10月1日，2025第二十届南昌国际车展在南昌绿地国际博览中心开幕，将持续至10月4日。展会汇聚70余 个整车品牌、800余款车型，以新能源为核心亮点，搭配多元互动，成为国庆期间市民休闲消费的热门 选择。小米、问界、比亚迪方程豹等品牌携重磅新能源车亮相，不仅比拼高阶智能驾驶、综合续航，还 展示车载无人机系统等前沿装备，让观众大饱眼福。此次车展亦是推动汽车消费与文体旅融合的载体， 为观察南昌及江西汽车消费升级提供重要窗口。图为车展现场。吴敏 摄 图为小米 汽车SU7 Ultra车型展示，现场不少市民上车体验。吴敏 摄 图为游客 助阵南昌国际车展。吴敏 摄 图为车模 图为车模 打开汽车前备箱观看。吴敏 摄 图为汽车 销售向客人介绍车机智能系统。吴敏 摄 助阵南昌国际车展。吴敏 摄 图为比亚 正在拍摄展出的eVTOL航空器，汽车与航空技术的跨界展示。吴敏 摄 图为游客 迪灵鸢智能车载无人机系统，无人机从车顶起飞。吴敏 摄 农产品展，游客正在品尝特色辣酱。吴敏 摄 图为配套 ...

Core Viewpoint - Xiaomi Group-W (01810) recently held a product launch event showcasing its flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with the introduction of customized services for Xiaomi cars YU7 and SU7 Ultra, indicating a strategic shift towards high-end products in both smartphones and AIoT, reinforcing its "people, vehicles, and home ecosystem" strategy [1] Group 1 - The launch event highlighted Xiaomi's focus on high-end development in smartphones and AIoT products [1] - Xiaomi 17 series starts at a competitive price of 4,499 RMB, which is lower than the starting price of iPhone 17 at 5,999 RMB, showcasing a pricing advantage [1] - The starting prices for Xiaomi 17 Pro and Max are 4,999 RMB and 5,999 RMB respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] Group 2 - The introduction of features like the "wonderful back screen" and direct compatibility with the Apple ecosystem reflects Xiaomi's strategy to directly compete with iPhone [1] - The report from CMB International maintains a target price of 62.96 HKD for Xiaomi and reiterates a "buy" rating [1]

Core Viewpoint - Xiaomi Group recently held a product launch event, introducing the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with custom services for Xiaomi cars YU7 and SU7 Ultra [1] Group 1: Product Launch and Pricing - The starting price for the Xiaomi 17 is set at 4499 yuan, which is competitive compared to the iPhone 17's starting price of 5999 yuan [1] - The Xiaomi 17 Pro and Max have starting prices of 4999 yuan and 5999 yuan respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] - The new models feature innovative elements such as the "Miao Xiang" back screen and direct compatibility with the Apple ecosystem, reflecting the company's strategy to directly compete with the iPhone [1] Group 2: Strategic Implications - The product launch demonstrates Xiaomi's advancement in high-end smartphones and AIoT products, reinforcing its comprehensive ecosystem strategy across vehicles, homes, and personal devices [1] - The target price for Xiaomi is maintained at 62.96 HKD, with a reiterated "Buy" rating from the research report [1]

Core Insights - The core theme of the article is the transformation of Xiaomi under the leadership of Lei Jun, focusing on the company's shift from an "internet company" to a "hardcore technology company" through significant investment in core technologies and innovation [2][3][13]. Summary by Sections Transformation Journey - Xiaomi's transformation began with a deep reflection in 2020, marking its 10th anniversary and a pivotal moment for the company [3][4]. - Despite achieving over 200 billion yuan in annual revenue and entering the Fortune Global 500, Lei Jun faced intense criticism regarding Xiaomi's technological capabilities [3][4]. Strategic Decisions - Lei Jun decided to invest 100 billion yuan in core technology over the next five years, marking a significant shift in Xiaomi's strategy [4][18]. - The company aimed to focus on high-end products and core technology development, particularly in chip and automotive sectors [5][6]. Chip Development - Xiaomi restarted its chip development journey in 2021, aiming for high-end 3nm technology, despite facing significant challenges and a 14.7% revenue decline in 2022 [5][6]. - By 2025, Xiaomi successfully launched its self-developed chip, the玄戒O1, marking a significant milestone in its technology journey [7][8]. Automotive Ambitions - Xiaomi announced its ambitious plan to develop high-performance electric vehicles, aiming to compete with brands like Porsche and Tesla [10][11]. - The company faced numerous challenges in its automotive development but managed to overcome them, achieving significant performance milestones with its SU7 Ultra model [11][12]. Talent Acquisition and Financial Strategy - Lei Jun emphasized the importance of talent acquisition and financial management, stating that finding the right people and securing sufficient funds are crucial for success [14][18]. - Xiaomi's workforce includes a significant number of R&D personnel, with 21,190 employees dedicated to research, representing 48.5% of the total workforce [17]. Financial Performance - As of mid-2025, Xiaomi's total funds reached 192.768 billion yuan, reflecting a strong financial position to support its ambitious projects [19]. - The company's market capitalization increased significantly from 245.4 billion yuan in 2020 to 1.42 trillion yuan by 2025, showcasing investor confidence in its transformation strategy [19].

Core Viewpoint - The article discusses Xiaomi's recent developments in the electric vehicle sector, highlighting the challenges and successes faced by the company as it aims to establish itself in the automotive market, particularly through its new models and the impact of its recent annual speech by CEO Lei Jun [2][6][10]. Group 1: Xiaomi's Automotive Business Performance - Xiaomi's automotive revenue reached 213 billion yuan in Q2 2025, marking a 234% year-on-year increase [15][16]. - The number of new vehicle deliveries in Q2 2025 was 81,302, a significant rise from 27,307 in the same period last year, representing a growth of 197.7% [16][19]. - The average selling price (ASP) of Xiaomi vehicles increased from 228,644 yuan to 253,662 yuan, attributed to the launch of the higher-priced SU7 Ultra [18][21]. Group 2: Challenges in Production and Delivery - Xiaomi faces significant challenges with long delivery times, with the SU7 and YU7 models having delivery periods of 35-48 weeks, which is considerably longer than competitors like BYD and Tesla [26][28]. - The company has been criticized for its production capacity issues, which have led to delays and potential customer dissatisfaction [29][30]. - Analysts suggest that the extended delivery times could lead to a loss of customer loyalty and increased competition from other brands offering quicker delivery options [32][33]. Group 3: Quality Control and Public Perception - Xiaomi has faced scrutiny over product quality, particularly following a recall of over 110,000 SU7 vehicles due to software issues that could increase collision risks [33][36]. - There have been multiple complaints regarding the YU7 model, including reports of quality issues and concerns about the vehicles being sold as "test cars" [34][39]. - The company’s rapid growth and aggressive marketing strategies have led to quality control challenges, which could impact its brand reputation if not addressed [43][44].

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].

然而，这条征战之路并非一帆风顺。SU7 Ultra项目在2022年春节后因资源聚焦一度被忍痛取消，直到 三个月后，在一个工程师团队内部会议上，"在纽北上干翻保时捷"的提议瞬间点燃了所有人的热情，项 目才得以重启。更大的挑战来自外部，当团队在2023年8月首次联系纽北官方时，却遭遇了长达三个多 月的"已读不回"。对方在后续沟通中提出的第一个问题便是："你们一家中国的手机公司为什么要跑来 刷纽北？"。小米团队最终用详尽的计划和雄心打动了赛道官方。 凤凰网科技讯 9月25日，今晚举行的雷军年度演讲上，雷军披露了小米汽车SU7 Ultra车型征战德国纽博 格林赛道的诸多内幕细节。作为一个汽车行业的新晋者，小米汽车不仅成功挑战了这条被誉为"绿色地 狱"的传奇赛道，其原型车和量产车更是取得了震撼行业的成绩。 据了解，小米汽车自2021年9月启动之初，便设立了打造全球最强纯电性能车的宏大计划。这一目标由 一群对汽车充满热情的工程师驱动，其中包括首席测试车手阿灿（任周灿），他从业余时间学习赛车到 斩获多个冠军，展现了团队对性能的极致追求。为实现目标，团队甚至选择自研自产了小米V8S超级电 机。 历经周折，团队预定了2023年 ...

来源：环球网 【环球网科技综合报道】9月21日消息，小米汽车日前表示，升级到Xiaomi HyperOS 1.10.0后，小米 SU7系列和小米SU7 Ultra将新增对4K云台摄像头、磁吸物理按键、AI空间交互传感器、车载磁吸/无线 充电手机支架（屏幕接口版）四个生态件的支持。 其中4K云台摄像头可用于车内儿童看护、远程宠物看护，也可以插入存储卡记录旅途的视频，支持小 爱语音控制转动和开关。 磁吸物理按键可以通过联动小米超级任务自定义其功能，如一键开启空调，一键全览地图等。 AI空间交互传感器通过六个特定手势来联动小米超级任务，如一个手势控制音乐，一个手势进入特定 场景等。 车载磁吸/无线充电手机支架（屏幕接口版）为手机便捷充电，并支持遗忘提醒，防止手机落在车上。 小米汽车表示，"这些全新的生态件都支持与小米超级任务智能联动。未来，我们还会为小米SU7系列 和小米SU7 Ultra增加更多生态件产品。"（思瀚） ...

Core Viewpoint - The recent backlash against Xiaomi, particularly from a prominent user who sold their YU7 vehicle, highlights significant issues regarding product quality and brand values, leading to a growing perception of inconsistency between Xiaomi's promises and actual performance [1][2][12]. Group 1: Product Issues - A YU7 owner expressed frustration over persistent noise issues in the vehicle, which were not resolved despite multiple attempts, prompting a public declaration of dissatisfaction with Xiaomi products [2][6]. - Specific complaints include the perceived ineffectiveness of the carbon fiber hood, which was marketed as a high-end feature but failed to deliver on its promises, leading to disappointment among users [4][12]. - The use of "automotive-grade" components, such as a paper towel holder, was criticized for lacking genuine adherence to automotive standards, raising questions about Xiaomi's commitment to quality [4][10]. Group 2: Brand Perception and Trust - The incident reflects a broader concern about Xiaomi's brand integrity, as users feel that the company prioritizes marketing over actual product quality, leading to a loss of trust [12][15]. - The automotive industry places a higher emphasis on safety, quality, and user experience compared to consumer electronics, making any perceived shortcomings more impactful on brand reputation [12][15]. - The polarized reactions to the user's criticism indicate a fragile trust relationship between the brand and its consumers, which could worsen if issues are not addressed [13][15]. Group 3: Recommendations for Improvement - Xiaomi is urged to enhance the consistency between product claims and actual performance, ensuring that marketing statements are backed by transparent testing data [9][10]. - Quality control measures should be strengthened to address user experience issues, such as noise and comfort, which are critical for customer satisfaction [9][10]. - Improving customer feedback mechanisms and response times is essential to mitigate dissatisfaction and prevent negative sentiment from accumulating [9][10].

Core Viewpoint - Xiaomi's automotive business has shown strong performance, significantly contributing to the company's overall revenue growth and profitability, while facing challenges in meeting ambitious delivery targets and managing operational efficiency [4][5][8]. Financial Performance - In Q2 2025, Xiaomi reported total revenue of 116 billion yuan, a record high for five consecutive quarters, with an adjusted net profit of 10.8 billion yuan, representing a year-on-year increase of 75.4% [4]. - The automotive segment delivered 81,000 vehicles, generating approximately 20.6 billion yuan in revenue, accounting for nearly 20% of the total revenue [4]. - The average selling price of vehicles increased by 16,000 yuan to 254,000 yuan, with a quarterly gross margin rising to 26.4% despite industry-wide price wars [4]. Delivery Goals and Challenges - Xiaomi aims to deliver 350,000 vehicles by the end of the year, requiring nearly 200,000 deliveries in the second half, averaging over 33,000 vehicles per month [5][6]. - As of July, Xiaomi had over 400,000 undelivered orders, with significant wait times for certain models, indicating strong demand but also potential risks if market conditions change [5][6]. Production Capacity and Operational Efficiency - The first phase of the Beijing factory has reached its production capacity, while the second phase, with an annual capacity of 150,000 vehicles, has not yet commenced operations [6]. - The rapid expansion of sales, delivery, and after-sales service systems poses management challenges and potential inefficiencies, as initial customer traffic has begun to decline [7]. Strategic Direction - Xiaomi's management emphasizes the importance of order fulfillment over engaging in price wars, focusing on maintaining delivery schedules and improving operational efficiency [4][5]. - The company has opened 335 automotive sales outlets in China and plans to continue expanding its retail presence while upgrading existing stores [7]. Long-term Outlook - Xiaomi's entry into the automotive market is seen as a unique success, leveraging favorable market conditions and a strong talent pool, but the company acknowledges the need for rigorous cost control and stable supply chain management to ensure long-term profitability [8].