Xiaomi: SkyNomad launch: bigger space with competitive pricing

研报英文原文证据摘录

Xiaomi: SkyNomad launch: bigger space with competitive pricing

Global Research

31 July 2026ab

First Read

EquitiesXiaomi

SkyNomad launch: bigger space with China

competitive pricing Diversified Technology Services

12-month rating Neutral

12m price target HK$34.50

What happened: Xiaomi unveiled 2 new vehicle models

We attended Xiaomi's technology release event online, where Xiaomi unveiled its

Kunlun architecture, 2 new car models under "SkyNomad" - N90 Max and N70 Max and Price (30 Jul 2026) HK$31.04

pre-sale pricing. N90 Max is a 5.3m 7-seat AWD extended-range SUV at Rmb299.9k; RIC: 1810.HK BBG: 1810 HK

N70 Max is a 5.0m 5-seat AWD extended-range SUV at Rmb259.9k. Both are the top

Trading data and key metrics

trims of their respective series, with official launch in September with standard and Pro

versions to follow. The pre-sale started yesterday night. 52-wk range HK$59.45-21.42

Market cap. HK$800b/US$102b

SkyNomad likely the next driver for further volume growth Shares o/s 25,774m (ORD)

1) Spec: for the N90 Max, longer range (1705km CLTC combined range), larger space Free float 59%

(5.3m[L] x 2.0[W] x 1.8[H]) are major bright spots. 2) Pricing: is competitive vs Avg. daily volume ('000) 185,853

comparable peers: N90 Max is priced lower than Li Auto L9 from Rmb459.8k, AITO M9 Avg. daily value (m) HK$5,034.2

EREV from Rmb479.8k, and NIO ES9 from Rmb498.0k; only higher than Leap Motor Common s/h equity (12/26E) Rmb272b

D19 but N90 Max carries longer total mileage. With the launch of SkyNomad, Xiaomi's P/BV (12/26E) 2.5x

vehicle family (including Sedan [SU7], SUV [YU7] ) now addresses c.85% of the total Net debt to EBITDA (12/26E) 0.2x

China NEPV market (Figure 4ChinaNEPVsalesvolumebypricerange:Xiaominowadresesc.85%oftheoveralChinaNEPVmarketwiththeadedSkyNomadline-up).