Core Points - Xiaomi is offering a "Year-End Purchase Tax Subsidy" for customers who complete their order by November 30, 2025, and require vehicle delivery in 2026 due to reasons attributable to Xiaomi [1][2] - The subsidy will cover the difference in purchase tax between 2026 and 2025, with a maximum subsidy amount of 15,000 yuan [1][3] - All models of Xiaomi cars, including the Xiaomi SU7 series and Xiaomi YU7 series, are eligible for this subsidy [2] Group 1 - The "Year-End Purchase Tax Subsidy" applies to customers who lock in their orders by November 30, 2025, and experience delays in delivery due to Xiaomi's responsibilities [1] - The subsidy will be provided in the form of a cash reduction on the final payment at the time of vehicle delivery [3] - The subsidy ensures that the total cost of the vehicle, including purchase tax, remains unchanged for the customer [4] Group 2 - Specific examples of potential subsidies include a maximum of 15,000 yuan for a Xiaomi YU7 Pro with a total price of 286,900 yuan [4] - Another example includes a Xiaomi SU7 Ultra with a total price of 541,900 yuan, which would also qualify for the subsidy [6]

Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of the Xiaomi 17 series and the introduction of various new products across its ecosystem [1][3][21] Product Launch and Innovations - Xiaomi unveiled multiple new products, including the Xiaomi 17 series smartphones, Xiaomi custom services, Xiaomi Pad 8 series, and various home appliances, showcasing its continuous innovation in mobile, automotive, and technology ecosystems [1][3][20] - The Xiaomi 17 Pro series features the "Miao Xiang Back Screen" innovation, which redefines smartphone interaction and enhances user experience in personalization, imaging, and gaming [3][6][7] - The Xiaomi 17 series is equipped with the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement over A19 Pro [6][11] Custom Services and Automotive Developments - Xiaomi introduced a new "Xiaomi Custom Service" for its vehicles, offering 26 customizable options, aiming to provide a luxury experience comparable to high-end brands like Rolls-Royce and Porsche [18][20] - The Xiaomi YU7 SUV has seen significant success, with over 40,000 units delivered since its launch, appealing particularly to family users [16][25] Strategic Shift and Company Evolution - Over the past five years, Xiaomi has transitioned from an "Internet company" to a "hardcore technology company," focusing on core technology investments and aiming to invest 100 billion yuan in R&D over the next five years [21][23] - The company has significantly increased its R&D budget from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel from over 10,000 to more than 20,000 [23][25] Market Position and Performance - Xiaomi's smartphone business has established itself as a leader in the 4,000 to 5,000 yuan price range and is making strides in the high-end market, surpassing Apple in Europe in Q2 [25] - The company's home appliance segment has seen a 66.2% year-on-year revenue growth in Q2, indicating a strong performance across its product lines [25]

Core Viewpoint - Xiaomi aims to democratize luxury car experiences through its new customization service, traditionally reserved for high-end vehicles, to enhance user experience and accessibility [3]. Group 1: Customization Service - The introduction of Xiaomi's customization service is a significant shift, as it was previously only available in top luxury cars [3]. - The decision to launch this service faced internal disagreements and was initially planned for release in July of the previous year but was postponed due to high costs and limited production capacity [3]. - Xiaomi recognizes that its YU7 car owners are discerning customers and aims to provide unique, high-quality options through small-batch production and skilled craftsmanship [3].

Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech focusing on "Change," unveiling the new Xiaomi 17 series and various ecosystem products, including Xiaomi's customized automotive services [1][3][20] - The launch of the Xiaomi 17 series showcases the company's continuous innovation in mobile, automotive, and technology ecosystems, marking a significant transformation over the past five years [3][20] Product Launches - The Xiaomi 17 series includes the standard version starting at 4499 yuan, the Pro version at 4999 yuan, and the Pro Max starting at 5999 yuan, with pre-sales beginning on September 27 [5][6] - The new Xiaomi products also include the Xiaomi Pad 8 starting at 2199 yuan, the Mi Home washing machine Pro starting at 3999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5199 yuan [5][19] Technological Innovations - The Xiaomi 17 series features the "Miao Enjoy Back Screen" innovation, which redefines smartphone interaction and enhances user experience with personalized features [6][8] - The series is powered by the fifth-generation Snapdragon 8 chip, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a GPU performance increase of 34.6% [6][12] Automotive Developments - Xiaomi introduced its first customized automotive service, offering 26 personalized options for the Xiaomi YU7 Max and Xiaomi SU7 Ultra, aiming to provide a luxury experience [15][17] - The Xiaomi YU7 SUV has achieved over 40,000 deliveries since its launch, with a significant portion of buyers being families [15][17] Strategic Direction - Xiaomi aims to transition from an "Internet company" to a "hardcore technology company," with a commitment to invest 100 billion yuan in core technology research over the next five years [20][22] - The company has significantly increased its R&D investment from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel [22][24] Market Positioning - Xiaomi's SU7 series has become one of the best-selling cars in its category, and the company has made significant strides in the high-end smartphone and home appliance markets [25][19] - The company has successfully positioned itself against competitors like Apple, particularly in the high-end smartphone segment, and has seen substantial growth in its technology home appliance revenue [25][19]

Core Viewpoint - The article emphasizes that Xiaomi is breaking the traditional barriers of the automotive industry by introducing personalized customization services in the mid-range market, which were previously exclusive to ultra-luxury brands [5][15][54]. Group 1: Market Dynamics - The mainstream automotive market, particularly in the 300,000 to 400,000 yuan price range, is becoming increasingly competitive, leading to a focus on efficiency and standardized offerings [2][3]. - Traditional automotive manufacturers prioritize cost control and rapid delivery, often limiting customization options to a few standard colors and features [4][12]. - The demand for personalized vehicles has been largely unmet in the sub-million yuan market, with customization services typically reserved for high-end brands like Porsche and Ferrari [14][12]. Group 2: Xiaomi's Strategy - Xiaomi aims to not only increase sales but also to drive a transformation in the Chinese automotive market through innovative business models [6][52]. - The company has launched a "Xiaomi Customization Service," offering 26 personalized options, including unique paint colors and interior materials, which were previously unavailable in this price segment [5][25]. - Xiaomi's approach challenges the traditional automotive industry's focus on efficiency, instead prioritizing consumer desires for individuality and aesthetic appeal [40][56]. Group 3: Challenges and Innovations - The development of customized paint colors involves significant costs and complexities, with a single color potentially exceeding 2 million yuan in development expenses [18][19]. - Xiaomi's customization service requires a flexible production model, which poses challenges to traditional assembly line efficiency [26][27]. - The company has successfully introduced new paint options, such as the "Purple Crystal" finish, which involves intricate production processes and extensive manual labor [20][21]. Group 4: Consumer Trends - The article notes a shift in consumer decision-making from practicality to emotional value and personal expression, indicating a growing demand for personalized products [32][33]. - Xiaomi's success in the automotive sector reflects a broader trend where consumers are willing to pay for emotional and aesthetic value, not just functional benefits [53][55]. - The introduction of customization services aligns with the emerging "color economy," where individual expression through color choices is becoming increasingly important in consumer preferences [41][44].

Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of new products and innovations in the automotive and technology sectors [1][5][12] Product Launches - Xiaomi introduced the Xiaomi 17 series flagship smartphones, Xiaomi Pad 8 series, and various home appliances, showcasing its comprehensive ecosystem [1][3] - The new "Xiaomi Custom Service" for the Xiaomi Yu7 SUV offers 26 customizable options, allowing users to experience luxury akin to high-end vehicles [3][12] Strategic Transformation - Over the past five years, Xiaomi has transitioned from an "internet company" to a "hardcore technology company," focusing on core technology investments and high-end market strategies [5][14] - The company plans to invest 100 billion yuan in core technology research and development over the next five years, with R&D spending increasing from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024 [14] Automotive Developments - The Xiaomi Yu7 SUV, launched in June, achieved over 240,000 pre-orders within 18 hours and has delivered over 40,000 units since its official release [7][9][8] - The Yu7 SUV is designed to meet family needs, with 69% of buyers being family users, and 85% of those families having children [9] Technological Advancements - The Xiaomi SU7 Ultra prototype achieved the third fastest lap time in the official Nürburgring leaderboard, changing global perceptions of Chinese automotive capabilities [16]

"假如SU7不成功，YU7就是我们最后的底牌。"9月25日晚间，小米集团董事长兼CEO雷军在其第6次年 度演讲上分享造车经历时称。 6月26日，小米汽车首款SUV——小米YU7正式上市，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。"YU7起售价比Model Y便宜1万元，我们想给用户更实惠的价 格。"雷军表示。 据雷军介绍，小米YU7取得了惊人的成绩，三分钟大定超过了20万辆。"大定数据一出来，震撼了整个 汽车行业。正因为数据太过惊人，也引来了无数的质疑，小米汽车这才决定在第二天直接公布了锁单 量：18个小时锁单超过了24万辆。"雷军说。 图片来源：小米汽车官网 官方数据显示，自7月6日开启交付以来，小米YU7已累计交付超4万辆。"YU7上市以后受到了空前的关 注，不管是媒体还是用户，从外到内，（大家）用放大镜看了（它）很多遍。我可以很自豪地说，我们 的YU7扛住了。"雷军认为，"从最后的底牌，到全新的奇迹，小米YU7给我们的启示是，当你遇到难题 的时候，不妨换个思路，大胆去尝试，就会有不一样的结果。" 雷军强调，从小米SU7到SU7 Ultra再到小 ...

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's YU7 SUV has achieved over 40,000 deliveries since its launch on July 6, indicating strong market acceptance and demand [1] - The YU7 has successfully attracted a high percentage of family users, with 69% of buyers being families and 85% of those having children, reflecting a shift in consumer preferences towards multifunctional vehicles [1] - The introduction of Xiaomi's "customization service" aims to enhance user experience and brand loyalty, offering 26 personalized configuration options for the YU7 Max and SU7 Ultra models [1][3] Group 1 - The customization service is a significant move towards high-end branding and user loyalty, positioning Xiaomi not just as an electric vehicle manufacturer but as a tech company redefining consumer experiences [5] - The complexity and high costs associated with deep customization in the automotive industry present new challenges for Xiaomi's supply chain management and production systems [3] - Xiaomi's goal of "technology equality, experience equality, and luxury equality" aims to democratize customization options previously reserved for high-end vehicles, potentially reshaping competition in the Chinese automotive market [5] Group 2 - The trial period for the customization service will last one year to assess market response and operational feasibility, highlighting the cautious approach taken by Xiaomi in this new venture [3] - If successful, the high-value customization service could provide a significant revenue stream beyond traditional vehicle sales, enhancing overall profitability for Xiaomi's automotive division [3] - The initial success of the YU7 and the bold attempt at customization indicate that "personalization" and "experience equality" may become new variables and competitive dimensions in the automotive market [5]

Core Viewpoint - Xiaomi is focusing on high-end market expansion with the launch of the Xiaomi 17 series smartphones and a range of new IoT products, aiming to compete directly with Apple’s iPhone by 2025 [1][2][4]. Mobile Phones - Xiaomi launched the Xiaomi 17 series, including three models: Xiaomi 17, 17 Pro, and 17 Pro Max, all equipped with the fifth-generation Snapdragon 8 chip and starting prices of 4499, 4999, and 5999 yuan respectively [1]. - The Xiaomi 17 features a 6.3-inch display, a 7000mAh battery, and a Leica triple-camera system [1]. - The Xiaomi 17 Pro series includes advanced features such as a new back screen and enhanced camera capabilities, while the 17 Pro Max boasts a 6.9-inch display and a 7500mAh battery [1]. IoT Products - Xiaomi introduced several high-end IoT products, including the Xiaomi Pad 8 series starting at 2199 yuan, featuring the Snapdragon 8 chip and a 9200mAh battery [2]. - The S Pro Mini LED 2026 series television was launched with advanced specifications, including 2880 backlight zones and a peak brightness of 5200 nits, starting at 5199 yuan [2]. - The company also released a high-end French refrigerator and a washing machine, further enhancing its AIoT ecosystem [2]. Automotive - Xiaomi's YU7 model has delivered over 40,000 units, and the company has launched a customization service for its vehicles, allowing for personalized options [3]. - The customization includes various exterior colors, interior designs, and unique features, enhancing consumer experience [3]. - The company anticipates increased delivery rates as production capacity ramps up at its Beijing factory [3]. Financial Outlook - Xiaomi is projected to achieve total revenues of billions for the years 2025, 2026, and 2027, with adjusted net profits also expected to grow significantly [4]. - The company aims to rank among the top five global automotive manufacturers by 2035, supported by its expanding vehicle lineup and international market growth [4].