FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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9月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 是 | | | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | 多櫃檯證券代號 | 81810 | RMB | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | ...

抖音生活服务相关负责人介绍，9月1日至10月31日，抖音生活服务发起北京"Let's北京·逛吃季"，联合 北京多个商圈的餐饮商家，向用户奉上超值美食团购套餐。9月29日的"老板驾到"直播，正是"Let's北京· 逛吃季"的重点活动之一。 北京商报讯（记者 张茜琦）9月29日，抖音生活服务联合北京卫视发起"老板驾到"直播活动，助力北京 国庆中秋消费。抖音用户在@北京卫视 直播间下单超1万次，总计110多万元超值团购券。其中，潇湘 阁100元、300元代金券，万荣烤鸭500元代金券销售火爆。 据悉，"老板驾到"是抖音生活服务发起的IP活动，邀请品牌企业老板空降抖音直播间为品牌代言，为用 户送上超值福利。 ...

Core Viewpoint - The article discusses Xiaomi's marketing strategies and challenges, particularly focusing on how the company has utilized emotional narratives to connect with consumers and the potential backlash from overusing such tactics [1][21][31]. Group 1: Marketing Strategies - Xiaomi's marketing has evolved to include emotional storytelling, where the CEO, Lei Jun, uses personal anecdotes to resonate with consumers, creating a sense of empathy and loyalty [6][10][15]. - The concept of "consumption sentiment" has become a powerful tool for Xiaomi, transforming product specifications into emotional connections that drive sales [6][14]. - The company's past successes, such as the launch of the first Xiaomi phone, were fueled by emotional marketing that turned product launches into significant cultural events [6][12]. Group 2: Challenges and Backlash - Recent consumer sentiment has shifted, with audiences becoming desensitized to Xiaomi's emotional appeals, leading to a decline in the effectiveness of its marketing strategies [21][31]. - Issues with product quality, such as the recall of nearly half of the Xiaomi SU7 electric vehicles, have damaged consumer trust and provided ammunition for critics [24][25]. - The company's customer service problems and public relations missteps have further exacerbated negative perceptions, leading to a significant increase in negative sentiment among consumers [22][25]. Group 3: Emotional Manipulation and Market Response - Xiaomi's marketing approach has been described as a form of "physiological emotional manipulation," where the emotional tone of presentations is carefully orchestrated to elicit specific responses from the audience [17][19]. - The reliance on emotional narratives has led to a situation where consumers feel exploited, resulting in a backlash against the brand and calls for a change in strategy [21][31]. - The article suggests that as consumers become more aware of these tactics, the effectiveness of emotional marketing may diminish, prompting Xiaomi to explore new avenues for engagement [21][27].

Core Insights - Xiaomi held its annual presentation on September 25, launching the Xiaomi 17 series, Xiaomi Pad 8 series, and various other products, including the Xiaomi TV S Pro Mini LED 2026 and custom automotive services [1] Product Launch and Features - The Xiaomi 17 series starts at 4499 yuan, featuring a 6.3-inch OLED screen with new M10 luminous material and powered by the fifth-generation Snapdragon 8 processor, which offers a 20% performance increase and a 37% boost in AI capabilities compared to the previous generation [2] - The Xiaomi 17 Pro and Xiaomi 17 Pro Max are priced at 4999 and 5999 yuan respectively, utilizing a new battery technology that ensures 80% capacity retention after 2000 full charge cycles [2] Automotive Developments - The Xiaomi YU7 has achieved significant sales, with over 240,000 units locked in within 18 hours of launch, and boasts impressive real-world range tests of up to 784 kilometers [3] - The YU7 features advanced safety and comfort technologies, including a dual-layer silver-coated roof and comprehensive driver assistance systems powered by NVIDIA DRIVE AGX Thor [3] - Xiaomi's custom automotive service aims to enhance profitability in the automotive sector, with plans to customize up to 40 vehicles monthly [3] Financial Projections - The company is expected to achieve revenues of 509.3 billion, 640.9 billion, and 749.7 billion yuan from 2025 to 2027, with net profits projected at 44.4 billion, 64.0 billion, and 81.8 billion yuan respectively, maintaining a "recommended" rating [4]

Core Viewpoint - Xiaomi's recent adjustments to the Xiaomi 17 series' premium services reflect a shift in focus towards battery performance and cost control, while also raising questions about marketing strategies [2] Group 1: Service Adjustments - The Xiaomi 17 series has removed the battery warranty that was included in previous models, now offering a one-time screen protection within two years and an additional back screen protection for the Pro series [2] - The new series features a battery that maintains over 80% capacity after 2000 charge cycles, with capacities ranging from 6300mAh to 7500mAh [2] - The decision to eliminate the battery warranty may be linked to the improved battery performance and the need for cost management, as the new battery's longevity reduces the likelihood of needing replacements [2] Group 2: Marketing Strategies - Xiaomi's marketing for the 17 Pro includes the slogan "King of Backlight," which is clarified in small print as a "design goal" rather than an actual performance claim [2] - This marketing approach may generate short-term interest but could also lead to consumer skepticism regarding the brand's promotional integrity [2]

Core Insights - On September 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 8.849 billion, 4.310 billion, and 3.283 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 5.056 billion, 3.306 billion, and 2.030 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 8.849 billion, net inflow of 1.509 billion - SMIC (00981): Trading amount of 4.310 billion, net inflow of 0.656 billion - Tencent Holdings (00700): Trading amount of 3.283 billion, net inflow of 0.811 billion - Xiaomi Group-W (01810): Trading amount of 3.092 billion, net inflow of 0.716 billion - Huahong Semiconductor (01347): Trading amount of 2.642 billion, net inflow of 0.231 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 5.056 billion, net inflow of 2.120 billion - SMIC (00981): Trading amount of 3.306 billion, net outflow of 0.423 billion - Xiaomi Group-W (01810): Trading amount of 2.030 billion, net inflow of 0.339 billion - Huahong Semiconductor (01347): Trading amount of 1.961 billion, net inflow of 0.704 billion - Tencent Holdings (00700): Trading amount of 1.400 billion, net inflow of 0.323 billion [2]

Core Insights - Xiaomi's 2025 annual speech by founder Lei Jun highlighted the company's transformation and innovation in technology, particularly in smartphones, automotive, and smart home ecosystems [1][26] - The launch of the Xiaomi 17 series and various other products demonstrates Xiaomi's commitment to high-end technology and customization, positioning itself as a "hardcore technology company" rather than just an "internet company" [3][26] Product Innovations - The Xiaomi 17 series features the "Miao Xiang Back Screen" innovation, which redefines smartphone interaction and offers personalized user experiences [5][6] - The series includes three models: standard, Pro, and Pro Max, all equipped with the latest Snapdragon 8 Gen 2 chip, showcasing significant performance improvements over previous models [5][9] - Xiaomi's automotive division introduced the "Xiaomi Custom Service," allowing extensive personalization options for users, enhancing the luxury experience [3][12] Technological Advancements - The Xiaomi 17 series incorporates three major domestic technology breakthroughs in screen, battery, and imaging, with the Pro Max model featuring advanced OLED technology and a new glass material for durability [8][9] - The battery technology in the Xiaomi 17 Pro and Pro Max has been enhanced, with capacities of 6300mAh and 7500mAh respectively, supporting rapid charging capabilities [9][10] - The imaging system in the Xiaomi 17 Pro series, developed in collaboration with Leica, offers superior performance in low-light conditions, establishing it as a leader in smartphone photography [10][11] Market Positioning - Xiaomi's strategic shift towards high-end products has resulted in significant market share gains, particularly in the premium smartphone segment, where it competes directly with Apple [5][29] - The company has seen substantial growth in its smart home appliance sector, with a reported 66.2% year-on-year revenue increase in Q2 [29] - Xiaomi's automotive sales have also surged, with the SU7 series becoming one of the best-selling models in its price range, reflecting the company's successful entry into the automotive market [28][29] Future Outlook - Xiaomi plans to invest 100 billion yuan in core technology research and development over the next five years, indicating a strong commitment to innovation and market leadership [26][27] - The company aims to continue its trajectory of high-end product development, with the Xiaomi 17 series marking a significant milestone in its five-year high-end strategy [11][29]

Group 1 - Southbound funds net purchased Hong Kong stocks worth 15.48 billion HKD today [1] - Notable net purchases include Alibaba-W at 3.629 billion HKD, Tracker Fund at 1.433 billion HKD, and Xiaomi Group-W at 1.055 billion HKD [1] - Southbound funds have continuously net purchased Alibaba for 28 days, totaling 78.98389 billion HKD [1] Group 2 - Southbound funds have net purchased Xiaomi for 3 consecutive days, totaling 2.65616 billion HKD [1] - Other significant net purchases include Hua Hong Semiconductor at 934 million HKD, Kuaishou-W at 622 million HKD, and SMIC at 613 million HKD [1]

Core Insights - The Hong Kong stock market saw a net inflow of 154.8 billion HKD from Northbound trading on September 30, with the Shanghai-Hong Kong Stock Connect contributing 90.79 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 64.01 billion HKD [1] Group 1: Major Stocks - Alibaba-W (09988) received a net inflow of 51.79 billion HKD, with total trading volume reaching 88.49 billion HKD, reflecting a net increase of 15.09 billion HKD [2] - Semiconductor stocks saw significant interest, with SMIC (00981) attracting a net inflow of 24.83 billion HKD and Huahong Semiconductor (01347) receiving 9.34 billion HKD [6] - Tencent (00700) garnered a net inflow of 11.34 billion HKD, driven by the launch of its multimodal model, which is expected to enhance AI application development [5] Group 2: Market Trends - The overall valuation of the Hong Kong stock market remains low despite recent gains, suggesting long-term investment opportunities, particularly in the context of ongoing AI industry trends and potential interest rate cuts by the Federal Reserve [5] - The domestic AI chip industry is experiencing a breakthrough, with a full industry chain integration from advanced processes to model acceleration, indicating strong growth potential for domestic AI computing facilities [6] - Xiaomi Group-W (01810) achieved a net inflow of 10.54 billion HKD, with record-breaking sales for its 17 series smartphones, indicating a rapid increase in market share in the high-end smartphone segment [5]

据港交所网站消息，9月29日，小米集团-W发布股份购回公告，以每股53.150港元至53.250港元的价格回购50.74万股，回购总金额达2699.62万港元。 9月26日和29日两个交易日，小米股价累计跌超10%。 9月29日下午，小米集团总裁卢伟冰发文称，小米高端产品结构得到历史性改善，大胆变阵和大胆创新赢得用户认可，小米17系列有信心销量会比上代小米 15系列更多。 公告截图 根据回购授权的决议，小米可回购的股份总数为25.95亿股，本次回购占回购授权决议获通过当日的已发行股份数目的0.002%。 据悉，此次回购价格为小米历史回购最高价。 小米于9月25日发布小米17系列。该公司透露，全系开售5分钟刷新2025国产手机全价位段新机系列首销全天销量、销额纪录。与此同时，最高配小米17 Pro Max销量占比超50%。 然而，9月29日，天风国际证劵分析师郭明錤发文称，调查发现，小米17系列的总出货量显著下调约20%（原定目标约为1000万台）。如果未来定价策略或 市场营销没有进一步提升，17系列的总出货量可能会低于15系列的约800万台。 他还表示，小米17标准款表现不佳的一个关键原因是苹果iPhone ...