【前三季赚351亿，#小米市值却蒸发5000亿#！雷军身家缩水1200亿】2025年11月18日，小米集团发布 三季报。其第三季度营收达1131亿元，同比增长22.3%，汽车业务首次实现单季度盈利；前三季度净利 润达351亿元，已超过去年全年（237亿元），同比增速高达140%。但靓丽的三季报发布次日，小米集 团股价仍大跌4.8%。其市值自6月高点已蒸发超5000亿元，雷军身家也大幅缩水1200亿元。@雷军 的主 要财富构成包括四块。其一，在小米集团中，方舟信托（香港）有限公司为雷军家族财富的主要承载平 台。其二则是金山软件。其三是雷军个人间接持有部分金山办公股权。其四是顺为资本。综合来看，6 月底时，雷军家族财富合计3517亿元，而到近日，已大幅缩水超1200亿元，至2254亿元。 来源：@新财富杂志微博 ...

11月21日，王化在个人社交账号发文称， 今天是其到岗小米武汉总部正式开展工作的第一天，是时候向大家汇报转岗的信息了。他表示， 轮岗的时间点是五年前就定下来了，武汉是自己选的。 全文如下： 以我的个性我还是愿意选择三,结论已经告诉了大 家,现在我展开来聊聊,如果您的时间有限,下文 可以在有空的时候再看： 首先要感谢过去的五年里各位媒体老师和朋友们对 我的关注和支持,我深知自己并无值得大家这般惦 记之处,而是关注公司的一举一动,但是仍然抱有 幻想希望大家不要过度解读。 2020年12月2日,我接任了集团公关,这五年我参 1 与了很多值得我铭记一生的重大事项，参与了新零 售的扬帆起航、经历了起诉 M国 XX 并胜诉的过程、 见证了小米造车的从0到1。感谢公司给予的信任与 培养，是公司的成长，托举着我的进步。 来源：@王化 关注" 新华网财经 "视频号 更多财经资讯等你来看 在这里也给大家介绍一下小米的人才培养体系：在 小米，人才培养从来不是一句空话! 星火计划、火 炬计划、燃计划、焰计划 ..... 一系列培养项目贯穿职 业发展的不同阶段;活水计划为基层员工打开新通 道,轮岗制度让中层管理者视野更宽。在这里,每 ...

Group 1 - Xiaomi faced criticism regarding its diving watch, with a blogger claiming water ingress during use, and customer service suggesting it is not recommended for diving [4][5] - Xiaomi clarified that the reported issues were false, stating that the watch in question was not the diving-certified model and that they would take legal action against misinformation [4][5] - The company confirmed that the watch was repaired and returned to its diving functionality, while acknowledging that customer service communication could have been clearer [4] Group 2 - Midea Group denied reports of forcing service providers to stop handling Xiaomi and Gree products, emphasizing a commitment to user experience without exclusivity in service partnerships [5] - The company stated that service providers still have the option to work with multiple brands, ensuring competition and service quality [5] Group 3 - Xiaomi's revenue for the third quarter reached 58 billion yuan, marking a 23% year-on-year increase, with adjusted net profit growing by 12% [21] - Walmart reported a strong performance in China, with net sales of 61 billion yuan in the third quarter, reflecting a 21.8% year-on-year growth [22]

Group 1 - Xiaomi Group has made personnel adjustments in its public relations department, with Xu Jieyun taking over as the new head while Wang Hua is reassigned to the Wuhan regional headquarters [4] - Miniso has launched the "IP Genius Youth Plan," offering annual salaries between 1 million to 10 million to attract top IP creators globally, aiming to enhance its original IP incubation [5] - Geely is integrating its intelligent driving teams, with the Zeekr team transitioning to a newly established joint venture focused on intelligent driving solutions [8] Group 2 - Xiaomi's intelligent driving team has grown to over 1,800 members, with significant investment in AI research, exceeding 7 billion in 2025 [8][9] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that the competition in smart electric vehicles is entering a critical phase [15] - Genspark has completed a $275 million Series B funding round, achieving a post-money valuation of $1.25 billion [21] Group 3 - The global market for OLED tablet panels is expected to grow by 39% year-on-year by 2026, reaching 15 million units, driven by strong demand [33] - The China Passenger Car Association forecasts that retail sales of narrow passenger vehicles in November will be around 2.25 million units, with new energy vehicles expected to reach 1.35 million units [33]

今日热点导览 美的回应"所有售后服务商停止小米和格力业务"：无强制售后服务商排他性合作的行为 11月21日，美的集团回应智通财经记者问询表示，美的一直秉承用户体验第一的原则，并无强制售后服 务商排他性合作的行为。 21日早些时候，有媒体报道称，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由 中国区经各区域负责人单独向合作商传达，涉及小米、格力等其他品牌的空调售后及安装维修。该报道 称，多位小米经销商确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和先送后 装两种选择，让售后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选择，只 要不乱收费不会对空调服务有太大影响。（智通财经） 红果短剧公布演员分账数据，三位短剧演员分账超过百万 短剧演员收入分账制试水两个月后，11月20日，红果短剧平台首次对外公布详细的演员分账数据，一共 有三位短剧演员分账超过百万。其中，王凯沐和徐轸轸在《半熟老公》项目中分账金额预计分别为150 万和100万；至春禾在《你装纨绔，我装瞎，看谁能演》中预计分账也超过百万。 平台强调分账透明化，演员收入仅占平台分账的小部分，承制方仍为主要受益方 ...

Group 1 - China and the U.S. should lead bilateral economic and trade relations based on the consensus reached during the recent meeting between the two countries' leaders [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88% [5] - Bitcoin has experienced a significant decline, currently priced at $84,626, down over 2% and more than 22% for the month, marking its worst performance since 2022 [6] - International oil prices fell, with WTI crude down 1.73% to $57.98 per barrel, and Brent crude down 1.42% to $62.48 per barrel [7] - Gold prices decreased by 0.3%, settling at $4,064.28 per ounce, while COMEX silver futures fell by 1.27% to $49.66 per ounce [8] Group 2 - China's Ministry of Commerce reported that from January to October, the country attracted foreign investment of 621.93 billion yuan, a year-on-year decrease of 10.3% [12] - The first batch of AI-focused ETFs and several chip-related ETFs have been approved, expected to attract new capital into the market [14] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, with a stock price increase of over 38% this year [26][27] - Xiaopeng Motors has officially launched its first land carrier prototype, marking a significant step in the production of its flying car [28]

"感谢过去的五年里各位媒体老师和朋友们对我的关注和支持，今天是我到岗小米武汉总部正式开展工作的第一天。上周日我要转岗的消息被圈内的朋友 们'爆料'引发了很多传闻和关注，我深知自己并无值得大家这般惦记之处，而是关注公司的一举一动，但是仍然抱有幻想希望大家不要过度解读。 轮岗的这个时间点其实是五年前就定下了，轮岗到武汉也是我主动的选择，轮岗制是很多大公司对人才培养的通用的举措，让我们可以横向拓展更多视野， 在此要感谢公司给予的信任与培养，是公司的成长，托举着我的进步。 如今，我已经如愿来到武汉投入新的工作岗位，心中没有忐忑，只有满满的感恩与期待。小米赋予我的，早已不是-份工作，而是一生的底气与热爱。小米 武汉总部，欢迎研发大神加入！" 11月21日，王化在朋友圈发布了一段感言，正面回应此次调任的原因。 图源：朋友圈截图 同日，网上流传出关于小米的《组织调整及干部任命通知》，通知表示，任命王化为武汉区域总部综合管理部总经理，向武汉区域总部总经理王扉汇报。同 时也任命徐洁云兼任集团公关部总经理，向集团副总裁、CMO、集团战略市场部总经理许斐汇报，同时徐洁云继续担任集团战略市场部副总经理兼集团董 事长特别助理。 图源： ...

Core Insights - The report highlights the rapid growth and potential of the Chinese smart chip industry, driven by advancements in artificial intelligence, IoT, and 5G technology, with a projected market size exceeding 600 billion yuan by 2030 [1][2][3] Industry Overview and Background Analysis - Smart chips are defined as highly integrated circuits capable of perception, computation, and decision-making, integrating AI algorithms and big data analysis to respond to complex environments [8][9] - The smart chip industry in China has evolved from reliance on imports to developing domestic capabilities, with significant government support and technological breakthroughs in recent years [19][23][24] Market Size and Growth Trends - The Chinese smart chip market has experienced a compound annual growth rate (CAGR) of over 20% from 2018 to 2022, driven by demand in consumer electronics, smartphones, and IoT applications [33][35] - The AI chip segment is the largest, accounting for over 40% of the market, with rapid growth in autonomous driving and edge computing chips [36][41] Technological Development and Innovation Trends - Key technologies in smart chips include Neural Processing Units (NPUs) optimized for AI tasks, edge computing for real-time data processing, and innovations in high-performance computing architectures [51][54][57] - The report emphasizes the importance of hardware-software co-design and the integration of advanced semiconductor processes to enhance performance and reduce power consumption [52][58]

Core Insights - The Middle East and Africa's share of the global smartphone market has increased from 10.7% in 2017 to 13.5% in 2024, indicating a dual-track structure of feature phone dominance and smartphone growth in emerging markets [1] - Omdia forecasts a significant rebound in the Middle East smartphone market (excluding Turkey) in Q3 2025, with a 23% year-on-year increase in shipments, reaching 15.1 million units, driven by rising demand for mid-range 4G and budget 5G smartphones [1] - Major brands are leveraging high-cost performance products to accelerate their presence in the Middle East market, with Samsung, Transsion, Xiaomi, Honor, and Apple leading in market share [1] Market Dynamics - Transsion's TECNO brand has seen a 47% year-on-year increase in shipments, while Xiaomi's shipments grew by 35% due to improved channel relationships and regional investments [2] - Honor has experienced a remarkable 128% year-on-year growth, attributed to product portfolio expansion and stronger partnerships with operators and retailers [2] - Chinese brands like Transsion, Xiaomi, and Honor are rapidly localizing their strategies and leveraging high-cost performance products to capture market share [2] Future Outlook - Omdia predicts that growth in the Middle East smartphone market may slow down in 2026 due to rising storage costs impacting the low-end market, which could lead brands to reduce production of low-end phones or increase retail prices, potentially suppressing sales momentum [2] - Industry analysts suggest that domestic manufacturers should enhance supply chain resilience and diversify procurement strategies to mitigate reliance on single suppliers or regions, while also optimizing product structures and enhancing value [3]

Macro Dynamics - In the first ten months of 2025, China attracted foreign investment of 621.93 billion RMB, a year-on-year decrease of 10.3% [2] - The number of newly established foreign-invested enterprises reached 53,782, marking a 14.7% increase year-on-year [2] - The manufacturing sector attracted 161.91 billion RMB, while the service sector attracted 445.82 billion RMB [2] - High-tech industries received 192.52 billion RMB in foreign investment, with significant growth in e-commerce services (173.1%), medical equipment manufacturing (41.4%), and aerospace manufacturing (40.6%) [2] - Investment from the UAE, UK, and Switzerland increased by 48.7%, 17.1%, and 13.2% respectively [2] Financial Institutions - Xinhua Insurance has been approved to increase its capital by 154.45 million HKD in Xinhua Asset Management (Hong Kong) [8] - The independent director of Xi'an Bank, Cao Huitao, resigned due to work reasons [9][10] - Huang Zhiwei has been approved to serve as the chairman of China Merchants Renhe Life Insurance [11] Market Data - The Hang Seng Index fell by 2.38%, and the Hang Seng Tech Index dropped by 3.21% on November 21 [12] - The Shanghai Composite Index decreased by 2.45%, closing below 3900 points, with significant declines in lithium, titanium dioxide, and energy metal sectors [13] Company Developments - China Nuclear Power announced a share buyback of 37.99 million shares, utilizing a total of 345 million RMB [17] - Changsha Beidou Industry Safety Technology Research Institute's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 709 million RMB for various projects [18] - Xiaomi Group's public relations manager Wang Hua confirmed his transfer to the Xiaomi Wuhan headquarters [19]