小米集团-小米 2025 冬季发布会_17 Ultra 发布推动进一步高端化；2026 年 AI 大模型与产品持续推进

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 ...