Xiaomi, China's hottest smartphone company, may release a new smartphone that costs $325 without a carrier contract, according to a Chinese analyst (via Phone Arena).

That's about half as much as what you would pay for a new phone from Samsung or Apple. And it's about the same price as Xiaomi's current Mi4 flagship, which costs $320.

The company is rumored to be working on its new flagship smartphone, presumably called the Mi5.

Based on leaked photos and specifications that have been previously reported, it looks like Xiaomi's next phone will be razor thin, gorgeous, and super powerful. And, now it seems like Xiaomi is looking to keep the price incredibly low even though it plans to put the latest components inside.