Core Viewpoint - Xiaomi's 17 series has seen a significant downward adjustment in expected shipment volumes, primarily due to lower-than-expected demand for the standard version, which has raised concerns about its competitive position against iPhone and Huawei models [4][5][6]. Group 1: Shipment Adjustments - Analyst Guo Mingqiang has revised the total shipment target for the Xiaomi 17 series down by 20%, from an initial goal of approximately 10 million units to potentially below 8 million units [4]. - The main reason for this adjustment is the underperformance of the standard version, which was expected to account for 50-55% of the total series but only achieved 15-20% [5]. Group 2: Competitive Landscape - Xiaomi faces increasing competition from iPhone, which has seen better-than-expected sales in the Chinese market, and from Huawei, whose high-end models are expected to improve in compatibility by 2026 [6]. - The upcoming iPhone models, including the new iPhone SE and high-end series, are anticipated to pose additional challenges for Xiaomi's market share [6]. Group 3: Company Response and Market Performance - Despite the analyst's downgrade, Xiaomi's president Lu Weibing expressed confidence in the sales performance of the 17 series, noting that the Pro Max model has been particularly well-received [5][7]. - The Xiaomi 17 series was officially launched on September 25, with starting prices set at 4,499 yuan for the standard version, 4,999 yuan for the Pro, and 5,999 yuan for the Pro Max [8]. - Following the launch, Xiaomi's stock experienced volatility, initially rising over 4% before dropping more than 8% after the event [9].