Xiaomi CEO Lei Jun revealed the firm's plan to make more exciting gadgets. (Photo : Getty Images)
Xiaomi has recently unveiled its new flagship smartphone, the Mi5, according to a report from the Global Times.
During the launch of the gadget at a press conference in Beijing on Wednesday, Xiaomi CEO Lei Jun also revealed that the firm will make more "exciting" products this year to regain momentum and captivate the consumers' attention again.
Nonetheless, the unveiling has earned warnings from analysts, stating that the new device "wasn't distinctive enough," the report said.
Industry experts claim that the lack in uniqueness in the Mi5 may hinder the firm in reclaiming sales momentum in China's competitive smartphone market.
"The new smartphone is well-spec'd but shows no distinctive differences from its domestic comparatives," Liu Dingding, an industry analyst with the Beijing-headquartered market research company Sootoo, told the Global Times.
Echoing the same sentiment, Mobile China Alliance head Wang Yanhui pointed out that the product positioning of the Mi5 is almost the same as the of the Mi4.
Wang concluded that the new Xiaomi smartphone will unlikely fare better in the market compared with its predecessor.
Liu further noted that the firm will face a tough competition this year as Chinese rivals continue to step up their specifications and pricing scheme.
According to a report published by the U.S.-located market consultancy, Xiaomi retained its number one position in the domestic market with a 15 percent share.
However, its 70 million smartphone domestic shipping figure fell significantly short of its 2015 target. This has raised concerns over the firm's prospects in a fierce battleground.
Xiaomi previously eyed to ship 80 to 100 million smartphone units last year.
In contrast, rival Huawei Technologies Co. reported early this year that they were able to ship 108 million handsets globally in 2015, posting a 44-percent increase from its 2014 statistic.
OPPO, a Guangdong-based smartphone maker, is also starting to carve out its niche as it impressed the tech world with its new gadget featuring a 15-minute flash charge.
LeTV has also unveiled its latest smartphone, the Le Max Pro, which has similar features and specs with Xiaomi's Mi5.
The Mi5 has a price range of 1,999 yuan to 2,699 yuan.
Meanwhile, Liu predicted that "the sales of the Mi5 will likely be tepid," adding that the firm will continue to face sales growth slowdown.
Wang suggested that the company should broaden its distribution platforms.
"The Internet is Xiaomi's main distribution channel. But after several years, the room for Xiaomi's online sales growth has become very limited. The brand has to explore new channels of distribution, such as overseas markets and offline sales," Wang said.
