11月18日，小米集团（01810.HK）发布业绩公告显示，2025年第三季度实现营收约1131.21亿元，同比增长22.3%，连续4个季度突破千亿元；经调整净利 润为113亿元，创历史新高，同比增长80.9%。 三季度交付超10万辆新车 汽车业务首次盈利 具体来看，第三季度，智能电动汽车及AI等创新业务分部收入290亿元，同比增长超199%。其中，智能电动汽车收入283亿元，其他相关收入7亿元。小米 汽车及AI（人工智能）等创新业务分部首次实现单季度经营收益转正，实现单季经营收益7亿元。 | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至以下日期止三個月 | | | | | | 2025年9月30日 | | 2024年9月30日 | | | | 佔總收入 | | | 佔總收入 | | | 金額 | 自分比 | 金額 | 自分比 | | | (人民幣百萬元,除非另有説明) | | | | | 手機×AIoT | 84.110.6 | 74.4% | 82.809.4 | 89.5% | | 智能電動汽車及AI等創新業務 | 29,010.1 | 25 ...

证券时报·数据宝统计显示，11月18日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 386.62亿港元，净买入金额为71.85亿港元。 小米集团-W获南向资金连续15天净买入，累计净买入金额为106.60亿港元，股价累计下跌10.96%。 11月18日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为45.92亿港元，净买入金额为 8.54亿港元，不仅如此，该股已连续15日出现成交净买入，累计净买入金额为106.60亿港元，其间股价 下跌10.96%。（数据宝） （文章来源：证券时报网） ...

| 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 58.48 | -1.91 | 21 | 623.500 | -2.04 | | 00981 | 中芯国际 | 42.27 | 3.74 | 21 | 74.000 | 1.44 | | 01347 | 华虹半导 体 | 36.13 | 3.67 | 21 | 80.250 | 3.48 | | 01810 | 小米集团 W | 45.92 | 8.54 | 21 | 40.780 | -2.81 | | 09988 | 阿里巴巴 | 92.79 | 32.97 | 21 | 154.600 | -0.19 | | | W | | | | | | | 00883 | 中国海洋 石油 | 23.73 | -3.65 | 16 | 21.800 | -3.11 | | 09868 | 小鹏汽车 | 28. ...

从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有小米集团-W、 华虹半导体、阿里巴巴-W，连续净买入天数分别为15天、4天、4天。以其间净买入金额统计，净买入 金额最多的是小米集团-W，合计净买入为106.60亿港元，其次是阿里巴巴-W合计净买入为89.99亿港 元，华虹半导体合计净买入为5.48亿港元。（数据宝） 11月18日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 927896.33 | 329665.50 | -0.19 | | 09868 | 小鹏汽车-W | 282759.05 | 115165.34 | -10.47 | | 01810 | 小米集团-W | 459249.26 | 85350.37 | -2.81 | | 01378 | 中国宏桥 | 241867.66 | 83227.44 | -5.88 | | 03033 | 南方恒生科技 | 159270.66 | 51581.48 ...

Core Viewpoint - Xiaomi's automotive division is expected to face significant challenges in 2026 due to reduced purchase tax subsidies and intensified competition, leading to a potential decline in gross margins next year, although Q4 of this year is anticipated to maintain a "good level" of performance [1][3][4]. Automotive Performance - Xiaomi's automotive division is on track to meet its annual delivery target of 350,000 vehicles, with over 100,000 new cars delivered in Q3 and a total of over 260,000 vehicles delivered in the first three quarters [3][4]. - The company aims to prioritize delivery volume in the short term while maintaining healthy gross margins despite the anticipated impact of reduced purchase tax subsidies on average selling price (ASP) and gross margins [4][15]. Memory Cost Impact - The rising memory costs are expected to significantly affect the gross margins of mobile and other products, driven by increased demand from AI and high-bandwidth memory (HBM) applications [6][9][10]. - Xiaomi has proactively secured supply agreements for 2026 to mitigate the impact of memory cost increases on its mobile business, although price adjustments may be necessary to offset some of the cost pressures [6][10][11]. High-End Market Strategy - Xiaomi is focusing on enhancing its presence in the high-end smartphone market, with a target of achieving 30 million high-end phone sales by 2030, despite the challenges posed by rising memory costs [14][26]. - The company has maintained a market share growth strategy, aiming to increase its share from 15.8% last year to approximately 17% this year [14][26]. AIoT and Smart Home Initiatives - Xiaomi has launched a unified operating system, Xiaomi OS, to enhance its IoT capabilities and improve user experience through deep integration of software and hardware [17][18]. - The company is exploring open-source smart home solutions, such as MI local, to advance its AIoT strategy and maintain ecosystem openness [24]. Overseas Expansion and Retail Strategy - Xiaomi is expanding its retail presence in East Asia and Europe, with plans to enter Latin America and Africa next year, while ensuring that its new retail model remains efficient and profitable [21][32]. - The company aims to open approximately 5,000 new stores in 2024 and 2025, focusing on improving the operational efficiency of existing stores [31][32]. Financial Management and Cost Control - The increase in operating expenses in the mobile and IoT segments is attributed to rising R&D costs and the expansion of the retail network, which requires time to reach optimal operational efficiency [33].

Core Insights - Xiaomi reported a total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3% but a quarter-on-quarter decline of 2.4% [2] - The adjusted net profit reached 11.3 billion yuan, marking a historical high with a year-on-year increase of 80.9% [2] - Gross margin improved to 22.9%, up by 2.5 percentage points year-on-year [2] - Cumulative revenue for the first three quarters reached 340.4 billion yuan, reflecting a year-on-year growth of 32.5% [2] Revenue Breakdown - The revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, down 3.2% year-on-year, although shipment volume has increased for nine consecutive quarters [2] - AIoT and consumer products revenue was 27.6 billion yuan, showing a year-on-year growth of 5.6% [2] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet revenue hitting a record high of 3.3 billion yuan [2] Market Performance - Smartphone shipments totaled 43.3 million units, marking nine consecutive quarters of year-on-year growth [2] - Xiaomi maintained a global market share of 13.6%, ranking in the top three for 21 consecutive quarters [2] - The electric vehicle and AI innovation segment achieved operational profitability for the first time in a single quarter, with a profit of 700 million yuan and a record delivery volume of 108,800 units [2] R&D and Capital Expenditure - R&D investment for Q3 was 9.1 billion yuan, a year-on-year increase of 52.1%, with a total of 23.5 billion yuan invested in the first three quarters [3] - The number of R&D personnel reached a record high of 24,871 [3] - Capital expenditure amounted to 5.38 billion yuan, significantly exceeding the estimated 2 billion yuan [3] Manufacturing Capabilities - Xiaomi has established three major smart factories covering smartphones, automobiles, and smart home appliances, enhancing its smart manufacturing capabilities across the "people, vehicles, and home" ecosystem [3]

2025年下半年以来，全球存储芯片行业迎来一场罕见的普涨行情，进入四季度后涨势愈演愈烈。以主流 的DDR5（DRAM行业成熟工艺制程的最新产品）规格的16Gb颗粒为例，9月底的价格为7.68美元，然 而短短一个月后，价格就跳增至15.5美元，单月涨幅高达102%；DDR4 16Gb的涨幅也超过92%。由于涨 势较快，三星、SK海力士和美光等存储原厂甚至一度暂停报价。 来自上游的密集涨价迅速向下游终端传导，并对以智能手机为代表的消费电子产业造成明显冲击。近 日，有媒体报道称，多家手机厂商已经暂缓本季度的存储芯片采购。 "头部Tier1手机厂商（如小米、OPPO、vivo、荣耀）与原厂都有长期的LTA（长期供货协议），因此不 会出现断货的情况，目前手机厂商面临的压力主要是，短期内存储芯片价格涨幅过于剧烈，譬如四季度 原厂LP4X/5X（低功耗双倍数据速率动态随机存取内存LPDDR的两种技术标准）合约价环比三季度涨 幅达到40%，UFS合约价涨幅达25%至30%。"11月17日CFM闪存市场分析师杨伊婷对《每日经济新闻》 记者说。 杨伊婷指出，手机厂商们能接受的是逐季、温和上涨，而不是在一个季度里跳涨40%。 如何 ...

【#卢伟冰称不盲目跟进价格战#：IoT营收、毛利率均连续7季度同比增长】#卢伟冰称小米研发投入远 超预期# 小米集团合伙人、集团总裁@卢伟冰 在2025年Q3财报业绩电话会上表示，集团IoT业务Q3营收 276亿元，同比增长5.6%；毛利率23.9%，同比提升3.2个百分点，均连续7个季度实现同比增长，特别是 大家电业务毛利率和平均售价双双提升。卢伟冰特别强调，小米不主动打价格战、不盲目跟进价格战， 而是以创新激活用户需求。此外，小米大家电出海也有巨大的潜力，今年出海东南亚和欧洲，明年会进 一步加大家电出海。 ...

11月18日，小米集团（HK01810）发布三季度业绩公告显示，公司单季营收1131亿元，同比增长 22.3%，连续4个季度突破千亿；经调净利润113亿元，同比大增80.9%，创历史新高。 智能电动汽车及AI等创新业务分部收入290亿元，同比劲增超199%。其中智能电动汽车收入283亿元， 其他相关收入7亿元，并且本季度小米汽车及AI等创新业务分部首次实现单季度经营收益转正，实现单 季经营收益7亿元。 高盛研报认为，从长远来看，小米稳健的资产负债表、强大的生态整合能力以及因规模和深度参与电动 汽车供应链而产生的成本优势，将提升其在电动汽车领域的竞争力和吸引力。 武汉智能家电工厂一期竣工投产 小米集团前三季总营收已达3404亿元，接近去年全年，经调净利润328亿元，已超去年总额。本季度小 米智能手机业务稳中有进，全球出货量4330万台，连续9个季度实现同比增长。国内方面，小米智能手 机销量连续6个季度稳居中国内地前二；国际市场方面，在57个国家和地区排名前三，68个国家和地区 排名前五。 具体来看，手机×AIoT分部收入841亿元。其中智能手机业务收入460亿元，出货量连续9个季度同比增 长，连续21个季度稳居 ...

这几天的汽车圈舆论场，被小米创始人雷军的三条微博搅得波澜四起。不是发布SU7的交付进展，不是 官宣电池技术的重大突破，这位以"善于利用社交网络"著称的企业家，偏偏在"汽车安全与颜值"这个敏 感话题上反复发声，硬生生把自己推到了社交舆论漩涡的中心。 事情的起因不算复杂。雷军在微博上翻出了去年4月的一段旧采访，针对自己当时"一辆车，好看是第一 位的"这一表述公开发问："这和'安全是基础、安全是前提'矛盾吗?"紧接着他又补充，自己当时提到"轮 毂最难设计"的说法，也被外界过度解读。在后续回复网友评论时，雷军更是直接针锋相对，字里行间 都透着对舆论质疑的回应姿态。 明眼人都能看出，雷军的核心诉求是"澄清误会"，预设的议题是"厘清设计与安全的辩证关系"。站在企 业创始人的角度，面对外界对产品理念的曲解，站出来发声似乎合情合理。但熟悉社交网络传播规律的 人都清楚，这种自证清白式的发声，往往会掉进舆论的陷阱——大众对争议事件的关注，从来都不是为 了厘清逻辑，而是为了寻找情绪出口。 果不其然，雷军的微博发出后，舆论完全没按他的预设方向发展。 网友的讨论焦点迅速从"设计与安全是否矛盾"，转移到"为何不优先强调安全""过往言论是 ...