Financial Performance - Xiaomi Group reported a total revenue of 116 billion RMB for Q2 2025, marking a historical high with a year-on-year growth of 30.5% [1] - The profit attributable to shareholders was approximately 11.904 billion RMB, reflecting a year-on-year increase of 133.51% [1] - Basic earnings per share were 0.46 RMB, and no dividend was declared [1] Stock Price Performance and Technical Analysis - As of the early trading session, Xiaomi's stock price was 52.35 HKD, up 0.1%, fluctuating within the 53-51 range [2] - The stock price fell below the 10-day moving average of 52.44 HKD, with an RSI of 44 indicating it is close to the oversold zone [2] - Multiple oscillators have issued sell signals, but the bull-bear power indicator suggests "severe overselling, possibly forming a bottom," indicating increasing market divergence [2] Market Sentiment and Options Activity - Market sentiment towards Xiaomi remains generally positive, with investors showing interest in call options despite recent price adjustments [3] - Notable call options include a product with a strike price of 61 HKD expiring in April next year, which has attracted significant capital [3] - Conversely, put options are also available for those anticipating a decline, with a strike price of 43 HKD expiring in October this year [3][4] Key Support and Resistance Levels - Current support levels are identified at 50.8 HKD (Support 1) and 49.2 HKD (Support 2), while resistance levels are at 54.8 HKD (Resistance 1) and 57.5 HKD (Resistance 2) [5] - The 5-day volatility is at 4.2%, indicating a narrowing range, but the VR transaction ratio shows weak capital inflow momentum [5] Product Performance and Strategy - Bearish products have performed well, with specific bear certificates rising significantly during Xiaomi's price decline [6] - Recommended bullish products include HSBC and UBS call options with a strike price of 61.05 HKD, suitable for investors expecting a rebound to 54.8 HKD [10] - For bearish strategies, HSBC put options with a strike price of 46.45 HKD are suggested as a hedge against downside risk [10]

Group 1 - The interest of South Korean residents in the Chinese stock market has significantly increased this year, with various professionals, including university professors and financial workers, showing strong interest [1] - Investors, particularly in the investment circle, are increasingly focusing on Chinese stocks, believing that Chinese companies are undervalued and in a growth phase [1] - The investment strategy includes focusing on three categories of Chinese companies: the new energy and electric vehicle industry, technology and consumer electronics, and emerging consumption and healthcare [1] Group 2 - Compared to the South Korean market, the Chinese market exhibits greater volatility but has outperformed expectations, with notable gains in stocks like Xiaomi, BYD, and CATL [2] - The investor holds an optimistic long-term outlook for the Chinese stock market, citing the global competitiveness of companies in new energy, AI, and consumer sectors, along with the undervaluation of many quality Chinese enterprises [2] - There are plans to increase the allocation of Chinese assets in the investment portfolio from approximately 20% to 30%-35% to balance with U.S. stocks [2]

Group 1 - The interest of South Korean residents in the Chinese stock market has significantly increased this year, with various professionals, including university professors and financial workers, showing strong interest [1] - A veteran investor, Yuan Guodong, has shifted focus from the Korean market to overseas markets, particularly Chinese stocks listed in Hong Kong, due to perceived undervaluation and growth potential in the Chinese market [1] - Yuan's investment strategy emphasizes three sectors: the new energy and electric vehicle industry, technology and consumer electronics, and emerging consumption and healthcare, highlighting companies like BYD, CATL, and Xiaomi [1] Group 2 - Yuan has achieved a return of approximately 15%-20% on his Chinese stock investments, outperforming the average returns of local Korean stocks [2] - The long-term outlook for the Chinese stock market is optimistic, driven by the global competitiveness of companies in new energy, AI, and consumer sectors, with many high-quality Chinese firms being undervalued compared to their US counterparts [2] - Yuan plans to increase the allocation of Chinese assets in his portfolio from around 20% to 30%-35%, aiming for a balanced core asset allocation alongside US stocks [2]

周度报告——新能源汽车 smingfTable_Title] 新能源乘用车周度销量报告 2025 年第 33 周（8 月 11 日-8 月 17 日） | . . | | --- | | 期 | | 日 . | | ﻟﻠ D | | 非 | ★ 周度乘用车市场概述 2025 年第 33 周（8 月 11 日至 8 月 17 日），国内乘用车和 新能源乘用车销量环比上升。乘用车零售 43.2 万辆，同比增长 7.6%；新能源乘用车零售 24.6 万辆，同比增长 13.7%；新能源渗 透率为 57.0%，处于历史较高水平。 今年以来，乘用车累计零售 1,337.4 万辆，同比增长 6.6%； 新能源乘用车累计零售 687.1 万辆，同比增长 25.4%；累计新能 源渗透率为 51.4%。 能 ★ 重点新能源车企销量分析 新能源与新材料-新能源汽车-周度报告 2025-8-21 源 与 新 材 料 车企层面，比亚迪新能源乘用车周销量 7.1 万辆、吉利汽车 3.3 万辆、上汽通用五菱 1.7 万辆、长安汽车 1.2 万辆、奇瑞汽车 0.9 万辆，以及特斯拉（中国）销量 1.4 万辆、鸿蒙智行 0.9 万辆。 新势力 ...

Core Points - REDMI launched the Note 15 series, including Note 15, Note 15 Pro, and Note 15 Pro+, starting at a price of 999 yuan, emphasizing high cost-performance while upgrading design, performance, imaging, and durability [1][2] - The Note 15 Pro+ features the world's first Snapdragon 7s mobile platform based on TSMC's 4nm process, a 7000mAh dual-cell battery, and 90W wired fast charging, showcasing significant advancements in product capabilities [1][2] - The imaging system of Note 15 Pro+ includes a flagship-level main camera sensor and a 50MP telephoto lens, complemented by an 8MP ultra-wide-angle lens, forming a comprehensive rear camera setup [1][2] Product Specifications - The Note 15 Pro+ has a 6.83-inch 1.5K resolution screen with a peak brightness of 1800 nits and supports 3840Hz high-frequency PWM dimming for eye protection [2] - It incorporates the Surge T1S signal enhancement chip for voice calls without a network and a satellite messaging version supporting Beidou short messages for communication in extreme environments [2] - The device is built with Xiaomi's Dragon Crystal Glass and has multiple waterproof certifications, including IP68, IP69, and IP69K [2] Pricing and Variants - The Note 15 series is officially on sale, with prices starting at 999 yuan for the Note 15 (6GB+128GB), 1399 yuan for the Note 15 Pro (8GB+256GB), and 1899 yuan for the Note 15 Pro+ (12GB+256GB) [3] - The highest variant, the satellite messaging version with 16GB+512GB, is priced at 2399 yuan, providing a range of configurations for different user needs [3]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 352682.92 | 161844.29 | 0.42 | | 00763 | 中兴通讯 | 港股通(沪) | 307773.02 | 19502.71 | 5.38 | | 01810 | 小米集团-W | 港股通(沪) | 305180.48 | 82808.55 | -2.28 | | 03690 | 美团-W | 港股通(沪) | 274431.03 | 78855.83 | -3.06 | | 09988 | 阿里巴巴-W | 港股通(沪) | 257665.26 | 23823.73 | -1.53 | | 09988 | 阿里巴巴-W | 港股通(深) | 251722.00 | -51989.58 | -1.53 | | 00981 | 中芯国际 | 港股通(沪) | 218961.92 | -32961.86 | -0.10 | | 00763 | 中兴通讯 | ...

Market Overview - On August 21, the Hang Seng Index fell by 0.24%, with southbound capital totaling HKD 137.57 billion in trading volume, including HKD 72.51 billion in buying and HKD 65.05 billion in selling, resulting in a net buying amount of HKD 7.46 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading volume of HKD 55.40 billion, with HKD 30.33 billion in buying and HKD 25.07 billion in selling, leading to a net buying amount of HKD 5.26 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative trading volume of HKD 82.16 billion, with HKD 42.18 billion in buying and HKD 39.98 billion in selling, resulting in a net buying amount of HKD 2.20 billion [1] Active Stocks - Tencent Holdings was the most actively traded stock with a total trading volume of HKD 52.66 billion and a net buying amount of HKD 18.71 billion, closing with a price increase of 0.42% [1][2] - Meituan-W had a total trading volume of HKD 45.05 billion and a net buying amount of HKD 13.91 billion, while Xiaomi Group-W had a trading volume of HKD 50.34 billion and a net buying amount of HKD 12.74 billion [2] - Alibaba-W experienced a total trading volume of HKD 50.94 billion with a net selling amount of HKD 2.82 billion, and the stock closed down by 1.53% [2] Continuous Net Buying - Tencent Holdings and Xiaomi Group-W were the only two stocks to receive continuous net buying from southbound capital for more than three days, with Tencent Holdings having a total net buying of HKD 55.72 billion over five days and Xiaomi Group-W with HKD 21.99 billion over three days [2]

小米集团-W（1810.HK）2025 年中期业绩点评 Q2 业绩再创新高，IOT+汽车业务高速发展 2025 年 08 月 21 日 ➢ 事件：8 月 19 日，小米集团发布 2025 年中期业绩，公司 25H1 实现营收 2272.49 亿 元，YOY+38.23%；经调整净利润 215.06 亿元，YOY+69.8%；毛利率为 22.7%，YOY+1.3pcts； 经调整净利率为 9.5%，YOY+1.8pcts。 ➢ 品牌战略稳中有进，单季度营收历史新高。25Q2，公司实现营收 1159.56 亿元，创历史 新高，YOY+30.5%，QOQ+4.2%。分业务来看，手机×AIOT 分部实现营收 947 亿元， YOY+14.8%；智能电动汽车及 AI 等创新业务分部实现营收 213 亿元，两部分业务均创历史新 高。本季度，公司经调整净利润为 108.31 亿元，同样创历史新高，YOY+75.4%，QOQ+1.5%， 对应经调整净利率为 9.3%。同时，小米品牌在全球影响力持续扩大。2025 年 6 月，公司入选 《2025 凯度 BrandZ 中国全球化品牌》50 强，排名位列第二；2025 年 7 月 ...

Investment Rating - The report maintains an "Accumulate" rating for Xiaomi Group-W (1810.HK) as of August 21, 2025 [1][11]. Core Insights - The company continues to execute its core operational strategy of "steady progress," achieving record highs in both revenue and profit. In Q2 2025, the company reported revenue of approximately 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of about 10.8 billion yuan, up 75.4% year-on-year [5][6]. - The smartphone segment experienced a slight revenue decline of 2.1% year-on-year, primarily due to a decrease in average selling price (ASP), although this was partially offset by an increase in shipment volume [6][7]. - Revenue from IoT and lifestyle products reached a historical high of approximately 38.7 billion yuan, growing 44.7% year-on-year, driven by increased sales in mainland China and global markets [7]. - The electric vehicle segment saw a significant revenue increase of over 200% year-on-year, with Q2 2025 revenue reaching approximately 20.6 billion yuan, supported by higher delivery volumes and ASP [8][9]. - Internet service revenue grew by 10% year-on-year, reaching 9.1 billion yuan, largely due to increased advertising revenue [9]. Summary by Sections Recent Performance - In Q2 2025, Xiaomi's revenue was approximately 116 billion yuan, with a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2%. The adjusted net profit was about 10.8 billion yuan, reflecting a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [5][6]. Smartphone Business - The smartphone revenue for Q2 2025 was approximately 45.5 billion yuan, down 2.1% year-on-year, primarily due to a decline in ASP, which was around 1,073.2 yuan. However, shipment volume increased to approximately 42.4 million units, mainly due to higher sales in mainland China [6][7]. IoT and Lifestyle Products - Revenue from IoT and lifestyle products reached approximately 38.7 billion yuan in Q2 2025, a 44.7% increase year-on-year. The smart home appliance segment also saw significant growth, with air conditioning units shipped exceeding 5.4 million, marking a year-on-year growth of over 60% [7]. Electric Vehicle Segment - The electric vehicle revenue in Q2 2025 was approximately 20.6 billion yuan, with a year-on-year growth of 230.3%. The number of vehicles delivered reached 81,302, supported by improved production capacity [8]. Internet Services - Internet service revenue reached 9.1 billion yuan in Q2 2025, a 10% increase year-on-year, driven by a 14.6% increase in advertising revenue, which amounted to approximately 6.8 billion yuan [9].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company reported a revenue of 115.96 billion yuan in Q2 2025, representing a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2%. The adjusted net profit was 10.83 billion yuan, up 75.4% year-on-year and 1.5% quarter-on-quarter, with a gross margin of 22.5% [8] - The automotive segment achieved a record high gross margin of 26.4% in Q2 2025, with revenue of 21.26 billion yuan, a quarter-on-quarter increase of 14.4%. The company aims to achieve profitability in its automotive business by the second half of 2025 [8] - The smartphone market share continues to rise, with Q2 2025 smartphone revenue at 45.52 billion yuan, a year-on-year decrease of 2.1%. The global market share increased by 0.6 percentage points to 14.7% [8] - The IoT segment generated revenue of 38.71 billion yuan in Q2 2025, with a gross margin of 22.5%. The company has expanded its new retail stores to 17,000, with approximately 200 stores overseas [8] Financial Summary - The total revenue forecast for Xiaomi Group is projected to reach 491.83 billion yuan in 2025, with a year-on-year growth of 34.41% [1] - The net profit attributable to the parent company is expected to be 39.60 billion yuan in 2025, reflecting a year-on-year increase of 67.40% [1] - The earnings per share (EPS) is forecasted to be 1.52 yuan in 2025, with a price-to-earnings (P/E) ratio of 32.11 based on the closing price on August 20, 2025 [1]