XIAOMI(HK:01810) Sou Hu Cai Jing·2025-09-29 06:11Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of the Xiaomi 17 series and the introduction of various new products across its ecosystem [1][3][21] Product Launch and Innovations - Xiaomi unveiled multiple new products, including the Xiaomi 17 series smartphones, Xiaomi custom services, Xiaomi Pad 8 series, and various home appliances, showcasing its continuous innovation in mobile, automotive, and technology ecosystems [1][3][20] - The Xiaomi 17 Pro series features the "Miao Xiang Back Screen" innovation, which redefines smartphone interaction and enhances user experience in personalization, imaging, and gaming [3][6][7] - The Xiaomi 17 series is equipped with the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement over A19 Pro [6][11] Custom Services and Automotive Developments - Xiaomi introduced a new "Xiaomi Custom Service" for its vehicles, offering 26 customizable options, aiming to provide a luxury experience comparable to high-end brands like Rolls-Royce and Porsche [18][20] - The Xiaomi YU7 SUV has seen significant success, with over 40,000 units delivered since its launch, appealing particularly to family users [16][25] Strategic Shift and Company Evolution - Over the past five years, Xiaomi has transitioned from an "Internet company" to a "hardcore technology company," focusing on core technology investments and aiming to invest 100 billion yuan in R&D over the next five years [21][23] - The company has significantly increased its R&D budget from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel from over 10,000 to more than 20,000 [23][25] Market Position and Performance - Xiaomi's smartphone business has established itself as a leader in the 4,000 to 5,000 yuan price range and is making strides in the high-end market, surpassing Apple in Europe in Q2 [25] - The company's home appliance segment has seen a 66.2% year-on-year revenue growth in Q2, indicating a strong performance across its product lines [25]