Yes, that is a real rotary zoom ring on this Leica Edition Ultra phone

Xiaomi 17 Ultra with Leica engraving and rotary camera dial

TL;DR
  • Xiaomi has teased the upcoming launch of the Xiaomi 17 Ultra Leica Edition, featuring a “Master Zoom Ring,” a physical rotary ring surrounding its rear camera module.
  • The flagship device features impressive hardware, including a continuous periscope zoom camera that ranges from 75mm to 100mm (~3.1x to ~4.1x).
  • Leaked information suggests that the rotary mechanism may adjust optically variable zoom levels and includes aesthetic cues, such as custom watermarks and red Leica engraving.

Xiaomi is gearing up to launch the Xiaomi 17 Ultra flagship on December 25, promising great specifications for its top-of-the-line smartphone experience. The company just revealed the design of the phone this week, and it was admittedly disappointing to see the company shed its camera-centric aesthetic with the new phone. However, it appears there is more to the story, as the company has now teased the Xiaomi 17 Ultra Leica Edition, which may feature a rotary ring on the rear camera.

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