Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech focusing on "Change," unveiling the new Xiaomi 17 series and various ecosystem products, including Xiaomi's customized automotive services [1][3][20] - The launch of the Xiaomi 17 series showcases the company's continuous innovation in mobile, automotive, and technology ecosystems, marking a significant transformation over the past five years [3][20] Product Launches - The Xiaomi 17 series includes the standard version starting at 4499 yuan, the Pro version at 4999 yuan, and the Pro Max starting at 5999 yuan, with pre-sales beginning on September 27 [5][6] - The new Xiaomi products also include the Xiaomi Pad 8 starting at 2199 yuan, the Mi Home washing machine Pro starting at 3999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5199 yuan [5][19] Technological Innovations - The Xiaomi 17 series features the "Miao Enjoy Back Screen" innovation, which redefines smartphone interaction and enhances user experience with personalized features [6][8] - The series is powered by the fifth-generation Snapdragon 8 chip, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a GPU performance increase of 34.6% [6][12] Automotive Developments - Xiaomi introduced its first customized automotive service, offering 26 personalized options for the Xiaomi YU7 Max and Xiaomi SU7 Ultra, aiming to provide a luxury experience [15][17] - The Xiaomi YU7 SUV has achieved over 40,000 deliveries since its launch, with a significant portion of buyers being families [15][17] Strategic Direction - Xiaomi aims to transition from an "Internet company" to a "hardcore technology company," with a commitment to invest 100 billion yuan in core technology research over the next five years [20][22] - The company has significantly increased its R&D investment from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel [22][24] Market Positioning - Xiaomi's SU7 series has become one of the best-selling cars in its category, and the company has made significant strides in the high-end smartphone and home appliance markets [25][19] - The company has successfully positioned itself against competitors like Apple, particularly in the high-end smartphone segment, and has seen substantial growth in its technology home appliance revenue [25][19]

Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech themed "Change," highlighting the launch of the Xiaomi 17 series and the company's advancements in technology and automotive sectors [1][3][20] - The event showcased Xiaomi's continuous innovation across mobile phones, automobiles, and smart home appliances, marking a significant transformation over the past five years [3][19] Product Launches - The Xiaomi 17 series includes the standard version starting at 4,499 yuan, the Pro version at 4,999 yuan, and the Pro Max at 5,999 yuan, with pre-sales beginning on September 27 [5][6] - The new "Xiaomi Custom Service" for cars starts at 100,000 yuan, offering 26 customizable options for the Xiaomi YU7 Max and SU7 Ultra models [5][17] - Other products launched include the Xiaomi Pad 8 series starting at 2,199 yuan, the Mi Home washing machine Pro at 3,999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5,199 yuan [5][19] Technological Innovations - The Xiaomi 17 series features the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement [6][10] - The "Wonderful Back Screen" innovation enhances user interaction, allowing for personalized displays and practical functions like notifications and gaming modes [8][10] - The series incorporates advanced battery technology with a maximum energy density of 894Wh/L and a new screen technology achieving international leadership in luminous efficiency [11][13] Strategic Direction - Xiaomi aims to transition from an "Internet company" to a "hardcore technology company," with a commitment to invest 100 billion yuan in core technology over the next five years [20][22] - The company has seen significant growth in R&D investment, increasing from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, with the number of R&D personnel doubling [22][24] - The automotive sector has also seen success, with the Xiaomi YU7 achieving over 400,000 orders within 18 hours of its launch, and the SU7 series becoming a top seller in its category [15][24]

Core Insights - The core theme of the event was "Change," highlighting Xiaomi's transformation into a "hardcore technology company" from an "internet company" over the past five years [19][24] - Xiaomi introduced several new products, including the Xiaomi 17 series smartphones, Xiaomi custom services for cars, and various home appliances, showcasing its continuous innovation across mobile, automotive, and technology ecosystems [3][5] Product Launches - The Xiaomi 17 series includes the standard version starting at 4,499 yuan, the Pro version at 4,999 yuan, and the Pro Max starting at 5,999 yuan, with pre-sales beginning on September 27 [5] - The new "Xiaomi Custom Service" for cars starts at 100,000 yuan, offering 26 customizable options, with a limited availability of 40 units per month [5][16] - Other products launched include the Xiaomi Pad 8 series starting at 2,199 yuan, the Mi Home washing machine Pro starting at 3,999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5,199 yuan [5][18] Technological Innovations - The Xiaomi 17 series features the "Miao Enjoy Back Screen" innovation, which redefines smartphone interaction and enhances user experience with personalized features [6][9] - The series is powered by the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement [6][8] - The battery technology in the Xiaomi 17 series includes a high silicon content of 16% and an energy density of up to 894Wh/L, with the Pro series utilizing a unique L-shaped battery design [11] Strategic Direction - Xiaomi aims to compete directly with Apple, marking a significant strategic shift with the Xiaomi 17 series as a starting point for the next five years of high-end market penetration [13][24] - The company has committed to investing 100 billion yuan in core technology research and development over the next five years, reflecting its focus on technological advancement [19][21] - Xiaomi's automotive division has seen significant success, with the Xiaomi YU7 SUV achieving over 400,000 orders within 18 hours of its launch and a delivery volume exceeding 40,000 units since July [14][16] Market Positioning - Xiaomi's high-end products have gained substantial market traction, with the smartphone business leading in the 4,000 to 5,000 yuan price range and making strides in the 6,000+ yuan segment [24] - The company has also seen a 66.2% year-on-year revenue growth in its technology home appliance sector, indicating a strong performance across its product lines [24]

Core Insights - The annual speech by Lei Jun emphasized Xiaomi's commitment to high-end transformation, showcasing the launch of the Xiaomi 17 series alongside the company's strategic shift towards becoming a "hardcore technology company" [1][3][12] - Xiaomi's recent challenges include a recall of 117,000 SU7 vehicles and a decline in smartphone shipments, indicating a critical turning point in the company's development [1][2][12] Group 1: High-End Strategy - Lei Jun's speech highlighted Xiaomi's focus on high-end products, directly competing with Apple and Tesla, and underscored the importance of core technology investment [3][4][12] - The company has committed to investing 50 billion yuan annually in chip development over the next decade, aiming to establish a strong technological foundation [4][5][12] Group 2: Product Launch and Features - The Xiaomi 17 series was introduced with a starting price of 4,499 yuan, positioning it as a direct competitor to the iPhone 17, with significant emphasis on performance and features [10][11] - The Xiaomi 17 Pro features a unique back screen design and advanced camera technology, showcasing the company's innovative approach to smartphone design [9][10] Group 3: Market Position and Challenges - Xiaomi's smartphone shipments fell to 10.4 million units in Q2 2025, marking a decline in market position, with the company dropping from first to fourth place in the domestic market [12][13] - The overall smartphone market in China saw a 4.1% year-on-year decline, highlighting the competitive pressures Xiaomi faces [12][13] Group 4: Future Directions - Xiaomi aims to enhance its brand competitiveness through technological advancements and is under pressure to deliver more innovative products, particularly in AI and smart hardware [15] - The company is also focusing on expanding its automotive business, with a recent introduction of customization options for its vehicles, indicating a strategy to attract a broader customer base [14]

Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of new products and innovations in the automotive and technology sectors [1][5][12] Product Launches - Xiaomi introduced the Xiaomi 17 series flagship smartphones, Xiaomi Pad 8 series, and various home appliances, showcasing its comprehensive ecosystem [1][3] - The new "Xiaomi Custom Service" for the Xiaomi Yu7 SUV offers 26 customizable options, allowing users to experience luxury akin to high-end vehicles [3][12] Strategic Transformation - Over the past five years, Xiaomi has transitioned from an "internet company" to a "hardcore technology company," focusing on core technology investments and high-end market strategies [5][14] - The company plans to invest 100 billion yuan in core technology research and development over the next five years, with R&D spending increasing from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024 [14] Automotive Developments - The Xiaomi Yu7 SUV, launched in June, achieved over 240,000 pre-orders within 18 hours and has delivered over 40,000 units since its official release [7][9][8] - The Yu7 SUV is designed to meet family needs, with 69% of buyers being family users, and 85% of those families having children [9] Technological Advancements - The Xiaomi SU7 Ultra prototype achieved the third fastest lap time in the official Nürburgring leaderboard, changing global perceptions of Chinese automotive capabilities [16]

Core Insights - Xiaomi has undergone a significant transformation over the past five years, evolving from an "internet company" to a "hardcore technology company" with a focus on core technology investment and innovation [4][13] - The company aims to compete directly with major players like Apple, Samsung, and Huawei, with a commitment to invest 100 billion yuan in core technology research and development over the next five years [4][5] - Xiaomi's recent product launches, including the 3nm flagship SoC and the YU7 SUV, demonstrate its ambition to establish itself in both the smartphone and automotive markets [5][6] Company Transformation - Xiaomi's revenue surpassed 200 billion yuan five years ago, marking its entry into the Fortune Global 500, but the founder expressed ongoing anxiety about competition from industry giants [4] - The company faced skepticism and criticism, which led to internal struggles, prompting a strategic pivot towards technology-driven growth [4][5] - The launch of the 3nm SoC, which positioned Xiaomi among the top four companies globally with such capabilities, reflects its successful shift towards advanced technology [5] Automotive Strategy - Xiaomi's first car, the SU7, was launched with the goal of becoming a top five global automotive brand within 15 to 20 years, showcasing its commitment to the automotive sector [6] - The YU7 SUV achieved significant market traction, with over 240,000 orders within 18 hours of its launch, indicating strong consumer interest [6][7] - The company is focusing on enhancing driving performance and vehicle mechanics, positioning itself as a leader in automotive quality and innovation [10] Competitive Positioning - Xiaomi's new flagship smartphone series, the Xiaomi 17, aims to directly challenge Apple's iPhone 17, with improvements in performance and features at a more competitive price point [8][9] - The Xiaomi 17 series features the latest Snapdragon 8 processor and innovative design elements, indicating a strong push into the high-end smartphone market [8] - The company has rebranded its flagship product to signal its ambition to surpass industry leaders and redefine its market presence [9] Industry Challenges - Xiaomi has faced significant online criticism and negative publicity, particularly regarding its automotive ventures, which the CEO has acknowledged as a challenge for the brand [10] - The company supports recent government initiatives to combat online misinformation and negative campaigns that hinder industry growth [10] - Xiaomi's approach to automotive performance emphasizes the importance of high standards in vehicle development, aligning with global automotive industry practices [10]

Core Viewpoint - Xiaomi is focusing on high-end market expansion with the launch of the Xiaomi 17 series smartphones and a range of new IoT products, aiming to compete directly with Apple’s iPhone by 2025 [1][2][4]. Mobile Phones - Xiaomi launched the Xiaomi 17 series, including three models: Xiaomi 17, 17 Pro, and 17 Pro Max, all equipped with the fifth-generation Snapdragon 8 chip and starting prices of 4499, 4999, and 5999 yuan respectively [1]. - The Xiaomi 17 features a 6.3-inch display, a 7000mAh battery, and a Leica triple-camera system [1]. - The Xiaomi 17 Pro series includes advanced features such as a new back screen and enhanced camera capabilities, while the 17 Pro Max boasts a 6.9-inch display and a 7500mAh battery [1]. IoT Products - Xiaomi introduced several high-end IoT products, including the Xiaomi Pad 8 series starting at 2199 yuan, featuring the Snapdragon 8 chip and a 9200mAh battery [2]. - The S Pro Mini LED 2026 series television was launched with advanced specifications, including 2880 backlight zones and a peak brightness of 5200 nits, starting at 5199 yuan [2]. - The company also released a high-end French refrigerator and a washing machine, further enhancing its AIoT ecosystem [2]. Automotive - Xiaomi's YU7 model has delivered over 40,000 units, and the company has launched a customization service for its vehicles, allowing for personalized options [3]. - The customization includes various exterior colors, interior designs, and unique features, enhancing consumer experience [3]. - The company anticipates increased delivery rates as production capacity ramps up at its Beijing factory [3]. Financial Outlook - Xiaomi is projected to achieve total revenues of billions for the years 2025, 2026, and 2027, with adjusted net profits also expected to grow significantly [4]. - The company aims to rank among the top five global automotive manufacturers by 2035, supported by its expanding vehicle lineup and international market growth [4].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 他还表示，在手机汽车取得经验后，小米今天在推全品类高端化。过去小米的确走的有点快，今天我们 要求把设计质量全方位拿起来，认真的把各个品类做好。"我坚信，我们还会在更多领域突破，小米也 一直在持续学习提高之中。" 新浪讯 9月25日晚间消息，在今日的2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军与媒体 对话。 雷军表示，小米15年前创办时的使命就是始终坚持做感动人心、价格厚道的好产品，让全球每个人都能 享受科技带来的美好生活。简单来说，就是科技平权。"5年前，我们发现智能手机已经普及了，所以经 过反思后，坚定提出了高端化战略，全面对标苹果进入高端领域。" 他表示，这5年小米在手机高端化下了很大功夫，做汽车也坚定做高端车。第二季度财报，小米汽车的 含税均价28.9万，今天小米汽车这么大的量其实已经在高端区间里。"我越来越坚信，只要下功夫投入 技术研发 ...

Investment Rating - The report maintains a "Strong Buy" rating for Xiaomi Group [1] Core Views - Xiaomi has launched the Xiaomi 17 series, which includes significant upgrades across all models, aiming to compete directly with the iPhone in the high-end market [5] - The company is expanding its IoT product line with new high-end devices, including tablets, TVs, and smart home appliances, enhancing its AIoT ecosystem [5] - Xiaomi's automotive segment is gaining traction, with over 40,000 units of the YU7 model delivered and the introduction of customized services for its vehicles [5] - The report forecasts substantial revenue growth for Xiaomi, projecting total revenues of 489.9 billion, 660.3 billion, and 823.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 43.1 billion, 63.5 billion, and 86.6 billion yuan for the same years [6][9] Summary by Sections Company Overview - Xiaomi Group is positioned as one of the top three smartphone manufacturers globally and the largest AIoT smart hardware platform [5] Financial Performance - The report provides a detailed financial forecast, estimating total revenue growth of 34% in 2025 and 35% in 2026, with net profit growth of 66% and 54% respectively [6][9] - Key financial metrics include a projected PE ratio of 35.7 for 2025, decreasing to 16.7 by 2027, indicating improving valuation over time [6][10] Product Development - The Xiaomi 17 series features three models with advanced specifications, including the Snapdragon 8 processor and significant battery capacity [5] - The introduction of high-end IoT products, such as the Xiaomi Pad 8 series and the S Pro Mini LED TV, reflects Xiaomi's strategy to enhance its product offerings [5] Automotive Segment - The automotive division is expected to grow, with the YU7 model's delivery numbers indicating strong market acceptance and the potential for further expansion through customized services [5]

文 | 新浪科技 张俊、周文猛、张奥 "iPhone 17系列的牙膏挤爆了，但小米17系列在很多技术上都要领先。" 9月25日晚间的年度演讲后，小米集团董事长、CEO雷军与媒体展开长达1小时的对话。 雷军直言，小米要敢于对标苹果，甚至超越苹果。"今天大家需要重新认识一下小米手机了，因为小米 17这一代的产品力是跨代升级的，非常炸裂。" 提到小米汽车，他表示，小米汽车成为全网被黑的最惨的品牌之一，对于打击黑水军黑公关，小米举双 手支持。他认为，汽车市场很大，国产汽车都在进步和成长的阶段，没必要搞得很难看。 谈iPhone 17：牙膏挤爆了，但我们很多都领先 在小米17系列正式发布前，小米16直接改名小米17引发广泛关注。 雷军在对话中分享了改名背后的原因，他指出，"我们通过改名这个行动，是希望让大家重新认识一下 小米手机，重新表达我们敢于挑战世界第一的决心。" "改名引起的舆情令我挺惊讶的，我觉得主要原因我们小米做手机15年了，有很多人对小米有一些刻板 的印象，甚至看法很固执""今天大家需要重新认识一下小米手机了，因为小米17这一代的产品力是跨代 升级的，非常炸裂，跟iPhone17全系列相比，有很多地方都超越 ...