Summary of Xiaomi Group Conference Call Company Overview - **Company**: Xiaomi Group - **Industry**: Automotive and Consumer Electronics Key Points Sales Performance - In January 2026, Xiaomi delivered over 39,000 vehicles, a decrease from over 50,000 in December 2025 [1] - The decline in deliveries is attributed to: 1. The discontinuation of the first-generation SU7, with production lines being reconfigured for the new generation SU7 set to launch in April 2026 [1] 2. January had 21 working days, two fewer than December [1] - Future outlook suggests further decline in deliveries due to the impact of the Chinese New Year in February [1] Vehicle Pipeline - At least two key models are expected to launch in 2026: 1. The new generation SU7, which will officially launch in April 2026 [2] 2. The YU9 model, part of the range-extended platform, is undergoing road tests and is expected to launch in the second half of 2026 [2] - The YU7GT model has completed the necessary regulatory filings and is anticipated to be released within the year [2] - Xiaomi's target for 2026 is to deliver 550,000 vehicles, which is considered conservative compared to the previous year's performance of over 410,000 vehicles [2] - With the introduction of new models and potential capacity releases, the forecast for 2026 deliveries is adjusted to 660,000 electric vehicles [2] Cost Pressures - **Storage Costs**: The proportion of storage costs in the Bill of Materials (BOM) for Xiaomi smartphones is expected to rise from 10-15% to 20-30% by Q4 2025, impacting the gross margin to approximately 9% [3] - **Battery Costs**: The cost of lithium batteries is increasing, with a projected rise in battery costs by approximately 5,640 RMB per vehicle due to significant price increases in lithium carbonate and lithium hexafluorophosphate [4] - Overall, the smartphone industry is facing challenges from declining shipments and increased competition in the white goods market, leading to a downward revision of revenue forecasts for 2025-2027 [4] Financial Projections - Revenue expectations for 2025-2027 have been adjusted to 461.2 billion, 541.8 billion, and 600.5 billion RMB respectively, down from previous estimates [4] - Non-IFRS net profit projections have also been revised to 40 billion, 36.2 billion, and 50.2 billion RMB for the same period [4] Valuation and Target Price - The company is valued using a 30x PE ratio, resulting in a total market capitalization of approximately 1.31 trillion HKD [5] - A target price of 47 HKD is set, maintaining a "Buy" rating for the stock [5]

点 击 蓝 字 关 注 我 们 目 录 政策信息 1、北京经济技术开发区:实施智能网联领航行动 强化人工智能在智能网联领域的数据 驱动与技术引领作用 2、深圳发布三年消费行动计划,加码绿电消纳与充换电基建 5、黑龙江省人民政府办公厅关于印发《新时代幸福龙江建设 20 件民生实事 (2026 年) 》 的通知 6、青岛市人民政府关于 2026年重点办好城乡建设和改善人民生活方面 10 件实事的通 all 7、八部门联合发布《汽车数据出境安全指引（2026 版）》 8、2026 年中央一号文件:多措并举扩大乡村消费 支持新能源汽车、智能家电、绿色 建材下乡 1、2025年新能源车险保费同比增长超三成 2、泉州市与宁德时代合作 共建智能零碳电池工厂 3、全国最大规模高速公路超充站在杭州投运 4、鸿蒙智行充电网络再扩充：全国场站数突破 16 万，充电枪数突破 160 万 5、中国汽车流通协会：2月汽车市场将进入阶段性调整期 6、上海:过去一年外资持续"加仓" 新能源汽车、生物医药等一批重大项目落地上海 7、国轩高科与科大讯飞签署战略合作协议 携手打造 AI 赋能新能源典范 8、鸿蒙智行官宣"春节不打烊",支持新春出行 ...

我回答一下：我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的 对标车。 2月10日，雷军发文： 前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场? 据此前报道，2026年1月，小米汽车交付量超过39000台。而此前的2025年12月，小米汽车交付量超过5 万台。2025年全年，小米汽车交付总数超41万辆。在今年1月的直播中，小米创办人、董事长兼CEO雷 军宣布小米汽车2026年全年交付目标为55万辆。 ...

我回答一下：我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的对标车。 2月10日，小米创办人，董事长兼CEO雷军在微博发文表示，前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？ 来源 | @雷军 编辑 | 见贤 ...

2月10日，雷军发微博称：前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？我回答一下：我们目前暂时没有进入美国市场的计划。我 估计，这辆YU7是美国同行或者供应商购买的对标车。 ...

2月10日，小米创办人，董事长兼CEO雷军在微博发文表示，前段时间，一辆YU7行驶在美国加州的高 速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？ 我回答一下：我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的 对标车。 ...

2月10日，雷军在微博发文： 前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？ 我回答一下：我们目前暂时没有进入美国市场的计划。我估计，这辆YU7是美国同行或者供应商购买的 对标车。 ...

雷军在微博发文表示，前段时间，一辆YU7行驶在美国加州的高速公路上，挂着当地的测试车牌。 很多人问我，小米是不是准备进入美国市场？ 我回答一下： 我们目前暂时没有进入美国市场的计划。 我估计，这辆YU7是美国同行或者供应商购买的对标车。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

Core Insights - The delivery performance of new car manufacturers in January 2026 showed a significant decline in month-on-month figures, with some brands experiencing drops exceeding 40%, while year-on-year results displayed a polarized performance [2][3] - The competition in the automotive industry is shifting towards technology and ecosystem advantages, necessitating adjustments in product offerings and marketing strategies to meet changing consumer demands [8] Delivery Performance - In January 2026, the overall delivery volume of new car manufacturers decreased, with three companies reporting a month-on-month decline of over 40% and three others over 30% [3] - Hongmeng Zhixing led the market with a delivery volume of 57,915 vehicles, marking a year-on-year increase of 65.6% but a month-on-month decrease of 35.4% [3][4] - Xiaomi and Leap Motor also reported strong growth, while NIO and Zeekr saw significant year-on-year increases, contrasting with the declines faced by Li Auto and Xpeng [2][3] Market Trends - The automotive market is experiencing a "financial war," with various manufacturers introducing low-interest financing options to stimulate sales [5][6] - The long-term growth trajectory of the new energy vehicle market remains positive, with projections indicating a market volume of 19 million units in 2026, representing a year-on-year growth of 15.2% and a penetration rate exceeding 54% [7] Competitive Landscape - The competition is evolving from price-based strategies to value-based competition, emphasizing technological innovation, product iteration, and enhanced user experience [7][8] - The differentiation among manufacturers is accelerating, with leading companies expanding their advantages while some brands risk falling behind [7][8] - Future competition will focus on smart driving, intelligent cockpit features, and new power battery technologies, with an emphasis on creating a comprehensive service ecosystem around vehicles [8]

2月2日，2026年开年造车新势力交付成绩单已陆续揭晓。作为车市淡季，新势力交付量环比全线下滑，部分品牌跌幅超40%，但同比表现两 极分化。其中，鸿蒙智行以57915辆的成绩稳居榜首，小米、零跑、蔚来、极氪实现高增长，理想、小鹏则同比下滑，行业格局生变。 业内人士指出，2026年，车企技术与生态的竞争将成为新核心。头部车企要警惕用户需求的变化，及时调整产品配置与营销策略，避免因产 品脱离用户需求而出现销量下滑；腰部车企则可在细分市场发力，通过聚焦优势资源提升市场份额。 分化态势加剧 2月1日起，国内造车新势力陆续公布2026年1月交付成绩单。作为车市传统淡季，叠加政策补贴退坡等多重因素影响，1月车市整体呈现"环 比普降、同比分化"特征，新势力阵营格局生变。 在此背景下，新势力车企交付量普遍出现环比下滑，但同比表现呈现明显分化。已公布数据的近10家新势力车企中，有3家环比跌幅超 40%、3家跌幅超30%。其中，鸿蒙智行、小米汽车、零跑汽车稳居交付量前三，蔚来、极氪同比增幅接近翻倍，而理想汽车、小鹏汽车则 面临同比下滑的转型挑战。 具体来看，鸿蒙智行以近5.8万辆交付量断层领跑，同比大幅增长65.6%，环比则下降 ...