Citigroup released a research report noting that Xiaomi Group (01810.HK) recently unveiled the first facelift of its SU7 model, raising the pre-sale price by 10,000 to 14,000 RMB and introducing several specification upgrades. This price increase represents a rise of approximately 3.3% to 6.5%. Additionally, Xiaomi management stated that, given the specification upgrades and increased costs, it is unlikely that the official launch price will be reduced by 10,000 to 20,000 RMB compared to the pre-sale price. The bank believes that the pre-sale of the updated SU7 will drive growth in Xiaomi’s order volume, with subsequent catalysts expected to be the official launch of the SU7 and the market debut of the YU7GT. The bank maintains a target price of HK$50 for Xiaomi with a “Buy” rating.