IT之家 2 月 10 日消息，今日，小米集团创始人、董事长兼 CEO 雷军开启小年夜直播。 他表示，小米 SU7 的璀璨洋红色发布后特别受女生喜欢，这个颜色很长一段时间都排在 SU7 销售的第一名。"SU 上市一年来，很多人结婚的婚车都是小米 SU7 构成的。" IT之家注意到，目前小米 YU7 的车漆总共可选宝石绿、钛金属色、流金粉、影青色、寒武岩灰、珍珠白六种。 雷军在直播中表示，小米汽车工厂去年接待游客访客超过 13 万人。他提到，今天的直播会带网友"云参观"小米汽车工厂，同时给大家拜个早年。 雷军透露，小米 YU7 上市快一年时间，钛金属色在总销量中排第一。 ...

Core Viewpoint - Xiaomi's founder and CEO Lei Jun showcased the company's automotive technology showroom and customization service center, highlighting the factory's advanced automation and sustainability features [2][4] Group 1: Factory Features - The first characteristic of Xiaomi's automotive factory is its high level of automation, featuring six to seven hundred robots that enable 100% automated assembly and 100% automated inspection, indicating a very high degree of intelligence [2][4] - The second characteristic is its green initiative, with the factory's roof covered in self-generating photovoltaic panels, ensuring that all electricity used in the factory comes from these solar panels, demonstrating strong environmental performance [2][4]

Core Viewpoint - Luoketech is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on AI smart locks, despite its significant reliance on ODM (Original Design Manufacturer) business and low profitability [2][10][23]. Group 1: Company Overview - Luoketech is the world's fourth-largest and China's third-largest smart lock manufacturer, with a market share of 2.6% globally and 5.8% in mainland China [2][23]. - The company has achieved the world's first large-scale production of vein recognition smart locks, with a projected shipment volume of 10.5% market share in 2024 [2][23]. - Luoketech's founder, Chen Bin, has a background in technology and previously worked at Sony and Baidu before starting the company [4][24]. Group 2: Financial Performance - In 2023, 2024, and the first nine months of 2025, Luoketech's revenue from smart locks exceeded 10 billion RMB, but net profits were only 14.02 million, 53.11 million, and 31.98 million RMB respectively, indicating a significant disparity between revenue and profit [11][31]. - The ODM business accounted for over 60% of total revenue by 2025, with a revenue of 4.76 billion RMB, highlighting the company's dependency on this segment [12][32]. - The average selling price of ODM products is significantly lower than that of proprietary brand products, leading to reduced profit margins [14][34]. Group 3: Investment and Shareholding - Luoketech has attracted investments from major players like Xiaomi, Baidu, and Shunwei Capital, with Chen Bin holding 30.55% of the company, Baidu holding 18.43%, and Shunwei Capital holding 7.25% [3][27]. - The company has undergone multiple funding rounds, with significant investments in its early stages, including nearly 100 million RMB in its C round [5][26]. Group 4: Challenges and Risks - The heavy reliance on Xiaomi for orders poses a risk to Luoketech's business stability, with the top five customers accounting for 65.2% of total revenue [29][31]. - Complaints regarding product quality and after-sales service have accumulated, indicating potential weaknesses in consumer experience [21][23]. - To improve profitability and financial metrics ahead of the IPO, the company has implemented salary cuts for executives, raising concerns about its cash reserves and overall financial health [19][21].

Core Viewpoint - Xiaomi's founder and CEO Lei Jun announced the launch of the YU7 model, which features a self-developed four-in-one domain control module for its electronic and electrical architecture, emphasizing Xiaomi's strength in smartphone technology [2][5]. Group 1: Product Features - The new electronic and electrical architecture addresses a significant issue related to signal coverage in underground areas, which was a problem in the previous SU7 model [3][6]. - By utilizing the dual SIM functionality, users can install two SIM cards (one from China Telecom and one from China Mobile), significantly improving signal coverage in basements [3][6].

Core Viewpoint - Xiaomi is advancing its automotive manufacturing by utilizing integrated die-casting technology, which significantly reduces the number of components and enhances safety, although it comes with higher costs [3][5][6]. Group 1: Manufacturing Technology - Xiaomi's automotive production employs one-piece die-casting, which allows for the simultaneous casting of over seventy traditional components [3][5]. - The integrated die-casting process improves the strength and safety of the vehicles produced [3][5]. - The material used for the die-casting is called Xiaomi Titan Alloy, which is developed in-house by Xiaomi [6]. Group 2: Equipment and Production - The entire die-casting area and equipment are also self-developed by Xiaomi, showcasing the company's commitment to innovation [6]. - The die-casting machines are manufactured by Haitan Casting, indicating a collaboration with external partners for specific production needs [6].

"我们的电池包经过一千多项测试，有很多测试比国家标准的测试要求高，对待安全我们是非常非常认 真的。"雷军说。 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，当我们这个电池包就是这样的一个电芯，一排一排放上去的。我们在每一排电线后面都放了 一层，双大面水冷。这样的话，当某个电芯当某一个电芯失效的时候，它能很快把热量带走。这样的话 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，当我们这个电池包就是这样的一个电芯，一排一排放上去的。我们在每一排电线后面都放了 这样的话它会变得更安全。此外，除了有双大面冷却，电池包还有水冷板，能够帮助电池尽快的散热， 并且在电芯和电芯之间还有气凝胶。 一层，双大面水冷。这样的话，当某个电芯当某一个电芯失效的时候，它能很快把热量带走。这样的话 这样的话它会变得更安全。此外，除了有双大面冷却，电池包还有水冷板，能够帮助电池尽快的散热， 并且在电芯和电芯之间还有气凝胶。 "我们的电池包经过一千多项测试，有很多测试比国家标准的测试要求高，对待安全我们是非常非常认 真的。 ...

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

雷军在直播中透露，小米YU7上市快一年时间，钛金属色在总销量中排第一。而对于小米SU7这款车， 璀璨洋红发布后，特别受女生喜欢，很长一段时间，这个颜色都排在SU7销售的第一名。"SU上市一年 来，很多人结婚的婚车都是小米SU7构成的。"他表示。 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，小米汽车工厂去年接待游客访客超过13万人。他提到，今天的直播会带网友"云参观"小米汽 车工厂，同时给大家拜个早年。 雷军在直播中透露，小米YU7上市快一年时间，钛金属色在总销量中排第一。而对于小米SU7这款车， 璀璨洋红发布后，特别受女生喜欢，很长一段时间，这个颜色都排在SU7销售的第一名。"SU上市一年 来，很多人结婚的婚车都是小米SU7构成的。"他表示。 责任编辑：何俊熹 责任编辑：何俊熹 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，小米汽车工厂去年接待游客访客超过13万人。他提到，今天的直播会带网友"云参观"小米汽 车工厂，同时给大家拜个早年。 ...

沪港通（南向）十大活跃成交公司 智通财经APP获悉，2026年2月10日当天，腾讯控股(00700)、阿里巴巴-W(09988)、长飞光纤光缆 (06869)位居沪港通（南向）成交额前3位，成交额分别为52.29 亿元、26.52 亿元、20.61 亿元；腾讯控 股(00700)、阿里巴巴-W(09988)、长飞光纤光缆(06869) 位居深港通（南向）成交额前3位，成交额分别 为42.37 亿元、21.69 亿元、12.08 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 42.37 亿元 | -6.49 亿元 | | 阿里巴巴-W(09988) | 21.69 亿元 | -2.70 亿元 | | 长飞光纤光缆(06869) | 12.08 亿元 | +4.08 亿元 | | 中芯国际(00981) | 11.61 亿元 | -1.74 亿元 | | 泡泡玛特(09992) | 11.07 亿元 | -1.51 亿元 | | 美团-W(03690) | 10.28 亿元 | +1.83 亿元 | | 快手-W(01024) | 9 ...

Investment Rating - The investment rating for Xiaomi Group-W (1810 HK) is maintained at "Buy" with a target price of HKD 47.00 [1][2][5]. Core Insights - The report highlights that the rising prices of DRAM and NAND storage are negatively impacting the gross margins of consumer electronics, including Xiaomi's products. Despite this, Xiaomi's revenue is expected to grow by 10% year-on-year in 4Q25, driven by the delivery of 140,000 vehicles [1][2]. - The automotive business is showing significant growth, with expected revenue of RMB 37.2 billion in 4Q25, representing a 123% year-on-year increase. The gross margin for this segment is projected to be around 21.6% [1][3]. - The smartphone segment is facing challenges, with expected shipments declining to 37.8 million units in 4Q25, a decrease of 11.5% year-on-year, and a gross margin drop to approximately 8.5% [1][4]. - The Internet of Things (IoT) segment is anticipated to see a revenue decline of 19% year-on-year to RMB 25.2 billion, while maintaining a high gross margin of 22.2% [1][4]. - The Internet services revenue is expected to grow by 2% year-on-year to RMB 9.5 billion, with a stable gross margin of 76.9% [1][4]. Summary by Sections Automotive and New Business - In 4Q25, Xiaomi's automotive deliveries are expected to reach approximately 140,000 units, generating revenue of RMB 37.2 billion, a quarter-on-quarter increase of 28.2%. The gross margin for the automotive segment may decline to around 21.6% due to changes in model delivery proportions [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its initial target of 550,000 units, with an anticipated adjusted gross margin of 23.6% [3]. Smartphone/IoT/Internet - The global smartphone market is projected to see a slight decline in shipments, with Xiaomi's expected to drop to 37.8 million units in 4Q25, resulting in a gross margin decrease to 8.5% [4]. - The IoT business is forecasted to generate approximately RMB 25.2 billion in revenue for 4Q25, with a gross margin of 22.2% [4]. - Internet services are expected to yield RMB 9.5 billion in revenue, maintaining a gross margin of 76.9% [4]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted downward by 3.1%, 9.5%, and 11.5% respectively, with non-GAAP net profit estimates reduced by 9.1%, 21.4%, and 19.4% [5]. - The target price has been revised to HKD 47.00, based on a sum-of-the-parts (SOTP) valuation method, corresponding to a 29x PE ratio for 2026 [5][19].