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证券研究报告 小米集团-W (1810 HK) 港股通 存储影响长于预期，关注 AI 商业化进展 2026 年 3 月 25 日│中国香港 公司公布 FY2025 全年业绩：收入 4,573 亿元，同比+25.0%；Non-GAAP 归母净利润392亿元，同比+43.8%。其中4Q25收入1,169亿元，同比+7.3%； Non-GAAP 归母净利润 63 亿元，同比-23.7%，均基本符合彭博一致预期。 管理层在业绩会上表示，存储涨价周期可能比此前市场判断的更长、涨幅更 大，基本将贯穿至 2027 年，这一判断比我们 3Q25 报告中的预期更为悲观。 与此同时，小米在 AI 领域取得了突破性进展，3 月发布的 MiMo-V2-Pro 大 模型跻身全球第一梯队，手机端 AI Agent"小米 MiKe"也开启封测，但 AI 商业化尚处早期阶段。汽车方面，FY25 首次实现年度经营盈利，新一代 SU7 开局良好。我们维持目标价 43 港币（非汽车业务 25.8 港元，汽车业务 17.2 港元），维持"买入"评级。 智能手机/IoT/互联网业务：存储影响长于预期，高端化战略持续推进 4Q25 手机×AIoT 分部 ...

小米集团 20260324 摘要 存储芯片进入长涨价周期，预计 2027 年大幅调价，智能手机、平板及 PC 受成本冲击大，公司将通过提前备货、长期合同及上调终端售价应对。 汽车业务 2026 年交付目标定为 55 万辆，锁定订单中 60%为 iPhone 用户，付费方案渗透率达 60%，女性及苹果用户转化率优于前代。 未来 3 年计划支出 600 亿用于研发与资本开支，2026 年研发投入约 160 亿，重点聚焦 AI 大模型、人形机器人及自研芯片平台。 IoT 业务发力海外与高端化，计划 2026 年海外门店从 4,500 家翻倍至 10,000 家，利用全球 6 倍于国内的市场空间驱动增长。 AI 战略定位 2026 年为应用爆发年，自研智能体与 XLA 大模型已整合至 SU7 及物联网生态，目前以技术迭代为首要目标，暂无明确 KPI。 芯片业务作为长期平台型战略，不受短期成本压力影响，将持续加大投 入以支撑 AI 大战略及多品类产品创新。 Q&A 考虑到内存价格大幅上涨的背景，公司智能手机业务将如何应对成本压力？部 分厂商已通过提价来抵消影响，而公司定价保持不变，这是否得益于供应链管 理和库存方面的优 ...

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) Xiaomi (1810 HK) - 4Q25 better 27 4Q25 better than feared; Positive on AI investment to bear fruit in 2026-27 Xiaomi's 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates, thanks to better smartphone ASP (+7% YoY), smart EV's stronger operating income and better operating leverage. Looking into FY26E, while smartphone/auto industry ...

Earnings per share of $0.16, missing the estimated $0.18.Revenue was approximately $16.93 billion, slightly below the expected $17.01 billion.Maintains a price-to-earnings (P/E) ratio of 16.90, indicating investor confidence.XIACY, traded on the OTC market, is the American Depositary Receipt (ADR) for Xiaomi Corporation, a leading Chinese electronics company known for its smartphones, smart home devices, and other consumer electronics. Xiaomi competes with major players like Apple and Samsung in the global ...

Xiaomi (SEHK:01810) Q4 2025 Earnings call March 24, 2026 07:30 AM ET Company ParticipantsAlain Lam - VP and CFOWilliam Lu - Partner and PresidentXu Ran - General Manager of Group Investor Relations and Capital Markets DepartmentConference Call ParticipantsKyna Wong - Senior Equity Research AnalystTimothy Zhao - Equity Research AnalystZoe Xu - Greater China Tech Hardware AnalystNone - AnalystNone - AnalystNone - AnalystOperatorNow, we will have Mr. Xu Ran, General Manager of Group Investor Relations and Capi ...

Xiaomi (SEHK:01810) Q4 2025 Earnings call March 24, 2026 07:30 AM ET Company ParticipantsAlain Lam - VP and CFOWilliam Lu - Partner and PresidentXu Ran - General Manager of Group Investor Relations and Capital Markets DepartmentConference Call ParticipantsTimothy Zhao - Equity Research AnalystZoe Xu - Greater China Tech Hardware AnalystNone - AnalystNone - AnalystXu RanNow, we will have Mr. Xu Ran, General Manager of Group Investor Relations and Capital Markets Department to start. Welcome, everyone. Welcom ...

Xiaomi (SEHK:01810) Q4 2025 Earnings call March 24, 2026 07:30 AM ET Speaker2Now, we will have Mr. Xu Ran, General Manager of Group Investor Relations and Capital Markets Department to start. Welcome, everyone. Welcome to the investor conference call and audio webcast for the company's 2025 annual results. Before we start the call, we would like to remind you that this call may include forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the futu ...

Xiaomi Corporation 2025 Fourth Quarter and Annual Results Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of Xiaomi Corporation (the "Company", and together with its subsidiaries, the "Group") for use in presentations by the Group and does not constitute a recommendation regarding the securities of the Group. No part of t ...

Xiaomi reported a slump in quarterly net profit, caught between soaring memory-chip prices and subdued consumption in one of the world's largest consumer markets. ...