小米将推出“天际游牧者”插混系列 布局家庭及户外市场

AsiaChina Entry into Family Car and Outdoor TravelSegments with New "SkyNomad" PHEVs Bin WangResearch Analyst+852-220-35496 To Launch "SkyNomad" PHEV Series, Targeting Family and Outdoor Marketsfor "Green Field" Expansion Wei HuangResearch Associate+852-2203-7057 Xiaomi officially announced its new plug-in hybrid electric vehicle (PHEV) series,"SkyNomad," on July 8, marking the company's latest effort for new "green field"market penetration. Unlike the existing "YU7" SUV and "SU7" pure electric sedan,which focuson high-performance battery electric vehicles (BEVs), the new"SkyNomad" series will strategically expand Xiaomi's automotive portfolio totargetthe family car, long-distance, and outdoor travel markets. "SkyNomad" Series Kicks Off with "Kunlun N90" SUV, Designed for Multi-Scenario Family and Outdoor Travel According to Chejipai, the inaugural model of Xiaomi's "SkyNomad" series will bethe "Kunlun N90" full-size seven-seat SUV, followed by the "Kunlun N80" full-sizefive-seat SUV and the "Kunlun N70" large-size five-seat SUV. Specifically, the"Kunlun N90" SUV is designed to caterto multi-scenario family travel andcamping as a recreational vehicle. This vehicle might offer a roof-mounted liftingexpansion mechanism, providing a tent or folding bed for outdoor travel andallowing passengers to sleep within the vehicle. Meanwhile, the "Kunlun N90"SUV's second-row seats are capable of a 180-degreerotation, creating a facingconversational space in the rear, ideal for activities such as meetings, playing, ordining. "SkyNomad" PHEV Series Poised for August Delivery with Competitive Pricing According to Chejipai, Xiaomi is expected to host a technology day event on July23, followed by the official delivery start for the "SkyNomad" series in August, withthe "Kunlun N80" SUV anticipated for a Q4 2026 launch. We expect the"SkyNomad" series PHEVs to be positioned below the existing pure electric series("YU7" and "SU7"), as Xiaomi reportedly plans to utilize two more cost-effectivebattery suppliers, Sunwoda and CALB, for the "SkyNomad" series, as opposed toCATL and BYD for its pure electric vehicles. Consequently, we anticipate the"SkyNomad" series PHEVs will be priced in the range of RMB 200k-450ktocompete with BYD’s “Formula Leopard” brand "Ti7" and "Ti9" SUVs. The entryinto the PHEV segment is expected to significantly contribute to the company'svolume, with a forecast of 150,000 PHEV models delivered in full-year 2026. 8 July 2026Xiaomi Recent Order Weakness Suggests Aggressive Pricing for "SkyNomad" PHEVSeries According to Thinkercar data, Xiaomi's new orders over the past four weeks wereapproximately 5.0k, 7.2k, 6.1k, and 5.4k units, respectively, with the first week ofJuly experiencing an 11% WoW and 93% YoY decline to 5.4k units. Consideringthis recent weak new order flow, we anticipate Xiaomiis likely to price the"SkyNomad" series PHEVproducts aggressively, potentially with an entry pricebelow RMB 200,000, in order to achieve the company's ambitious full-yearvolume target. Appendix 1 Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. Important Disclosures Required by U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. 14-Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-investment banking related services. Important Disclosures Required by Non-U.S. Regulators 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. 24-Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with thecompany relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU, or hasover the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to theprovision of services set out in Sections A and B of Annex I of Directive 2014/65/EU. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite athttps://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report,important risk and conflict disclosures can also be found athttps://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). Inaddition, the undersigned