Investment Rating - The report assigns a "Buy" rating to Xiaomi Corp. with a 12-month target price of HK$53.50, indicating an upside potential of 38.0% from the current price of HK$38.76 [15][17]. Core Insights - Xiaomi is positioned as the world's 3 smartphone brand and a leading consumer AIoT/NEV platform, with a multi-year ecosystem expansion strategy under the "Human x Car x Home" framework, projecting revenue and EPS CAGRs of 24% and 28% respectively from 2024 to 2027 [13]. - The company plans to invest Rmb200 billion in R&D from 2026 to 2030, focusing on AI, assisted driving, and chipset development to enhance its competitive edge [7][14]. Summary by Sections Smartphone Segment - Xiaomi aims to increase the average selling price (ASP) of smartphones by raising prices for premium models and optimizing product structure, targeting a 1 percentage point annual market share increase in China [7][8]. - The company expects revenue growth in 2026 to be supported by government consumption subsidies and overseas expansion, while maintaining gross profit margin (GPM) at or above 2025 levels by reducing low-margin categories [8] AIoT Segment - The AIoT segment is seen as a profit stabilizer, with a revenue growth of approximately 20% year-over-year and a contribution of around 30% to overseas revenue by Q3 2025 [3][10]. - Xiaomi plans to expand its Mi Home store count to over 1,000 by 2026 and increase the contribution of large home appliances to its revenue [10]. Smart EV Segment - Xiaomi targets 550,000 unit deliveries for its smart EVs in 2026, up from over 410,000 in 2025, driven by increased manufacturing capacity and new model launches [9][11]. - The company focuses on the premium auto segment, which captures a significant profit pool, and plans to export EVs to Europe starting in 2027 [11][12]. R&D Investments - AI accounts for approximately 25% of Xiaomi's R&D budget, with plans to increase investments while leveraging AI for ecosystem empowerment and internal operations [14]. - Xiaomi has made significant progress in assisted driving technology and aims to release new features in 2026, alongside a commitment to self-developing chips for its smart EVs [14]. Share Buyback - In 2025, Xiaomi repurchased 150 million shares for a total consideration of HK$6.3 billion, indicating confidence in its stock value [14].

当然，有些小字确实是出于严谨而进行的标注，比如小米17 Ultra在厚度方面，就用标注的方式补充 了"机身厚度不包含镜头凸起。数据对比对象为Xiaomi 15 Ultra，数据来源小米实验室测试结果。"的测 试情况。机身厚度在通常表述上，约定俗成的就是不包括镜头模组，此类标注只是为了严谨，使用小字 无可厚非。消费者真正反感的是能颠覆大字的小字标注。 值得注意的是，监管层面已开始发力规范此类乱象。市场监管总局此前发布的《广告引证内容执法指南 (征求意见稿)》，明确提出要规范大字"吸睛"、小字"免责"现象，为整治营销乱象提供了明确方向。此 次雷军公开承诺整改，被业内视为头部企业响应监管、顺应消费者诉求的重要信号。 2026年1月3日晚，小米集团创始人、董事长雷军在其2026年首场直播中，针对近期引发广泛争议的"小 字营销"问题作出明确回应，公开表示接受公众批评，直言小字标注是行业陋习，称这个毛病确实要 改。 雷军表示：接受批评，以后注释都要使用大字，小字确实是行业陋习，这个毛病确实要改，但是要是贴 上恶意营销那是天大的误解，我们一定会认真听大家的意见，认真改，欢迎大家继续提问题，我们继续 改。 小字营销并非小米个 ...

Core Viewpoint - The launch event of Honor's Magic8 series and MagicOS 10 highlighted the advanced imaging capabilities of the Magic8 Pro smartphone, particularly its "Super Night God" telephoto lens, which was compared favorably against the iPhone 17 Pro Max and Xiaomi 15 Ultra [1][5]. Group 1: Product Features - The Magic8 Pro's camera features a 1/1.4 inch large sensor and an f/2.6 ultra-large aperture, designed to enhance low-light photography [8]. - The device utilizes a 1G+5P lens structure and aerospace-grade packaging with IR spin-coating technology, along with fluorite-grade ULD glass lenses and nano-level lens coatings [8][9]. - The AiMAGE Night God engine supports ViT large models with a processing speed of 80 million calculations per second and boasts 1 billion parameters [8][10]. Group 2: Competitive Positioning - Honor's CEO, Li Jian, emphasized the superiority of the Magic8 Pro's night photography capabilities, claiming clearer details, richer colors, and a more vivid viewing experience compared to its competitors [5]. - The "Night God" trademark was introduced after a year of development, positioning Honor's imaging technology as unique in the market, despite competitors using similar branding without trademark protection [6].

Core Viewpoint - The incident involving a Xiaomi car allegedly driving away on its own has been investigated, and the company concluded that the vehicle's operation was triggered by a user command from a connected iPhone, not a malfunction of the vehicle itself [1][6]. Group 1: Incident Details - A Xiaomi car owner reported that their vehicle unexpectedly started and drove away while they were indoors, leading to concerns about vehicle safety [1]. - The company established a special task force to investigate the incident and collaborated with the user to verify data from the vehicle and mobile app logs [1][6]. - The investigation revealed that the vehicle received a parking assist command from the owner's iPhone 15 Pro Max, which activated the vehicle's parking assist feature and caused it to exit the parking space [1][6]. Group 2: Communication and Clarification - Xiaomi's customer service initially confused the device model, leading to misunderstandings about the incident, for which the company apologized and committed to improving communication [2]. - The car owner confirmed the accuracy of the data reviewed with Xiaomi's team and expressed gratitude for their professionalism, urging others not to spread rumors [4][5]. - Xiaomi's vice president supported the car owner's statement, emphasizing the importance of understanding the clarified information [4][5].

Core Viewpoint - Apple and Samsung have jointly issued a legal notice to Xiaomi, demanding the cessation of controversial marketing practices that allegedly harm their brand image [1] Group 1: Legal Actions - Apple and Samsung claim that Xiaomi's marketing strategy in India, which mocks the iPhone 16 Pro Max and Samsung's flagship models, constitutes "sneak attack marketing" [1] - The legal notice specifically addresses Xiaomi's advertising during the launch of the Xiaomi 15 series, where it directly referenced and ridiculed the camera performance of competitors [1] Group 2: Company Responses - Xiaomi has not yet responded to inquiries regarding the legal notice from Apple and Samsung [1]

Core Viewpoint - Apple and Samsung have jointly issued a legal notice to Xiaomi, accusing the company of engaging in "sneak marketing" that undermines their brand image during the launch of the Xiaomi 15 series in India [1] Group 1: Legal Action - Apple and Samsung claim that Xiaomi's advertising directly mocks the iPhone 16 Pro Max and Samsung's flagship models, particularly regarding camera performance [1] - The legal notice demands that Xiaomi cease these marketing practices that are perceived as damaging to their brands [1] Group 2: Xiaomi's Response - As of the report, Xiaomi has not provided a response to the inquiries made by Sina Technology regarding the legal notice [1]

Group 1 - The founder and CEO of Xiaomi, Lei Jun, shared a post on social media showcasing a large advertisement for the Xiaomi SU7 Ultra at Beijing Capital International Airport, indicating a push for greater visibility of the product [1][4][5] - Lei Jun questioned whether more advertising should be done for the SU7 Ultra model to increase public awareness [1][5] Group 2 - The advertisement at a major airport suggests a strategic marketing effort by Xiaomi to promote its new vehicle model [1][4] - The engagement on social media reflects the company's interest in consumer feedback regarding its advertising strategy [1][5]

Core Viewpoint - Xiaomi Group has confirmed that it has not engaged in any cooperation or contact with Wells Fargo or any related parties, and has initiated legal proceedings against those spreading false information [4][6]. Group 1 - Xiaomi Group's Public Relations General Manager Wang Hua stated that there has been no collaboration with Wells Fargo or any related entities globally [4][6]. - The company has collected evidence regarding the false claims and is pursuing legal action against the individuals responsible for spreading rumors [4][6].

Group 1 - Xiaomi CEO Lei Jun announced the company's efforts to support flood disaster relief in North China [2] - Xiaomi Charity Foundation donated 5 million yuan in cash and 350,000 yuan in emergency supplies for disaster relief [4][6] - On July 31, Lei Jun stated that Xiaomi would provide free inspections and repairs for users affected by the recent heavy rainfall [9]

Core Viewpoint - Xiaomi's CEO Lei Jun announced the company's support for flood disaster relief efforts in North China, highlighting the company's commitment to social responsibility through financial and material donations [5][8]. Group 1: Donations and Support - Xiaomi Charity Foundation donated 5 million yuan in cash and 350,000 yuan worth of emergency supplies to aid flood relief efforts in North China [7][8]. - The cash donations were allocated to various foundations, including the Aide Foundation and Beijing Pinglan Charity Foundation, to support transitional housing and post-disaster reconstruction [8]. - Emergency supplies included power banks, walkie-talkies, and flashlights, aimed at providing immediate assistance to affected areas [8]. Group 2: Additional Services - On July 31, Lei Jun announced that Xiaomi would offer free inspections and repair services for users in the flood-affected regions [9].