值得一提的是，小米17Pro系列还搭载了"背屏"，可以设置时钟、AI人像、AI萌宠等。 深圳商报首席记者 陈小慧 9月25日晚，小米集团创始人、董事长兼CEO雷军举行了主题为《改变》的年度演讲，分享了小米玄戒 芯片和小米造车背后的故事，并发布小米17系列手机。据悉，全新小米17系列手机起售价为4499元，9 月27日上午10点正式开售。 雷军称是"小尺寸续航之王" "小米17标准版的续航非常夸张，搭载7000mAh电池，几乎是iPhone 17（3692mAh）的两倍，是'小尺寸 续航之王'。"发布会上，雷军表示。 记者注意到，雷军现场播放了一组续航对比测试视频，连续测试12.2小时后，当iPhone17加5000mAh磁 吸充电宝电量全部耗尽时，小米17还有26%的电量剩余。 价格方面，小米17价格4499元起，17Pro起售价4999元，17Pro Max起售价5999元。 "芯片是小米走向成功的必由之路，自研手机SoC至少要坚持十年、至少投入五百亿元。我认为这几百 个亿元的投入绝对是值得的，哪怕是退一万步，最终我们没有成功，也将为小米培养一支强大的芯片研 发队伍，也将彻底改变这家公司的质地。"雷军说。 ...

Core Viewpoint - Xiaomi is set to launch the new Xiaomi 17 series, skipping the 16 series, which signifies a significant transformation in its high-end strategy over the past five years, aiming to compete directly with Apple's iPhone series [1][3]. Group 1 - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the world's first Snapdragon 8 Gen 2 mobile platform [1]. - Xiaomi's president, Lu Weibing, emphasized that the new series represents a cross-generational upgrade in product capabilities [1]. - Xiaomi's founder, Lei Jun, reiterated the company's commitment to directly compete with the iPhone, indicating a strong alignment in product naming conventions [3]. Group 2 - Speculation exists regarding new features in the Xiaomi 17 series, particularly a potential secondary screen integrated into the rear camera module, which may resemble design elements of the iPhone 17 Pro [3]. - The naming strategy of the Xiaomi 17 series, mirroring that of the iPhone 17 series, reinforces Xiaomi's intent to position itself as a direct competitor to Apple [3].

Core Viewpoint - Xiaomi's upcoming 17 series is positioned as a significant upgrade, aiming to compete directly with the iPhone, showcasing the company's commitment to high-end market strategies [2][5]. Group 1: Product Launch and Features - The Xiaomi 17 series will be unveiled this month and is described as the most significant leap in the history of Xiaomi's digital series, launching a month earlier than the previous generation [3][7]. - The series includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the world's first Snapdragon 8 Gen 2 mobile platform [3][7]. - Xiaomi 17 is touted as the strongest standard flagship with comprehensive upgrades without price increases, while the Pro models represent a leap in core technology aimed at the high-end market [7]. Group 2: Strategic Direction and Investment - Xiaomi has been pursuing a high-end strategy for five years, learning from leading competitors like Apple, and is confident in its ability to compete with the iPhone [5][7]. - Over the past five years, Xiaomi has invested over 100 billion RMB in research and development, with plans to increase this investment to 200 billion RMB over the next five years [5][8]. - The company emphasizes that the upcoming series will showcase not only technological advancements but also innovative features to enhance user experience [5][8].

Core Viewpoint - Xiaomi Group is set to launch the new Xiaomi 17 series, which is described as a significant leap in the digital series history, with a one-month earlier release compared to the previous generation [1] Group 1: Product Launch - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max [1] - The launch is positioned to directly compete with Apple's iPhone 17 series, reflecting Xiaomi's five-year high-end strategy [1][4] Group 2: Investment and Development - Over the past five years, Xiaomi has invested more than 100 billion RMB in research and development, with plans to increase this investment to 200 billion RMB over the next five years [1] - The upcoming launch is expected to introduce unique features that differentiate the new phones from previous models [1] Group 3: Market Context - The announcement coincides with Apple's recent launch of the iPhone 17 series, which Apple CEO Tim Cook described as the "largest leap in iPhone history" [4]

【#雷军说全面对标iPhone#】#卢伟冰微博后缀Xiaomi17ProMax#9月15日，小米创办人、董事长兼 CEO@雷军 转发小米集团合伙人、总裁@卢伟冰 微博表示：小米17系列，产品力跨代升级，全面对标 iPhone，正面迎战！此前9月5日，有网友询问卢伟冰：小米16真的提档了？卢伟冰回复称：嗯，快了。 9月15日，卢伟冰在社媒上发文，官宣全新小米17系列将于本月与公众见面。卢伟冰表示：这将是小米 手机数字系列史上最重大的一次跃迁，也比上代又提前了一个月发布。卢伟冰称，小米17系列，是小米 高端化五年的蜕变之作，也迎来了数字系列的关键变阵，全系产品力跨代升级。小米17系列，包括三款 产品：小米17、小米17 Pro、小米17 Pro Max。卢伟冰表示小米17系列将对标iPhone17系列，"5年前， 我们开启高端化战略，向最伟大的对手学习，坚定对标iPhone。迄今，苹果依然非常出色。iPhone 17系 列的成功大家都看到了，但我们依然很有信心，才会同代同级地直面iPhone。"此外，卢伟冰透露，过 去5年，小米研发投入超过1000亿人民币，未来5年投入将加码到2000亿人民币。此次发布会还将给手 ...

Core Insights - Xiaomi is set to launch the Xiaomi 17 series, which is described as the most significant leap in the history of its digital series, directly competing with the iPhone [1][4] - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the world's first Snapdragon 8 Gen 2 mobile platform [1][4] - Xiaomi's strategy over the past five years has focused on high-end market positioning, learning from competitors like Apple, and the company expresses confidence in facing the iPhone head-on [1][4] Investment and R&D - Over the past five years, Xiaomi has invested more than 100 billion RMB in research and development, with plans to increase this investment to 200 billion RMB over the next five years [2][4] - The upcoming Xiaomi 17 series is expected to showcase a range of new technological advancements and features, aiming to keep the smartphone offerings fresh and engaging [2][4] Market Context - The announcement of the Xiaomi 17 series comes shortly after Apple's launch of the iPhone 17 series, which includes the iPhone 17, iPhone Air, and iPhone 17 Pro, highlighting the competitive landscape in the smartphone market [6][7] - The iPhone Air is noted for being the thinnest phone Apple has ever produced, with a starting price of 7999 RMB, indicating a shift towards ultra-thin designs in the industry [6][7]

Core Viewpoint - The launch of the new Xiaomi 17 series is positioned as a significant leap in the company's smartphone offerings, marking a key transformation in its digital series and emphasizing its commitment to high-end market competition against major rivals like Apple [2][3][4]. Product Overview - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the world's first Snapdragon 8 Gen 2 mobile platform [2][3]. - Xiaomi 17 is described as the strongest standard flagship with comprehensive upgrades without price increases, while the Pro models aim to push into the ultra-high-end market with significant technological advancements [3][4]. Strategic Direction - The company has been pursuing a high-end strategy for the past five years, learning from leading competitors and directly competing with the iPhone series [4]. - Xiaomi has invested over 100 billion RMB in research and development over the past five years, with plans to increase this investment to 200 billion RMB in the next five years [4]. Innovation Focus - The upcoming series is expected to showcase not only advancements in core technology but also introduce unique features to enhance user experience, addressing the perception of monotony in current smartphone offerings [4].

Core Viewpoint - Xiaomi is set to launch the Xiaomi 17 series, which includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, aiming to compete directly with the iPhone 17 series [1][3][6]. Group 1: Product Launch Details - The Xiaomi 17 series will globally debut the fifth-generation Snapdragon 8 Supreme mobile platform [2][7]. - The launch is scheduled for this month, marking a significant advancement in Xiaomi's digital series, occurring one month earlier than the previous generation [6][8]. Group 2: Strategic Positioning - Xiaomi's president, Lu Weibing, expressed confidence in facing the iPhone 17, attributing this confidence to five years of solid progress in high-end smartphone development [7][8]. - The company has invested over 100 billion RMB in research and development over the past five years, with plans to increase this investment to 200 billion RMB in the next five years [7][8]. Group 3: Product Features and Innovations - The Xiaomi 17 is described as the strongest standard flagship with comprehensive upgrades without price increases [8]. - The Pro models are positioned as high-end technology imaging flagships, with the Xiaomi 17 Pro being the most refined small-sized flagship and the Xiaomi 17 Pro Max being the most powerful flagship to date [8].

Core Viewpoint - The company reported strong Q1 2025 performance with significant revenue and profit growth, driven by automotive and smart home appliance sectors [1][4] Group 1: Automotive Business - In Q1 2025, the company achieved automotive revenue of 181 billion yuan, with a single vehicle ASP of 239,000 yuan, reflecting a 0.5 thousand yuan increase [1] - The SU7 series delivered 75,869 units, maintaining over 20,000 monthly deliveries for six consecutive months [1] - The automotive business's operating loss narrowed to 5 billion yuan, with a gross margin of 23.2%, up 2.7 percentage points from the previous quarter [1] Group 2: New Model Launch - The YU7 model is set to launch in July 2025, featuring significant upgrades in configuration compared to the SU7, including a 96.3 kWh battery and a CLTC range of 835 km [2] - The YU7 will offer three versions, all equipped with advanced technologies such as the Nvidia Thor platform and laser radar [2] - Pricing strategy for YU7 is expected to be higher than SU7 due to tight production capacity [2] Group 3: Smartphone and IoT Business - In Q1 2025, the company shipped 41.8 million smartphones, generating revenue of 506 billion yuan, with a smartphone ASP of 1,211 yuan, up 5.8% year-on-year [3] - The company's global smartphone market share reached 14.1%, ranking third, while its market share in mainland China rose to 18.8%, regaining the top position [3] - The smart home appliance segment saw a revenue increase of 113.8%, with significant growth in air conditioners, refrigerators, and washing machines [3] Group 4: Profit Forecast and Investment Recommendation - The company is experiencing rapid growth in both automotive and smart home appliance sectors, with narrowing losses in automotive business [4] - The forecast for net profit from 2025 to 2027 has been adjusted to 41.8 billion, 53.4 billion, and 66.6 billion yuan, respectively, reflecting an increase from previous estimates [4] - The company maintains a "recommended" rating based on strong Q1 performance and stable gross margins across multiple business lines [4]

Investment Rating - The investment rating for Xiaomi Group is "Recommended" (maintained) [1] Core Views - The company reported Q1 2025 earnings that exceeded expectations, with revenue reaching 111.3 billion yuan (up 47.4% year-on-year) and adjusted net profit of 10.7 billion yuan (up 64.5% year-on-year) [4] - The automotive business's losses have narrowed, with a single-quarter operating loss reduced to 500 million yuan, and the SU7 series deliveries reached 75,869 units [6] - The smartphone high-end strategy is progressing, with a market share in mainland China returning to first place, and ASP for smartphones increased to 1,211 yuan (up 5.8% year-on-year) [6] - The smart home appliance business is growing rapidly, with IoT and consumer goods revenue reaching 32.3 billion yuan (up 58.7% year-on-year) and a gross margin of 25.2% [7] - The company has adjusted its net profit forecasts for 2025-2027 to 41.8 billion, 53.4 billion, and 66.6 billion yuan respectively, reflecting strong growth across multiple business segments [7] Summary by Sections Financial Performance - Q1 2025 revenue was 111.3 billion yuan, with a year-on-year growth of 47.4% and adjusted net profit of 10.7 billion yuan, up 64.5% year-on-year [4] - Revenue projections for 2025-2027 are 502.4 billion, 649.6 billion, and 819.2 billion yuan respectively, with year-on-year growth rates of 37.3%, 29.3%, and 26.1% [5][11] Automotive Business - The automotive segment generated revenue of 18.1 billion yuan in Q1, with a gross margin of 23.2% and a narrowed operating loss of 500 million yuan [6] - The upcoming YU7 model is expected to be launched in July, featuring significant upgrades compared to the SU7 [6] Smartphone and IoT Business - Smartphone shipments reached 41.8 million units with revenue of 50.6 billion yuan in Q1, and the ASP increased to 1,211 yuan [6] - The IoT and consumer goods segment saw a revenue increase of 58.7% year-on-year, driven by strong sales in smart appliances [7] Profitability and Valuation - The company’s gross margin is projected to improve, with net profit margins expected to reach 8.3% by 2025 [11] - The P/E ratio is forecasted to decrease from 52.1 in 2024 to 29.5 in 2025, indicating improved valuation metrics [11]