Core Viewpoint - Xiaomi Group announced a share buyback of 507,400 shares at a price range of HKD 53.150 to HKD 53.250, totaling approximately HKD 26.9962 million, marking the highest buyback price in its history [1][3]. Group 1: Share Buyback Details - The buyback occurred on September 29, 2025, with a total of 507,400 shares repurchased on the exchange [2]. - The total number of shares Xiaomi is authorized to repurchase is 2.595 billion, with this buyback representing 0.002% of the total issued shares as of the authorization date [3]. Group 2: Product Performance and Market Response - Xiaomi's recent launch of the Xiaomi 17 series achieved record sales within the first five minutes, indicating strong initial demand [3]. - However, a report from analyst Guo Mingqi indicated a significant downward adjustment of approximately 20% in the total shipment target for the Xiaomi 17 series, originally set at 10 million units [3]. - The underperformance of the Xiaomi 17 standard model is attributed to stronger-than-expected sales of Apple's iPhone 17 in the Chinese market [3]. Group 3: Market Reactions and Company Statements - Following the negative report, Xiaomi's stock price dropped over 10% across two trading days [3]. - Xiaomi's President, Lu Weibing, expressed confidence that the sales of the Xiaomi 17 series would surpass those of the previous Xiaomi 15 series, citing improvements in the high-end product structure [4]. - Xiaomi's Public Relations Director, Wang Hua, stated that there are no plans to cut orders, highlighting the introduction of a new version of the Xiaomi 17 standard model and increased orders for the Pro series [4].

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].

Core Viewpoint - Analyst Guo Mingqi from Tianfeng International Securities indicates that the total shipment volume of the Xiaomi 17 series is expected to decline by approximately 20% from the original target of 10 million units, potentially falling below the 8 million units of the 15 series if pricing strategies or marketing do not improve [1] Summary by Relevant Sections - **Shipment Volume Expectations** - The total shipment volume of the Xiaomi 17 series is projected to decrease by around 20% from the initial goal of 10 million units [1] - If future pricing strategies or marketing efforts do not enhance, the 17 series may see total shipments lower than the 8 million units of the 15 series [1] - **Performance of Standard Model** - Demand for the standard model of the Xiaomi 17 series is below expectations, with projections indicating it will account for only 50-55% of total sales, while actual sales may only reach 15-20% [1] - A significant factor contributing to the poor performance of the Xiaomi 17 standard model is the stronger-than-expected sales of the Apple iPhone 17 standard model in the Chinese market [1]