据港交所网站消息，9月29日，小米集团-W发布股份购回公告，以每股53.150港元至53.250港元的价格回购50.74万股，回购总金额达2699.62万港元。 9月26日和29日两个交易日，小米股价累计跌超10%。 9月29日下午，小米集团总裁卢伟冰发文称，小米高端产品结构得到历史性改善，大胆变阵和大胆创新赢得用户认可，小米17系列有信心销量会比上代小米 15系列更多。 公告截图 根据回购授权的决议，小米可回购的股份总数为25.95亿股，本次回购占回购授权决议获通过当日的已发行股份数目的0.002%。 据悉，此次回购价格为小米历史回购最高价。 小米于9月25日发布小米17系列。该公司透露，全系开售5分钟刷新2025国产手机全价位段新机系列首销全天销量、销额纪录。与此同时，最高配小米17 Pro Max销量占比超50%。 然而，9月29日，天风国际证劵分析师郭明錤发文称，调查发现，小米17系列的总出货量显著下调约20%（原定目标约为1000万台）。如果未来定价策略或 市场营销没有进一步提升，17系列的总出货量可能会低于15系列的约800万台。 他还表示，小米17标准款表现不佳的一个关键原因是苹果iPhone ...

Core Insights - The Xiaomi 17 series is experiencing a disparity in sales performance between the Pro Max and standard versions, leading to controversy over overall sales figures [1][10] - Despite breaking sales records during the launch, the standard version's underperformance may negatively impact total shipments [1][8] - Xiaomi remains optimistic about surpassing the previous generation's sales figures, despite analyst predictions of a potential 20% decline in total shipments [8][10] Sales Performance - The Xiaomi 17 series achieved record sales within the first five minutes of launch, but specific sales numbers were not disclosed [1][2] - The Pro Max model accounted for over 50% of the sales within the series, while the standard version's sales were significantly lower, with approximately 3,000 units sold compared to over 10,000 for the Pro models [2][5] - In-store observations indicated a strong demand for the Pro models, with reports of them selling out quickly, while the standard version remained in stock [5][7] Market Analysis - Analysts predict a potential 20% decrease in the total shipment target for the Xiaomi 17 series, originally set at 10 million units, due to lower-than-expected demand for the standard model [8][10] - The standard version's performance is being compared unfavorably to the iPhone 17's strong sales in the Chinese market [8] - Xiaomi's management has expressed confidence in increasing overall sales compared to the previous generation, citing adjustments in product offerings and order structures [8][10] Consumer Sentiment - There is a noticeable preference among consumers for the Pro series over the standard version, attributed to better performance and features [5][10] - The marketing strategies employed by Xiaomi have faced criticism, with some consumers questioning the authenticity of promotional claims [10]

Core Viewpoint - The Xiaomi 17 series is experiencing a disparity in sales performance between the Pro Max and standard versions, leading to concerns about overall sales figures and product structure imbalance [3][12][15]. Sales Performance - The Xiaomi 17 series achieved record sales within the first five minutes of its launch, setting new records for both volume and revenue in the domestic smartphone market [3][7]. - The Pro Max model accounted for over 50% of the sales within the Xiaomi 17 series, while the standard version's sales were significantly lower than expected, with only about 3,000 units sold compared to over 10,000 for the Pro models [8][12]. Market Demand and Supply - There is a strong demand for the Pro and Pro Max models, leading to stock shortages, while the standard version remains in surplus [7][8]. - Consumers are showing a preference for the Pro series due to its enhanced features and only a slight price difference compared to the standard version [8]. Analyst Insights - Analysts predict a potential 20% decrease in the overall shipment of the Xiaomi 17 series, with initial targets set at 10 million units, now expected to fall below 8 million due to underperformance of the standard model [12][15]. - The standard model's poor performance is attributed to stronger-than-expected sales of the iPhone 17 standard version in the Chinese market [12]. Company Response - Xiaomi's executives express confidence that the overall sales of the 17 series will surpass those of the previous 15 series, despite the current challenges [12][15]. - The company plans to introduce a new 1TB version of the standard model to address market demand, which may positively impact sales figures [12]. Public Perception and Controversy - The Xiaomi 17 series has faced criticism regarding its marketing strategies and product naming conventions, with some consumers questioning the brand's originality and confidence [12][14]. - The promotional materials for the Pro series have been criticized for perceived misleading claims, leading to further scrutiny of the brand's communication strategies [12][14].

天风国际证券分析师郭明錤表示，调查发现，小米17系列的总出货量将下降约20%（原定目标约为1000 万台）。如果未来定价策略或市场营销没有进一步提升，17系列的总出货量可能会低于15系列的约800 万台。 小米17系列销量下调主要由于标准型号的需求低于预期。预计标准型号将占17系列总销量的50- 55%左右，但上市后销量仅为15-20%左右。小米17标准款表现不佳的一个关键原因是苹果iPhone 17标 准款在中国市场的销量强于预期。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...