6月28日深夜，小米汽车发布答网友问（第163集），针对"媒体赛道测试小米YU7起火"原因、"YU7交付时间是否会提前"等问题作出回应。 小米汽车表示，视频中，小米YU7 Max在天津V1赛车场进行1个暖胎圈+1个飞行圈后，在未进行散热圈的极端情况下，直接驻车，高温导致制动片有机物材 料发生起火，但制动系统整体未出现任何制动失效等问题，功能健全，使用正常。 此外，测试车辆未使用小米YU7 Max大师模式中的"能量回收增强"功能。 该功能会增强赛道工况下的能量回收强度，降低机械制动系统的负荷，即便出现 ABS抱死情况，依然可以提供最大0.2G的制动能量回收，有效减少制动系统温度超过600℃的极端情况发生。 小米汽车称，小米YU7定位于城市豪华高性能SUV，强烈倡议大家注意驾驶安全，未经过专业升级与整备的原厂车，不要贸然进行赛道尝试。需要在充分了解 产品性能边界及专业驾驶知识的前提下，再进行驾驶技能的逐步学习与进阶。若尝试进行专业赛道驾驶，也需要对于车辆的轮胎、制动系统及散热进行必要 的升级，并使用大师模式且打开能量回收增强功能，避免在极端工况下出现安全隐患。 小米YU7交付时间是否会提前？对此，小米汽车回应称： ...

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Views - The company held a comprehensive ecosystem launch event on June 26, 2025, introducing products such as the Xiaomi YU7 SUV, Xiaomi AI glasses, and the Xiaomi MIX Flip 2 smartphone [2][11]. - The Xiaomi YU7 has shown strong sales momentum, with over 289,000 pre-orders within the first hour of its launch, significantly surpassing the previous model's performance [12][10]. - The Xiaomi AI glasses are positioned as a personal AI device, featuring advanced hardware and capabilities for smart interaction and enhanced battery life compared to competitors [23][10]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 1.35, 1.82, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, with a target price of 75.95 HKD based on a 38x PE ratio for 2026 [3][26]. - Revenue forecasts indicate a growth trajectory from 270,970 million CNY in 2023 to 690,216 million CNY by 2027, reflecting a compound annual growth rate [5][28]. - Operating profit is expected to increase significantly, from 20,009 million CNY in 2023 to 65,077 million CNY in 2027, indicating strong operational efficiency [5][28]. Product and Ecosystem Development - The Xiaomi YU7 SUV features high performance with a range of 835 km and advanced driving assistance technologies, positioning it competitively in the electric vehicle market [10][18]. - The launch of multiple new products across smartphones, tablets, wearables, and home appliances strengthens the company's ecosystem, enhancing its market presence and growth potential [24][10].

Core Insights - Xiaomi has opened three new automotive experience stores in Hunan, including the Xiaomi Home store in Changsha, to boost consumer engagement and sales [1][5][7] - The launch of the YU7 model has generated significant interest, with a surge in test drive appointments through the Xiaomi automotive app, indicating strong consumer demand [2][3][5] Group 1: Store Openings and Consumer Engagement - The new stores include the Xiaomi Home store in Changsha, Shaoyang, and Xiangtan, all designed as integrated locations for 3C digital products, automobiles, and smart home devices [5][7] - The Changsha store saw a large influx of customers on opening day, with many waiting to test drive the YU7 model, showcasing high consumer interest [2][3] - The test drive appointments for the YU7 have filled up quickly, with weekends fully booked and limited availability during weekdays [3] Group 2: Product Offerings - The new stores feature a range of products, including the YU7 and SU7 electric vehicles, as well as various digital devices like smartphones, tablets, and home appliances [5][6] - The recent product launch event on June 26 introduced several new items, including the YU7, MIX Flip 2 smartphone, and the Pad 7S Pro, which are now available for hands-on experience in the stores [5][6] Group 3: Expansion Strategy - Xiaomi has established a total of 10 stores in Hunan, with 8 being integrated stores, indicating a strategic focus on expanding its automotive presence in the region [7] - The opening of these new experience stores fills gaps in the market, particularly in the Changsha North area, enhancing Xiaomi's accessibility to consumers [7]

每经记者｜徐肖逍 每经编辑｜杨夏 3分钟，大定突破20万辆；1小时，大定突破28.9万辆；开售18小时，锁单量已突破24万台——这是小米汽车首款SUV车型小米YU7销量的"封神"战绩。这一 成绩不仅远超小米SU7的同期表现，也创下了新能源汽车销售的新纪录。 这种现象级的火爆背后蕴含什么样的品牌逻辑？品牌专家、瞻胜传播创始合伙人庞瑞接受《每日经济新闻》记者采访时说，小米YU7在参数和数据上具有超 出同级别的竞争力，其采用"以大打小"的策略，即以中大型SUV（运动型多用途汽车）的尺寸和配置，搭配中型SUV的价格，展现出较强的市场竞争力。 中国汽车流通协会专家委员会委员颜景辉认为，小米汽车在小米生态中，被视为继家庭和办公室之后的"第三生活空间"，YU7进一步完善"人车家全生态"闭 环。 厦门大学品牌与广告研究中心主任黄合水表示，小米YU7爆火的核心原因在于提出对标Model Y，以高端化的锚点搭配相对较低的价格，迅速占领市场。 "以大打小"策略：超出同级别的竞争力 6月25日晚，雷军在微博上表示，小米YU7的发布，是"小米汽车的一场关键大考"，因为"SUV是汽车行业真正的主战场，YU7即将迎来最残酷的竞争"。 一天 ...

Core Viewpoint - The article discusses Xiaomi's recent launch of the YU7 model, highlighting the company's strategic positioning and marketing approach in the competitive electric vehicle market. Group 1: Product Positioning - Xiaomi YU7 is positioned against Tesla's Model Y, emphasizing its advantages in range, configuration, and cost-effectiveness [2] - The company has invested in extensive road testing, with 653 test vehicles covering 6.5 million kilometers, to ensure product quality and safety [4] Group 2: Safety Emphasis - Safety is highlighted as a fundamental aspect of the YU7, with the CEO stating that "safety is the premise, safety is the foundation, safety is everything" [5] Group 3: Transparency and Accountability - The CEO addressed external criticisms regarding Xiaomi's marketing strategies, emphasizing the need for careful communication and commitment to technological innovation [7] - During the launch, Xiaomi showcased the YU7's performance by revealing its record on the Nürburgring track, alongside a list of competing models to counter claims of inflated performance metrics [8] Group 4: Strategic Partnerships - Xiaomi's collaboration with BYD, GAC Toyota, and Zhengzhou Nissan is aimed at leveraging both new energy and traditional automotive strengths, signaling a commitment to a complementary technological ecosystem [9][10] Group 5: Industry Positioning - The CEO's remarks at the event reflect a shift in perception from being a newcomer to being recognized as a key player in the automotive industry, indicating a need for higher standards and adaptability in a competitive landscape [12]

一小时订单量超越宝马半年销量，属于小米汽车的高光时刻再现，中国智能汽车产业的历史正在被改 写。 2025年6月27日，小米集团-W（01810.HK）股价开盘飙升8%，突破61港元关口，再次刷新历史新高。 资本市场的热烈反应直指前一日发生的一场行业"地震"——小米首款SUV车型YU7上市仅3分钟大定订 单突破20万台，1小时飙升至28.9万台。 按照目前的订单数据，小米汽车今年再度超额完成年度销量目标的确定性极高。截止2025年5月21日， 小米SU7系列累计交付已超过25.8万台。 文 | 港股研究社 从"手机厂商"到"生态巨头"，万亿市值的小米正在重塑中国科技企业的成长范式。 花旗支招特斯拉：想和YU7拼？降价或送FSD、多给优惠 6月26日晚，北京亦庄的小米汽车工厂灯火通明。随着雷军公布小米YU7标准版25.35万元的起售价，订 单数据开始以几何级数飙升——3分钟突破20万台，1小时逼近29万台关口。 这一数字参考一年前小米SU7发布当晚4分钟大定破1万，跨越不可谓不大；而对比同行，更是超越了宝 马全系车型5个月在华销量（28.85万辆），完成特斯拉ModelY2024年在中国市场六成以上的销量 （48 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [2][19] Core Views - The report highlights the strong product capabilities and competitive pricing of the Xiaomi YU7 SUV and AI glasses, predicting they will create new blockbuster products [7] - Revenue forecasts for 2025-2027 are maintained at RMB 483.6 billion, RMB 580.8 billion, and RMB 688.9 billion respectively, with adjusted net profits of RMB 42.7 billion, RMB 48.4 billion, and RMB 58.6 billion [7] Financial Data and Profit Forecast - Revenue (RMB billion): 2023: 271.0, 2024: 365.9, 2025E: 483.6, 2026E: 580.8, 2027E: 688.9 [6][10] - Year-on-year growth rates for revenue: 2023: -3%, 2024: 35%, 2025: 32%, 2026: 20%, 2027: 19% [6] - Net profit (RMB billion): 2023: 19.3, 2024: 27.3, 2025E: 42.7, 2026E: 48.4, 2027E: 58.6 [6][10] - Earnings per share (RMB/share): 2023: 0.76, 2024: 1.07, 2025E: 1.68, 2026E: 1.90, 2027E: 2.30 [6] - Price-to-earnings ratio (PE): 2025: 33, 2026: 29, 2027: 24 [6] Product Launch Insights - Xiaomi launched the YU7 SUV with over 208,900 pre-orders in the first hour, with competitive pricing and specifications compared to rivals like Xpeng G7 and Tesla Model Y [7][8] - The AI glasses feature a lightweight design and advanced technology, with various pricing tiers and capabilities that enhance user interaction and connectivity [7][9]

以下文章来源于NBD汽车 ，作者每经记者 NBD汽车 . 新闻在身边，我在你左右 本文转载自每日经济新闻 值班编辑 | 宝珠 视觉 | 顾芗 备受关注的小米YU7价格公布了。 6月26日晚间，小米汽车旗下首款SUV车型——小米YU7正式上市。新车共推出标准版、Pro、Max三个 版本车型，售价分别为25.35万元、27.99万元、32.99万元。 "起售价比Model Y便宜1万元，我们想给YU7更实惠的价格。"小米集团创始人、董事长雷军在发布会上 表示。 关于小米SU7的定价，外界一直猜测不断——19.9万元、22.59万元等不同版本的价格传闻此起彼伏，但 雷军均否定了这些猜想。 在小米YU7正式上市前两天，雷军再次公开回应称，"网上有不少人在猜价格，YU7 标准版比SU7标准版 贵2万~3万元。我已经公开否认过，因为YU7标准版配置很高，放在行业里，相当于友商的Max版甚至 Ultra版的配置"。 小米集团总裁卢伟冰在此前的一次直播中也强调称，"这次价格不会便宜，我们要卷产品、卷技术、卷 用户价值"。 据小米汽车官微最新消息，3分钟，小米YU7大定突破200000台。 雷军否认YU7是升级版SU7 据雷军 ...

Core Viewpoint - Xiaomi's CEO Lei Jun emphasized the company's commitment to safety and innovation during the recent product launch event, responding to competitive challenges from Tesla and addressing past controversies in the automotive sector [1][6][7]. Group 1: Automotive Developments - Xiaomi has entered the automotive industry with the launch of its first SUV, YU7, priced at 253,500 RMB, which is 10,000 RMB cheaper than Tesla's Model Y [6]. - The company has acquired a new land parcel in Beijing for 635 million RMB, intended for the development of high-end and new energy smart vehicles [2]. - Since the delivery of its first model, SU7, Xiaomi has faced production capacity challenges, with delivery times reaching 35-38 weeks and projected annual deliveries of over 136,000 units in 2024 [3][4]. Group 2: Financial Performance - In 2024, Xiaomi reported total revenue of 365.9 billion RMB, a 35% year-on-year increase, with adjusted net profit rising by 41.3% to 27.2 billion RMB [8]. - The "smartphone x AIoT" segment generated 333.2 billion RMB, a 22.9% increase, while the innovative automotive segment reported a revenue of 32.8 billion RMB [8]. - The company has seen a significant increase in its workforce, with over 10,000 new employees added in the past year, bringing the total to 43,688 by the end of 2024 [9][10]. Group 3: Inventory and Cash Flow - Xiaomi's inventory surged to 625.1 billion RMB by the end of 2023, a 40.7% increase from the previous year, with automotive inventory experiencing over 22 times growth [10][11]. - The company reported a cash and cash equivalents balance of 86.2 billion RMB at the end of the first quarter, with a significant decline in net cash from operating activities [12].

智通财经APP获悉，中金发布研报称，小米集团-W(01810)举行了小米人车家全生态发布会，发布了小 米YU7、小米AI眼镜及多款IoT新产品。考虑小米YU7大定超预期，上调2025/2026年经调整净利润 2%/17%至490.48亿元/663.84亿元。当前股价对应2025/2026年经调整净利润市盈率28.0/20.4倍。维持跑 赢行业评级，综合考虑盈利预测调整和行业估值中枢上移，上调目标价9.9%至76.9港元(基于SOTP估值 法)，对应2025/2026年经调整净利润市盈率37.8/27.5倍，有35.1%的上行空间。 "人车家全生态"战略稳步推进，看好新品发布带动品牌势能持续向上 该行认为，本次小米YU7大定数量超预期、首款AI眼镜等新品发布对品牌势能有望继续形成助推。展望 未来，该行看好小米坚持"规模生态化+技术硬核化+品牌高端化+市场全球化"四大核心战略，未来随 着"人车家全生态"在用户层面和底层系统的持续打通优化，在手机、汽车、IoT、AI眼镜、机器人等多 个端侧硬件领域的重要入口地位或将得到进一步凸显。 中金主要观点如下： 风险提示：全球宏观经济影响智能手机及IoT产品需求，智能汽车销量 ...