股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81810 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 200,000,000,000 | USD | | 0.0000025 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | ...

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

Group 1 - JD Qixian's online order volume during the Mid-Autumn Festival and National Day holiday increased by 171% year-on-year, with self-owned brand sales up by 264% [1] - The sales of mooncake gift boxes surged by 595% year-on-year, while fruit gift boxes saw a 583% increase [1] - The overall sales of various seafood products grew by nearly 100%, and the liquor category's sales increased by 109% [1] Group 2 - JD Discount Supermarket's six stores received over 5 million customers from September 20 to October 6, with mooncake sales up over 300% compared to previous periods [2] Group 3 - The "All Girls' Happy Market" event in Guangzhou allowed consumers to try products before purchasing, featuring over 30 popular brands [4] - The event is part of a strategy to bring online shopping experiences into physical spaces [4] Group 4 - The Gaode Nightlife Report indicated that Nanchang was the most popular city for nightlife during the National Day holiday, with significant increases in tourism to second and third-tier cities [6] Group 5 - Domestic gold jewelry prices have risen sharply, with prices for 24K gold jewelry reaching 1,157 CNY per gram, an increase of 16 CNY from the previous day [9] Group 6 - Xiaomi's 17 series launch exceeded expectations, with promotional offers continuing until October 31 [9] Group 7 - Sa Sa International reported a sales increase of 8.4% year-on-year for the second quarter, with Hong Kong and Macau sales up by 10.1% [9] Group 8 - Tmall Supermarket announced a goal for the upcoming Double 11 shopping festival to achieve delivery within 4 hours, expanding its service capabilities [10] Group 9 - SHEIN plans to open its first permanent physical stores in France in November, marking a shift from its primarily online business model [11] Group 10 - Mixue Ice Cream has acquired a 53% stake in the fresh beer brand "Fulu Jia" for 297 million CNY, expanding into the beer market [12] - Despite a 39.3% revenue growth in the first half of the year, Mixue faces challenges with a 40% stock price drop over three months [12] Group 11 - Dazhong Dianping's "Quality Takeaway" service saw a 164% increase in user traffic from smaller cities during the holiday, indicating a shift in consumer behavior [15] Group 12 - The restaurant brand "Eating Emperor" closed all three of its Shanghai locations due to lease expirations, reflecting challenges in the restaurant industry amid rising costs and competition [17] - The retail sector experienced a split during the holiday, with online sales booming while traditional supermarkets faced declining foot traffic and increased costs [17]

Core Viewpoint - The article discusses a legal dispute between Xiaomi and a small clothing store in Guangzhou over trademark infringement, highlighting the complexities of brand imitation and consumer perception in the market [5][31]. Group 1: Legal Dispute Overview - Xiaomi has filed a lawsuit against a small clothing store for using a logo that closely resembles its own, leading to public backlash against Xiaomi for perceived bullying of a smaller entity [3][5]. - The clothing store received over 300 pages of legal documents from Xiaomi, which has sparked mixed reactions from the public [3][5]. - The store's logo not only mimics Xiaomi's signature orange color but also replicates the iconic square structure, indicating intentional infringement rather than coincidence [9][31]. Group 2: Consumer Perception and Brand Imitation - Initial public sentiment favored the clothing store, viewing Xiaomi's actions as excessive, but shifted dramatically once the logo was revealed, leading to a consensus that the store's actions were deliberate [31]. - The article emphasizes that brand imitation is not merely a trivial issue; it involves systematic attempts to confuse consumers and capture market share through visual and psychological tactics [7][9]. Group 3: Broader Implications and Industry Context - The article draws parallels with other cases of trademark infringement in various industries, such as the disputes involving NIO and the automotive sector, illustrating a pattern of brand confusion tactics [11][22]. - It discusses the legal standards for determining trademark infringement, including consumer confusion and the significance of brand recognition in legal contexts [18][22]. - Companies are encouraged to adopt proactive brand protection strategies, such as defensive trademark registrations, to mitigate risks associated with brand imitation [27][29].

Core Viewpoint - Xiaomi has taken the incident of a car allegedly driving away on its own seriously, establishing a special task force to investigate and verify the situation with users [1][2]. Group 1: Incident Investigation - Xiaomi's spokesperson stated that the company formed a special task force to investigate the viral video of a car driving away on its own, collaborating with users to verify the facts [1]. - The investigation involved checking the vehicle's backend data and operation logs from the users' smartphones, concluding that the vehicle's data matched the commands issued from an iPhone 15 Pro Max, ruling out any quality issues with the vehicle [1]. - The vehicle's backend data indicated that it received a parking assist command from the iPhone 15 Pro Max during the reported time frame, which activated the parking assist feature and led to the vehicle exiting the parking space [1]. Group 2: User Communication and Apology - During user feedback and online customer service interactions, there was confusion regarding the device that issued the parking assist command, with customer service mistakenly identifying it as an iPhone 16 instead of the correct iPhone 15 Pro Max, leading to misunderstandings [2]. - Xiaomi expressed apologies for the confusion caused by the inaccurate information and committed to improving service processes in the future [2]. - The company emphasized that user safety and experience remain its top priorities and thanked users for their support [2].

Core Viewpoint - The incident involving a Xiaomi car reportedly driving away on its own has been investigated, and the company concluded that the vehicle's movement was triggered by a parking assist command sent from the user's phone, ruling out any quality issues with the vehicle [1][2]. Group 1 - Xiaomi has established a special task force to investigate the incident and has collaborated with the user to verify the situation [1]. - The investigation revealed that the vehicle received a parking assist command from the user's iPhone 15 Pro Max, which activated the parking assist feature, leading to the vehicle moving out of its parking space [2]. - Xiaomi acknowledged a mix-up in communication where customer service mistakenly identified the device that sent the command, which caused confusion for the user, and the company has apologized for this error [2].

Group 1 - The core attractiveness of China for multinational companies lies in its structural advantages, including a vast market size that remains central to global strategies across various sectors such as manufacturing, energy, consumer goods, and finance [2] - China's innovation capability is characterized by "incremental innovation," focusing on rapid improvements in business models, product iterations, and supply chain efficiency, exemplified by Huawei's significant investment in an innovation park in Shanghai [2] - Multinational companies are increasingly recognizing that their strongest future competitors may come from China, leading to more collaborations and alliances with Chinese firms in emerging fields like new energy vehicles, artificial intelligence, and biomedicine [3] Group 2 - The manufacturing sector in China is undergoing a "re-industrialization" wave, with factories adopting "dark factory" operations, where smart robots replace traditional production lines, significantly reducing supply chain response times [3] - The return of scientists and engineers who studied and worked in the U.S. is driving breakthroughs in deep technology fields in China, reminiscent of the internet boom, but this time focused on hard technology [3] - The rapid transformation of companies like Xiaomi, which transitioned from a smartphone manufacturer to establishing a fully automated electric vehicle factory, highlights the revolutionary changes occurring in Chinese manufacturing [4]

Core Insights - The article highlights the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference scheduled for November 6-8, 2025, in Guangzhou, with significant participation expected from over 200 exhibitors and 20,000 professional attendees [2] Industry Overview - In the first seven months of 2025, China's new energy vehicle (NEV) sales reached 8.22 million units, marking a year-on-year increase of 38.5%, with a penetration rate of 45.0%, up by 8.6 percentage points [2] - The installed capacity of power batteries in China during the same period was 343.52 GWh, reflecting a year-on-year growth of 40.2% [2] Market Dynamics - A total of 48 power battery companies provided vehicle matching in the first seven months of 2025, a decrease of 3 companies compared to the previous year, primarily serving passenger vehicles [4] - The top 10 power battery companies by installed capacity included CATL, BYD, and others, with a total installed capacity of 153.46 GWh [5][6] Battery Technology Trends - The market concentration for the top 10 battery companies (CR10) was 95.3%, a decrease of 1.3 percentage points year-on-year, attributed to the rise of companies like Tsinghua Unigroup and others [6] - In terms of battery materials, the installed capacity for ternary batteries was 66.63 GWh (19.4% market share), down by 7.2 percentage points, while lithium iron phosphate batteries accounted for 276.56 GWh (80.5% market share), up by 7.2% [6] Battery Form Factor - The installed capacity for square batteries was 334.29 GWh (97.3% market share), showing a slight increase of 0.5 percentage points year-on-year, while cylindrical batteries accounted for 7.28 GWh (2.1% market share) [8] - The announcement by BMW Group regarding the upcoming use of large cylindrical batteries is expected to boost the market share of cylindrical batteries [8]

Group 1 - The core viewpoint highlights significant price fluctuations in the consumer electronics market during the National Day holiday, with specific attention to the iPhone 17 series and Xiaomi 17 Pro [1][2] - The iPhone 17 series has seen a reduction in premium pricing, dropping from 400-1300 yuan at launch to 30-450 yuan during the holiday period, while the Hong Kong version is now priced higher than the domestic version due to additional AI features [1] - Xiaomi 17 Pro remains at a premium price, requiring an additional 200-300 yuan for immediate purchase, driven by consumer interest in its new back screen design and limited initial production capacity [1] Group 2 - AI glasses have experienced a significant price drop, with retail prices falling from 700-800 yuan to around 350 yuan, and bulk orders can go as low as 200 yuan [2] - Approximately 70% of smart wearable shops in Huaqiangbei are prominently featuring AI glasses, with some stores branding themselves as "AI glasses factory stores" and offering consumer experience zones [2] - The current pricing of high-end AI glasses is competitive with Xiaomi's models, which are priced just above 2000 yuan, indicating a shift in market dynamics [2]

Group 1 - The report highlights the significant performance of overseas markets during the National Day holiday, with the Nikkei 225 rising by 6.72% and the Korean Composite Index increasing by 3.64% [9][10] - The report notes that the COMEX gold futures reached a historical high of $4000 per ounce, alongside notable increases in copper and aluminum prices [9][10] - The report discusses the implications of the U.S. government shutdown, indicating that past shutdowns have led to increases in gold prices and significant gains in the S&P 500 and Nasdaq indices [11] Group 2 - The report emphasizes the upcoming transition to the 920 code for the Beijing Stock Exchange, which is expected to enhance the exchange's recognition and accelerate the issuance of new index funds and ETFs [12][13] - The report suggests continued attention to the issuance of index funds in Q4 and the inflow of funds following the opening of public offerings, highlighting specific companies to watch, including Geberit, Wantong Hydraulic, and others [13] Group 3 - The report indicates that the North Exchange 50 Index fell by 0.02%, with a trading volume of 1.381 billion shares, a decrease of 69.64% week-on-week, and a trading value of 33.075 billion yuan, also down by 69.00% [16][22] - The report provides a breakdown of stock performance, noting that 134 stocks rose while 137 fell, resulting in a decline ratio of 0.98 [33] - The report lists the top gainers and losers among stocks, with Lingge Technology and Guoyuan Technology leading the gains, while Jinhua New Materials and Henghe Shares experienced the largest declines [33][40]