小米全主动悬架配备单轮 4.6kW 动力源，阻尼可变减振器也升级成双阀，调节幅度可达 140mm，举升 力最高 44400 N；还接入"人车家全生态"，支持"手车互联"，用户可以用手机控制汽车跳舞。 报道援引知情人士消息称，小米汽车整车研发负责人崔强进入架构部，原电动力负责人王振锁接替崔 强，负责整车研发。 IT之家注意到，小米汽车去年 11 月公布了智能底盘预研技术，包括四项内容： 据 36 氪今日（10 月 28 日）报道，小米汽车近期宣布了一项组织架构调整。 本轮调整设立了一个全新 的一级部门：架构部，负责智能电动汽车下一代技术架构的思考定调。新部门直接向雷军汇报，成员包 括部分研发部门负责人与核心骨干。 小米汽车公布了一段演示视频，搭载智能底盘预研技术的小米汽车能跳舞、能原地掉头，还能圆规掉 头。 小米全主动悬架 小米超级四电机系统 小米 48V 线控制动 小米 48V 线控转向 小米超级四电机系统迎来升级，包括 2 个全新自研电机 + 2 个 V8s 电机，最大马力可达 2054PS。全新 自研前电机最高转速可达 28000 rpm，单电机最大马力 449PS，单电机峰值扭矩 380N・m。 小米 ...

Core Insights - Xiaomi has officially launched its smart home appliance factory in Wuhan, marking a significant step in its transition from an internet company to a smart manufacturing enterprise [2][4][6] - The factory is designed to produce high-end air conditioners with advanced AI quality inspection, achieving a production rate of one unit every 6.5 seconds [4][5] - Xiaomi's home appliance sales have seen rapid growth, with air conditioner shipments exceeding 5.4 million units in Q2 2025, reflecting a year-on-year increase of over 60% [2][8] Manufacturing and Production - The Wuhan smart home appliance factory covers an area of 500,000 square meters and has a planned peak annual production capacity of 7 million units, with an initial investment of 2.5 billion yuan [5] - The factory integrates digital and intelligent manufacturing processes, establishing a complete industrial chain in Wuhan, including design, research, production, and validation [5][6] - Xiaomi aims to position this factory as a benchmark for smart manufacturing in the industry [5] Sales Performance - The home appliance segment has become a new growth engine for Xiaomi, with a 66.2% year-on-year increase in revenue for smart home appliances in Q2 2025 [8] - In addition to air conditioners, Xiaomi's refrigerator shipments surpassed 790,000 units (up over 25%) and washing machines exceeded 600,000 units (up over 45%) [8] - Xiaomi's strategy focuses on innovation and quality rather than engaging in price wars, as evidenced by its ability to achieve growth in both volume and price [8][9] Market Strategy - Xiaomi has upgraded its air conditioner service from a 6-year to a 10-year free repair policy, addressing consumer concerns about product quality [9] - The company is actively expanding into international markets, with plans to enter the European market and establish a significant presence in Southeast Asia [9] - Xiaomi aims to rank among the top players in China's home appliance industry by 2030, targeting a revenue scale of 100 billion yuan in the next five years [9]

Core Insights - The Hurun Research Institute's "Hurun Rich List" reveals that Zhong Shanshan, founder of Nongfu Spring, has become China's richest person for the fourth time, with a wealth increase of 190 billion yuan, totaling 530 billion yuan, setting a new record for the wealth of a Chinese billionaire [1][5] - Lei Jun, founder of Xiaomi, saw his wealth increase by nearly 200 billion yuan, driven by explosive growth in Xiaomi's automotive sector and high-end smartphone profitability [1][11] - The number of entrepreneurs on the list reached a historical high of over 1,400, a 30% increase from last year, largely due to a significant stock market rebound and the emergence of new faces in the technology sector [4][8] Regional Insights - Shanghai, Shenzhen, and Beijing are the top three regions for entrepreneur density, with Shanghai leading at 152 entrepreneurs, followed by Shenzhen with 147, and Beijing with 146 [3][4] - The number of entrepreneurs from Shanghai increased by 40, Shenzhen by 39, and Beijing by 31 compared to last year, indicating a strong growth trend in these regions [3][4] Wealth Growth by Sector - Significant wealth growth was observed in sectors such as new energy vehicles, consumer electronics, new consumption, computing power, biomedicine, and securities services [6][10] - In the new energy vehicle sector, notable figures like Zeng Yuqun of CATL saw wealth growth of nearly 70%, with his total wealth reaching 330 billion yuan [6][11] - The biopharmaceutical sector also experienced substantial wealth increases, with entrepreneurs like Zhong Huijuan of Hansoh Pharma seeing a wealth increase of over 600 billion yuan [10] New Faces and Trends - The list featured 376 new faces, a sevenfold increase from last year, primarily from industrial products, health, and consumer goods sectors, while real estate moguls have largely disappeared from the rankings [8][9] - The emergence of "new quality productivity" entrepreneurs is notable, with five out of the top ten billionaires characterized by their focus on new energy, smart technology, and high-end manufacturing [8][9] AI and Technology Sector - The AI sector has produced new billionaires, with figures like Chen Tian Shi of Cambrian rising by nearly 150 billion yuan, entering the top 20 [9] - The growth in AI and computing power is expected to continue, with significant investments and advancements in technology driving valuations higher [9][11]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) with a target price adjusted to HKD 65.7 [7][13]. Core Insights - The automotive delivery volume is steadily increasing, indicating potential profitability at the operational level. The report anticipates that Xiaomi's automotive deliveries will approach 109,000 units in Q3, with an expected automotive sales revenue of approximately RMB 29.2 billion [3][11]. - The smartphone segment is facing pressure on gross margins due to rising storage costs, but the upcoming Xiaomi 17 series is expected to shift towards higher-end models, which may mitigate these impacts in Q4 [3][11]. - The Internet of Things (IoT) segment is projected to show stable revenue and gross profit contributions, with expected revenue growth of 6% year-on-year in Q3 [11]. Financial Summary - Total revenue projections for Xiaomi Group are as follows: RMB 270.971 billion in 2023, RMB 365.932 billion in 2024, RMB 482.278 billion in 2025E, RMB 634.727 billion in 2026E, and RMB 750.562 billion in 2027E, reflecting a growth rate of 35.0% in 2024 and 31.8% in 2025E [5][16]. - Adjusted net profit forecasts are RMB 19.273 billion for 2023, RMB 27.235 billion for 2024, RMB 43.629 billion for 2025E, RMB 67.894 billion for 2026E, and RMB 83.319 billion for 2027E, with a significant growth of 126.3% in 2023 [5][16]. - The gross profit margin is expected to be 21.2% in 2023, slightly decreasing to 20.9% in 2024, and then improving to 22.6% by 2025E [5][16]. Revenue Breakdown - Smartphone revenue is projected to decline slightly in the short term, with a year-on-year decrease of 5.8% expected in 2023, but a recovery is anticipated in subsequent years [14]. - IoT revenue is expected to grow steadily, with projections of RMB 134.976 billion by 2025E, reflecting a year-on-year growth of 29.7% [14]. - Automotive revenue is projected to reach RMB 106.647 billion by 2025E, with a significant year-on-year growth of 225.6% [14]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 30x for Xiaomi's core business (smartphones, IoT, and internet services) for FY2025, reflecting a premium due to the synergy across hardware and AI potential [13][18]. - The automotive business is valued at a price-to-sales (PS) ratio of 2.5x for FY2025, based on Xiaomi's established supply chain management capabilities and brand strength [13][18].

Group 1 - Xiaomi has undergone a personnel adjustment, with Wang Xiaoyan no longer serving as the General Manager of Xiaomi Home while retaining his roles as Senior Vice President and President of the China region [1] - Chen Kai, the General Manager of the Yunnan branch, has been appointed as the new General Manager of the Xiaomi Home under the New Retail Department, reporting to Wang Xiaoyan [1] - Wang Xiaoyan was promoted to Senior Vice President of Xiaomi Group earlier this year and has been with the company since 2019, holding various leadership roles [2]

北京商报讯（记者 陶凤 王天逸）10月28日，小米集团合伙人、总裁，手机部总裁，小米品牌总经理卢 伟冰宣布，位于武汉的小米智能家电工厂正式竣工投产。 据悉，这是小米的首座大家电工厂，也是继「小米手机智能工厂」和「小米汽车工厂」之后，小米的第 三座大型智能工厂。小米智能家电工厂的投产标志着其完整打通了 "设计-研发-生产-验证" 的产业闭 环。 作为新一代智能工厂，该工厂追求效率与质量并重，6.5秒就能下线一台高端空调、关键部件实现 100%AI视觉质检，在效率和质量上已经达到行业头部水准。 未来五年，小米大家电将冲刺千亿规模，目标2030年跻身国内家电头部品牌阵营。 ...

【雷军带队，#小米汽车成立架构部#，探索电车终局】 36氪从多处获悉，小米汽车近期宣布了一项组织架构调整。本轮调整设立了一个全新的一级部门：架构 部，负责智能电动汽车下一代技术架构的思考定调。新部门直接向雷军汇报，成员包括部分研发部门负 责人与核心骨干。 知情人士告诉36氪，整车研发负责人崔强进入架构部，原电动力负责人王振锁接替崔强，负责整车研 发。 新部门的工作成果，将影响小米下一代产品的技术基调与走向，这不仅是小米应对未来竞争的关键变 量，更将影响其长期市场占位。 对汽车制造商而言，对前沿技术的思考一直是不可或缺的命题。但行业的通行做法中，该职能多由二级 部门或项目组承接，多向CTO或研发总监汇报。 小米此次将该职能提升为一级部门，由雷军亲自带队。由此可见，小米对前瞻性工作的投入，以及对公 司技术定位的重视。 ...

Core Insights - Lei Jun, the founder of Xiaomi, has achieved significant wealth growth, ranking fifth in the 2025 Hurun Rich List with a wealth of 326 billion RMB, marking a 151% increase from the previous year, the highest among listed entrepreneurs [1][2] - Xiaomi's explosive growth in its automotive business and the high-end smartphone segment has been pivotal in this wealth increase, with a reported revenue of 227.2 billion RMB in the first half of the year, a 38% year-on-year increase, and a net profit of 21.5 billion RMB, up 70% [2] - The launch of Xiaomi's smart home appliance factory represents a major advancement in its manufacturing capabilities, with the factory capable of producing a high-end air conditioner every 6.5 seconds and implementing 100% AI visual inspection for key components [4] Company Performance - Xiaomi's automotive business has emerged as a key growth driver, delivering 157,200 vehicles in the first half of the year and generating 21.3 billion RMB in revenue [2] - The new smart appliance factory is Xiaomi's third large-scale manufacturing facility, following its smartphone and automotive factories, indicating a strong commitment to enhancing its smart manufacturing capabilities [4] - Xiaomi aims to achieve a revenue target of 100 billion RMB in its home appliance segment within five years, with aspirations to become a leading brand in the domestic appliance market by 2030 [4] Leadership and Vision - Lei Jun's recent achievements reflect a significant turnaround for Xiaomi, countering previous criticisms of the company being merely an "assembly plant" [4][6] - The company is focused on continuous innovation and improving public perception, with Lei Jun emphasizing the importance of maintaining an entrepreneurial spirit and addressing challenges head-on [6]

Core Insights - On October 28, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 50.17 billion, 45.84 billion, and 26.01 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect, with transaction amounts of 37.90 billion, 30.78 billion, and 18.37 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume included: - SMIC (00981): 50.17 billion with a net buy of -1.66 billion - Alibaba-W (09988): 45.84 billion with a net buy of -4.05 billion - Xiaomi Group-W (01810): 26.01 billion with a net buy of +2.50 billion - Hua Hong Semiconductor (01347): 22.77 billion with a net buy of +1.44 billion - Tencent Holdings (00700): 19.55 billion with a net buy of -2.24 billion - Other notable companies included Sanhua Intelligent Control (02050), Pop Mart (09992), ZTE Corporation (00763), UBTECH Robotics (09880), and China Mobile (00941) [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume included: - SMIC (00981): 37.90 billion with a net buy of +2.43 billion - Alibaba-W (09988): 30.78 billion with a net buy of -1.17 billion - Xiaomi Group-W (01810): 18.37 billion with a net buy of -2.14 billion - Hua Hong Semiconductor (01347): 14.60 billion with a net buy of +2.52 billion - ZTE Corporation (00763): 11.30 billion with a net buy of +1.66 billion - Other notable companies included Tencent Holdings (00700), Pop Mart (09992), Sanhua Intelligent Control (02050), Meituan-W (03690), and Li Auto-W (02015) [2]

Core Insights - The 2025 Hurun Rich List reveals that Zhong Shanshan, founder of Nongfu Spring, has seen his wealth increase by 190 billion RMB, making him the richest person in China for the fourth time with a net worth of 530 billion RMB [2][3] - A total of 1,434 individuals with wealth exceeding 5 billion RMB are listed this year, an increase of 340 from last year, with total wealth approaching 30 trillion RMB, reflecting a 42% growth [2][4] Group 1: Wealth Distribution - The number of billionaires has increased by 15 this year, totaling 41, which constitutes 3% of the total list [4] - The second tier includes 72 individuals with wealth between 50 billion and 500 billion RMB, making up 5% of the total [4] - 92% of the entrepreneurs fall within the wealth range of 5 billion to 50 billion RMB, with 1,321 individuals, indicating a balanced distribution between those with 5-10 billion and 10-50 billion RMB [4] Group 2: Notable Individuals - Zhong Shanshan leads the list, followed by Zhang Yiming of ByteDance with 470 billion RMB, and Ma Huateng of Tencent with a wealth of 450 billion RMB [3] - Lei Jun of Xiaomi ranks fifth with 326 billion RMB, marking his return to the top five after ten years [3] - The wealth of Zhong Shanshan is double that of the ninth-ranked Li Ka-shing family at 235 billion RMB and the eleventh-ranked Jack Ma family at 210 billion RMB [3] Group 3: New Entrants and Growth - The 2025 list features 376 newcomers, a sevenfold increase from last year, with notable entries including Xu Gaoming and Xu Dongbo of Laopu Gold with 69.5 billion RMB [6] - Xiaomi's Lei Jun is highlighted as the "growth king," with a wealth increase of 196 billion RMB, attributed to the explosive growth of Xiaomi's automotive business and high-end smartphone sales [6] - Other significant growth figures include Wang Ning of Pop Mart, whose wealth increased by 154.5 billion RMB, and Chen Tianshi of Cambrian, with a wealth increase of 148 billion RMB [6] Group 4: Geographic Distribution - The geographical distribution of listed entrepreneurs shows a "3+2+3" pattern, with Shanghai, Shenzhen, and Beijing leading in density [7] - Shanghai tops the list with 152 individuals, an increase of 40 from last year, followed closely by Shenzhen with 147 and Beijing with 146 [7] - The growth in these regions is primarily driven by a recovery in the A-share market and their status as hubs for industries like semiconductors, biomedicine, gaming, and AI [7] Group 5: Female Entrepreneurs - Zhong Huijuan of Hansoh Pharmaceutical has become the richest woman in China with a wealth of 141 billion RMB, surpassing Zong Fuli of Wahaha at 87.5 billion RMB [8] - The analysis indicates that despite a generally cool economic sentiment, the wealth of entrepreneurs has significantly increased due to the market recognizing the undervaluation of many companies [8]