XIAOMI(HK:01810) 3 6 Ke·2025-12-26 06:14Core Viewpoint - Xiaomi's recent launch of the Xiaomi 17 Ultra smartphone marks a strategic shift towards the high-end market, with a price increase reflecting rising production costs and a focus on enhancing brand value through premium offerings [4][7]. Product Launch - The Xiaomi 17 Ultra was introduced on December 25, featuring a 2D flat screen, the thinnest Ultra model at 8.29mm, and powered by the fifth-generation Snapdragon 8 processor [1]. - The device includes advanced camera features such as a 14mm ultra-wide-angle lens, a 23mm one-inch main camera, and a 75-100mm 200MP periscope telephoto lens [1]. Pricing Strategy - The starting price for the Xiaomi 17 Ultra is set at 6,999 yuan, an increase of 500 yuan from the previous model, the Xiaomi 15 Ultra [4][5]. - The device's memory configuration has been upgraded, starting with 12GB+512GB, compared to the previous model's 12GB+256GB [5]. - Additional pricing tiers include 7,499 yuan for 16GB+512GB and 8,499 yuan for 16GB+1TB, with the Leica edition priced at 7,999 yuan for 16GB+512GB [5][6]. Market Positioning - The Xiaomi 17 Ultra aims to compete directly with high-end models from Huawei and Apple, with the latter's iPhone 17 starting at 5,999 yuan and the Pro models priced higher [7]. - The strategic intent behind the pricing is to establish a foothold in the premium market while balancing concerns about sales volume [7]. Strategic Partnerships - Xiaomi has upgraded its global imaging strategic partnership with Leica, introducing the "strategic co-creation model" with the Xiaomi 17 Ultra by Leica [2]. - This collaboration is expected to enhance the product's appeal to photography enthusiasts and core users, rather than focusing solely on high sales volumes [7]. Market Context - According to IDC, as of Q3 2025, Xiaomi holds a 14.7% market share in China, ranking fourth behind Vivo, Apple, and Huawei [8][9]. - The overall smartphone market has shown signs of stabilization, with Xiaomi's recent performance reflecting a slight decline in shipment volume compared to the previous year [8].