2月10日晚，小米创办人、董事长兼CEO雷军在直播中透露，车上开展定制服务非常复杂，他们团队研 发了3年才在去年开始试运营。 雷军还透露，定制服务一般在几百万的豪车品牌上才有配备。 央广网报道显示，2025年9月，在"2025雷军年度演讲"中，雷军宣布小米汽车推出"小米定制服务"，面 向旗下两款高配车型——小米YU7Max与小米SU7 Ultra，开启为期一年的试运营。 此后，雷军在微博中发布提到了小米定制服务的具体内容，其中包含5款全新豪华车漆、4款内饰，以及 全新设计的高工艺锻造轮毂，还包括定制车标、车身拉花等个性化定制项，定金80000元，需在线下确 认配置和锁单。 据易车网，12月8日，小米汽车副总裁李肖爽在微博上宣布小米定制服务，已经开启交付。 ...

Core Insights - Xiaomi Group's founder, chairman, and CEO Lei Jun held the first live stream of 2026, showcasing the disassembly of the Xiaomi YU7 vehicle [1] - The company has launched a customization service for its cars, offering 26 personalized configuration options covering various aspects such as exterior, interior, and detail branding [1] - The initial rollout includes high-end models Xiaomi YU7 Max and Xiaomi SU7 Ultra, with a limited production of 40 units per month for a one-year trial operation [1] - Lei Jun emphasized that such customization services were previously exclusive to luxury cars priced in the millions, but Xiaomi aims to make them accessible to car owners in the 200,000 to 300,000 range [1]

Group 1 - The core message of the news is that Xiaomi aims to provide customization services for its vehicles, traditionally available only for luxury cars, to a broader market of consumers with mid-range budgets [1][3] - Xiaomi's customization service was launched in September last year, offering 26 personalized configuration options covering various aspects such as exterior, interior, and detail branding [3] - The initial phase of the service includes high-end models, Xiaomi YU7 Max and Xiaomi SU7 Ultra, with a service deposit of 80,000 yuan and a limited trial run of 40 units per month for one year [3] Group 2 - The customization service emphasizes the pursuit of craftsmanship and taste, introducing more complex and expensive materials and employing exquisite techniques to achieve extraordinary visual effects under different lighting conditions [6] - Various color options for customization include Amethyst Purple, Tender Bud Yellow, Racing Red, Twilight Rose, Nightfall Rose, and Matte Dawn Pink [7]

Core Viewpoint - Xiaomi is launching a customized service for its electric vehicles, starting with exhibitions in Shanghai, Hangzhou, and Chengdu, with the first event taking place in Shanghai on December 5 [1]. Group 1: Customized Service Launch - Xiaomi's customized service for electric vehicles was announced by Lei Jun on September 25, 2023, during the annual speech and product launch, supporting the YU7 Max and SU7 Ultra models [5]. - The customized service will operate in a trial phase for one year, allowing a maximum of 40 custom orders per month, which require offline locking [5]. - The service offers five custom colors: Amethyst, Racing Red, Twilight Rose, Matte Flowing Gold, and Bud Yellow [5]. Group 2: Collaboration and Future Plans - Xiaomi has initiated a "Hundred Colors Plan" in collaboration with automotive suppliers BASF and PPG, aiming to design 100 car paints within three years [5]. Group 3: Product Features - The Amethyst paint, part of the customized service, is described as having a "subtle luxury feel," utilizing a double-layer clear coat process that enhances color accuracy and locks in gloss, requiring nearly 50 hours of manual polishing [10]. - Lei Jun previously highlighted the Amethyst paint on social media, describing it as a luxurious purple with a mirror-like shine and a crystal-like transparency that creates a dynamic interplay of light and shadow [10]. Group 4: Recent Exhibitions - The YU7 Max in Amethyst was first showcased during the Guangzhou Auto Show in November, with official images of the new vehicle released by Xiaomi [7].

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (1810.HK) [7] Core Viewpoints - Xiaomi is transitioning from an "Internet company" to a "hardcore technology" company, with significant investments in self-developed chips and electric vehicles [2] - The launch of the Xiaomi 17 series and the introduction of customized automotive services are expected to enhance sales and profitability [5] Summary by Relevant Sections Product Launch and Innovation - On September 25, Xiaomi held its annual event, unveiling the Xiaomi 17 series, Xiaomi Pad 8 series, and various other products, including the Xiaomi TV S Pro Mini LED 2026 and Mi Home appliances [1] - The Xiaomi 17 series features a starting price of 4,499 RMB, equipped with a new 6.3-inch OLED screen and the fifth-generation Snapdragon 8 processor, showing a 20% performance improvement over the previous generation [3] Financial Projections - The company is projected to achieve revenues of 509.30 billion RMB in 2025, 640.91 billion RMB in 2026, and 749.65 billion RMB in 2027, with corresponding net profits of 44.44 billion RMB, 64.05 billion RMB, and 81.83 billion RMB [6] - The expected P/E ratios for the years 2025, 2026, and 2027 are 29, 20, and 16, respectively [5] Automotive Business Development - The Xiaomi YU7 has achieved significant sales, with over 240,000 units locked in within 18 hours of launch, and it is noted for its impressive range and family-friendly features [4] - The introduction of customized services for the YU7 aims to enhance profit margins in the automotive sector [5]

Core Viewpoint - Xiaomi is shifting its automotive strategy towards customization, aiming to provide a luxury experience at a more accessible price point, with a focus on individual preferences and personalization in vehicle design [3][7][43]. Group 1: Customization Strategy - Xiaomi's automotive customization project includes options for exterior paint, logos, decals, brake calipers, wheels, and interior features such as seat colors and materials [9][11][14]. - The initial phase offers over 20 personalized options, including five unique paint colors and various interior customization choices [11][36]. - The company plans to collaborate with top paint suppliers to introduce 100 new paint options within three years, indicating a strong commitment to customization [14][15]. Group 2: Market Positioning - Xiaomi's customization service is positioned to compete with luxury brands like Porsche and Rolls-Royce, offering a range of options at a relatively lower price point [38][43]. - The pricing strategy for customization is designed to be more accessible compared to traditional luxury brands, potentially attracting a broader customer base [43][44]. Group 3: Financial Implications - The revenue potential from the customization service is estimated at around 50 million annually, which is minimal compared to Xiaomi's overall automotive revenue targets [68][69]. - The company is investing significantly in a dedicated customization service center, indicating that the focus is on long-term brand positioning rather than immediate profit [70][73]. Group 4: Challenges and Considerations - The customization service has a minimum spending requirement of 100,000 yuan, which may limit accessibility for some customers [46][49]. - There are operational challenges associated with customization, including increased production costs and the need for a sophisticated supply chain management system [81][90]. - The success of this initiative will depend on Xiaomi's ability to scale production and manage the complexities of offering a wide range of customization options [92][93]. Group 5: Industry Trends - The demand for personalized vehicles is growing, particularly among younger consumers, indicating a shift in consumer preferences towards individuality in automotive design [95][96]. - Xiaomi's approach may influence the broader automotive industry to transition from a manufacturer-defined product model to a user-defined product model, enhancing customer engagement [99][100].

Core Viewpoint - Xiaomi's CEO Lei Jun emphasized the critical importance of the YU7 project, stating it serves as a last resort for the company's automotive ambitions if the SU7 fails [1][2]. Group 1: YU7 Project Overview - The YU7 project was initiated during a challenging period for electric vehicles, with only Tesla's models performing well in the market [1]. - Xiaomi made a bold decision to develop a unique sports SUV instead of following the trend set by competitors [2]. - The YU7 was launched on June 26, with three versions priced at 253,500 CNY, 279,900 CNY, and 329,900 CNY, making it 10,000 CNY cheaper than the Tesla Model Y [2]. Group 2: Sales Performance - The YU7 achieved remarkable pre-order numbers, with over 200,000 orders in just three minutes and 240,000 within 18 hours [3]. - Since deliveries began on July 6, over 40,000 units of the YU7 have been delivered by the end of August [6]. - The SU7 has also seen significant success, with cumulative deliveries exceeding 330,000 units by the end of August [6]. Group 3: Customization Services - Xiaomi announced the launch of a "Xiaomi Custom Service," allowing customers to customize various aspects of their vehicles, including paint, interior colors, and wheels [6]. - The custom service will initially support a limited number of customizations per month, with a minimum customization expenditure of 100,000 CNY [6].

Core Insights - Xiaomi has launched a unique customization service for its YU7 model, targeting consumers with high aesthetic standards who seek distinctiveness [2][4] - The initial offering includes nine colors, with five new striking colors introduced in the customization service, utilizing advanced techniques and premium paints [2] - The new colors available for customization are Amethyst, Racing Red, Twilight Rose, Matte Gold Pink, and Bud Green [2] - The service also allows for personalized interior options, including custom interiors, door panels, seats, and welcome lights [2] - Xiaomi plans to collaborate with top global paint suppliers to design 100 color options over the next three years [2][4] Service Details - The deposit for the customization service is set at 80,000 yuan, with a limit of 40 customized units per month during the trial operation phase [4] - Customization is available for the YU7 Max and SU7 Ultra models, and must include custom configurations with a minimum additional cost of 100,000 yuan (excluding promotional benefits) [4] - The customization options must include at least one custom feature, ensuring a tailored experience for consumers [4]