such as U.S. sanctions on its smartphone business, leading to a pivot towards automotive manufacturing [3][4] - The SU7 Ultra project faced significant hurdles, including development uncertainties and team disagreements, yet it managed to achieve notable market success [4][6] - The YU7 model was designed to stand out in a competitive market, achieving over 200,000 pre-orders within three minutes and 240,000 within 18 hours, showcasing its strong market demand [7][10] Group 2: Competitive Positioning - Xiaomi's YU7 is positioned as a strong competitor against established models like Tesla's Model Y, boasting superior features such as a 620 km range and a Pro version with 835 km range [9] - The company undertook extensive research, including disassembling Tesla vehicles to learn from their design and engineering, indicating a strategic approach to product development [9] - Xiaomi's success in the automotive sector is underscored by the SU7 being the best-selling sedan in its category over the past year, reflecting strong consumer acceptance and brand loyalty [10]