Core Viewpoint - Xiaomi has clarified the mechanical structure of the zoom ring in the Xiaomi 17 Ultra Leica version, refuting claims that it is merely software-controlled, emphasizing its complex and precise design [1][3]. Group 1: Product Details - The Xiaomi 17 Ultra Leica version features a mechanical zoom ring that operates through an external rotation, driving an internal gear system, which allows for precise control of zoom through physical movement [1][3]. - The starting price for the Xiaomi 17 Ultra is 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [1][3]. - The Xiaomi 17 Ultra Leica version is inspired by classic Leica cameras and offers customizable settings for users, such as adjusting EV and filters [1][3]. Group 2: Market Strategy - Goldman Sachs has noted that the launch of the Xiaomi 17 Ultra series reflects Xiaomi's ongoing strategy to move towards high-end products, with expectations of further penetration into the market segment priced above 6,000 yuan by 2026 [5]. - The company is also accelerating its AI development, with plans to integrate self-developed chipsets and software into future AI-native consumer devices [5]. Group 3: Leadership and Communication - Xiaomi's founder and CEO Lei Jun has highlighted the Xiaomi 17 Ultra Leica version as a significant breakthrough for the Ultra series and a reference point for the industry [4]. - A live stream event featuring Lei Jun was postponed due to illness, where he is expected to invite engineers to demonstrate the product [6].

Group 1 - Xiaomi has refuted claims regarding the "fake zoom ring" of the Xiaomi 17 Ultra Leica version, stating that the zoom ring's mechanical structure is complex and precise, involving a gear system that translates physical rotation into digital signals for zoom control [2] - The Xiaomi 17 Ultra was officially launched on December 25, 2025, with a starting price of 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [4] - The Xiaomi 17 Ultra Leica version features a design inspired by classic Leica cameras, with a zoom ring that allows users to adjust focal lengths, priced at 7,999 yuan for the 16GB+512GB version and 8,999 yuan for the 16GB+1TB version [4] Group 2 - Goldman Sachs' latest report indicates that the launch of the Xiaomi 17 Ultra smartphone series enriches the company's product line and reflects its ongoing high-end strategy, with expectations for further penetration into the market above 6,000 yuan in China by 2026 [5] - The report also highlights Xiaomi's accelerated AI development this year, with plans to integrate self-developed chipsets, the Surge OS, and the MiMo large language model into a potential AI-native consumer terminal expected to be released in 2026 [5] - Xiaomi's strong balance sheet, robust ecosystem integration capabilities, and cost advantages from deep supply chain involvement are expected to enhance its competitiveness in the electric vehicle sector, with a "buy" rating and a target price of 53.5 HKD assigned by Goldman Sachs [5]

小米辟谣"变焦环造假"。 1月2日晚间，小米公司发言人发文，对小米17 Ultra徕卡版变焦环结构原理进行说明。 小米表示，近日大量社交媒体账号发布视频，对某拆机博主的小米17 Ultra徕卡版拆机内容断章取义、 歪曲解读，称"变焦环造假，是软件调控"。这一说法，与事实严重不符。针对相关恶意歪曲、误导性传 播，原拆机博主本人已发布澄清内容。 小米创始人、董事长兼CEO雷军此前曾转发了一个 小米 17 Ultra 徕卡 版的测评视频，并表示这款产 品"是Ultra系列的一次新的突破，而对整个行业而言，这也是一种新的参考答案"。 高盛最新研报认为，小米最新发布的17 Ultra智能手机系列，使得公司产品线更丰富，反映小米持续推 进高端化策略；预期进入2026年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透价位在 6000元以上的市场，并将加速发展海外高端产品市场。 高盛亦提到，小米今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大语言模型整合到一个 可能于2026年发布的AI原生消费终端当中，继续看好集团在其人车家全生态战略下，仍处于多年生态 扩张的早期阶段，又指稳健的资产负债表、强大的生态整 ...

Core Viewpoint - Xiaomi has clarified the mechanical structure of the zoom ring in the Xiaomi 17 Ultra Leica version, refuting claims that it is a software-based feature and emphasizing its complex and precise design [2]. Group 1: Product Launch and Pricing - The Xiaomi 17 Ultra was officially launched on December 25, 2025, with a starting price of 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [4]. - The Xiaomi 17 Ultra Leica version features a design inspired by classic Leica cameras, with a zoom ring that allows users to adjust focal lengths. The pricing for the 16GB+512GB version is 7,999 yuan, and the 16GB+1TB version is priced at 8,999 yuan [4]. Group 2: Market Strategy and Analyst Insights - Goldman Sachs has noted that the launch of the Xiaomi 17 Ultra series enriches the company's product line and reflects its ongoing high-end strategy. The firm expects Xiaomi to penetrate the market for products priced above 6,000 yuan in China and accelerate its development of high-end products overseas by 2026 [5]. - The report also highlights Xiaomi's accelerated AI development this year, with expectations for the integration of self-developed chipsets, the Surge OS, and the MiMo large language model into a potential AI-native consumer terminal by 2026. The company is viewed positively due to its strong balance sheet, robust ecosystem integration capabilities, and cost advantages from deep supply chain involvement, enhancing its competitiveness in the electric vehicle sector [5].

该行予以小米"买入"评级，目标价53.5港元。 高盛发表研究报告指，小米最新发布17 Ultra智能手机系列，产品线更丰富，反映其持续推进高端化策 略；预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透价位在6000元以上的市 场，并将加速发展海外高端产品市场。 高盛亦提到，小米今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大语言模型整合到一个 可能于2026年发布的AI原生消费终端当中，继续看好集团在其人车家全生态战略下，仍处于多年生态 扩张的早期阶段，又指稳健的资产负债表、强大的生态整合能力，以及因深入参与供应链而具备的成本 优势，将提升其在电动车领域的竞争力。 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 340.37 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 32.5%, with an adjusted net profit of 32.82 billion RMB, up 73.5% [2]. - The AIoT platform has connected over 1.035 billion IoT devices, marking a 20.2% increase year-on-year, surpassing major global competitors [2]. - The company is focusing on high-end smartphone positioning, with the Xiaomi 17 series seeing over 80% of its sales from Pro and Pro Max models, and a 24.1% share in the high-end smartphone market in mainland China [3]. - The IoT and consumer products segment achieved a revenue of 27.6 billion RMB in Q3 2025, with a gross margin of 23.9%, up 3.2 percentage points year-on-year [3]. - The internet services segment saw a revenue increase of 10.8% year-on-year, with overseas internet service revenue growing by 34.9% [4]. - The automotive business is showing positive trends, with the YU7 model delivering 108,796 units, a 32.6% increase quarter-on-quarter, contributing to profitability [4]. Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 113.12 billion RMB, a 22.3% increase year-on-year, and an adjusted net profit of 11.31 billion RMB, up 80.9% [2]. Business Analysis - The smartphone segment generated 46 billion RMB in revenue in Q3 2025, with a global shipment of 43.4 million units, maintaining a market share of 16.7% globally and 13.6% in China [3]. - The IoT and consumer products segment's revenue reached 27.6 billion RMB, with a focus on smart home appliances and a new factory for smart appliances [3]. Internet Services - The internet services segment's revenue was 9.4 billion RMB in Q3 2025, with a notable increase in overseas revenue [4]. Automotive Business - The automotive segment is on track with the YU7 model's deliveries, indicating a positive trend towards profitability despite some margin pressures [4]. Profit Forecast and Valuation - The adjusted EPS forecasts for 2025, 2026, and 2027 are 1.7, 2.0, and 2.6 RMB respectively, with corresponding PE ratios of 23.89, 20.53, and 15.03 [5].

Core Insights - Xiaomi reported strong growth in its Q3 2025 earnings, with revenue increasing by 22.3% year-on-year to 113.1 billion yuan and adjusted net profit soaring by 80.9% to 11.3 billion yuan [1] - The company's total revenue for the first three quarters reached 340.4 billion yuan, a 32.5% increase year-on-year, while net profit grew by 73.5% to 32.8 billion yuan [1] - The "smart electric vehicle and AI innovation business" was the standout segment, generating 29 billion yuan in Q3, a staggering 199.2% increase year-on-year, and accounting for 25.6% of total revenue [1] Revenue Breakdown - The "mobile and AIoT" business generated 84.1 billion yuan, making up 74.4% of total revenue, but showed only a slight year-on-year increase of 1.6% due to a decline in smartphone shipments [2] - In contrast, the automotive segment achieved its first quarterly operating profit of 700 million yuan, with a significant contribution from vehicle sales, which surpassed 100,000 units [1][2] - Cumulatively, Xiaomi delivered over 260,000 vehicles in the first three quarters, with a target of 350,000 units for the year [2] Challenges and Public Relations - Despite the strong financial performance, Xiaomi faces challenges including product lawsuits and safety controversies, which have diverted attention from its growth trajectory [3] - Recent incidents, such as the delayed lawsuit regarding the Xiaomi SU7 Ultra and safety concerns following accidents, have raised questions about the company's product safety and public perception [3][4] - The departure of a key public relations executive amid these controversies highlights the need for a robust response strategy to manage public sentiment as the company expands into new markets [4]

Core Viewpoint - Xiaomi has reported strong growth in its Q3 2025 financial results, showcasing a significant increase in revenue and adjusted net profit despite challenges in the smartphone market [2][3]. Financial Performance - In Q3 2025, Xiaomi achieved a revenue of 113.1 billion yuan, representing a year-on-year growth of 22.3% [2]. - The adjusted net profit for the same period was 11.3 billion yuan, showing an impressive increase of 80.9% year-on-year [2]. - For the year-to-date period ending Q3, total revenue reached 340.37 billion yuan, up 32.5%, while net profit was 32.82 billion yuan, reflecting a growth of 73.5% [2]. Business Segments - The "Smart Electric Vehicles and AI Innovation" segment was the standout performer, generating 29 billion yuan in revenue, a staggering increase of 199.2% year-on-year, and accounting for 25.6% of total revenue [2]. - The automotive sector contributed significantly, with 28.3 billion yuan in revenue and over 100,000 units delivered, marking a transition to profitability with a quarterly operating profit of 700 million yuan [2]. Market Context - Despite the strong performance in the automotive sector, the smartphone and AIoT business, which generated 84.11 billion yuan (74.4% of total revenue), showed only a slight year-on-year increase of 1.6% due to a decline in the smartphone market [3]. - IDC data indicates that China's smartphone shipments fell by 0.5% year-on-year in Q3, continuing a downward trend from the previous quarter [3]. Challenges and Public Relations - Xiaomi faces challenges from product lawsuits, safety concerns, and public relations issues, which could distract from its growth trajectory [3][4]. - Recent controversies include a lawsuit regarding false advertising and safety discussions following incidents involving the Xiaomi SU7 model, leading to increased scrutiny of the company's safety practices [3][4]. - The departure of a key public relations executive amid these challenges raises concerns about the company's ability to manage its public image effectively [4]. Strategic Outlook - As Xiaomi transitions from a consumer electronics giant to a comprehensive ecosystem company, maintaining growth while addressing potential gaps will be crucial for navigating future challenges [5].

Core Viewpoint - Xiaomi Group recently held a product launch event, introducing the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with custom services for Xiaomi cars YU7 and SU7 Ultra [1] Group 1: Product Launch and Pricing - The starting price for the Xiaomi 17 is set at 4499 yuan, which is competitive compared to the iPhone 17's starting price of 5999 yuan [1] - The Xiaomi 17 Pro and Max have starting prices of 4999 yuan and 5999 yuan respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] - The new models feature innovative elements such as the "Miao Xiang" back screen and direct compatibility with the Apple ecosystem, reflecting the company's strategy to directly compete with the iPhone [1] Group 2: Strategic Implications - The product launch demonstrates Xiaomi's advancement in high-end smartphones and AIoT products, reinforcing its comprehensive ecosystem strategy across vehicles, homes, and personal devices [1] - The target price for Xiaomi is maintained at 62.96 HKD, with a reiterated "Buy" rating from the research report [1]

Group 1 - The core viewpoint of the article highlights the challenges and ambitions of the new player in the automotive industry, Chasing, which aims to compete in the high-end electric vehicle market despite the difficulties faced by existing companies in the sector [1][2][3] - Chasing's automotive division is ambitious, targeting high-end brands like Bugatti and Rolls-Royce, with plans to launch multiple product lines and a focus on luxury and performance [6][7][9] - The company has a unique approach by establishing its first factory in Berlin, Germany, to leverage the local automotive supply chain and reduce costs, while aiming to launch its first production vehicle by 2027 [10][11] Group 2 - Chasing faces significant challenges in technology transfer from consumer products to automotive standards, as well as the need to establish a strong brand presence in the ultra-luxury market [15][19] - Financially, the company has reported revenues of approximately 15 billion yuan in 2024, but this may not be sufficient to cover the high costs associated with entering the automotive industry [20][22] - The founder of Chasing, Yu Hao, aspires to create a comprehensive ecosystem that includes not only automotive products but also smart home devices and astronomical exploration, indicating a broad vision for the company's future [23][25]