Xin Lang Cai Jing·2026-01-05 03:44Group 1 - The core viewpoint of the article is that Xiaomi Group's chairman Lei Jun announced a conservative electric vehicle delivery target of 550,000 units for 2026, which is a year-on-year increase of over 34%, but lower than investor expectations of 600,000 to 700,000 units and below Citigroup's estimate of 700,000 units [1] - Citigroup believes that Xiaomi's 2026 electric vehicle delivery target is conservative, as the company's production capacity can support deliveries exceeding 600,000 units based on a monthly delivery rate of over 50,000 units in December 2025 [1] - Citigroup's scenario analysis indicates that a 21% reduction in electric vehicle shipments could impact electric vehicle operating profit by 5.4 billion RMB, equivalent to an 11% adjustment in the bank's net profit forecast for Xiaomi in 2026 [1] Group 2 - Xiaomi's actual backlog of orders is reported to be below 200,000 units, with monthly new orders stabilizing at around 20,000 units by the end of the year [1]