Core Viewpoint - Xiaomi Group's stock has seen a significant decline, dropping over 3% in a bearish market following an 8% drop in the previous trading day, indicating investor concerns about the company's recent product launch and future plans [1] Group 1: Stock Performance - As of the latest update, Xiaomi's stock is down 2.74%, trading at 53.15 HKD, with a trading volume of 12.477 billion HKD [1] Group 2: Product Launch and Market Reaction - On September 25, Xiaomi held a product launch event where it introduced the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances [1] - Nomura's report highlighted that CEO Lei Jun did not provide updates on the launch of the玄戒 chip or the timeline and capacity expansion plans for new electric vehicle models, suggesting a lack of excitement from the event [1] - The Xiaomi 17 series went on sale across all channels on September 27, with the company's public relations manager announcing that the series set a record for first-day sales and revenue for new smartphone series in the domestic market within 5 minutes of launch [1] Group 3: Marketing and Public Perception - Xiaomi's promotional materials for the new Xiaomi 17 Pro smartphone featured slogans that sparked online discussion, with some interpreting them as "wordplay" due to the small print clarifying the product's design goals [1] - The customer service team clarified that the term "逆光之王" (King of Backlight) refers to the phone's capability to perform well in backlight photography, emphasizing the technology and features of the device [1]

Core Insights - Xiaomi launched the Xiaomi 17 series on September 25, with prices starting at 4,499 yuan for the base model, 4,999 yuan for the Pro version, and 5,999 yuan for the Pro Max version [2] - The Xiaomi 17 series achieved record sales within the first five minutes of its launch, setting new sales volume and revenue records for domestic smartphones across all price segments in 2025 [4] - The Pro Max model accounted for over 50% of the sales within the Xiaomi 17 series, breaking the record for first-day sales volume and revenue in the domestic smartphone market [6][10] Sales Performance - On September 27, the Xiaomi 17 series was made available across all channels, with significant consumer interest noted even before the official launch [4][13] - The store manager at a Xiaomi retail location reported over 100 sales before the official launch event concluded, indicating strong demand [13] Market Context - Xiaomi's CEO, Lei Jun, acknowledged the intense competition in the global smartphone market, highlighting rivals such as Apple, Samsung, and Huawei [24] - The Chinese smartphone market is described as highly competitive, with six major players each holding approximately 15-16% market share, leading to rapid shifts in market positioning [24] Stock Market Reaction - Following the launch, Xiaomi's stock price experienced a significant decline, dropping over 8% on September 26, attributed to profit-taking by short-term investors and market expectations not being met [23][24] - The stock closed at 54.65 HKD per share, with a total market capitalization decrease of over 100 billion HKD [23]