$XIAOMI-W(01810.HK)

The following are all real data:

1. World-class large model? Usage tops the charts? The reason isn't that it's truly good, but that it's truly cheap. The cost of Xiaomi's thing over there is 1/5 the price of Anthropic and OpenAI models. Xiaomi is selling tokens dirt cheap 😂 Many people at this stage are just playing around with OPC, without any real business needs or hard requirements for actual work scenarios. What's wrong with playing with something this cheap? (Anyway, I've played with several thousand yuan worth of tokens on OPC myself recently.)

2. This model was initially identified as DS v4... Of course, whether you're willing to believe it is up to you.

3. 15,000 locked orders for the new SU7 is a very poor figure, okay? Everyone says the YU7's figure is different between 'big order' and 'locked order'. Give me a break. I placed a 'big order' for the YU7 back then, later didn't want it, and the 5,000 yuan wasn't returned to me. Back then, 'big order' and 'locked order' for the YU7 meant the same thing. Locked order = deposit non-refundable. My 'big order' for the YU7 wasn't refunded either. Whoever refutes this point, transfer me 5k and refund me the money, then you're right ✅

4. The YU7's cumulative sales over the past five weeks are around 15,000 units. That's equivalent to monthly sales of around 12,000 units. Previously, you could say everyone was waiting to see the new SU7. Doesn't this new SU7's locked order figure break the 'wait-and-see' theory?

5. The most exaggerated part is: The YU7's sales this month are still built on heavy discounts for a large inventory of cars. Go check the Xiaomi Car app yourself, the discounted YU7 cars in stock are endless...

6. Apple phone sales in China grew 24% in '26. Domestic phone sales in China fell 16% (this is the average), Xiaomi fell 30%. Data up to a few weeks ago. Calculated for '26.

What you see is the SU7 with more features, less price increase, selling better, and more competitive.

What institutions see is lower gross margin, lower profit, and mediocre locked order volume.

15,000 units? XPeng next door had 10,000 locked orders after the launch of the all-new P7 last year.

If you think XPeng's new P7 data is bad, then how good is Xiaomi's data? 😂😂😂

Of course, using Lei Zi's words, you could say:

"The new SU7's initial locked order volume is 50% higher than a certain competitor's similar sedan! This is a very remarkable achievement!"

High-end smartphone push? Xiaomi's market share for 6,000+ yuan models in China is 8%...

Xiaomi's market share for 8,000+ yuan models is 0.4%...

This is Xiaomi's current situation. You can call me a hater. I don't deny that I really can't stand Xiaomi right now, ignoring a lot of facts and using rhetoric and wordplay to whitewash the situation.

Of course, if anyone insists on how great Xiaomi will be in 10 or 100 years. That's fine too, after all, I only analyzed this year or even the current situation. Who can predict the future, right?

Vision 😁