**Event**: On September 25, Xiaomi founder, Chairman and CEO Lei Jun held his sixth annual keynote speech, unveiling the flagship Xiaomi 17 series with comprehensive generational upgrades across all models. Additionally, new products including tablets, TVs, refrigerators, washing machines and other series were introduced, along with Xiaomi automotive customization services.
**Smartphones**: Launch of Three Xiaomi 17 Series Models Marks Strategic Pivot for Digital Series, Continuing Premium Market Push Against iPhone
In 2025, the company announced its strategy to "comprehensively benchmark against iPhone," launching three new models at this event: Xiaomi 17, 17 Pro, and 17 Pro Max, all featuring the fifth-generation Snapdragon 8 Elite chipset and Xiaomi HyperOS 3, with starting prices of 4,499/4,999/5,999 yuan respectively.
1) **Xiaomi 17**: Features a 6.3-inch compact display, 7,000mAh battery, M10 luminescent material, equipped with Leica triple camera system and Light Hunter 950 sensor.
2) **Xiaomi 17 Pro Series**: Both models feature the new secondary display. The Xiaomi 17 Pro maintains the 6.3-inch compact screen with Leica triple cameras, hybrid glass-plastic main lens, new Light Hunter 950L sensor, and 5X periscope telephoto. The Xiaomi 17 Pro Max features a 6.9-inch large flat display with full RGB pixel arrangement, debuts Xiaomi Dragon Crystal Glass 3.0, 7,500mAh large battery, and enhanced periscope telephoto capabilities compared to the 17 Pro.
**IoT**: Launch of Multiple Flagship Ecosystem Products Including Tablets, TVs, and Smart Home Devices, Accelerating Premium Strategy Across All Categories
1) **Tablets**: Xiaomi Pad 8 series launched starting at 2,199 yuan, with Pad 8 Pro featuring Snapdragon 8 Elite chipset and 9,200mAh battery, representing Xiaomi's most powerful tablet to date.
2) **TVs**: Introduction of Xiaomi's most premium TV series, S Pro Mini LED 2026, featuring 2,880-zone backlighting, 5,200 nits peak brightness, wide viewing angle low-reflection screen, powered by HyperOS 3, with initial pricing starting at 5,199 yuan.
3) **Smart Appliances**: Launch of Xiaomi's most premium French-door refrigerator Pro 560L with initial pricing at 6,399 yuan; introduction of Mijia three-zone washing machine Pro starting at 3,999 yuan.
4) **Networking and Audio**: Premium flagship router Xiaomi Router BE10000 Pro and Xiaomi's most advanced speaker, Xiaomi Sound 2 Max.
All products achieve breakthroughs in performance, interaction, and scenario-based experiences, further strengthening Xiaomi's AIoT ecosystem competitiveness.
**Automotive**: YU7 Cumulative Deliveries Exceed 40,000 Units, Official Launch of Xiaomi Customization Services
Launch of Xiaomi customization services, initially covering YU7 Max and SU7 Ultra models during a one-year trial operation. Customization options are extensive, including five new custom exterior colors for Xiaomi YU7, two custom interior options, plus custom stitching, welcome lights, colored safety belts, exclusive UI, and various wheel/caliper/badge color options. The customization service aims to provide consumers with more unique personalized experiences, further promoting technology democratization and experience equality.
Currently, Xiaomi YU7 has exceeded 40,000 deliveries within three months of launch. With Beijing factory capacity ramp-up in the second half of the year, YU7 deliveries are expected to accelerate. We remain optimistic about the company's continued vehicle model portfolio expansion and overseas expansion potential for medium to long-term growth.
**Investment Rating Maintained**
As a top-three global smartphone manufacturer and the world's largest AIoT smart hardware platform, we are optimistic about Xiaomi's positioning advantages as an edge computing leader during AI-accelerated industry restructuring. All business segments continue upward momentum: smartphone business actively pursues premium strategy and international expansion; IoT business expected to benefit from enhanced core R&D capabilities and overseas expansion opportunities; internet services anticipated to achieve steady growth alongside hardware business; automotive sector expected to advance toward the goal of becoming a top-five global automaker within 15-20 years through expanded vehicle portfolio and ecosystem synergies.
We project total revenue of [amount] billion yuan for fiscal years 25/26/27, with adjusted net profit of [amount] billion yuan, corresponding to current market cap PE ratios of [X] times; attributable net profit of [amount] billion yuan, corresponding to current market cap PE ratios of [X] times. We maintain our rating and remain optimistic about the company's medium to long-term market value appreciation potential.
**Risk Factors**: Macroeconomic underperformance risk, raw material price volatility risk, premium strategy underperformance risk, overseas business underperformance risk, smart electric vehicle progress below expectations risk.