2025从产品营销品牌与生态系统上解读小米电动汽车的成功-2025-06-宏观大势

ReportedEPS

F24A

F25E

F26E

1810.HK(CNY)

0.95

1.73

2.08

18June2025

AsianAutos

XiaomiCorp

Rating

Outperform

PriceTarget

1810.HK60.00HKD

EuniceLee,CFA

+85221232606

eunice.lee@

MikaFu

+85221664805

mika.fu@

FrankieFong

+85221232637

frankie.fong@

Xiaomi:DecodingXiaomiEV'sSuccess—Product,Marketing,

Brand,andEcosystem

Xiaomi'sfirstEV,theSU7,hasachievedremarkablesuccessandwithinjustoneyear,the

SU7hasbecomethebest-sellingsedanwithastartingpriceexceedingRMB200k,acrossall

powertrainoptions,inChina.Evenafter15monthsonthemarket,theSU7maintainsanorder

backlogofover40weeks.WethinkthesuccessofXiaomiSU7canbeattributedtofourkey

factors:productcompetitiveness,marketingstrategy,brandpower,andecosystemintegration.

Acompetitiveproductthatcombinesstylewithanexceptionalvalueproposition.

SU7featuresastylishandattractiveexterior,withaspaciousandplushinteriorequipped

withdetailsandgadgets.SU7alsoprovidesa700kmlongdrivingrange,andexceptional

drivingexperience,accordingtousers,allwithastartingpricefromRMB216k.Marketing

savvinessgivesfueltomomentum.Xiaomicapitalizedonitssmartphonesalesexperience

tocreateimpactfulmarketingcampaigns,effectivelyusingsocialmediatogeneratebuzzand

engagepotentialcustomers.CEOLeiJunactsasastrongbrandambassador,enhancingthe

connectionbetweenXiaomianditsfollowers.LeveragingthepowerofXiaomi’sbrandin

smartphone&IoT.Asawell-establishednameinconsumerelectronics,Xiaomi'sextensive

productportfolioenhancesbrandreachthatdwarfsitsEVpeers.Ecosystemintegration

bringseamlessconnectivityontheroad.SU7'sseamlessconnectivitywithinXiaomi's

smartphoneandIoTecosystemboostsitsappealanduserloyalty,allowinguserstomonitor

homesecuritycamerasorcontrolappliancesviathevehicle'sinfotainmentsystem.

Whilecompetitorscanreplicateproductcompetitivenessandmarketingstrategies,Xiaomi's

brandrecognitionandecosystemintegrationarehardertomatch.TomaintainitsEVsuccess,

otherthancontinuingproductexcellence,Xiaomiwillalsohavetoexpanditsretailnetwork

andproductioncapacity.ThelaunchofitssecondEV,theYU7,nextweekwillbecriticalto

observe.

InvestmentImplications

WerateXiaomiOutperformwithapricetargetofHK$60.00.

CloseDate18Jun2025

1810.HKClosePrice(HKD)53.80

PriceTarget(HKD)60.00

Upside/(Downside)12%

52-WeekRange59.45/15.36

SPX5,982.72

FYEDec

DivYieldNA

MarketCap(HKD)(B)

1,396.07

EV(HKD)(B)

1,179.55

PerformanceYTD

1M

6M12M

Absolute(%)

SPX(%)

Relative(%)

Source:Bloomberg,Bernsteinestimatesandanalysis.

209.6

9.3

200.2

55.9

1.7

54.2

74.7

(1.1)

75.8

5.5

0.4

5.1

PricePerformance,1YR

HK$70

6500

HK$60

6000

HK$50

HK$40

5500

HK$30

5000

HK$20

06/2409/2412/2403/2506/25

ValuationMetrics

F24A

F25E

F26E

ReportedP/E(x)

51.7

28.5

23.6

EV/Sales(x)

3.0

2.1

1.7

EV/FCF(x)

33.8

23.3

16.1

EV/EBIT(x)

50.2

23.0

17.9

1810.HKSPX

Financials

F24A

F25E

F26E

CAGR

Revenues(M)

365,906

503,563

617,984

30.0%

GrossProfit(M)

76,560

117,490

145,131

37.7%

OperatingEarnings(M)

24,503

50,868

61,442

58.4%

NetEarnings(M)

23,578

42,767

51,554

47.9%

Source:Bloomberg,Bernsteinestimatesandanalysis.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandother

importantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:18Jun202515:09UTCCompletionDate:18Jun202515:09UTC

EuniceLee,CFA+85221232606eunice.lee@18June2025

TableOfContents

TheRemarkableSuccessofXiaomi'sfirstelectricvehicle,theSU7 2

Feedbackfromcustomersandreviewers 6

AcloserlookatXiaomiSU7owners:appealingtofemale,younger,andiPhoneusers 7

Productcompetitiveness:StylishwithExceptionalValueandCutting-EdgeFeatures 8

MarketingExpertise,Strategy,andLeadershipFuelUnstoppableMomentum 11

ThePowerofBranding:LeveragingsuccessinConsumerElectronicsforEVExpansion 14

Ecosystemintegration:Seamlesscross-deviceconnectivityontheroad 15

Lookingahead:retailnetworkandproductioncapacityexpansionwillbekey,andcontinuedproductexcellence 17

DETAILS

LinkstoXiaomiresearch:

3Jun2025-Xiaomi:2025InvestorDaytakeaways

29May2025-Xiaomi:Hittingonallfronts—RaisingTPtoHK$60.00,reiterateOutperform

27May2025-XiaomiQ1:StrongBeat—Allcylindersonfire,impressivemarginimprovements;ReiterateOutperform

22May2025-Xiaomi:LaunchofXringO1Chip—firstin-house3nmSoC;MoredetailsunveiledforYU7SUV,setforJulylaunch

LinktoXiaomiinitiation:

15Apr2025-Xiaomi'sEV-olution:AuniquesynergisticecosystemwithpromisingEVprospects;InitiatingatOutperform—PTHK$55

THEREMARKABLESUCCESSOFXIAOMI'SFIRSTELECTRICVEHICLE,THESU7

Xiaomi’sfirstEV-theSU7-wasofficiallylaunchedonMarch28,2024andhasbeenverywellreceived.SinceFebruary2025,

theSU7hasbecomethebest-sellingsedanwithastartingpriceexceedingRMB200k,acrossallpowertrainoptions,inChina.

Xiaomi’sfirstmodellaunchwasfarmoresuccessfulthanindustrypeers,whentheywereatthesame“startup”stageof

development.CumulativesalesvolumeinChinaexceeded210kforXiaomiinthefirst12months,comparedtoclosetoc.140kforTeslaModel3andc.50korbelowfortherestoftheEVpure-plays.Inrecentmonths,Xiaomihasrampedupproductiontodeliverc.28kEVspermonthonaverage.In20255M,thecompanyhasachievedamarketshareof3.2%intheChineseEV

market.

ToassessXiaomi’ssuccessaccurately,itisessentialtocompareitwithTesla,whoseModel3waspreviouslythebest-sellingmid-sizeBEVsedan.Overthepasttwelvemonths,theXiaomiSU7hasoutsoldtheTeslaModel3,andinrecentmonths,SU7saleshaveexceededthoseoftheModel3bymorethan50%.Evenafter15monthsonthemarket,theSU7maintainsanorderbacklogofover40weeks.Additionally,Xiaomiintroducedahigh-performancevariant,theSU7Ultra,pricedfromRMB530k,whichhasalsoseenstrongdemand.InQ12025,Xiaomireportedagrossmarginof23.2%,whichisaheadofmostpeerswithhigherASPand/ordeliveringalargerscale.(Exhibit1-Exhibit9)

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP2

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP3

EXHIBIT1:OnMarch28th2025,XiaomiSU7waslaunched

asaC-segmentBEVsedanstartingatRMB215.9k

Source:Xiaomiphotos

EXHIBIT2:OnFebruary27th2025,SU7Ultrawas

launchedasaC-segmentBEVsportscarstartingatRMB529.9k

Source:Xiaomiphotos

EXHIBIT3:Xiaomihasrampedupproductiontodeliverc.28kEVspermonthonaveragesinceMarch2025;the

companyhasachievedamarketshareof3.2%intheChineseEVmarketin20255M

Salesvolume(kunits)

30

25

20

15

10

5

0

2024Apr-2025May:XiaomiretailsalesvolumeandEVmarketshare

Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Feb-25Mar-25Apr-25May-25

XiaomiSU7XiaomiSU7UltraXiaomiEVmarketshare%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

Source:C.A.D.andBernsteinanalysis

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP4

EXHIBIT4:XiaomiSU7hasbecomethebest-sellingsedanwithastartingpriceexceedingRMB200k,acrossall

powertrainoptions,inChina

2025May:Wholesalevolumeoftop15RMB200k+sedansacrosspowertrains

Salesvolume(kunits)

30

25

20

15

10

5

-

XiaomiSU7

RMB200-250k

ToyotaCamry

RMB150-200k

VWPassat

RMB150-200k

VWMagotan

RMB150-200k

BMW3-Series

RMB250-350k

TeslaModel3

RMB200-250k

AudiA6L

RMB350-450k

HongqiH5

RMB150-200k

MercedesC-Class

RMB250-350k

BMW5-Series

RMB350-450k

HondaAccord

RMB150-200k

ToyotaAvalon

RMB150-200k

BYDHan

RMB150-200k

MercedesE-Class

RMB450k+

Zeekr007

RMB200-250k

Modelandpricerange

Source:AutohomeandBernsteinanalysis

EXHIBIT5:XiaomiSU7outsoldTeslaModel3overlasttwelvemonths,andinrecentmonths,SU7hassurpassed

Model3salesbyover50%;priortoSU7,Model3wasthepreviousbest-sellingmid-sizeBEVsedanandledpeers

byfar

Salesvolume(units)

21,000

18,000

15,000

12,000

9,000

6,000

3,000

-

2025LTM:Averagemonthlyrun-rateoftop-sellingB&CsegmentBEVsedans

400

350

300

250

200

150

100

50

-

MSRP(RMBk)

MonthlyRun-rateMSRP(RMB)

Source:C.A.D.andBernsteinanalysis

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP5

EXHIBIT6:Xiaomi’sfirstmodellaunchwasfarmore

successfulthanindustrypeers,whentheywereatthe

same“startup”stageofdevelopment

Salesvolume('000units)

TopEVbrandfirstmodelfirst12months

35

salesvolumeinChina

30

25

20

15

10

5

0

XiaomiSU7TeslaModel3

XPengG3LiONE

NIOES8Zeekr001

Source:CAAMandBernsteinanalysis

EXHIBIT7:CumulativesalesvolumeinChinareached

212kforXiaomiinthefirst12months,comparedto

139kforTeslaModel3andc.50korbelowfortherestEVplayers

TopEVbrandfirstmodelfirst12months

cumulativevolumeinChina

Salesvolume('000units)

240

200

160

120

80

40

0

XiaomiSU7——TeslaModel3

XPengG3——LiONE

NIOES8Zeekr001

Source:CAAMandBernsteinanalysis

EXHIBIT8:Xiaomiboastsastrongorderbacklog;asofJune,theorderwaittimeforSU7(RMB216k+)reaches40-43

weeks,andSU7Ultra(RMB530k+)reaches19-22weeks

2024-20256M:XiaomiSU7averagewaittime

60

Numberofweeks

50

40

30

20

10

-

SU7SU7ProSU7MaxSU7Ultra

Source:CompanyreportsandBernsteinanalysis

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP6

EXHIBIT9:Xiaomi’svehiclegrossmarginreachedanimpressive23.2%inQ12025,whichisaheadofmostEV

makersintheindustry,manyofwhichhaveahigherASPand/orlargerdeliveryscale

Vehiclegrossmargin(%)

25%

20%

15%

10%

5%

0%

2024:VehiclegrossmarginandASP

350

300

250

200

150

100

50

-

VehicleASP(RMBk)

Q125

BYD*LiAutoXiaomiTesla*ZeekrNIOXPengLeapmotor

Vehiclegrossmargin

ASP

(1)BYDASPonlyincludesPV(2)Tesla’sfiguresrepresentitsglobaloperationSource:CompanyreportsandBernsteinanalysis

FEEDBACKFROMCUSTOMERSANDREVIEWERS

WereviewedcommentaryfromtheXiaomiCommunity(i.e.,Xiaomidiscussionforum),theAutohomediscussionforum,and

onlinereviewsacrosssocialmediaplatforms.Overallfeedbackhasbeenlargelypositive,particularlyamongMiFansandtech-savvybuyers.However,someEVenthusiastsandtraditionalluxurycarbuyersremaincautiousandhesitanttomakeapurchase.CustomersappreciatetheSU7'seye-catchingaesthetics,valueformoney,powerandcontrol,andintelligentfeatures.Critics,however,oftenhighlightconcernsregardingtheADASlaggingbehindtop-tiercompetitors,thecomfortoftheseatsand

acoustics,andthepracticalityofitsrenownedspeedinurbansettings.

LargelypositivefeedbackamongMiFansandtech-savvybuyers

“KeyreasonsforpurchasingtheSU7include:(1)itsstylishexteriordesignandfineinteriorcraftsmanship;(2)excellentvalueformoney;(3)outstandinghandling,control,drivingpower,maximumspeed,andhigh-speedstability;and(4)acomprehensivesuiteofintelligentdrivingassistancefeatures.”

"Thiscarisincrediblyenjoyabletodrive,offeringaspaciousinteriorandawideview.Itdoesn'tresembleavehiclepricedatRMB

300katall.Everyacceleration,turn,andbumprevealsthesolidchassisbeneath."

"Thebatterylifeisexceptional,andchargingisquick.Withmydrivinghabits,IcansaveRMB200kinfuelcostsannuallycompared

toanICE."

"Xiaomihasachievedanimpressivebalancebetweendrivingcontrolandcomfort.WhiletheTeslaModel3scores9pointsin

handlingand1pointincomfort,theSU7offers7pointsincontroland3pointsincomfort."

"Thedesignisstrikingandremainseye-catchingevenafterayear.Overthepastmonth,I'venoticedthatpedestriansfrequently

turntolookatthecar.Ittrulyisastandoutvehicle."

"ThequalityoftheSU7reflectsLeiJun'smeticulousattentiontodetail.Itsrelativelyaffordablepricemakesitagreatoptionfor

budget-consciousdriversseekingquality.IwilldefinitelychooseXiaomiformynextcar."

"Thegearshiftingandlightingsignalsaresimilartothoseingasolinevehicles,makingiteasytoadaptwithoutchangingdriving

habits."

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP7

CustomerspraisetheSU7'sintelligentfeatures,particularlyitsinter-connectivityandsmartparkingcapabilities,

thoughfeedbackontheADAShasbeenmixed

"SeamlessconnectivitywithXiaomiphonesandsmartdevicesisimpressive.YoucaneasilyconnectyourXiaomimobiletothecar

bytappingonitorcalling“XiaoAI”.AsaTesladriver,IfindXiaoAItobehighlyintelligent;itunderstandsmycomplexinstructions,

anditsresponsesareremarkablyintuitive."

"Theauto-parkingfeatureisexcellent.Itcanmaneuverintoeventhenarrowestparkingspacesextremelyquickly.I'vehardly

parkedmyowncarinthepastmonth."

"Theintelligentdrivingsystemisincredible,especiallyconsideringthisisXiaomi'sfirstcar.Itoutperformsmanyestablishedbrands

thathavebeeninthemarketforyears.Itsignificantlyreducesfatigueduringlongdrivesandonlyconsumes20%oftheenergy

typicallyrequired."

"However,earlytestingindicatesthatXiaomiPilotisnotasrefinedasTesla’sFSDorXPeng’sXNGP.Whileitsobjectperception

capabilitiesarestrong,ittakeslongertoprocessinformation,andfrequentchangesindecision-makingcanunderminetrustinthe

system."

Somequalityissuesreportedbycustomersinclude:

"Thefrontseatsarefirm,andtherearseatcushionsareshortwithanon-adjustableangle,leadingtodiscomfortandfatigue

duringlongjourneys."

"Theacousticsaresubpar;thecarstrugglestoblocknoiseathighspeeds.Additionally,theseatmemoryfunctionisinconsistent,

andtheauto-unlockfeaturesometimesfailstooperate."

ACLOSERLOOKATXIAOMISU7OWNERS:APPEALINGTOFEMALE,YOUNGER,ANDIPHONEUSERS

XiaomiSU7ownersarecharacterizedbyadiversedemographic.TheSU7appealstoyoungerconsumers,femaledrivers,andiPhone/Huaweiusers.

TheSU7isparticularlypopularamongyoungerconsumers,with70%oftheownersunder35yearsold,andlessthan5%

above46yearsold,perQuestAuto.ContrarytoinitialexpectationsthatSU7wouldprimarilyappealtosinglemaleusers,

ithasattractedadiverseuserbase,includingwomenandindividualswithvariousmaritalandparentalstatuses.Female

ownersaccountedforover40%ofSU7sales,withtheactualproportionoffemaledriverslikelynearing50%,accordingtothe

company.ThisappealtowomencouldbeattributedtotheSU7'ssleekdesignandlifestyle-orientedaccessories,whichredefine

thecarasa"secondspace"ratherthanjustamodeoftransportation.TheSU7alsoresonateswithbothsingleindividualsand

marriedcoupleswithchildren,withthelattergroupcomprising56%ofbuyers,likelydrawnbythecar'sspaciousdesign.In

termsofeducationandincomelevels,95%haveabachelor’sdegreeorhighereducationlevel,and84%earnasalaryofmore

thanRMB200kayear.

Xiaomihassuccessfullyattractedasignificantportionofthetraditionalpremiumcarmarket,with29%ofitsuserbase

comingfromBMW,Mercedes,andAudiowners.Xiaomipositionsitselfasacompellingalternativetothesepremiumbrands.Additionally,themarketingstrategyemphasizescompatibilitywithAppleproducts,as35%ofSU7ownersareiPhoneusersasofMay2025.ThisintegrationincludesfeatureslikewirelessCarPlayandAirPlaysupport,appealingtoahigh-spendingconsumersegment.Intriguingly,23.3%ofSU7ownersareHuaweiusers,followedby22.6%whouseXiaomismartphones.(Exhibit10)

EuniceLee,CFA+85221232606eunice.Iee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP8

EXHIBIT10:XiaomihassuccessfullypenetratedintoiPhoneusers,preiumcaraudienceandfemalepopulationwith

thelaunchofSU7,signficantlyfillingthegapsinXiaomiecosystem’spreviouscustomerbase

XiaomiSU7OwnerProfile

100%

80%

60%

40%

20%

0%

>1mn

600k-1mn500-600k

400-500k

300-400k

PhD

46-50

41-45

36-40

Others

OPPO

vivo

Xiaomi

Others

Master'sDegree

Marriedwith

Children

MaleBachelor's

Others

Degree

Married

31-35

without

Huawei

Children

200-300k

Germanpremiumbrandsowners

25-30

<24

Apple

FemaleSingle

100-200k<100k

HighSchoolandbelow

Germanpremium

brandsowners%

mix**

Smartphonebrand***

Age*Gender**Maritalstatus*Educationlevel*Annul

income(RMB)*

*AsofOctober2024;**asofApriI2024;***asofNovember2024

Source:CompanydiscIosure,QuestAuto,GrowthboxandBernsteinanaIysis

WethinkthesuccessofXiaomiSU7canbeattributedtofourkeyfactors:productcompetitiveness,marketingsavviness,brand

power,andecosystemintegration.

PRODUCTCOMPETITIVENESS:STYLISHWITHEXCEPTIONALVALUEANDCUTTING-EDGEFEATURES

TheXiaomiSU7featuresastyIishandattractiveexterior,oftenIikenedtothatofthePorscheTaycan.ItsspaciousandIuxuriousinteriorisequippedwithdetaiIsandtechgadgets.SU7aIsoprovidesaIongdrivingrange,andexceptionaIdrivingexperience

withexceIIenthandIingandcontroI.PricedfromRMB216k,theSU7appeaIstocustomerswithastrongvaIueformoney

proposition.AccordingtoaGrowthboxsurvey,thetopattractivefeaturesoftheSU7incIudea700-830kmdrivingrange,sportsseatswithdriver-sideboIsters,sIeekcoIoroptions,andintegrationwithXiaomiIssmartecosystem.(Exhibit11-Exhibit12)

Exteriordesign:Luxurysportscaraestheticsenhancebuyerappeal

Xiaomihadatop-tierdesignteam,IedbyformerBMWdesignerLiTianyuan,tocreatetheSU7.Theteamconductedan

extensiveanaIysisoficoniccardesignsthroughoutautomotivehistorytoidentifytheeIementsthatcontributetovisuaIappeaI.TheSU7IsexteriorevokestheaestheticsofaIuxurysportscar,featuringkeydesigneIementssuchasaIow-sIungbody,a

forward-IeaningA-piIIar,atiIting-backC-piIIarforadynamicprofiIe,afIowingshouIderIine,widewheeIarches,ataperedrearend,andsemi-hiddendoorhandIes.ThevehicIeofferstensIeekcoIoroptions,incIudingradiantpurpIe-auniquedifferentiatorabsentinpeers’paIettes-garneringsignificantinterest,particuIarIyamongfemaIeconsumers,andcontributingto23.1%oftotaIordersasofApriI19,2024.ThecompanyaIsoreIeasedaastrikingnewbriIIiantmagentainJanuary2025,sparkingbuzzandsaIes.(Exhibit13-Exhibit14)

Innovativeaccessoriesandgadgets

TheSU7incIudesthoughtfuIaccessoriesdesignedtoenhancecomfortandconvenience,suchasadiffuser,umbreIIasIots,andatraveIfridge.PersonaIizedfeaturesIikeambientIightingandabuttonbaraddsophistication,whiIeabuiIt-infIashIightservesasbothagIassbreakerforemergenciesandapowerbankforchargingdevices.AdditionaIIy,anin-carkaraokemicrophone

offersentertainmentforroadtrips.TheseuniqueaccessoriesrefIectXiaomiIsunderstandingofitstargetaudienceandhavesparkedextensivediscussionsaboutcustomizationonsociaImedia.(Exhibit15)

ExceptionalDrivingRange

TheSU7IsimpressivedrivingrangeaddressestherangeanxietycommonIyexperiencedbyBEVbuyers.Thebasetrimoffers

700kmrangewhiIetheProversionextendsrangeto830km.TheMaxversion,whichaccountsfor45.5%ofincrementaI

SU7saIesasofOctober2024,boastsanexceptionaI800kmrangeandacceIeratesfrom0-100km/hinjust2.8seconds,

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP9

significantlyoutperformingcompetitorsthataverage603kmand5.3seconds.TheZeekr001,witha722kmrange,presentsthestrongestcompetition,whiletheBYDHanmatchestheSU7'saccelerationcapabilities.(Exhibit16)

Compellingvalueproposition

Lastbutnotleast,SU7alsooffersacompellingvalueproposition.ComparingXiaomiandTesla,theSU7basetrimispricedatRMB216k,whichisRMB20k(or8%)cheaperthanTeslaModel3,andyet125mm(or4%)longerinwheelbase.Atthesame

time,SU7’sdrivingrangeisalso10%higherthanModel3’s.Xiaomialsooffersaneye-catchingexteriorandmoreplushinteriorthatappealstomany.(Exhibit17)

EXHIBIT11:Value-for-money,brandappeal,andthe

founder’scharismaarethemostcompellingfactorsthat

driveconsumers’purchasedecisions…

KeyreasonswhypeopledecidetobuySU7

57.3%

57.3%

56.0%

51.3%

50.0%

48.0%

46.70%

44.70%

Value-for-money

Brandreputation

Founder'scharisma

ADAS

Power

performance

Safety

performance

Smartcabin

Exteriordesgin

Source:GrowthboxandBernsteinanalysis

EXHIBIT12:…while700kmdrivingrange,sportyseats,

aswellasthesleekcoloroptionsrankedasthetop4

mostattractiveproductfeaturesofSU7,inadditionto

Xiaomi’swell-establishedsmartecosystem

ThedegreetowhichuserswelcomeXiaomi'sEV'sstandoutfeatures

700kmdriverange

Xiaomiecosystem

Sportyseatsandbolsters

Sleekcoloroptions

5-synchronized-screencockpit

0-100kmin

2.78seconds

Porche-inspiredexteriordesign

Desireddesignthatdrovethepurchase

ApositivesurprisethatpromptthepurchaseUnimportantfactors

Source:GrowthboxandBernsteinanalysis

EuniceLee,CFA+85221232606eunice.lee@18June2025

ASIANAUTOSBERNSTEINlsocIeTecENeRAlECROUP10

EXHIBIT13:Xiaomiofferscomprehensivecolorpalette,

includingsleek,uniqueshadeslikeradiantpurple,bay

blueandbrilliantmagenta

BrandColorselections

XiaomiSU7

TeslaModel3

Zeekr001

XPengP7+

NIOET5

BYDHan

IML6

Source:Companydata,Bernsteinanalysis

EXHIBIT14:Radiantpurple,whichisanadd-onoption(RMB7k),hasevokedsignficantcustomerinterestandcontributedto23%oftotalorders

2024April:SU7orderscolormix%

Others

MineralGrey

34%

16%

Verdant

Green

13%

BayBlue

15%

Radiantpurple

23%

AsofApril19,2024

Source:Companydata,Bernsteinanalysis

EXHIBIT15:Goingbeyondthetraditionalstapleslikefloormatsandroofracks,Xiaomishowcasesafresh

perspectiveonautodesignthatfocusonalifesylethatparticularlyappealstothepreviouslyunderrepresentedfemaleconsumers

Accessories

Price(RMB)

Comments

Intelligentdiffuser

399

In-cardiffuser;oneofthemosthighlyrecommendedaccessoriestogetonRedbook,particularlyfromfemaleusers

Centralcontrolscreenbuttondockingunit

499

Controlbarthatc