XIAOMI(HK:01810) 智通财经网·2025-09-29 07:55Core Insights - Xiaomi's new product launch of the Xiaomi 17 series has seen a significant decline in expected shipment volumes, with a projected drop of 20% from the original target of 10 million units [1] - The primary reason for this decline is the lower-than-expected demand for the Xiaomi 17 standard version, which was anticipated to account for 50% to 55% of total shipments but only achieved 15% to 20% [1] - The strong performance of Apple's iPhone 17 standard version in the Chinese market has contributed to the reduced demand for Xiaomi's new offerings [1] Group 1 - Xiaomi's 17 series standard version is priced starting at 4,499 yuan [1] - The overall shipment forecast for the Xiaomi 17 series may fall below the approximately 8 million units of the previous 15 series if no aggressive pricing strategies or marketing activities are implemented [1] - Despite increased orders for the Xiaomi 17 Pro Max and Pro models, they are insufficient to offset the reductions in the standard version's orders [1] Group 2 - From a competitive perspective, Xiaomi will face challenges in the high-end market in China by 2026, particularly from new iPhone models [2] - The worst period for Apple's iPhone in China is considered to be over, indicating a more competitive landscape for Xiaomi [2] - If sales of the Xiaomi 17 series do not improve during the National Day holiday, lowering prices on specific models may be a strategy to boost overall high-end model shipments [2]