Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The company achieved a revenue of 113.12 billion yuan in Q3 2025, representing a year-on-year increase of 22.3% and a quarter-on-quarter decrease of 2.4% [7] - Adjusted net profit for Q3 2025 was 11.31 billion yuan, up 80.9% year-on-year and 4.4% quarter-on-quarter [7] - The automotive segment turned profitable for the first time, with revenue from automotive and AI-related businesses reaching 29.01 billion yuan, a year-on-year increase of 199.2% [7] - High-end smartphone sales showed strong performance, with Q3 2025 smartphone revenue at 45.97 billion yuan, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 1.0% [7] - The IoT segment generated revenue of 27.55 billion yuan, up 5.6% year-on-year, although it saw a quarter-on-quarter decline of 28.8% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 270.97 billion yuan, 365.91 billion yuan, 474.58 billion yuan, 591.85 billion yuan, and 669.07 billion yuan respectively [1] - Net profit projections for the same years are 17.48 billion yuan, 23.66 billion yuan, 45.32 billion yuan, 52.96 billion yuan, and 65.61 billion yuan respectively [1] - The report adjusts the net profit forecast for 2025-2027 to 45.3 billion yuan, 53.0 billion yuan, and 65.6 billion yuan, reflecting a positive outlook on the company's performance [7] Market Position - The company has expanded its automotive sales network to 402 stores and 209 service points, covering 119 and 125 cities respectively [7] - The market share for smartphones priced above 3,000 yuan in mainland China increased by 4.1 percentage points to 24.1% [7] - The report highlights the company's ongoing efforts in high-end product development, with the new Xiaomi 17 series achieving a 30% increase in sales compared to the previous generation [7]

1、中金公司：拟换股吸收合并东兴证券、信达证券 11月20日起停牌 重要程度：★★★★★ 中金公司公告称，公司与东兴证券、信达证券正在筹划由中金公司通过换股方式吸收合并东兴证券、信达 证券。为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股股票将于2025年11 月20日开市时起停牌，预计停牌时间不超过25个交易日。 从规模来看，Wind显示，中金公司+东兴证券+信达证券三家公司截至2025年三季度末的总资产合计为 10095.83亿元(7649.41亿元+1163.91亿元+1282.51亿元)；净资产合计为1746.81亿元(1178.2亿元+272.21亿元 +296.4亿元)。 业内人士表示，在政策支持下，预计未来券业并购重组案例将会增多，资源整合或将成为券商快速提升规 模与综合实力的重要方式。此外，并购模式的多元化趋势一定程度反映出券业并购已从简单的规模扩张转 向聚焦能力跃迁。 点评：券商真的是在无人问津时难受煎熬处出利好了。希望后续能带领一众券商互联网金融来一波拉升， 不要只拉银行保险这种大块头，给点甜头大家一起实现共赢众乐乐…… 2、国务院副总理张国清：加快制造业数智化转型升 ...

Core Points - Xiaomi Group announced a share incentive plan on November 19, rewarding 3,334 selected participants with a total of 29.3667 million shares, representing approximately 0.11% of the company's issued share capital, valued at around HKD 1.14 billion based on the closing price of HKD 38.82 per share on the same day [1][5] - The company also granted a total of 496,300 stock options to three employees under the 2024 share plan [2] - The share incentive program includes not only employees but also suppliers, with an average share value of approximately HKD 342,000 per person [5] - The stock awards will vest between November 20, 2025, and November 20, 2034, while the stock options will vest from November 20, 2026, to August 20, 2030 [5] - Xiaomi's equity incentive pool still has 577 million shares available for future grants, with specific limits for authorized shares and service suppliers set at 527 million shares and 50 million shares, respectively [5] - The company has significantly increased its R&D investment, with Q3 spending reaching CNY 9.1 billion, a year-on-year increase of 52.1%, and total R&D expenditure for the first three quarters nearing CNY 23.5 billion [5] - As of the end of Q3, Xiaomi employed 24,871 R&D personnel [5] - Xiaomi has repurchased approximately 15.4 million shares this year, totaling around HKD 1.54 billion, complementing the incentive plan and signaling confidence in the company's value [6]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 53.5 per share, indicating a potential upside of 31.2% from the recent closing price of HKD 40.78 [6]. Core Insights - The company achieved record high revenue and profit in Q3 2025, driven by effective execution of its "high-end, full ecosystem, and globalization" strategy, despite facing challenges from rising storage costs [5][6]. - The automotive segment reported its first profit in Q3 2025, with revenue growing by 199.2% year-on-year, contributing significantly to overall growth [2]. - The smartphone segment showed resilience with a slight revenue decline of 3.1%, while maintaining a strong market share in the high-end segment [3]. - Internet services continued to grow steadily, with revenue reaching a historical high, supported by increased advertising income and user engagement [4]. Summary by Sections Q3 Performance - Revenue for Q3 2025 increased by 22.3% year-on-year to HKD 1131.2 billion, slightly above market expectations [1]. - Gross margin was reported at 22.9%, exceeding expectations, while adjusted net profit surged by 80.9% to HKD 113.1 billion [1]. Automotive Business - The automotive segment generated revenue of HKD 290.1 billion in Q3 2025, accounting for 25.6% of total revenue, with a significant year-on-year growth of 199.2% [2]. - The company delivered 109,000 new vehicles in the quarter, marking a 173.4% increase year-on-year, with the XiaomiYU7 series leading domestic SUV sales [2]. Smartphone and AIoT - The smartphone division reported revenue of HKD 460.0 billion, a slight decline of 3.1%, with a shipment of 43.3 million units, reflecting a 0.5% increase [3]. - The IoT and lifestyle products segment achieved revenue of HKD 276.0 billion, growing by 5.6% year-on-year, with a gross margin of 23.9% [3]. Internet Services - Internet services revenue reached HKD 94.0 billion, a 10.8% increase year-on-year, with advertising revenue growing by 17.4% [4]. - The global monthly active users reached 741.7 million, reflecting an 8.2% year-on-year increase, indicating improved user engagement and monetization [4].

Core Insights - Xiaomi's Q3 adjusted net profit reached 11.3 billion RMB, marking a historical high with an 81% year-on-year increase, exceeding Wall Street expectations [1] - The company's electric vehicle and AI innovation segments reported operational profits of 700 million RMB for the first time, indicating a significant milestone [1] - Despite strong financial results, Xiaomi's stock price fell nearly 5% the day after the earnings report [1] Smartphone Business - Analysts agree that rising memory prices driven by AI demand pose a long-term structural challenge, suppressing overall industry profits [3] - Xiaomi's management strategy prioritizes market share over short-term margins, which has received widespread analyst support [3] - The company is locking in memory supply through 2026 and aims to increase average selling prices (ASP) while expanding market share, with a target of 30 million high-end model shipments by 2030 [3] Electric Vehicle Business - All three major investment banks show consensus on the electric vehicle segment becoming a new growth engine for Xiaomi, with Q3 operational profit of 700 million RMB being a significant achievement [4] - The electric vehicle segment's revenue reached 29 billion RMB, a 199.2% year-on-year increase, with a quarterly delivery of 108,800 vehicles [4] - There is a divergence in predictions regarding the impact of the 2026 vehicle purchase tax subsidy policy, affecting long-term gross margin forecasts among analysts [4][5] Analyst Predictions - Citigroup has lowered its smartphone shipment forecasts for 2025-2027 to 170 million, 160 million, and 166 million units, with corresponding gross margin reductions [5] - Goldman Sachs has also warned of margin pressures, predicting a smartphone gross margin of 8.8% for 2026, down approximately 1 percentage point [5] - Morgan Stanley emphasizes that Xiaomi will rely more on product mix optimization and cost control to mitigate the impact of rising memory costs [5]

11月19日，小米公关部总经理王化发布日程表，称2025小米人车家全生态合作伙伴大会将于12月17日举办，现已开启线上报名。 日程表显示，小米集团合伙人、集团总裁卢伟冰等人将在主论坛发言。 此外，刚刚加入小米的罗福莉将以MiMo大模型负责人身份进行首秀。 图：议程安排 事实上，罗福莉加盟小米的消息早有铺垫。据红星新闻、证券时报等报道，去年年末，雷军在直播时就曾表示，希望用千万年薪挖角罗福莉，请她到小米 带领团队从事AI大模型研究。 11月12日，据澎湃新闻、蓝鲸新闻等多家媒体报道，罗福莉发布朋友圈表示，"智能终将从语言迈向物理世界。我正在Xiaomi MiMo，和一群富有创造 力、才华横溢且真诚热爱的研究员，致力于构建这样的未来，全力奔赴我们心目中的 AGI。" 这是罗福莉正式宣布自己加入小米，亦是对此前传言的回 应。 图：罗福莉发布朋友圈 罗福莉能被雷军力邀，与其亮眼的履历密不可分。据悉，她高中就读于四川省宜宾市第一中学校"清北班"，2013年考上北京师范大学后保研北大。身上集 齐了保研北大、在顶会顶刊发文章、毕业进入阿里达摩院、转行跳槽知名私募公司、在DeepSeek从事人工智能研究、知乎"一夜爆红"等多 ...

Group 1: Ice and Snow Industry Growth - The ice and snow industry in China is expected to reach a market size of 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [2] - The industry is transitioning from niche sports consumption to mainstream consumption, with travel combined with skiing becoming a new leisure and vacation trend [2] - Companies like Xue Ren Group are leading in manufacturing ice and snow equipment, while Changbai Mountain is upgrading its tourism offerings to include more diverse recreational experiences [2] Group 2: Baidu's AI Business Performance - Baidu reported a total revenue of 31.2 billion yuan for Q3 2025, with core revenue at 24.7 billion yuan, and for the first time disclosed AI business revenue, which grew over 50% year-on-year [3] - AI cloud revenue increased by 33%, while AI application revenue reached 2.6 billion yuan, and AI native marketing service revenue surged by 262% to 2.8 billion yuan [3] - The domestic AI industry is expected to enter a sustainable growth cycle, driven by the demand for self-sufficient technology and advancements in AI chips [3] Group 3: Semiconductor and Memory Market Trends - Xiaomi indicated that the current rise in memory prices is a long-term trend driven by increased demand for HBM due to AI, rather than traditional market fluctuations [4] - The storage industry has entered an accelerated upward cycle, with expectations of significant profit growth for domestic storage module companies by the second half of 2025 [4] - Companies like Shikong Technology are focusing on semiconductor memory products, including memory bars and solid-state drives, with advanced testing capabilities [5] Group 4: Commercial Space and Rocket Technology - Tianbing Technology successfully completed key tests for its "one rocket, 36 satellites" capability, marking a significant milestone in China's commercial space sector [6] - The year 2025 is seen as a pivotal year for validating reusable rocket technology, with several private companies planning their first flights [6] - Companies like Shanghai Port Bay are supporting satellite launches and contributing to satellite internet constellation development [7] Group 5: Lithium Carbonate Supply and Demand - Strong demand has led to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons, resulting in a shortfall of about 13,000 tons [8] - The market outlook for energy storage is optimistic, with significant agreements indicating a sustained growth cycle for China's energy storage industry over the next 3-5 years [8] - Companies like Jiangte Electric have developed an integrated industry chain for lithium salt production, with significant production capacity planned for the coming years [9] Group 6: Liquid Cooling Industry Potential - The liquid cooling industry is expected to experience explosive growth driven by AI demand and supportive policies, with new data centers required to meet specific energy efficiency standards [10] - The penetration rate of liquid cooling technology in global data centers is projected to rise from 10% in 2024 to over 30% by 2025 [10] - Companies like Invid and Keda are positioned to benefit from the growing demand for liquid cooling solutions in data centers [11] Group 7: Solid-State Battery Development - CATL is committed to investing in all-solid-state batteries, with expectations for small-scale production by 2027 [12] - The solid-state battery industry is experiencing rapid advancements, supported by national policies and emerging application demands [12] - Companies like Xian Dao Intelligent are leading in providing comprehensive solutions for solid-state battery production, with increasing orders and customer engagement [12]

同日，小米香港根据2024年小米香港股份计划授出合共49.63万份小米香港购股权予3名为小米香港集团 雇员的小米香港选定参与者。 小米集团-W(01810)发布公告，公司于2025年11月19日根据2023年股份计划奖励合共2936.67万股奖励股 份予3334名选定参与者，包括集团雇员及服务供应商。 ...

每经编辑｜许绍航 11月19日，小米公关部总经理王化发布日程表，称2025小米人车家全生态合作伙伴大会将于12月17日举办，现已开启线上报名。 图：王化发布日程表 日程表显示，小米集团合伙人、集团总裁卢伟冰等人将在主论坛发言。此外，刚刚加入小米的罗福莉将以MiMo大模型负责人身份进行首秀。 图：议程安排 事实上，罗福莉加盟小米的消息早有铺垫。据红星新闻、证券时报等报道，去年年末，雷军在直播时就曾表示，希望用千万年薪挖角罗福莉，请她到小米 带领团队从事AI大模型研究。 11月12日，据智通财经、蓝鲸新闻等多家媒体报道，罗福莉发布朋友圈表示，"智能终将从语言迈向物理世界。我正在Xiaomi MiMo，和一群富有创造 力、才华横溢且真诚热爱的研究员，致力于构建这样的未来，全力奔赴我们心目中的 AGI。" 这是罗福莉正式宣布自己加入小米，亦是对此前传言的回 应。 图：罗福莉发布朋友圈 罗福莉能被雷军力邀，与其亮眼的履历密不可分。据悉，她高中就读于四川省宜宾市第一中学校"清北班"，2013年考上北京师范大学后保研北大。身上集 齐了保研北大、在顶会顶刊发文章、毕业进入阿里达摩院、转行跳槽知名私募公司、在DeepSeek从 ...

智通财经APP讯，小米集团-W(01810)发布公告，公司于2025年11月19日根据2023年股份计划奖励合共 2936.67万股奖励股份予3334名选定参与者，包括集团雇员及服务供应商。 同日，小米香港根据2024年小米香港股份计划授出合共49.63万份小米香港购股权予3名为小米香港集团 雇员的小米香港选定参与者。 ...