XIAOMI(HK:01810) Xin Jing Bao·2025-12-25 14:31Group 1 - The core event is the launch of the Xiaomi 17 Ultra and Xiaomi 17 Ultra Leica Edition, marking an upgrade in the strategic partnership between Xiaomi and Leica, which began in 2022 [2] - The Xiaomi 17 Ultra is available in four colors with a starting price of 6,999 yuan, while the Leica version starts at 7,999 yuan, with sales commencing on December 27 [2] - This event also introduced five new products in Xiaomi's ecosystem, including the Mijia central air conditioning and Xiaomi smart home screen, indicating a new phase for Xiaomi's home appliance business [2] Group 2 - The partnership with Leica has evolved from "joint research" to a new "strategic co-creation model," enhancing collaboration in professional imaging technology [2] - Xiaomi's high-end product strategy is emphasized, with all new products positioned in the premium segment, reflecting the company's ongoing commitment to core technology investment [2] - In the first three quarters of the year, Xiaomi's total R&D investment reached 23.5 billion yuan, with an expected annual investment of 32 to 33 billion yuan [2]