Xiaomi (including Minutes): Fully Benchmarking iPhone! 'More for the Same Price' to the End

Lei Jun's annual keynote speech was held once again, with the event divided into two halves: the first half being the speech segment, and the second half being Xiaomi's autumn product launch.

The setup may seem familiar, but there are noticeable differences: ① The release date of Xiaomi's new phone is more than a month earlier than last year; ② Last year, the Xiaomi 15 launch was presented by President Lu, but this time Lei Jun introduced it personally.

The recorded video of Lei Jun's annual speech can be watched on the Longport APP, which also covers the first half of the speech segment. Dolphin Research will mainly focus on the content of the Xiaomi new phone and other launch event details in the second half.

1. Core Content of Xiaomi Group-W's Autumn Launch

Overall, Xiaomi's autumn launch mainly revolves around three aspects: Xiaomi phones, IoT products, and automotive business:

1.1 Xiaomi Phones: The Focus of This Launch.

The Xiaomi phone digital series has always been representative of Xiaomi's high-end flagship models. With the diminishing impact of state subsidies and the influence of the iPhone 17's basic version's "value for money" strategy, Lei Jun directly presented the launch of the Xiaomi 17 series.

From the launch of the Xiaomi 17 series, it is evident that Apple is set as the main competitor, with the new products directly targeting it. Xiaomi's flagship phone skipped the 16 series and named it the 17 series (last year was Xiaomi 15), based on the iPhone 17, making it more targeted.

On one hand, Xiaomi significantly advanced the phone launch date, following the release schedule of the iPhone's new model. It's worth noting that the release dates for Xiaomi 11-13 were in December, Xiaomi 14-15 were at the end of October, and this launch was moved up to the end of September (close to the iPhone's new model release in mid-September);

On the other hand, the Xiaomi 17 series will also be divided into basic, pro, and pro max versions, with the naming completely aligned with the iPhone 17 series. Additionally, performance comparisons at the launch event involved various data comparisons with the iPhone (processor performance, charging speed, etc.).

Before this launch event, Lei Jun had already teased on Weibo that "The Xiaomi 17 standard version, while significantly upgraded, offers more without increasing the price; the Xiaomi 17 Pro and Xiaomi 17 Pro Max will continue to explore higher positioning." The situation at this launch event aligns with this description.

If we compare the Xiaomi 17 series, Xiaomi 15 series, and iPhone 17, we can find:

① Xiaomi 17 Basic Version: Indeed "more for less". The product has upgrades in processor, screen quality, imaging system, battery capacity, etc., but the starting price remains at 4,499 yuan;

② Xiaomi 17 Pro Version: The main change is the addition of a "Magic Enjoy Back Screen," which can serve as a second screen. Additionally, the processor, imaging system, and battery have been upgraded. The price compared to last year's 15 Pro series has decreased by 300 yuan;

③ Xiaomi 17 Pro Max Version: A newly added model. The screen size has been increased to 6.9 inches, making it the top configuration model in the 17 series, with the screen size matching the iPhone 17 Pro Max. The starting price is 5,999 yuan (iPhone 17 Pro Max is 9,999 yuan), consistent with the iPhone 17 basic version's price.

The addition of the Pro Max model raises the price range of the Xiaomi digital series from 4,499-5,299 yuan to 4,499-5,999 yuan.

1.2 IoT Products: "Full Set" New Releases

Besides the focus on Xiaomi phones, this launch also introduced the IoT "full set," including the Xiaomi Pad 8 series, Xiaomi TV S Pro Mini LED 2026, Mijia Refrigerator Pro Micro Ice Fresh French 560L, Mijia Three-Zone Washing Machine Pro, Xiaomi Router BE10000 Pro, Xiaomi Sound 2 Max, Xiaomi Portable Bluetooth Speaker, etc.

Driven by state subsidy policies, Xiaomi's IoT business has seen rapid growth since the fourth quarter of last year. However, the recent tightening or reduction of state subsidies in some regions has somewhat affected the demand in the IoT market. The release of IoT new products aims to further boost the high growth of the IoT business.

1.3 Automotive Business: Personalized Customization

Prior to the YU7 release, Xiaomi had already held several exchange meetings, and the focus of this autumn launch was on new phone products. No new automotive products were released this time, but a Xiaomi customization service was introduced.

Custom Colors: In addition to the initial 9 colors of Xiaomi YU7, 5 additional colors were introduced this time: Amethyst, Racing Red, Twilight Rose, Matte Flowing Gold Pink, and Tender Bud Yellow. The company has partnered with BASF and PPG, two global top paint suppliers, aiming to design 100 colors within 3 years;

Custom Interiors: Xiaomi's customization service will also offer two custom interiors, namely Dragon Blue + Black Blue and Extreme Night Black + Fluorescent Yellow dual-color interiors. There are various custom details, such as custom stitching, custom welcome lights, custom colored seat belts, etc., and craftsmanship details like embroidered logos and exclusive plaques on door panels;

Other Customizations: 21-inch five-spoke double-layer forged wheels, calipers, ceramic car badges, etc.

The customization service will be trial-operated for one year, with a maximum of 40 vehicles customized per month, starting with Xiaomi YU7 Max and Xiaomi SU7 Ultra.

2. Post-Launch Views on Xiaomi Company

2.1 How is Xiaomi's Phone Business Performing Currently?

Based on the content of this Xiaomi launch, the focus was on Xiaomi phones. From the release situation of the Xiaomi 17 series:

a) Xiaomi faces pressure in the domestic market: From the changes in Xiaomi's phone market share, there has been a noticeable increase in market share since the second half of the year. Since Xiaomi's phone prices mostly fall within the state subsidy price range, the effect driven by state subsidy policies is evident. As the impact of state subsidies diminishes, Xiaomi's phone market share in the domestic market has declined again.

b) iPhone 17's "more for less" strategy has achieved good results: Apple's release of the iPhone 17 basic version increased storage to 256G while maintaining the price at 5,999 yuan (last year's iPhone 16 256G release price was 6,999 yuan, a direct drop of 1,000 yuan). If combined with state subsidy policies, the iPhone 17 basic version's price will reach 5,499 yuan, which is already close to the price range of mid-to-high-end Android phones.

Through "concession" behavior, iPhone's new products aim to attract relatively high-value customers from Xiaomi and other Android manufacturers, which has also driven Xiaomi's new product release to be advanced.

c) Xiaomi Automotive's success in benchmarking Tesla: Tesla was once the leader in the new energy vehicle market, and Xiaomi benchmarked SU7 against Model 3 and YU7 against Model Y, achieving success. Similarly, Apple's iPhone is a leading brand in the smartphone market.

Referring to the successful experience in the automotive business, Xiaomi phones also released three products this time: basic, Pro, and Pro Max versions to benchmark iPhone, and priced the highest flagship Pro Max at the same level as the iPhone basic version. At the same price, Xiaomi 17 Pro Max offers higher configurations to directly face Apple's iPhone 17 basic version's downward "competition."

It is worth noting that the prices of the Xiaomi 17 series are all set below 6,000 yuan, meeting the requirements of state subsidy policies.

d) Self-developed chips: Xiaomi previously released the Xuanjie O1 chip, equipped in Xiaomi 15SP. Originally, the market expected Xiaomi to launch new chip products before the launch event, but none were released. The entire Xiaomi 17 series is equipped with the fifth-generation Snapdragon 8 Ultimate Edition, still using Qualcomm processors, indicating that Xiaomi's self-developed chips still have significant growth potential.

Considering the situation of Xiaomi's new phone products, releasing them before Double Eleven will benefit from the promotional season to some extent. However, it is worth noting that the highlights of the Xiaomi 17 series new products are not many, and the "concession" on the price side is not very obvious.

2.2 Xiaomi Automotive and Production Capacity Progress

Another major focus of Xiaomi Company is the automotive business. Although no new products were released at this launch, only customization services were introduced, the monthly delivery volume in recent months shows that the ramp-up of Xiaomi Automotive's second-phase factory is relatively smooth.

With the release of YU7 and the mass production of the second-phase factory, Xiaomi YU7's sales reached 16,500 units in August, gradually approaching the monthly sales of SU7, with the combined monthly total sales reaching 36,400 units.

Based on the monthly sales ramp-up situation of SU7 and the first-phase factory, Dolphin Research estimates that Xiaomi Automotive's second-phase factory's monthly production capacity reached 2,000 units and 8,000 units in July and August, respectively. The monthly ramp-up increment reached over 5,000 units, which is quite impressive.

On the basis of a smooth ramp-up of the second phase, Dolphin Research expects Xiaomi Automotive's delivery volume in 2025 to reach over 400,000 units, maintaining a state of supply shortage throughout the year. As for the subsequent activation of the third-phase factory, the focus is mainly on the specific progress of the company's next vehicle.

2.3 From an Investment Perspective

The development stages of the automotive business and traditional business are currently different, so Xiaomi Company's valuation should be viewed in two parts:

① Traditional Business Part: Due to relatively weak demand for phones and other electronic products, Dolphin Research mainly downgrades the phone business (Xiaomi's annual phone shipment volume is downgraded to 175 million units), and adjusts the IoT annual growth rate to 42%.

Assuming a 25x reference PE for the traditional business based on the 2025 post-tax core operating profit (revenue +36%, gross margin 23%, tax rate 14%), it corresponds to a market value of approximately 832.2 billion yuan;

② Automotive Business Part: With the improvement in automotive business gross margin, Xiaomi's automotive department is expected to achieve profitability in the second half of the year, so Xiaomi's automotive business will gradually shift from PS valuation to PE valuation.

Assuming Xiaomi Automotive's third-phase factory starts mass production ramp-up in 2026, Xiaomi's annual delivery volume reaches over 750,000 units, potentially surpassing Tesla. However, it should not be overlooked that Xiaomi Automotive will still be affected by "supply shortages" in 2026, so performance estimates are more based on the situation in 2027.

Assuming Xiaomi's subsequent model releases and third-phase ramp-up are smooth, Xiaomi Automotive's annual sales in 2027 are expected to reach 1.05 million units. With an average unit price of 264,000 yuan and a gross margin of 30.7%, Xiaomi Automotive's post-tax core operating profit in 2027 will reach 29.9 billion yuan (tax rate 15%). Given a 25x PE reference valuation (2027 post-tax core profit), discounted to the present, the automotive business valuation is approximately 587.3 billion yuan (reference 10.16% discount rate).

Considering both traditional business and automotive business, the combined market value corresponds to 1.55 trillion Hong Kong dollars (HKD/RMB=0.915), approximately 60 HKD per share.

Overall, the current market value of Xiaomi Company is roughly in a 6:4 ratio between traditional business and automotive business. This launch mainly focused on traditional business's phone and IoT new products, and if there is an unexpected performance, it will drive the valuation of the traditional part upward. The automotive business has already factored in expectations of supply shortages in 2026 and smooth ramp-up of the second and third-phase factories. If the next new car becomes a hit, it will continue to inject confidence into the automotive business.

3. Detailed Content of Xiaomi's Autumn Launch

3.1 Xiaomi Phones: "Fully Benchmarking iPhone" Starting This Year

1) Xiaomi 17 Standard Version: The Most Powerful Small-Sized All-Round Flagship Ever

Design: 6.3-inch OLED flat screen, 1.18mm ultra-narrow four-sided bezel (narrowest in the industry), body thickness 8.06mm, weight 191g, supports IP68/IP69 waterproof, available in four colors: Snow Mountain Pink, Ice Melt Blue, etc.

Screen: 1.5K resolution, 1-120Hz LTPO refresh rate, 3500 nits peak brightness, uses new domestic red light-emitting material, sunlight readability improved by 30%.

Imaging: Leica Summilux triple camera (50MP Light Hunter 950 main camera + 50MP floating telephoto + 50MP ultra-wide angle), supports 16.5EV dynamic range and 2.6x optical zoom, floating telephoto lens added to the standard version for the first time.

Battery Life: 7000mAh Jinsha River battery (16% silicon content), 100W wired fast charging + 50W wireless fast charging, battery life 5-8 hours longer than iPhone 17.

Price: 12+256GB 4,499 yuan, 16+512GB 4,999 yuan.

2) Xiaomi 17 Pro: Small-Sized Tech Imaging Flagship

Design: 6.3-inch flat screen + 2.86-inch "Magic Enjoy Back Screen," supports LTPO 1-120Hz refresh rate and full-screen always-on display, can transform into a retro handheld console with a dedicated protective case.

Imaging: 1-inch Light Hunter 950L main camera (F1.67 large aperture), 5x periscope floating telephoto (OIS), supports backlight capture and real-time preview on the back screen, dynamic range reaches 16.5EV.

Battery Life: 6300mAh battery, 100W wired fast charging.

Other: UWB ultra-wideband connectivity technology, ultrasonic fingerprint recognition, titanium alloy middle frame.

Price: 12+256GB 4,999 yuan, 16+1TB 5,999 yuan.

3) Xiaomi 17 Pro Max: Pinnacle Tech Imaging Flagship

Screen: 6.9-inch OLED micro-curved screen, first to use "super pixel" technology (1.5K resolution equivalent to 2K fineness), power consumption reduced by 26%, supports 3840Hz PWM dimming.

Imaging: 1-inch Light Hunter 950L main camera + 1/2-inch periscope telephoto (OIS), 200x digital zoom, cinematic 8K recording, super light-gathering prism technology increases light intake by 30%.

Battery Life: 7500mAh Jinsha River battery, 100W wired fast charging, battery life crushes same-sized models.

Material: Third-generation Dragon Crystal glass, wear resistance doubled, ceramic back panel (Mohs hardness level 7).

Price: 12+512GB 5,999 yuan, 16+1TB 6,999 yuan.

3.2 Xiaomi Pad 8 Series: Productivity Upgrade, PC-Level Experience

1) Xiaomi Pad 8 Standard Version

Configuration: 11.2-inch 3.2K LCD screen, Snapdragon 8s Gen4 processor, up to 12+256GB storage, four speakers, 9200mAh battery, 45W fast charging.

Features: Surge OS 3 supports cross-device collaboration, split-screen multitasking (new 1:9 ratio), PC-level browser adaptation;

Price: 8+128GB 2,199 yuan, 12+256GB 2,799 yuan.

2) Xiaomi Pad 8 Pro

Configuration: 12.4-inch 3K OLED screen, Snapdragon 8 Ultimate Edition processor, up to 16+512GB storage, 9200mAh battery, 67W fast charging, 32MP front + 50MP rear camera.

Features: Supports multitasking split-screen, application windowing, deep adaptation to productivity tools like WPS, Excel.

Price: 8+128GB 2,799 yuan, 16+512GB 3,899 yuan.

3.3 Tech Home Appliance New Products: High-End and Smart Breakthroughs

1) Xiaomi TV S Pro Mini LED 2026

0.9mm screen black edge + wide-angle screen, 5200nits peak brightness, 330Hz ultra-high refresh rate, equipped with Xiaomi Surge OS3, supports Super Xiao Ai full-scene continuous dialogue, starting at 5,199 yuan.

2) Xiaomi Router BE10000 Pro

Tri-band 10G antenna + M.2 storage expansion, large flow audio-visual entertainment is no problem; dual 10G wired, large data volume equipment/office, efficiency doubled; whole-house smart hub, smart home connects fast and stable;

Price 1,699 yuan.

3) Mijia Refrigerator Pro Micro Ice Fresh French 560L

Elegant French layout, 69cm wide large drawer, skin-feel glass panel for a more delicate touch; 7 large partition designs in the refrigerator compartment, equipped with Mijia micro ice fresh technology, meat stays fresh for 10 days without freezing; fully automatic clean ice making, full-chain antibacterial for peace of mind; super first-class energy efficiency, energy-saving rate increased by 25%, providing you with a high-end appliance experience;

First sale price 6,399 yuan.

4) Mijia Three-Zone Washing Machine Pro

Healthy three-zone washing, does not occupy extra space; uses Xiaomi super electrolysis technology, strong stain removal and whitening without color mixing; S-level health care evaluation, natural sterilization without residue; ultra-high washing ratio, comes with professional underwear, socks washing program;

First sale price 3,999 yuan.

5) Xiaomi Sound 2 Max Bluetooth Speaker

Xiaomi's highest-end speaker ever, seamless one-piece metal casting structure, can be paired with three magnetic panels, same color metal stand, experience different styles; uses high-end acoustic configuration, deeply customized three-way speaker, mid-high coaxial design, allowing mid and high tones to sound from one point, smoother connection; two 4-inch 30W bass speakers, bringing a strong impact; three-way symmetrical structure, making listening more immersive; won professional acoustic certification grand slam; dual-core wireless networking + audio connector, bringing ultra-low latency, CD-level lossless audio-visual experience; also supports smart spatial audio calibration, automatically optimizing listening effects by recognizing home environment, restoring the best listening experience;

Price 1,999 yuan.

6) Xiaomi Portable Bluetooth Speaker

Ultra-thin metal body with 6 stylish colors: Gem Green, Titanium Color, Sunny Mountain Blue, Sunset Pink, Twilight Purple, and Obsidian Black; balanced and powerful three frequencies, supports multiple tuning modes; one-click music collection, convenient playback even offline; IP66 dustproof and waterproof, up to 10H battery life;

Only 299 yuan.

7) Surge OS 3: System Ecosystem Evolution, Breaking Device Boundaries

Last month, the company released Xiaomi Surge OS 3, adding features like Xiaomi Super Island, focusing on optimizing smoothness and stability. The Xiaomi 17 series will be equipped with it from the factory.

Super Island: Supports real-time display of multitasking information, pull-down pop-up window, can drag and share itinerary, files, etc.;

Apple Ecosystem Connectivity: Debut of iPad version Magic Enjoy Desktop, can run Xiaomi phone applications on iPad, supports Touch ID unlock; iPhone and Xiaomi phone message synchronization, mirror reply to WeChat/QQ.

3.4 Xiaomi Automotive: YU7 Custom Service and Performance Breakthrough

YU7 Delivery Progress: Since delivery began on July 6, over 40,000 units have been delivered, with family users accounting for 69%, and families with children accounting for 85%.

Custom Service: Offers 5 exclusive car paints (such as Dragon Blue, Extreme Night Black), dual-color Alcantara interiors, 21-inch forged wheels, the world's first custom service center located at Beijing Xiaomi Automotive Super Factory.

Risk Disclosure and Statement of This Article:Dolphin Research Disclaimer and General Disclosure