Attractive Pricing of SkyNomad, Positive Volume Outlook

Research evidence excerpt

Attractive Pricing of SkyNomad, Positive Volume Outlook

Update

July 30, 2026 04:22 PM GMT

Morgan Stanley Asia Limited+MXiaomi Corp | Asia Pacific Andy Meng, CFA

Equity Analyst

Attractive Pricing of SkyNomad, Andy.Meng@morganstanley.comBetty Chen +852 2239-7689

Research Associate

Betty.H.Chen@morganstanley.com +852 2239-7213

Positive Volume Outlook

Key Takeaways

SkyNomad's potential upbeat sales performance is a positive catalyst for stock

performance. Xiaomi Corp (1810.HK, 1810 HK)

Top Pick

Xiaomi hosted a technology launch event today for its new EV brand SkyNomad, Greater China Technology Hardware | China

which marks Xiaomi's first expansion into extended-range electric vehicles. Stock Rating Overweight

Industry View In-Line

SkyNomad N90 Max: A flagship seven-seat extended-range SUV priced at Price target HK$32.00

Shr price, close (Jul 30, 2026) HK$31.04

Rmb299.9k. 52-Week Range HK$59.90-21.30

Sh out, dil, curr (mn) 26,695

SkyNomad N70 Max: A large five-seat all-wheel-drive extended-range SUV priced at Mkt cap, curr (mn) Rmb714,965.6

EV, curr (mn) Rmb816,723.7

Rmb259.9k Avg daily trading value (mn) HK$6,639

The official launch and full pricing are expected in September 2026.

We believe the "Pro" and standard versions of both models will set lower price

points. We expect N70 series to cover a price range of Rmb200-250k and the N90

series to have a range of Rmb250-300k.

Xiaomi aims to redefine space through intelligence, with the belief that cabin space

should not be static but should adapt flexibly to users' needs and preferences. For

more details regarding such design, please refer to Xiaomi Corp: SkyNomad's

Technology Launch on July 30 in Beijing (27 Jul 2026).

With innovative design and attractive selling prices, we believe SkyNomad is highly