Core Viewpoint - Xiaomi Group's stock price has shown weakness, dropping over 4% to a new low since April 2023, amid expectations of slightly lower-than-expected Q3 2025 earnings due to smartphone gross margins and IoT revenue underperformance [2][3] Group 1: Earnings Forecast - Citigroup forecasts Xiaomi's adjusted net profit for Q3 to reach 10.2 billion RMB, reflecting a 64% year-on-year increase but a 5% quarter-on-quarter decrease, impacted by unfavorable regional smartphone gross margins and rising memory product prices [2] - Huatai Securities shares a similar outlook, expecting Xiaomi's automotive business to break even in Q3, while maintaining an 11% gross margin for the smartphone segment despite rising memory costs [3] - CICC predicts a more optimistic scenario, estimating a 21.46% year-on-year revenue growth for Q3, reaching 112.36 billion RMB, with an adjusted net profit of 10.56 billion RMB, including profits from automotive and innovative businesses [3] Group 2: Automotive Business Performance - CICC anticipates that Xiaomi will deliver 109,000 vehicles in Q3, generating 29.43 billion RMB in revenue, driven by increased deliveries of the YU7 model and a rising average selling price [4] - Both Citigroup and Huatai Securities express cautious optimism regarding Xiaomi's automotive business, with expectations of profitability in Q3 and improved earnings as production capacity increases [2][3]

Group 1: Core Insights - The new iPhone Air, described as the "thinnest iPhone to date," became a bestseller during this year's Double 11 shopping festival, achieving over 100 million yuan in sales within one second on JD.com [1] - The iPhone 17 series saw a 150% increase in sales compared to the iPhone 16 during the same period, while the new iPad Pro with M5 chip surpassed last year's total sales within one hour [1] - The combination of platform subsidies, national subsidies, and consumer vouchers has made this year's Double 11 an attractive time for consumers to upgrade their digital products [1][6] Group 2: Consumer Behavior and Preferences - A survey indicated that 64.4% of respondents plan to purchase 3C digital products during Double 11, with 53.2% specifically interested in buying smartphones [3][6] - 91.7% of consumers pay special attention to new 3C digital products, with 77.9% preferring the latest models for their technological upgrades [2][7] - JD.com is viewed as the primary platform for discovering and purchasing new 3C digital products, with 79.7% of respondents checking JD for recommendations [2][11] Group 3: Market Trends and Innovations - The demand for 3C digital products is driven by changing usage scenarios, such as smart office and outdoor activities, with 37.5% of respondents citing scenario changes as a reason for purchasing new products [6][7] - The introduction of AI-enabled devices, such as AI smartphones and computers, is becoming commonplace, reflecting a shift in consumer perception of digital tools [7][23] - The average replacement cycle for smartphones has decreased to 15 months in China, indicating a growing trend towards frequent upgrades [16][22] Group 4: Purchase Decision Factors - Price is the most significant factor influencing purchasing decisions, with 59.8% of respondents attracted by discounts during Double 11 [6] - Trust in platforms like JD.com is crucial, with 93.1% of respondents choosing JD for purchasing new smartphones due to its reputation for service and pricing [23] - The latest features, such as battery life and performance upgrades, are the primary concerns for consumers when considering new smartphones [20][22]

智通财经记者 | 宋佳楠 10月27日早盘，小米集团-W（01810.HK）股价表现疲软，一度跌超4%，低见43.88港元，创下今年4月 以来的新低。截至午间休市，跌幅收窄至2.7%，报44.68港元，总市值1.16万亿港元。 值得一提的是，尽管花旗对小米汽车业务第二阶段扩产有疑虑，但仍预计2025年第三季度电动车营运利 润将扭亏，实现盈利7.22亿元。 另一证券机构华泰证券也给出了类似的预测，认为小米汽车业务在三季度有望扭亏为盈。华泰证券在研 报中表示，手机业务在内存涨价的大背景下，公司坚持走高端化战略，部分抵消行业不利影响，预计下 半年仍将保持11%左右的毛利率水平。物联网(IoT)业务方面，尽管国补退坡影响收入增速，但三季度没 有促销节，预计公司的物联网毛利率仍有望持续保持强劲；互联网业务持续保持稳健。 据小米汽车公布的数据，9月交付量超过40000台。随着产能提升，华泰证券看好盈利水平持续改善。此 外，考虑到小米物联网业务及AI时代生态价值，该行维持基于SOTP估值法的目标价65.4港元，目标价 对应2026年市盈率30.08倍，维持"买入"评级。 相比上述两家机构，中金预测数据更显乐观。中金预计小米 ...

Core Insights - Xiaomi's founder and CEO Lei Jun highlighted significant improvements in the design, craftsmanship, and feel of the new K90 series, suggesting it is increasingly approaching flagship quality [1][3] Product Launch - The REDMI K90 series was officially launched on October 23, featuring two models: REDMI K90 Pro Max and REDMI K90 [3] - The starting price for K90 Pro Max is 3999 yuan, while K90 starts at 2599 yuan [3] Design and Technology - The K90 model's back is crafted using a process similar to that of the iPhone 17, utilizing cold-etched glass technology [3] - Cold-etched glass involves reducing the thickness of a flat glass piece through precision machining to create a curved surface [3]

Group 1: Hong Kong Stocks - China Nonferrous Mining (01258) rose over 2%, with a forecasted profit increase of approximately 13% year-on-year for the first three quarters [1] - Tiangong International (00826) increased over 6%, positioned in the scarce core materials sector, with significant growth potential in titanium alloys and nuclear fusion materials [1] - Baidu Group-SW (09888) rose over 4%, with recent developments in Switzerland shifting core valuation logic towards AI integration [1] - Meitu Inc. (01357) increased over 6%, with a report indicating a record high revenue for its three core apps in September, benefiting from the overseas holiday season [1] - Chifeng Jilong Gold Mining (06693) rose 0.41%, reporting a net profit of 951 million yuan for Q3, a year-on-year increase of 140.98% [1] - Prada (01913) rose over 3%, with Q3 retail sales aligning with market expectations and an improvement in the core brand's performance in the Chinese market [1] - GAC Group (02238) fell over 2%, reporting a loss of approximately 4.312 billion yuan for the first three quarters, a shift from profit to loss year-on-year [1] - Xiaomi Group-W (01810) fell over 2%, with Citigroup forecasting slightly lower-than-expected performance for the upcoming Q3 results [1] Group 2: US Stocks - Intel (INTC.US) rose 0.31%, reporting Q3 revenue of $13.65 billion, a year-on-year increase of 2.8% [3] - Baidu (BIDU.US) continued to rise by 1.89%, announcing plans to launch autonomous taxi testing in Switzerland in December [3] - Pony.ai (PONY.US) rose 3.07%, launching its 300th jointly manufactured ARCFOX Alpha T5 autonomous taxi [3] - Bilibili (BILI.US) continued to rise by 1.76%, with its game "Escape from Duck Cove" surpassing 1 million sales within a week of launch [3] - Sanofi (SNY.US) rose 4.28%, with Q3 profit growth exceeding analyst expectations, driven by demand for its Dupixent drug [3] - Newmont Corporation (NEM.US) fell 6.23%, despite reporting quarterly earnings above expectations due to effective cost control [3] - Ford Motor Company (F.US) rose 12.16%, reporting Q3 revenue of $50.5 billion, a year-on-year increase of 9.3%, marking a historical high [3] - Google (GOOGL.US) rose 2.70%, with AI unicorn Anthropic significantly expanding its use of Google TPU chips for new model training [4] - WeRide (WRD.US) rose 5.14%, announcing the launch of Robotaxi public operations in Riyadh, Saudi Arabia [4] - Teladoc Health (TDOC.US) rose 10.00%, with several Wall Street firms updating their ratings and target prices between $9 and $12 [4]

Core Insights - Xiaomi's founder and CEO Lei Jun highlighted significant improvements in the design, craftsmanship, and feel of the new K90 series, suggesting it is increasingly approaching flagship quality [1][3] Product Launch - The REDMI K90 series was officially launched on October 23, featuring two models: REDMI K90 Pro Max and REDMI K90 [3] - The starting price for the K90 Pro Max is set at 3999 yuan, while the K90 starts at 2599 yuan [3] Design and Technology - The K90 model's back is crafted using a process similar to that of the iPhone 17, utilizing cold-etched glass technology [3] - Cold-etched glass involves thinning a flat piece of glass through precision machining to create a curved surface [3]

（文章来源：每日经济新闻） 每经AI快讯，小米集团-W(01810.HK)早盘一度跌超4%，低见43.88港元，创出今年4月以来新低。截至 发稿，跌3.22%，报44.44港元，成交额70.75亿港元。 ...

Core Viewpoint - The company is expected to see significant growth in adjusted net profit and revenue in Q3 2025, driven by strong performance in its smartphone and automotive segments, despite some challenges in the Chinese market [1][2]. Group 1: Financial Performance - Q3 2025 revenue is projected to increase by 21.46% year-on-year to 112.36 billion yuan, with adjusted net profit expected to rise by 68.88% to 10.56 billion yuan, largely due to profitability in automotive and innovative businesses [1]. - Smartphone revenue is anticipated to decline by 3.49% year-on-year to 45.80 billion yuan, with a slight decrease in average selling price (ASP) to 1,065 yuan [1]. - IoT revenue is expected to grow by 5% year-on-year to 27.41 billion yuan, with an improved gross margin of 23.5% [2]. - Internet services revenue is projected to increase by 9% year-on-year to 9.23 billion yuan, maintaining a healthy gross margin of 75% [2]. - Automotive deliveries are forecasted to reach 109,000 units, generating revenue of 29.43 billion yuan, with the automotive business likely achieving its first quarterly profit of 707 million yuan [2]. Group 2: Market Dynamics - The global smartphone shipment is expected to maintain a top-three position, with a 1.8% year-on-year increase to 43.50 million units, although the Chinese market is projected to see a slight decline of 1.7% [1]. - The company is focusing on high-end models like the Xiaomi 17 series, which has shown strong initial sales performance [1]. - The automotive segment is anticipated to benefit from increased deliveries and the release of new models, contributing to sustained growth in both delivery volume and profitability [2]. Group 3: Profit Forecast and Valuation - Adjusted net profit forecasts for 2025 and 2026 have been revised down by 5.2% and 3.6% to 43.76 billion yuan and 64.02 billion yuan, respectively, due to rising storage costs [2]. - The current stock price corresponds to a price-to-earnings ratio of 25.0x for 2025 and 16.9x for 2026 based on adjusted net profit [2]. - The target price has been lowered by 15% to 59.5 HKD, reflecting a potential upside of 29.6% based on the sum-of-the-parts valuation method [2].

Core Viewpoint - The article discusses the evolution of smartphone imaging technology, emphasizing the increasing integration of AI algorithms in flagship smartphones to enhance photo quality while raising concerns about the authenticity of images produced [5][14][19]. Group 1: Smartphone Imaging Technology - Flagship smartphones in 2025 will focus on imaging capabilities, with models like Xiaomi 17 Pro and OPPO Find X9 Pro featuring advanced camera systems [5][14]. - The integration of AI in smartphone photography has become prevalent, with many brands embedding AI algorithms to optimize image quality automatically [15][16][19]. - Users are increasingly concerned about the "algorithmic flavor" in photos, questioning the balance between realistic representation and algorithmic enhancement [14][20]. Group 2: User Experience and AI Integration - Many users prefer "foolproof" photography experiences, leading manufacturers to default to AI algorithms for photo enhancement [15][19]. - The vivo X300 Pro exemplifies the successful application of AI in enhancing user experience, with users reporting superior photo quality compared to traditional smartphone cameras [18][19]. - The article highlights a shift in user expectations, where the quality of images produced by AI-enhanced smartphones is prioritized over strict adherence to realism [19][20]. Group 3: Challenges and Future Directions - Despite advancements, challenges remain, particularly in extreme shooting conditions where AI may distort images [20][25]. - The physical limitations of smartphone hardware necessitate a reliance on software algorithms to meet user demands for high-quality images [27][28]. - The industry is moving towards a balance between AI enhancements and authentic representation, with companies like OPPO and vivo aiming to refine their AI applications to respect the integrity of real-world scenes [44][45].

Core Viewpoint - Xiaomi Group's stock experienced a significant decline, reaching a new low since April 2023, primarily due to expectations of lower-than-expected earnings in the upcoming Q3 2025 report [1] Financial Performance Expectations - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decrease of 5% [1] - The decline in smartphone gross margins and IoT revenue is attributed to unfavorable regional mix and rising memory prices, while internet and electric vehicle businesses are expected to meet projections [1] Business Segment Analysis - Huatai Securities anticipates that Xiaomi's automotive business may achieve profitability in Q3 [1] - Despite challenges in the smartphone sector due to rising storage costs, the company is maintaining a high-end strategy, which is expected to mitigate some industry pressures, with a projected gross margin of around 11% for the second half of the year [1] - The IoT business is expected to maintain strong gross margins, even with the impact of reduced government subsidies on revenue growth, as there were no promotional events in Q3 [1] - The internet business continues to show steady performance [1]