Xiaomi (Spring Launch): SU7 gets a quiet refresh; MiMo free for a limited time to climb the charts ---

I. Key takeaways from Xiaomi Spring Launch

$XIAOMI-W(01810.HK) The headline items were the refreshed SU7 and progress on Xiaomi's AI foundation models.

a) New-gen SU7: Functionally a mid-cycle refresh. The exterior sees minor tweaks, while hardware gets a broad upgrade and pricing is raised modestly.

On balance, the upgrades favor the Standard and Pro trims, with the full lineup now standardizing the V6s Plus high-performance motor, a lidar and 4D mmWave radar, Nvidia Thor-U (700 TOPS), the 'Jiaolong' chassis, and front fixed 4-piston calipers, among others.

Pricing-wise, the Standard/Pro/Max each rise by RMB 4,000. Given the same hike, the Standard trim sees the most visible hardware uplift. Effectively, at RMB 219,900, buyers get mid-to-high-end features for the segment.

Based on the launch, Dolphin Research expects the Standard trim to account for a higher share of sales, which could push the SU7's blended ASP structurally lower.

b) AI foundation models: Xiaomi MiMo-V2-Pro had already been quietly tested on OpenRouter under the alias 'Hunter alpha', topping both the daily and weekly charts. The current ranking benefited from a time-limited free strategy, which also served as a pre-launch warm-up.

Xiaomi has rolled out the MiMo family across Xiaomi miclaw, MiMo Studio, Kingsoft Office, and Xiaomi Browser, with access via OpenClaw, OpenCode, KiloCode, Blackbox, and Cline. It is free to try for one week on a limited-time basis.

After the free window, the model will move to paid usage, making core capability the deciding factor. MiMo-V2-Pro is multimodal, emphasizing Agent and coding capabilities; in real-world agent tasks, tool use, and coding, it performs well.

However, Xiaomi's output pricing at $3–6 is notably above MiniMax ($1.2–2.4). While MiMo-V2-Pro remains free for now, once it turns paid its value-for-money will look weaker.

II. Xiaomi Spring Launch details

The 2026 Spring lineup covered the new-gen Xiaomi SU7, Xiaomi Book Pro 14, Xiaomi Watch S5, and updates on AI foundation models.

1) Xiaomi new-gen SU7

The SU7's design remains largely unchanged. The focus is on core hardware upgrades, with a uniform RMB 4,000 price increase across all three trims.

List prices for the new SU7/Pro/Max are RMB 219,900/249,900/303,900

Core hardware upgrades span the e-powertrain, intelligent driving, chassis & handling, and other components:

a) E-powertrain

On the e-powertrain, the new SU7 upgrades the high-voltage platform, motor system, power output, and range. The full lineup now fits the V6s Plus motor as standard, with range increased across trims.

Xiaomi also upgraded the battery pack underbody with the same 'bulletproof coating' used on the SU7 Ultra. It is more resistant to abrasion, tearing, and puncture than traditional PVC coatings.

b) Intelligent driving

All trims now include 1 lidar and a 4D mmWave radar as standard, with compute upgraded to Nvidia Thor-U at 700 TOPS. The lineup gets the fully enabled Xiaomi HAD and NOA assisted driving features.

c) Chassis & handling

The new SU7 also upgrades its chassis and suspension. Standard kit now includes the Xiaomi 'Jiaolong' chassis, front fixed 4-piston calipers, and staggered-width tires.

The Pro further adds dual-chamber air springs and CDC adaptive dampers.

d) Other hardware: Beyond the big three, there are smaller upgrades: added airbags, reinforced body structure, and comfort tweaks to seats and cabin.

III. Other new products from the Spring Launch

2.1 Xiaomi Book Pro 14: first flagship ultrabook in four years

Xiaomi Book Pro 14 can be equipped with the 3rd-gen Intel Core Ultra X7, built on Intel's latest 18A process with a 30% transistor density uplift. A lower-priced Ultra 5 354H option is also available.

It comes standard with 32GB LPDDR5x (6400MHz) + 1TB PCIe 5.0 SSD, expandable up to 4TB.

It features a 14.6-inch 3.1K OLED true-color touch display and a 66Wh high-density battery, rated for 19.8 hours of local video playback and 12 hours of typical office use.

Three configs are offered, with pre-orders open now and first sales on Mar 21 at 10:00. MSRP starts at RMB 8,499.

2.2 Xiaomi Watch S5 46mm

Positioning: an all-round, long-battery sports watch focused on health monitoring and sport scenarios, serving as a smart hub across the phone–car–home ecosystem.

It features a high-precision heart rate and SpO2 sensor and an in-house Heart Rate Algorithm 2.0, lifting accuracy vs. gold-standard devices to 98.4%.

Powered by an 815mAh Xiaomi Jinshajiang battery, capacity is up nearly 70% vs. prior gen. Bluetooth max battery life reaches 21 days, while eSIM max life reaches 14 days, the longest endurance on a Xiaomi smartwatch so far.

The Watch S5 46mm comes in three versions: Bluetooth Classic RMB 1,199; Bluetooth Fashion RMB 1,399; eSIM RMB 1,399.

IV. Xiaomi AI foundation models

Xiaomi unveiled three fully self-developed MiMo-V2 models:

1) MiMo-V2-Pro: a trillion-parameter-scale MoE base model for the Agent era, with 4.2bn active parameters per token, an innovative hybrid-attention architecture, and support for million-token context length.

2) MiMo-V2-Omni: a full-modality model that can see, listen, reason, and execute; it is even described as well-suited for raising lobsters, and it is especially fast at reasoning.

3) MiMo-V2-TTS: a text-to-speech model trained on billions of hours of audio, producing more human-like voices based on textual and vocal context, with expressive emotions.

The company expects AI R&D and capex spend to exceed RMB 16 bn this year, with total investment of RMB 60 bn planned over the next three years. Spending will focus on large models, embodied intelligence, and AI apps.

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