来源：证券时报

此前被期待成为“年轻人第一辆电动车”的小米汽车终于揭开了神秘面纱。

3月25日，小米在全国29个城市的近60家门店开启了小米SU7静态品鉴，具体城市包括北京、上海、广州、深圳、成都、苏州、重庆、武汉、杭州、郑州、厦门、长沙、石家庄等。

当天，记者来到位于深圳市福田区的小米汽车门店，发现现场已经聚集了大量来看车的用户。有店员表示，因为人流量太多，咨询的人非常多，“嗓子已经喊哑了”，因此开启了预约进店模式。据店员介绍，3月28日小米汽车发布会结束后马上会开放下订窗口，首批如果能抢到的话，下个月就可以提车。

深圳市福田区小米汽车门店，预约进店的客户在咨询汽车情况。安宇飞/摄

国金证券研报表示，小米汽车在性质上与华为近似，具备爆款潜能，伴随后续车型矩阵完善，小米汽车有望加速放量，其零部件供应商将获益。据统计，目前已有超过60家上市公司披露了与小米汽车的供应关系。

A股市场上，今日，小米汽车概念表现强势，津荣天宇“20cm”涨停，中捷精工涨超16%，凯众股份、创新新材亦涨停，海泰科涨近10%。

小米汽车进入门店，售价仍是焦点

万众瞩目的小米汽车究竟长什么样？3月25日当天，记者在深圳市福田区小米线下门店见到了两台小米SU7实车。据门店店员介绍，目前店内两台车分别是续航超800公里的MAX版本和标准续航700公里的车型，颜色分别是海湾蓝和橄榄绿。

由于围观小米汽车的顾客过多，店内施行预约进店模式。有店员告诉记者，汽车是3月24日晚到店的，现场进行咨询的顾客太多，“自己嗓子已经喊哑了”，目前较多咨询的还是价格方面的信息。

“因为小米是一个按照dream car（梦想之车）定义做的，肯定是外观好看，像跑车一样，操控也要像跑车一样，并且价格还不会很高，具体价格多少的话我们现在还不知道。”上述店员表示。对于价格，小米集团创始人、董事长兼CEO雷军多次表示：“会有点贵。”

此前在3月25日上午，“小米汽车”官方微博曾表示，小米汽车将于3月28日晚7点正式上市。

上市后，小米汽车如何购买，门店是否有现车，最快什么时候可以交付？店员向记者表示：“（3月）28号的7点到8点之后，发布会结束后马上会开放下订窗口，首批如果能抢到的话，下个月就可以（提车）。现在是有部分现车的，宣传的就是下定即交付，但是这批车比较少，要抢。”

关于试驾方面，据店员介绍，目前小米SU7还不能进行试驾体验，只接受试驾意向登记，等上市之后才能约到具体准确的试驾时间。

3月25日当天，雷军发微博表示：“今天上午，小米SU7在全国29城开启了静态品鉴。不少朋友反馈，实车比图强。这是因为SU7车身漆面和工艺都非常考究，在不同光影下，感受完全不同。照片确实很难表达。大家今天的热情超出了我们的想象，我们正加速推动第二批门店筹备工作。另外，29日开始试驾体验。”

雷军回应苹果放弃造车，称造车不易

在“雷军”微信公众号上，雷军也对“苹果都已经放弃，小米为什么坚持造车”问题进行了回答。雷军表示，他第一次听到苹果终止造车非常震惊，“如果我是Tim Cook（苹果CEO蒂姆·库克）的话，我绝对不会这么做”。

“因为从战略角度来看，‘人车家全生态’，汽车、出行场景是生态闭环中不可缺少的环节。苹果用户也不用担心，小米SU7对苹果生态的支持非常全面、非常彻底，我们希望小米SU7成为苹果用户购车的首选。”雷军表示。

雷军称，造车特别不容易，他也能理解库克的决策，坚持造车还是相当难，而且造车要赚钱更不容易。苹果的策略总是希望做高毛利的产品，这点在汽车行业是很难达到的。

在讲述完对苹果放弃造车的理解后，雷军也不忘对小米新车进行宣传。雷军表示，小米SU7是一辆50万以内“最好看、最好开、最智能”的轿车，而且还是一辆高品质的轿车，单说智能和生态，无论什么价格的轿车，小米SU7都是“最好的”。不过也有网友质疑，雷军的表述多次使用“最”有关的词语，是否违反了《广告法》。

整体来看，小米集团为汽车业务已经“投下重注”。三年前，在小米官宣造车的发布会上，雷军说，这是他人生最后一次创业，愿意押上全部的声誉，为小米汽车而战。

雷军也曾表示，小米造车的投入是其他汽车制造商的十倍。一般汽车品牌造一辆车总计投入300人至400人，费用在10亿元至20亿元，而小米汽车的第一辆车整体投入3400名工程师，研发费用超100亿元。最新财报显示，2023年，小米集团在以汽车为主的创新业务上的费用增长至67亿元，其中第四季度费用为24亿元。

销售渠道有优势，供应链有望受益

目前，小米汽车的主要发展优势之一体现在销售渠道上，既融合了理想、小鹏等车企的经验，也兼具了和华为系一样在线下门店卖车的优势。

据了解，小米汽车渠道模式为“1+N”模式。这里面，“1”代表着小米汽车自建自营的交付中心，功能以交付为主，覆盖了销售和服务，实现销（售）、交（付）、服（务）一体化，是小米汽车全渠道体验和效率的标杆；“N”代表了代理销售和用户服务触点，目前有建设2S店进入主流汽车商圈和进入商超两种形式。

具体来看，小米汽车的交付中心与理想等车企类似。据华鑫证券研报，2023年6月份开始，小米率先开启交付中心筛选工作，已经在北京、上海、广州、杭州、南京等一二线城市全面启动交付中心建设工作，要求候选场地“至少能提供120 个车位”，且建筑面积“不能低于3000平方米”。

而小米汽车2S店为小米汽车销售服务一体店，仅承担代理销售和授权服务职能，这种模式吸取了小鹏汽车的经验。1月份,小米集团合伙人、总裁卢伟冰在微博表示，小米集团已在北京总部与首批14家销服合作商正式签订合作意向书，意味着小米汽车销售服务渠道建设全面提速，小米汽车新零售模式从规划阶段进入实质落地阶段。

除此之外，小米汽车还有小米品牌线下门店作为销售渠道，成为了许多车企不具备的优势。截至2023年，小米之家全国门店数量已经超过1万家。华鑫证券研报表示，和华为一样，小米也拥有大量的商超店，这是其他汽车品牌不具备的优势。小米充分发挥既有的3C零售渠道优势，分批在核心商业广场的小米之家引入车业务，有望快速跑通汽车营销网络,获得充分的客流量。

国金证券研报表示，小米汽车在性质上与华为近似，具备爆款潜能，伴随后续车型矩阵完善，小米汽车有望加速放量，其零部件供应商将获益。

目前，多家上市公司也确认了与小米汽车的合作关系。在2023年12月28日召开的小米汽车技术发布会上，雷军提及了小米在电池上与宁德时代的合作，在电机技术上与汇川技术的合作。

在此前工业和信息化部发布的《道路机动车辆生产企业及产品公告》（第377批）中，也出现了两款小米牌纯电动轿车，分别搭载了磷酸铁锂电池（襄阳弗迪电池）和三元锂离子电池（宁德时代）。其中，襄阳弗迪电池属于比亚迪旗下公司。

除了宁德时代、汇川技术、比亚迪之外，均胜电子、蓝思科技、三安光电均在投资者互动平台上表示，与小米汽车有相关业务合作。

据华福证券研报统计，超过60家A股上市公司透露了与小米汽车的供应关系，包括一汽富维、奥联电子、雅创电子、光庭信息、博俊科技、瑞鹄模具、凯众股份等。

责编：刘珺宇

校对：王朝全

新闻译文：

Source: Securities Times

Xiaomi, which was previously expected to become the "first electric car for young people," has finally unveiled its mysterious veil.

On March 25th, Xiaomi launched the Xiaomi SU7 static tasting in nearly 60 stores in 29 cities across the country, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Suzhou, Chongqing, Wuhan, Hangzhou, Zhengzhou, Xiamen, Changsha, Shijiazhuang, etc.

On that day, the reporter arrived at a Xiaomi dealership located in Futian District, Shenzhen and found that a large number of users had already gathered at the scene to see the cars. A salesperson said that due to the high volume of people and a large number of inquiries, "my voice has become hoarse", so I have started the appointment entry mode. according to the salesperson, the ordering window will be opened immediately after the Xiaomi car launch event on March 28th. If the first batch can be obtained, the car can be picked up next month.

Customers who make an appointment to enter Xiaomi Auto Store in Futian District, Shenzhen are inquiring about the condition of their cars. An Yufei/Photo

According to a research report by Guojin Securities, Xiaomi Motors is similar in nature to Huawei and has the potential for explosive sales. With the improvement of the subsequent model matrix, Xiaomi Motors is expected to accelerate its volume expansion, and its component suppliers will benefit. According to statistics, more than 60 listed companies have disclosed their supply relationship with Xiaomi Motors.

In the A-share market, today, Xiaomi's concept of automobiles has shown strong performance, with Jinrong Tianyu hitting the limit up at 20cm, Zhongjie Precision industry rising by over 16%, Kaizhong Shares and Innovative New Materials also hitting the limit up, and Haitaike rising by nearly 10%.

Xiaomi Motors Enters Stores, Price Still the Focus

What does the highly anticipated Xiaomi car look like? On March 25th, the reporter saw two actual Xiaomi SU7 cars at Xiaomi's offline store in Futian District, Shenzhen. According to the store staff, the two cars currently in the store are the MAX version with a range of over 800 kilometers and the standard model with a range of 700 kilometers, with colors of Gulf Blue and Olive Green respectively.

Due to the large number of customers watching Xiaomi cars, the store has implemented an appointment entry mode. A salesperson told reporters that the car arrived at the store on the evening of March 24th, and there were too many customers inquiring on site. "I have already lost my voice," and currently, most of the inquiries are still about price information.

"Because Xiaomi is defined as a dream car, it must have a beautiful appearance, like a sports car, and the handling should also be like a sports car, and the price is not very high. We don't know the exact price yet," said the salesperson. Regarding the price, Lei Jun, the founder, chairman, and CEO of Xiaomi Group, has repeatedly stated, "It will be a bit expensive."

Previously, on the morning of March 25th, the official Weibo account of "Xiaomi Motors" stated that Xiaomi Motors would officially launch at 7pm on March 28th.

How to purchase Xiaomi cars after their launch, do they have existing cars in their stores, and when can they be delivered as soon as possible? The salesperson told the reporter, "After 7am to 8pm on March 28th, the ordering window will be opened immediately after the press conference. If the first batch can be obtained, it can be picked up next month. There are some existing cars now, and the promotion is to deliver them as soon as they are ordered, but this batch of cars is relatively rare and needs to be rushed."

Regarding the test drive, according to the salesperson, currently the Xiaomi SU7 cannot undergo a test drive experience and only accepts registration of test drive intentions. The specific and accurate test drive time can only be arranged after it is launched.

On March 25th, Lei Jun posted on Weibo, saying, "This morning, the Xiaomi SU7 launched a static tasting in 29 cities across the country. Many friends gave feedback that the actual car is stronger than the picture. This is because the SU7's body paint and craftsmanship are very exquisite, and the feeling is completely different in different lighting and shadows. The photos are indeed difficult to express. Everyone's enthusiasm today exceeded our imagination, and we are accelerating the preparation work for the second batch of stores. In addition, the test drive experience will start on the 29th."

Lei Jun responded to Apple's decision to abandon car manufacturing, stating that it is not easy to make cars

On the "Lei Jun" WeChat official account, Lei Jun also answered the question "Apple has given up, why Xiaomi insists on building cars". Lei Jun said that he was very shocked when he heard Apple terminate car manufacturing for the first time. "If I were Tim Cook (Apple CEO Tim Cook), I would definitely not do this," he said.

"From a strategic perspective, 'people, cars, and homes are all part of the ecosystem', and cars and travel scenarios are indispensable links in the ecological loop. Apple users don't have to worry, as the Xiaomi SU7 provides comprehensive and thorough support for the Apple ecosystem. We hope that the Xiaomi SU7 will become the first choice for Apple users to purchase cars." Lei Jun said.

Lei Jun said that making cars is not easy, and he can understand Cook's decision. It is still quite difficult to persist in making cars, and making money is even more difficult. Apple's strategy always aims to produce high gross profit products, which is difficult to achieve in the automotive industry.

After explaining his understanding of Apple's abandonment of car manufacturing, Lei Jun did not forget to promote Xiaomi's new car. Lei Jun stated that the Xiaomi SU7 is the "best looking, best driving, and most intelligent" sedan under 500000 yuan, and it is also a high-quality sedan. Speaking of intelligence and ecology alone, regardless of the price of the sedan, the Xiaomi SU7 is "the best". However, some netizens also question whether Lei Jun's repeated use of "most" related words in his expression violates the Advertising Law.

Overall, Xiaomi Group has invested heavily in the automotive business. Three years ago, at Xiaomi's official car manufacturing press conference, Lei Jun said that this was his last time starting a business in his life and he was willing to bet all his reputation to fight for Xiaomi Motors.

Lei Jun also stated that Xiaomi's investment in car manufacturing is ten times that of other car manufacturers. A general automotive brand invests a total of 300 to 400 people in building a car, with a cost of 1 billion to 2 billion yuan. However, Xiaomi's first car invested a total of 3400 engineers, with research and development costs exceeding 10 billion yuan. The latest financial report shows that in 2023, Xiaomi Group's expenses in innovative businesses mainly focused on automobiles increased to 6.7 billion yuan, with expenses in the fourth quarter reaching 2.4 billion yuan.

Sales channels have advantages, and the supply chain is expected to benefit

At present, one of Xiaomi's main development advantages is the integration of the experience of car companies such as Ideal and Xiaopeng in sales channels, as well as the advantage of selling cars in offline stores like Huawei.

It is understood that Xiaomi's channel model is a "1+N" model. Among them, "1" represents Xiaomi's self built and self operated delivery center, with delivery as the main function, covering sales and services, achieving integration of sales, delivery, and service, and serving as a benchmark for Xiaomi's omnichannel experience and efficiency; "N" represents the touchpoints of agency sales and user service. Currently, there are two forms: building 2S stores to enter mainstream automotive business districts and entering supermarkets.

Specifically, Xiaomi's delivery center is similar to that of other car companies such as Ideal. According to a research report from Huaxin Securities, starting from June 2023, Xiaomi took the lead in starting the screening work for delivery centers. It has fully launched the construction of delivery centers in first and second tier cities such as Beijing, Shanghai, Guangzhou, Hangzhou, and Nanjing, requiring candidate sites to provide at least 120 parking spaces and a building area of no less than 3000 square meters.

The Xiaomi car 2S store is an integrated Xiaomi car sales and service store, which only undertakes the functions of agency sales and authorization services. This model draws on the experience of Xiaopeng Motors. In January, Lu Weibing, partner and president of Xiaomi Group, stated on Weibo that Xiaomi Group has officially signed a letter of intent with the first 14 sales service partners at its Beijing headquarters, which means that the construction of Xiaomi's sales service channels has been comprehensively accelerated, and Xiaomi's new retail model has entered the substantive implementation stage from the planning stage.

In addition, Xiaomi Motors also has offline stores under the Xiaomi brand as sales channels, which has become an advantage that many car companies do not have. As of 2023, the number of Xiaomi Home stores nationwide has exceeded 10000. According to a research report by Huaxin Securities, like Huawei, Xiaomi also has a large number of supermarkets, which is an advantage that other automotive brands do not have. Xiaomi fully leverages its existing 3C retail channel advantages and introduces car business in batches at Xiaomi Home in the core commercial square, which is expected to quickly connect with the car marketing network and gain sufficient customer traffic.

According to a research report by Guojin Securities, Xiaomi Motors is similar in nature to Huawei and has the potential for explosive sales. With the improvement of the subsequent model matrix, Xiaomi Motors is expected to accelerate its volume expansion, and its component suppliers will benefit.

At present, multiple listed companies have also confirmed their cooperation with Xiaomi Motors. At the Xiaomi Automotive Technology Conference held on December 28, 2023, Lei Jun mentioned Xiaomi's cooperation with CATL in battery technology and Huichuan Technology in motor technology.

In the "Announcement on Road Motor Vehicle production Enterprises and Products" (Batch 377) released by the Ministry of Industry and Information Technology earlier, two Xiaomi brand pure electric sedans were also introduced, which were equipped with lithium iron phosphate batteries (Xiangyang Fudi batteries) and ternary lithium-ion batteries (Ningde Times). Among them, Xiangyang Fudi Battery belongs to a company under BYD.

In addition to CATL, Huichuan Technology, and BYD, Junsheng Electronics, Lansi Technology, and Sanan Optoelectronics have all stated on investor interaction platforms that they have related business cooperation with Xiaomi Motors.

According to a research report by Huafu Securities, over 60 A-share listed companies have disclosed their supply relationships with Xiaomi Motors, including FAW Fuwei, Aolian Electronics, Yachuang Electronics, Guangting Information, Bojun Technology, Ruihu Mold, Kaizhong Shares, etc.

Editor in Chief: Liu Junyu

Proofreading: Wang Chaoquan

重点词汇

• 年轻人 young people ; youngster ; kid ; young one ; yoof ; a man young in years

• 郑州 Zhengzhou (capital of Henan)

• 厦门 Xiamen

• 长沙 Changsha ; Changsha Municipality

• 石家庄 Shijiazhuang

• 福田 Fukuda ; good deeds ; the domain of virtue and goodness

• 人流量 Traffic ; pedestrian volume ; visitors flowrate

• 非常多 a lot ; a great many ; quite some

• 嗓子 throat ; larynx

句子成分分析：

[According to a research report (by Huaxin Securities)], like Huawei, Xiaomi also has a large number of supermarkets, 

(which is an advantage (that other automotive brands do not have)).

句子语法结构详解：

(has 为 have 的第三人称单数形式。)

* like 为连词，引导方式状语从句。
* has 为谓语，采用一般现在时。动词采用第三人称单数形式。
* which 为关系代词，引导非限制性定语从句。
* is 为系动词作谓语，采用一般现在时。
* that 为关系代词，引导定语从句。
* have 为谓语，采用一般现在时。
* do 为助动词。

句子相关词汇解释：

Phrase:

Vocabulary:

句子成分分析：

The Xiaomi car 2S store is an integrated Xiaomi car sales and service store, (which only undertakes the functions 

(of agency sales and authorization services)).

句子语法结构详解：

* is 为系动词作谓语，采用一般现在时。
* which 为关系代词，引导非限制性定语从句。
* undertakes 为谓语，采用一般现在时。动词采用第三人称单数形式。
* the 为定冠词。an 为不定冠词。

句子相关词汇解释：

Vocabulary:

http://www.fcdict.com/look forward to something
http://www.fcdict.com/conditioned
http://www.fcdict.com/disseat
http://www.fcdict.com/cherry-pick
http://www.fcdict.com/formal organization
http://www.fcdict.com/comet
http://www.fcdict.com/double-decker
http://www.fcdict.com/flogged
http://www.fcdict.com/immingled
http://www.fcdict.com/blunderbuss
http://www.fcdict.com/listened
http://www.fcdict.com/Europeanizes
http://www.fcdict.com/change of life
http://www.fcdict.com/ryot
http://www.fcdict.com/write-ins
http://www.fcdict.com/crossover
http://www.fcdict.com/Mylo
http://www.fcdict.com/crystallized
http://www.fcdict.com/regardless of
http://www.fcdict.com/Fidonet

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