XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 提名委員會職權範圍 小米集團（「本公司」）根據本公司董事會（「董事會」）於2018年6月19日通過的決議案成立 提名委員會（「委員會」）。下文載列委員會的職權範圍（「職權範圍」）。職權範圍備有英 文及繁體中文版可供查閱。職權範圍的英文與繁體中文版如有任何歧義，概以英文版為 準。 1. 目的 1.1 委員會旨在物色、考慮及向董事會推薦合適人選出任本公司董事、監管評估董 事會表現的程序、制定提名指引及向董事會提供建議，惟須符合任何適用法 律、法規及上市標準。 2. 組成 4. 接觸權 5. 報告程序 6. 權限 3. 會議 3.1 除本文另有指明外，本公司組織章程細則（「細則」）（經不時修訂）所載有關規範 董事會議及議事程序的規定，適用於委員會會議及議事程序。 1 2.1 委員會大多數成員須為本公司獨立非執行董事，彼等須符合香港聯合交易所有 限公司證券上市規則（「上市規則」）（經不時修訂）不時訂明的獨立性規定。 2.2 董事會須委任委員會的一名成員（須為本公司 ...

Core Viewpoint - Xiaomi Group reported a revenue of 115.96 billion RMB for the second quarter, exceeding the estimated 114.94 billion RMB [1] Financial Performance - The actual revenue of 115.96 billion RMB represents a positive deviation from the market estimate [1]

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) Xiaomi Group demonstrated strong performance in Q2 and H1 2025, with several key financial indicators reaching record highs, including a 30.5% YoY increase in Q2 total revenue to 116.0 billion RMB and a 75.4% YoY increase in adjusted net profit to 10.8 billion RMB Performance Summary for the Three Months Ended June 30, 2025 | Indicator | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 116.0 | 88.9 | +30.5% | 111.3 | +4.2% | | Gross Profit (Billion RMB) | 26.1 | 18.4 | +41.9% | 25.4 | +2.7% | | Operating Profit (Billion RMB) | 13.4 | 5.9 | +128.2% | 13.1 | +2.4% | | Profit for the Period (Billion RMB) | 11.9 | 5.1 | +134.2% | 10.9 | +9.0% | | Adjusted Net Profit (Billion RMB) | 10.8 | 6.2 | +75.4% | 10.7 | +1.5% | Performance Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 227.3 | 164.4 | +38.2% | | Gross Profit (Billion RMB) | 51.5 | 35.2 | +46.2% | | Operating Profit (Billion RMB) | 26.6 | 9.6 | +177.5% | | Profit for the Period (Billion RMB) | 22.8 | 9.2 | +146.3% | | Adjusted Net Profit (Billion RMB) | 21.5 | 12.7 | +69.8% | [Business Review and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) [Overall Performance](index=2&type=section&id=1.%20整體表現) In Q2 2025, Xiaomi Group achieved record highs in total revenue, profitability, and all business segment revenues under its 'Steady and Progressive' core operating strategy, while advancing its 'Human-Car-Home Smart Ecosystem' strategy - Q2 2025 total revenue reached **116.0 billion RMB**, a **30.5% YoY increase**; adjusted net profit was **10.8 billion RMB**, a **75.4% YoY increase**, both setting new records[9](index=9&type=chunk) - Revenue from the 'Smartphone × AIoT' segment was **94.7 billion RMB**, a **14.8% YoY increase**; 'Smart Electric Vehicles and AI & Other Innovative Businesses' segment revenue was **21.3 billion RMB**, with both segments achieving record highs[9](index=9&type=chunk) - Global MIUI Monthly Active Users (MAU) reached **731.2 million**, an **8.2% YoY increase**; AIoT platform connected IoT devices reached **989.1 million**, a **20.3% YoY increase**[10](index=10&type=chunk) - Q2 2025 R&D expenditure reached **7.8 billion RMB**, a **41.2% YoY increase**, with R&D personnel reaching **22,641**, a new record[10](index=10&type=chunk) [Smartphone × AIoT](index=4&type=section&id=2.%20手機×AIoT) In Q2 2025, the 'Smartphone × AIoT' segment revenue reached 94.7 billion RMB, a 14.8% YoY increase with a gross profit margin of 21.6%, driven by strong performance in smartphones, record-high IoT and lifestyle consumer products, and steady internet services growth [Smartphones](index=4&type=section&id=%E6%99%BA%E8%83%BD%E6%89%8B%E6%A9%9F) In Q2 2025, smartphone business revenue was 45.5 billion RMB with a gross profit margin of 11.5%, maintaining its global top-three position with 42.4 million units shipped, demonstrating strong global market competitiveness Q2 2025 Smartphone Business Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 45.5 | | Gross Profit Margin | 11.5% | | Global Shipments (Million units) | 42.4 (+0.6% YoY) | | Global Market Share | 14.7% (Global Top 3) | - Achieved excellent performance in multiple regional markets: ranked **first in Southeast Asia** (18.9% market share), **second in Europe** (23.4% market share), and maintained **second in the Middle East and Latin America**[16](index=16&type=chunk) [IoT and Lifestyle Consumer Products](index=4&type=section&id=IoT%E8%88%87%E7%94%9F%E6%B4%BB%E6%B6%88%E8%B2%BB%E7%94%A2%E5%93%81) In Q2 2025, IoT and lifestyle consumer products revenue reached a record high of 38.7 billion RMB, a 44.7% YoY increase with a gross profit margin of 22.5%, driven by strong growth in smart large home appliances and leading positions in wearables and tablets Q2 2025 IoT and Lifestyle Consumer Products Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 38.7 (+44.7% YoY) | | Gross Profit Margin | 22.5% (+2.8 pct YoY) | | AIoT Platform Connected Devices (Million units) | 989.1 (+20.3% YoY) | | Smart Large Home Appliances Revenue Growth | +66.2% YoY | - Ranked **first globally in wearable wristband device shipments** and **second globally in TWS earphone shipments**[20](index=20&type=chunk) [Internet Services](index=5&type=section&id=%E4%BA%92%E8%81%AF%E7%B6%B2%E6%9C%8D%E5%8B%99) In Q2 2025, internet services revenue reached 9.1 billion RMB, a 10.1% YoY increase with a gross profit margin of 75.4%, driven by record-high global and mainland China MAU and a new high for overseas internet services revenue contribution Q2 2025 Internet Services Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 9.1 (+10.1% YoY) | | Gross Profit Margin | 75.4% | | Global MIUI Monthly Active Users (Million) | 731.2 (+8.2% YoY) | | Advertising Business Revenue (Billion RMB) | 6.8 (+14.6% YoY) | | Overseas Internet Services Revenue (Billion RMB) | 3.0 (+12.6% YoY) | [Smart Electric Vehicles and AI & Other Innovative Businesses](index=6&type=section&id=3.%20智能電動汽車及AI等創新業務) In Q2 2025, this segment's revenue reached 21.3 billion RMB with a gross profit margin of 26.4%, narrowing operating loss to 0.3 billion RMB, driven by 81,302 new vehicle deliveries and strong market reception for the new Xiaomi YU7 SUV series Q2 2025 Smart Electric Vehicles and AI & Other Innovative Businesses Key Indicators | Indicator | Value | | :--- | :--- | | Total Segment Revenue (Billion RMB) | 21.3 | | Smart Electric Vehicle Revenue (Billion RMB) | 20.6 | | Segment Gross Profit Margin | 26.4% | | Segment Operating Loss (Billion RMB) | 0.3 | | New Vehicle Deliveries (Units) | 81,302 | - Launched the first SUV product, Xiaomi YU7 series, with **over 240,000 locked orders within 18 hours** of sales, indicating strong demand[25](index=25&type=chunk) - The Xiaomi SU7 Ultra production car achieved the **fastest production EV lap time on the Nürburgring Nordschleife** at 7 minutes 04.957 seconds[28](index=28&type=chunk) [Corporate Social Responsibility](index=7&type=section&id=4.%20企業社會責任) Xiaomi Group actively fulfills its corporate social responsibility through continued investment in low-carbon practices, disaster relief, and technological innovation, including significant increases in green electricity usage and substantial donations for flood relief - In low-carbon practices, green electricity usage in offices increased by **over 270% YoY** in H1, and solar power generation at the car factory reduced carbon emissions by **over 4,160 tons**[29](index=29&type=chunk) - In disaster relief, donated **5 million RMB in cash and 0.35 million RMB in supplies** to flood-affected areas in North China, and **500 million Myanmar Kyat** to the Myanmar Red Cross for earthquake relief[29](index=29&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Year-over-Year Analysis (Q2 2025 vs Q2 2024)](index=8&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872024%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 30.5% YoY to 116.0 billion RMB, primarily driven by strong growth in the smart electric vehicle business, leading to a 41.9% YoY increase in gross profit to 26.1 billion RMB and a significant 128.2% YoY increase in operating profit to 13.4 billion RMB Revenue by Segment (Year-over-Year) | Segment | Q2 2025 Revenue (Billion RMB) | Q2 2024 Revenue (Billion RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 82.5 | +14.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 6.4 | +233.9% | | **Total** | **116.0** | **88.9** | **+30.5%** | Gross Profit and Gross Profit Margin by Segment (Year-over-Year) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q2 2024 Gross Profit (Billion RMB) | Q2 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 17.4 | 21.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 1.0 | 15.4% | | **Total** | **26.1** | **22.5%** | **18.4** | **20.7%** | - R&D expenditure increased by **41.2% YoY to 7.8 billion RMB**, primarily due to increased R&D investment related to smart electric vehicles and AI & other innovative businesses[54](index=54&type=chunk) - Profit for the period increased by **134.2% YoY to 11.9 billion RMB**; adjusted net profit increased by **75.4% YoY to 10.8 billion RMB**[63](index=63&type=chunk)[64](index=64&type=chunk) [Quarter-over-Quarter Analysis (Q2 2025 vs Q1 2025)](index=17&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872025%E5%B9%B4%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 4.2% QoQ to 116.0 billion RMB, with a slight decrease in overall gross profit margin from 22.8% to 22.5%, while profit for the period increased by 9.0% QoQ to 11.9 billion RMB Revenue by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Revenue (Billion RMB) | Q1 2025 Revenue (Billion RMB) | QoQ Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 92.7 | +2.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 18.6 | +14.4% | | **Total** | **116.0** | **111.3** | **+4.2%** | Gross Profit and Gross Profit Margin by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q1 2025 Gross Profit (Billion RMB) | Q1 2025 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 21.1 | 22.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 4.3 | 23.2% | | **Total** | **26.1** | **22.5%** | **25.4** | **22.8%** | - Smartphone gross profit margin decreased from **12.4% to 11.5%**, primarily due to increased promotional efforts during the 618 e-commerce festival and intensified competition in overseas markets[85](index=85&type=chunk) - Smart electric vehicle business gross profit margin increased from **23.2% to 26.4%**, primarily benefiting from lower core component costs, reduced unit manufacturing costs, and increased deliveries of high-spec models[87](index=87&type=chunk) [Non-IFRS Measures: Adjusted Net Profit](index=25&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%9A%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4) The company uses adjusted net profit as a non-IFRS measure to exclude the impact of non-operating items such as share-based compensation and fair value changes of investments, with Q2 2025 adjusted net profit reaching 10.83 billion RMB and a net profit margin of 9.3% Reconciliation of Profit for the Period to Adjusted Net Profit (Q2 2025) | Item (Million RMB) | Amount | | :--- | :--- | | **Profit for the Period (Reported)** | **11,873.2** | | Add: Share-based compensation | 1,269.6 | | Less: Net fair value changes of investments | (2,870.1) | | Add: Amortization of intangible assets acquired | 36.0 | | Add: Changes in fair value of financial liabilities to investors | 253.6 | | Add: Income tax effect | 268.4 | | **Adjusted Net Profit** | **10,830.7** | [Liquidity and Financial Resources](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the company maintained a robust financial position with cash and cash equivalents of 3.6 billion RMB and total cash reserves of 23.59 billion RMB, supported by 23.5 billion RMB in net cash generated from operating activities during the quarter - As of June 30, 2025, cash and cash equivalents were **3.6 billion RMB**, and total cash reserves (including various deposits and short-term investments) were **23.59 billion RMB**[114](index=114&type=chunk) Q2 2025 Condensed Cash Flow Statement (Million RMB) | Item | Amount | | :--- | :--- | | Net cash generated from operating activities | 23,545.2 | | Net cash used in investing activities | (70,049.4) | | Net cash used in financing activities | (3,643.1) | | **Net decrease in cash and cash equivalents** | **(50,147.3)** | - As of June 30, 2025, total borrowings were **2.89 billion RMB**[122](index=122&type=chunk) - As of June 30, 2025, invested in approximately **420 companies** with a total carrying value of **8.02 billion RMB**[125](index=125&type=chunk) [Financial Information](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Interim Condensed Consolidated Statement of Profit or Loss](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For Q2 ended June 30, 2025, the company reported revenue of 115.96 billion RMB, gross profit of 26.10 billion RMB, operating profit of 13.44 billion RMB, and profit for the period of 11.87 billion RMB, with basic earnings per share of 0.46 RMB Q2 2025 Statement of Profit or Loss Key Data (Thousand RMB) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | 115,956,091 | 88,887,828 | | Gross Profit | 26,100,958 | 18,394,177 | | Operating Profit | 13,436,719 | 5,888,721 | | Profit for the Period | 11,873,163 | 5,069,669 | | Basic Earnings Per Share (RMB) | 0.46 | 0.21 | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8) As of June 30, 2025, the company's total assets significantly increased to 481.52 billion RMB from 403.16 billion RMB at year-end 2024, with total liabilities of 228.66 billion RMB and total equity of 252.86 billion RMB, indicating a robust asset structure Statement of Financial Position Key Data (Thousand RMB) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 481,517,758 | 403,155,289 | | Total Liabilities | 228,657,063 | 213,950,170 | | Total Equity | 252,860,695 | 189,205,119 | [Interim Condensed Consolidated Statement of Cash Flows](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash generated from operating activities was 28.05 billion RMB, while net cash used in investing activities was 60.13 billion RMB, primarily for time deposits and long-term investments, resulting in cash and cash equivalents of 36.01 billion RMB at period-end H1 2025 Cash Flow Statement Key Data (Thousand RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 28,054,740 | 2,530,575 | | Net cash (used in)/generated from investing activities | (60,128,639) | 2,709,078 | | Net cash generated from financing activities | 34,434,304 | 455,300 | | Cash and cash equivalents at end of period | 36,008,030 | 39,335,820 | [Notes to Financial Information](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes provide detailed information on reportable segments, geographical revenue, expenses by nature, income tax, earnings per share, investments, and contingencies, including a disclosure regarding ongoing tax and foreign exchange investigations in India where approximately 4.02 billion RMB equivalent in bank accounts is restricted - Reportable segments are categorized into 'Smartphone × AIoT' (including smartphones, IoT and lifestyle consumer products, and internet services) and 'Smart Electric Vehicles and AI & Other Innovative Businesses'[139](index=139&type=chunk)[140](index=140&type=chunk) - Disclosed ongoing investigations by Indian authorities regarding income tax, customs duties, and foreign exchange regulations concerning Xiaomi India; as of June 30, 2025, approximately **4.02 billion RMB equivalent (47.88 billion Indian Rupees)** in bank deposits is considered restricted, though management believes there are valid grounds for response and no significant provision has been made[156](index=156&type=chunk) [Other Information](index=46&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Repurchase and Issuance of Securities](index=46&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, the company repurchased 6,829,800 Class B shares on the Stock Exchange for approximately 225 million HKD to enhance long-term shareholder value, in addition to a placement and subscription in March 2025 - In H1 2025, the company repurchased **6,829,800 Class B shares** for a total consideration of approximately **225 million HKD**[158](index=158&type=chunk) [Interim Dividend](index=47&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The company will **not distribute an interim dividend** for 2025[163](index=163&type=chunk)

Core Viewpoint - The incident involving a Xiaomi car resulted in a serious traffic accident, raising concerns about the safety of Xiaomi's vehicles and their driving technology [3][4][14]. Group 1: Accident Details - On February 11, 2025, a Xiaomi car driven by Wang collided with a Honda car, resulting in four deaths and two injuries [3][4]. - The Xiaomi car was traveling at a speed of approximately 133-134 km/h, which is significantly above the legal speed limits for the area [4][12]. - The accident was attributed to Wang's reckless driving behavior, including illegal overtaking and speeding, leading to him being held fully responsible for the incident [4][12]. Group 2: Legal and Social Reactions - Following the accident, Wang was arrested, and the case is currently under judicial review [3]. - A controversy arose regarding a certificate issued by a village official, which was misrepresented as a poverty certificate; it was actually a statement of Wang's character and family situation [3][4]. - The village official was suspended for improperly issuing the certificate without understanding its intended use [3]. Group 3: Company Performance and Market Impact - Xiaomi's first car model, the SU7, launched in March 2024, received significant market attention, achieving 50,000 orders within 7 minutes of its release [14]. - The SU7's sales reached 70,580 units in its first month, with total deliveries exceeding 135,000 units in the first year, ranking seventh among new energy vehicle manufacturers [16]. - Despite strong sales, the company faces ongoing scrutiny due to multiple accidents involving its vehicles, which could impact its reputation and future sales [16][17].

Core Viewpoint - Recent reports indicate that Xiaomi has surpassed Gree in online air conditioner market share for July, positioning itself as the second-largest player in this segment, while Gree holds the third position [1][4]. Group 1: Market Share Data - According to the latest data from Aowei Cloud Network, Xiaomi's online market share for air conditioners in July was 16.71%, while Gree's was 15.22%, placing them second and third respectively [1]. - Contrarily, Gree's market director claimed that their online market share remains higher than Xiaomi's, asserting that Gree holds a 16.41% share compared to Xiaomi's 13.50% [4]. - Midea leads the online air conditioner market with a share of 19.98% for July [4]. Group 2: Company Responses - Xiaomi's public relations department and executives expressed surprise and gratitude for the support received, emphasizing the importance of capability enhancement for quality growth [1]. - Gree's market director publicly disputed Xiaomi's claims, stating that the data presented by Xiaomi was inaccurate and that Gree still leads in the online market [4]. - A blogger who initially shared the data claimed that the discrepancy arose from Aowei Cloud Network changing its data collection methodology [4]. Group 3: Historical Context - The rivalry between Xiaomi and Gree regarding air conditioner sales has been ongoing, with previous confrontations over market position and sales figures [6]. - In a past shareholder meeting, Gree's CEO criticized Xiaomi's claims about being the market leader, questioning the technological advancements behind Xiaomi's products [6].

Market Overview - The Hong Kong stock market experienced a slight decline on August 19, with the Hang Seng Index falling by 0.21% to 25,122.90, the Hang Seng China Enterprises Index down by 0.30% to 9,006.23, and the Hang Seng Tech Index decreasing by 0.67% to 5,542.03, indicating a relatively stable overall sentiment [1][2]. Sector Performance - Major technology stocks mostly declined, with significant drops in the film and television sector, semiconductor stocks, Chinese brokerage firms, rare earth concept stocks, innovative pharmaceuticals, gold stocks, and brain-computer interface concept stocks. Notably, the live-streaming stock Dongfang Zhenxuan plummeted nearly 21% [2][3]. - The property management sector showed strength throughout the day, while consumer sectors such as restaurants and sports goods performed actively [2][3]. Individual Stock Movements - Major tech stocks like NetEase and Xiaomi fell by 1.2% and 1.23% respectively, while Meituan and JD.com also saw slight declines. Tencent and Kuaishou experienced minor increases [4][5]. - Semiconductor stocks faced significant declines, with SMIC and Hua Hong Semiconductor dropping over 3%. However, a report from Tianfeng Securities suggests a positive outlook for global semiconductor growth driven by AI by 2025 [5][6]. - The pharmaceutical outsourcing sector saw substantial losses, with Tigermed down over 8% and other companies like WuXi AppTec and Zai Lab also declining significantly [7][8]. - Chinese brokerage stocks fell, with Xingsheng International down over 6% and other major firms like China International Capital Corporation and Shenwan Hongyuan also experiencing declines. However, there are indications of improving liquidity in the securities market, which could benefit brokerage firms [8]. Gold and Precious Metals - Gold and precious metals stocks declined, with companies like Chifeng Jilong Gold and Lingbao Gold dropping over 3%. Market sentiment is influenced by expectations surrounding the Federal Reserve's policy direction and geopolitical developments [8][9]. Property Management and Consumer Sectors - The property management sector saw notable gains, with Wanwu Cloud rising over 7% and other firms like Zhengrong Service and Rongchuang Service also increasing by more than 5%. This is supported by government measures to stabilize the real estate market [9][10]. - The restaurant sector experienced significant gains, with Daoxiang Holdings up over 11% and other companies like Xiaocaiyuan and Haidilao also showing positive performance [11]. Capital Inflows - Southbound funds recorded a net inflow of 18.573 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 8.911 billion HKD and the Shenzhen-Hong Kong Stock Connect adding 9.662 billion HKD [14]. Market Sentiment - Huatai Securities noted that the Hong Kong stock index has been fluctuating but is on an upward trend, with increased volatility. The market is currently in a critical phase awaiting verification of significant domestic and international events, suggesting a window for position adjustments [16].

Core Insights - The conversation between Li Xiang, founder of Li Auto, and Lei Jun, founder of Xiaomi, highlights mutual respect and recognition in the electric vehicle (EV) sector, with both being regarded as "super product managers" in the new wave of car manufacturing [1][3] Group 1: Industry Dynamics - Lei Jun's entry into the EV market is seen as a significant move, with Li Xiang acknowledging him as a key competitor alongside himself [1] - Both companies have recently launched their first pure electric SUV models, Xiaomi's YU7 and Li Auto's i8, which, despite differing positioning, have overlapping price points leading to direct competition [3] Group 2: Collaboration and Support - Despite the competitive landscape, Li Xiang noted that there has been positive interaction and support between the two companies, with Lei Jun and his team assisting Li Auto during challenging times [3] - Li Xiang shared a personal anecdote about a two-hour phone call with Lei Jun prior to the latter's announcement of entering the car manufacturing space, indicating a collaborative spirit [3]

Core Points - Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a method and device for sending and receiving HARQ-ACK, with the patent number CN115316012B and application date of March 2021 [1] - The company was established in 2012 and is primarily engaged in software and information technology services [1] - The registered capital of Beijing Xiaomi Mobile Software Co., Ltd. is 148.8 million RMB [1] - The company has made investments in 4 enterprises and participated in 139 bidding projects, holding a total of 5000 patent records and 123 administrative licenses [1]

8月18日，河南省漯河市临颍县人民政府新闻办公室发布情况通报称，8月17日，部分媒体在网上发布或转发"小米汽车撞死人"相关信息，引发了相关舆 情。 通报显示： 2025年2月11日13时53分，王某驾驶小米牌小型轿车（车内1人）沿临颍县滨河路由西向东行驶过程中驶入道路左侧（北半幅），与由东向西行驶的白色本 田牌小型轿车（车内6人）发生碰撞，造成4死2伤的交通事故。事故发生后，县公安局对王某依法进行逮捕。目前，县人民法院正在依法进行审理。 针对网传"王某驾驶小米轿车撞死人事件开庭审理时，对方竟然还开出贫困户证明"一事。经查，王某为临颍县瓦店镇十里村人，在开庭前夕，王某母亲主 动联系该村支部书记李某，要求为王某开具在村里生活期间表现良好的证明。村支部书记李某碍于情面，开具了证明一份，该证明并非贫困证明，仅表述 了王某一贯表现及其"家庭经济一般，事故发生后为赔偿受害人已倾尽全力，现家庭经济困难"，并非网络传播的"贫困户"证明。 同时，针对村支部书记李某私自开具证明一事，瓦店镇党委于8月17日召开会议研究，村支部书记李某在没有充分了解证明用途的前提下，开具了部分内 容不属于村两委事务的证明，未正确履行职责，给予停职处 ...

Group 1: Consumer Trends - The film "Wang Wang Mountain Little Monster" has received positive reviews, reflecting new changes in consumer demand such as quality consumption, emotional consumption, personalized consumption, and enjoyment-oriented consumption [1][3] - The spokesperson for the National Bureau of Statistics noted that retail sales of upgraded goods have grown rapidly, indicating an improvement in the quality of consumer spending and a growing demand for cultural and spiritual services [1][3] Group 2: Quality Consumption - The success of Pang Donglai supermarket is attributed to its focus on high quality, excellent service, and cost-effectiveness, appealing particularly to young consumers [1][2] - Pang Donglai's sales reached 11.707 billion yuan in the first half of the year, with supermarket sales contributing 6.350 billion yuan, while tea products alone generated 509 million yuan [2] Group 3: Automotive Industry - Xiaomi's automotive factory is fully automated, producing a new car every 76 seconds, with the latest model, the Xiaomi YU7, showcasing impressive specifications such as a peak power of 235 kW and a range of 835 km [4][5] - The Xiaomi YU7 has gained popularity among younger consumers, with 200,000 units reserved within three minutes of its launch, and an average user age of 33 years [6][7] Group 4: Emotional and Green Consumption - Emotional consumption is on the rise, with consumers increasingly valuing products that enhance their mood, as seen in the design and features of Xiaomi cars [7] - The market penetration rate for new energy vehicles reached 45% in the first seven months of 2025, indicating a shift towards green consumption [7] Group 5: Enjoyment-Oriented Consumption - There is a growing demand for deep travel experiences, with a significant increase in the popularity of self-guided tours and small group travel [8][9] - The travel sector has seen double-digit growth in retail sales for services related to tourism, transportation, and leisure activities in the first seven months of the year [8][9] Group 6: Service Quality and Consumer Expectations - Consumers are increasingly prioritizing high-quality service experiences, with a focus on safety and reliability in travel decisions [9][10] - The Ministry of Commerce has acknowledged the expanding demand for high-quality services in cultural, entertainment, and tourism sectors, while also noting the need for improved service quality supply [10]