格隆汇11月20日丨小米集团-W(01810.HK)公告，11月20日耗资5亿港元回购1350万股。 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].

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11月20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 1 頁 共 7 頁 v 1.3.0 | 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 | | | | | ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 33.45 亿元 | -5.20 亿元 | | 盈富基金(02800) | 27.09 亿元 | +26.95 亿元 | | 阿里巴巴-W(09988) | 26.28 亿元 | +8.81 亿元 | | 腾讯控股(00700) | 18.13 亿元 | +7.55 亿元 | | 中芯国际(00981) | 15.23 亿元 | -3364.83 万元 | | 南方恒生科技(03033) | 9.69 亿元 | +8.88 亿元 | | 小鹏汽车-W(09868) | 6.81 亿元 | +2.30 亿元 | | 华虹半导体(01347) | 6.40 亿元 | -614.67 万元 | | 恒生中国企业(02828) | 6.35 亿元 | +6.00 亿元 | | 赣锋锂业(01772) | 6.12 亿元 | -2587.36 万元 | 2025年11月20日当天，小米集团-W(01810)、盈富基金(02800)、阿里巴巴-W(09988)位居沪港通 ...

雷军成功的又一个原因：懂的分享！ 今天，小米汽车50万台下线之际，小米拿出2937万股奖励员工及供应商羡煞旁人，纷纷表示雷总太豪爽了。 ...

"安全"是小米汽车最近陷入争议的关键词，因此雷军发文最后表示，小米汽车第一要做的就是坚持不懈抓 安全、抓交付，安全是基础，安全是前提，在确保安全和品质的基础上，小米汽车会全力以赴加快生产。 一句话提到了4次"安全"，这下应该没人会再断章取义，说雷军和小米汽车不把安全当回事了。 在2024年跨年直播中，雷军曾表示2025年小米计划交付30万辆汽车，后来上调至35万辆。而现在距离2025 年结束还有40天左右的时间，雷军则在现场发言，表示小米汽车今年将会交付超40万辆汽车。 11月20日，北京经济技术开发区的小米汽车超级工厂，迎来了第50万辆小米汽车正式下线。从小米汽车首 款车型SU7正式发布，小米汽车用时602天，刷新了全球新能源车企50万辆下线的最快纪录。 雷军发文称，50万台对于行业巨头来说可能微不足道，但是对于小米来说，这标志着小米汽车从研发、制 造、销售、交付和服务等整个体系能力，得到了充分验证。 雷军表示，小米汽车能够取得今天的一系列成绩，要感谢用户的信赖与支持，感谢供应商的支持，感谢媒 体和关心小米的各界朋友，还要尤其感谢国家主管部门和北京市的大力支持。当然，最后还要感谢小米汽 车团队和整个小米集团 ...

非常意外，原来我们"错怪"雷军了。 让我们把时间拨回 10 月 24 日，红米 K90 系列发布之日。雷军、卢伟冰两位高管在社交平台上大吐苦水，说 K90 系列涨价实属"无奈之举"，因为内存涨 价实在太多，请大家多多包涵。 这里说的是，红米 K90 标准版售价为2599 元，比前代贵了 300 元；如果想从 256GB 的版本升级到 512GB，得加 600 元（3199元），而上代只需要加 400 元。 次次发布都说成本高要涨价，然后首销又反手降几百，营造出一种"很厚道"的感觉…实话说这种"叫苦式营销"咱们消费者都见得多了，腻了。 万万没想到，进入 11 月之后内存价格暴涨成了头条。首当其冲的是电脑市场那边，内存条的价格一天一个价，同规格的从一两个月前的两百块，涨到四 五百；固态硬盘价格直接翻倍，涨幅秒杀黄金。 手机行业也未能幸免。根据媒体报道，不少手机厂商都在承受内存价格上涨带来的成本压力，甚至不得不先暂缓本季度的存储芯片采购。 现在，小米、OPPO、vivo 等厂商的物料库存普遍低于两个月，后面想要保证出货，可能要接受上游接近 50% 的涨幅报价。 当新闻铺天盖地之后，才发现这次雷军和卢伟冰的"叫苦"， ...

Core Insights - Since 2025, the Hong Kong stock market, led by technology and innovative pharmaceuticals, has been on the rise, with the Hang Seng Technology Index reaching a recent high of 6715.46 on October 2, and the Hang Seng Index showing a gain of over 30% [1][3] - However, in less than two months, the Hang Seng Technology Index has experienced a continuous adjustment, with a maximum drawdown exceeding 15%, and a recent five-day losing streak [1][3] - Despite the market pullback, southbound capital has accelerated its inflow, with a net purchase exceeding 1.3 trillion HKD this year, and cumulative net inflow surpassing 5 trillion HKD, setting a historical record [1][7] Market Dynamics - The recent pullback in the Hong Kong stock market's technology sector is attributed to multiple factors, including persistent concerns over an "AI bubble," a cooling concept of interest rate cuts by the Federal Reserve, and escalating tariff conflicts, which have led to a systematic devaluation of technology stocks [3][4] - Additionally, as the year-end approaches, there is a shift in investment focus towards dividend-paying assets like banks and non-bank financials, rather than high-volatility technology stocks [4] Financial Performance - Nvidia's strong Q3 earnings report, showing a revenue of 57 billion USD (up 62% year-on-year) and a Q4 revenue outlook of approximately 65 billion USD, may help alleviate market concerns regarding the "AI bubble" [5] - Major Hong Kong technology companies have also reported robust Q3 earnings, indicating resilience in the face of global economic disruptions, with highlights including Tencent's revenue of 192.9 billion CNY (up 15%) and Xiaomi's revenue of 113.12 billion CNY (up 22.3%) [6][5] Investment Outlook - Looking ahead to 2026, several institutions remain optimistic about the mid-to-long-term prospects of the Hong Kong technology and internet sectors, driven by the AI wave and supportive policies [7] - The inflow of southbound capital is unprecedented, with insurance and public funds driving a dual strategy of "technology growth + high dividend yield" [7][8] - The Hang Seng Technology Index is currently at a historical low valuation, with a PE ratio of 23.09, significantly lower than the Nasdaq's 42.5, indicating a strong value proposition for long-term investors [9][8] ETF Performance - The inflow of funds has led to a rise in the scale of related ETFs, with the Hang Seng Technology Index ETF exceeding 46 billion CNY and the Hang Seng Internet ETF nearing 34 billion CNY [8][9] - The current market environment, characterized by improving liquidity and low valuations, presents a favorable opportunity for long-term investment in Hong Kong's technology sector [10]

Core Viewpoint - Xiaomi Group reported a strong performance in Q3 2023, achieving revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, the highest in its history [2][4]. Group 1: Core Business Growth and Innovation Acceleration - The revenue from Xiaomi's mobile and AIoT segments reached 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, showing a year-on-year growth of 5.6% [7][10]. - Xiaomi's smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three global ranking for 21 quarters [8][10]. - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan in revenue, with a staggering year-on-year growth of over 199% [10][13]. Group 2: R&D Investment and Future Growth - Xiaomi's total revenue for the first three quarters of the year reached 340.4 billion yuan, nearing last year's total, with adjusted net profit exceeding last year's figure at 32.8 billion yuan [2][4]. - The company invested 23.5 billion yuan in R&D in the first three quarters, approaching the total planned investment for 2024, with expectations to exceed 30 billion yuan for the year [22][26]. - Xiaomi plans to invest 200 billion yuan in core technology R&D over the next five years, transitioning from an internet company to a hard-tech company [26][28]. Group 3: Market Position and Competitive Edge - Xiaomi's new flagship Xiaomi 17 series achieved over 1 million sales within five days of launch, indicating strong market acceptance and competitive positioning against rivals like Apple [14][16]. - The company has established a robust ecosystem with over 1 billion connected IoT devices, and the number of users with five or more connected devices reached 21.6 million, reflecting high user engagement [8][10]. - Xiaomi's smart electric vehicle business is positioned for significant growth, with plans to launch new models and expand into international markets, contributing to a projected 23% increase in vehicle shipments by 2027 [17][19].

Core Insights - The Chinese new energy vehicle (NEV) market continues to experience rapid growth, with a production volume of 12.67 million units from January to October 2025, representing a year-on-year increase of 28.1% and a cumulative penetration rate of 46.4% [5][7]. Market Trends - The NEV market is driven by policy support, product innovation, and export growth, contributing to a high-quality development trajectory [7]. - By September 2025, the market share of cars (CAR) was 45.1%, a decrease of 1.7 percentage points year-on-year, while SUVs and MPVs accounted for 43.9% and 3.6%, respectively [11]. Vehicle Segmentation - The passenger vehicle segment saw significant growth, with sedans increasing by 15.1% and SUVs by 15.7%. The MPV market experienced a substantial increase of 39.3%, while commercial vehicles, particularly trucks, saw a remarkable growth of 94.6% [11]. Battery Market Dynamics - In September 2025, the installed capacity of NEV power batteries reached 73.7 GWh, marking a year-on-year growth of 39.9% [17]. - The average battery capacity per vehicle was 53.0 kWh, reflecting a year-on-year increase of 17.3% [17]. - BYD, Tesla, and Xiaomi emerged as the leading contributors to the power battery installation volume [17]. Battery Cell Structure - As of September 2025, square cells accounted for 98.6% of the battery cell configuration, while cylindrical and soft-pack cells represented 1.0% and 0.4%, respectively [18]. - Lithium iron phosphate (LFP) batteries are gaining market share due to their safety, cost-effectiveness, and longevity, with expectations to maintain dominance in the mid-to-low-end vehicle segment [18]. Battery Supplier Landscape - The top three battery manufacturers held a market share of 72.2%, with CATL leading at 42.1%. The top ten manufacturers accounted for 95.4% of the market [20]. - Companies like Zhongxin Innovation and Ruipu Lanjun showed significant growth rates of 102.0% and 143.2%, respectively [20]. Electric Drive Motor Supply - By September 2025, the top ten electric drive motor suppliers accounted for 62.7% of the market share, with all companies experiencing a month-on-month increase in supply [22]. Sodium-Ion Battery Development - Sodium-ion battery technology is rapidly advancing, with key advantages including excellent low-temperature performance, fast charging capabilities, high intrinsic safety, and cost/resource benefits [33]. - Applications for sodium-ion batteries include home energy storage, large-scale energy storage, two-wheeled vehicles, electric vehicles, and backup power systems [35]. - Major companies like CATL, Zhongke Haina, and BYD are accelerating the development of sodium-ion battery products [38].