XIAOMI(HK:01810) Guan Cha Zhe Wang·2025-10-24 06:54Core Insights - Redmi officially launched its flagship K90 series on October 23, featuring the fifth-generation Snapdragon 8 processor and AI independent graphics chip D2, with prices starting at 2599 yuan, an increase of 100 to 500 yuan compared to the previous generation [1][3] - The price gap between different storage versions has widened, with the 12GB+512GB version priced 600 yuan higher than the 12GB+256GB version, compared to a 400 yuan difference in the previous generation [1] - Xiaomi's president, Lu Weibing, attributed the price increase to upstream cost pressures, particularly rising storage costs, which are expected to continue escalating [1][5] Pricing Strategy - The K90 standard version's price was adjusted down by 300 yuan to 2899 yuan within the first month of sales to address consumer dissatisfaction over pricing [1] - Other smartphone brands have also raised prices due to similar cost pressures, with vivo X300 series increasing by 100 to 300 yuan, OPPO Find X9 series by 200 to 300 yuan, and iQOO 15 series starting at 4199 yuan, a 5% increase [6][10] Market Dynamics - The price of DRAM chips has surged, with a reported year-on-year increase of 171.8% in Q3, driven by demand from AI infrastructure investments and supply constraints [3][5] - Major manufacturers like Samsung and SK Hynix are shifting focus to high-end chips, reducing production of DDR4 memory, which is expected to lead to a significant supply shortage [4][5] Industry Trends - The smartphone industry is entering a "super cycle" due to tight supply of ordinary storage chips, with manufacturers stockpiling components, leading to a projected price increase of over 200% for DDR4 memory by 2025 [5][12] - The rising costs of flagship processors and custom screens, along with increased R&D investments, are contributing to overall product cost increases [8][10] Future Outlook - The storage chip price increases are expected to continue, with predictions of a 20-30% rise in memory prices for new flagship models next year [12] - The industry is moving towards a "high investment, high pricing, high experience" phase, where companies must enhance product quality to cope with rising costs [12]