26 December 2025 | 5:15PM HKT Equity Research Xiaomi Corp. (1810.HK): Xiaomi Launch Winter 2025: 17 Ultra release to drive further premiumization; More AI LLM & product progress in 2026 We virtually joined the Xiaomi Launch Winter 2025 event on Dec 25, where Xiaomi released the 17 Ultra smartphone series with enriched model lineup (17 Ultra and the new 17 Ultra by Leica) that marks continued premiumization execution (i.e., 17 Ultra priced Rmb500-700 higher than the prior generation to Rmb7-8.5k, and 17 Ultr ...

一、 外观与佩戴：极致轻量化 初上手 Xiaomi Buds 6，最直观的感受就是'精致'。 在真无线耳机市场，半入耳式一直拥有一批死忠粉。相比入耳式的'侵入感'，半入耳那种'挂在耳边'的 轻松一直是其最大优势。近期，小米终于更新了其半入耳旗舰——Xiaomi Buds 6。作为一款标榜'小巧 精致'且试图媲美 AirPods 舒适度的产品，它到底表现如何？我们提前拿到产品，为大家带来第一手体 验。 耳机盒延续了经典的鹅卵石造型，但这一代在'纤薄'上下了更多功夫，手感极佳。打开盖子，耳机本体 的设计经过了全新的人机曲线重构。官方数据显示，这一代耳机的出音嘴减薄了 11.3%，耳杆衔接处也 减细了 12%。 这些微调整反馈在佩戴上非常明显。单耳 4.4g 的重量 配合优化的重心设计，戴入耳廓的瞬间几乎感觉 不到负担。我们在办公室连续佩戴了 3 个小时，确实做到了'近乎无感'。对于那些耳道敏感、戴不惯入 耳式耳塞的用户来说，Xiaomi Buds 6 的物理舒适度绝对是第一梯队的表现。 二、 音质：打破半入耳的'白开水'魔咒 半入耳耳机最难做的就是低音和解析力，但 Xiaomi Buds 6 这次在堆料上有点'狠 ...

Group 1 - The core product launched is the Xiaomi 17 Ultra, which is positioned as the company's most powerful imaging technology flagship, starting at 6999 yuan [1][13] - Xiaomi has announced a deep strategic partnership with Leica, marking an upgrade in their global imaging strategy and introducing the Xiaomi 17 Ultra by Leica, priced at 7999 yuan [1][89] - The Xiaomi 17 Ultra features a significant imaging upgrade with a one-inch sensor and Leica's 200 million pixel optical zoom, aiming to enhance night photography capabilities [22][25] Group 2 - Xiaomi's 15th anniversary marks the completion of its "people, vehicle, and home ecosystem" strategy, establishing it as a leading technology company with a comprehensive ecosystem [4] - The company has launched its self-developed 3nm flagship chip, marking a milestone in its evolution towards becoming a global hardcore technology company [6] - The new Xiaomi smart home appliance factory in Wuhan has officially commenced production, completing the smart manufacturing layout across its ecosystem [8] Group 3 - The Xiaomi 17 Ultra is the thinnest Ultra model to date, featuring a 2D flat screen design and a thickness of only 8.29mm [14] - It supports IP66, IP68, and IP69 ratings for dust and water resistance, available in four colors: black, white, cold smoke purple, and a new color, starry green [16] - The device includes a new "fireworks mode" specifically designed to capture fireworks effectively, enhancing user experience during festive occasions [30] Group 4 - The Xiaomi 17 Ultra is equipped with the industry's first 200 million pixel continuous optical zoom lens, allowing for versatile composition across various focal lengths [37] - It features a sophisticated lens structure with eight elements in three groups, ensuring high-quality optical performance across different zoom levels [45] - The device has received Leica's APO optical certification, indicating high standards in optical quality [53] Group 5 - The Xiaomi 17 Ultra boasts a 6800mAh battery, the largest capacity in the Ultra series, supporting 90W wired and 50W wireless fast charging [67] - It includes advanced UWB technology, enabling features like digital car key functionality, enhancing connectivity with compatible vehicles [72] - The device supports cross-device interaction with Apple products, allowing seamless control and mirroring between Xiaomi and Apple devices [74] Group 6 - The Xiaomi Watch 5 is introduced as a flagship smartwatch, featuring a 47mm design and a 1.54" AMOLED display with high brightness [206] - It is powered by the Snapdragon W5 chip, offering dual-chip efficiency for high performance and low power consumption [218] - The watch supports over 150 sports modes and includes health monitoring features such as ECG analysis, certified as a Class II medical device [245] Group 7 - The Xiaomi Buds 6 are designed for comfort and sound quality, featuring a new ergonomic design and custom sound units for enhanced audio performance [184][190] - The Xiaomi Smart Home Screen 11 is launched as a central hub for family entertainment and smart home control, featuring an 11-inch display [160] - The new Mijia Central Air Conditioning Pro series is designed for large homes, featuring advanced technology for efficient heating and cooling [133]