Core Viewpoint - Xiaomi Group reported record-high revenue and profit for Q2 and the first half of 2025, achieving growth in a challenging global consumer electronics market [1][4]. Financial Performance - Total revenue for Q2 reached 116 billion yuan, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [4]. - Adjusted net profit for Q2 was 10.8 billion yuan, a significant year-on-year increase of 75.4%, marking the fifth consecutive quarter of record highs [4]. - For the first half of 2025, total revenue was 227.2 billion yuan, with adjusted net profit of 21.5 billion yuan, a year-on-year growth of 69.8% [4]. - Overall gross margin improved to 22.5%, with the electric vehicle segment achieving a gross margin of 26.4% [4]. Business Segments - Xiaomi's smartphone business showed resilience with Q2 global shipments of 42.4 million units, maintaining a top-three position globally and regaining the top spot in the domestic market [6]. - The electric vehicle segment delivered over 81,000 vehicles in Q2, with a significant monthly delivery of over 30,000 units in July, and a gross margin of 26.4% [8]. - The smart home appliance segment saw a revenue increase of 66.2% in Q2, with air conditioning units showing a shipment of over 5.4 million units [9]. Strategic Outlook - Xiaomi aims for a 1% annual market share growth domestically and targets entering the "200 million club" in global sales over the next three to five years [7]. - The company plans to expand in emerging markets while focusing on high-end product growth in mature markets like Europe and Southeast Asia [7]. - Xiaomi's electric vehicle business is expected to achieve profitability in the second half of the year, with plans to enter the European market by 2027 [8]. Technological Advancements - Xiaomi has invested heavily in R&D, with 22,600 researchers and a Q2 R&D expenditure of 7.8 billion yuan, a year-on-year increase of 41.2% [10]. - The company successfully developed the self-researched O1 flagship chip, which is a significant step towards high-end positioning and technological independence [11]. - Xiaomi's ecosystem is supported by its self-developed operating system, 澎湃OS, enhancing seamless connectivity across devices [11]. User Engagement - As of June 2025, Xiaomi's global monthly active users reached 731 million, with nearly 1 billion connected IoT devices [12]. - The electric vehicle segment has attracted high-value users, with a notable percentage of new users coming from iPhone owners [13].

2023年股份计划项下的承授人包括雇员参与者及于日常及一般业务过程中按持续或经常基准为集团提供 有利于集团长期增长的若干咨询服务的服务供应商参与者。向2023年股份计划项下的承授人（包括服务 供应商参与者）授出奖励乃为通过持有股份、股份的股息及其他分派及╱或股份增值使该等承授人的利 益与集团的利益保持一致，以及表彰承授人所做的贡献，并为集团的持续运营和发展吸引及留住人才。 【今日焦点】 小米集团-W(01810.HK)奖励合共4424万股奖励股份予2496名选定参与者 小米集团-W(01810.HK)公告，公司于2025年8月20日根据2023年股份计划奖励合共4424万股奖励股份予 2,496名选定参与者，包括集团雇员及服务供应商。同日，小米香港根据2024年小米香港股份计划授出 合共248,300份小米香港购股权予2名为小米香港集团雇员的小米香港选定参与者。 【财报业绩】 【重大事项】 声通科技(02495.HK)拟成立合伙企业 投资人工智能、机器人、半导体、北斗、低空经济等未来产业领 域的优质企业 BOSS直聘-W(02076.HK)第二季度净利润大幅增加70.4% 企业端用户活跃度和付费客户规模实现可 ...

Investment Rating - The report indicates a positive outlook for the Chinese equity market, particularly for small and mid-cap indices, suggesting a favorable investment environment [2][11][8]. Core Insights - Retail investor flows are significantly driving the recent market uptrend, with substantial dry powder still available on the sidelines for further investment [2][4]. - The Shanghai Composite Index (SHCOMP) reached a new 10-year high of 3766, with the consumption sector leading the gains, particularly in liquor and retail expansion [2][3]. - The report highlights strong earnings from companies in the "New Retail" sector, exemplified by PopMart's 12.5% increase post-earnings [3][24]. - There is a notable resilience in the Chinese A-share market, which has attracted significant inflows, contrasting with the sell-off in US tech stocks [4][5]. - The report emphasizes the long-term upside potential in small and mid-cap indices, particularly the CSI1000, due to favorable market conditions and investor sentiment [8][11]. Summary by Sections Retail Investor Dynamics - Retail ownership in indices like CSI1000 and CSI500 is high at 61% and 51% respectively, compared to foreign ownership of only 2.5% and 1.4% [18]. - The CSI1000 index has the highest exposure to margin trading at $62 billion, representing 3.5% of its market cap, indicating a sensitivity to market performance [18]. Market Performance and Trends - Approximately 10% of SHCOMP and 8% of SZCOMP constituents have reached new 52-week highs, indicating a broadening rally [11]. - About 90% of stocks in SHCOMP/SZCOMP are trading above their 50-day moving average, suggesting strong momentum [11]. - The report notes a shift towards higher quality investments, with increased turnover in mid-cap stocks (CSI500) and decreased turnover in micro-cap stocks (CSI2000) [12]. Financial Insights - Goldman Sachs estimates that Chinese households hold approximately 55 trillion yuan in excess deposits, with 22% of household financial assets allocated to mutual funds and equities, indicating potential inflows exceeding 10 trillion yuan into the market [12][13]. - The report outlines the favorable earnings growth projections for various indices, with CSI1000 expected to have a 2025 EPS growth of 54% [18]. Sector Exposure - The CSI1000 index has only about 10% weight in traditional sectors like Financials and Real Estate, while it has a higher exposure to technology and healthcare, aligning with strategic policy directions [18].

8月20日港股通成交活跃股 | 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（%） | | --- | --- | --- | --- | --- | --- | | 02800 | 盈富基金 | 港股通(沪) | 690349.78 | -668094.25 | 0.16 | | 01797 | 东方甄选 | 港股通(沪) | 489568.86 | 30371.75 | 8.22 | | 09992 | 泡泡玛特 | 港股通(沪) | 433494.38 | 60642.80 | 12.54 | | 02800 | 盈富基金 | 港股通(深) | 365832.00 | -364146.39 | 0.16 | | 00981 | 中芯国际 | 港股通(沪) | 321263.24 | -14996.10 | 3.40 | | 00700 | 腾讯控股 | 港股通(沪) | 312793.41 | 118750.61 | -0.34 | | 01810 | 小米集团-W | 港股通(沪) | 311536.71 | 65056.36 | 0.29 | | 0282 ...

8月20日恒生指数上涨0.17%，南向资金全天合计成交金额为1681.01亿港元，其中，买入成交767.10亿 港元，卖出成交913.91亿港元，合计净卖出金额146.82亿港元。具体来看，港股通（深）累计成交金额 643.94亿港元，买入成交286.49亿港元，卖出成交357.44亿港元，合计净卖出金额70.95亿港元；港股通 （沪）累计成交金额1037.07亿港元，买入成交480.60亿港元，卖出成交556.47亿港元，合计净卖出金额 75.87亿港元。 从连续性进行统计，有1只股获南向资金连续3天以上净买入，连续净买入天数较多的有腾讯控股，连续 净买入天数分别为4天。以其间净买入金额统计，净买入金额最多的是腾讯控股，合计净买入为37.01亿 港元。 8月20日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 493897.47 | 96901.31 | -0.34 | | 09992 | 泡泡玛特 | 667518.38 | 34352.78 ...

Group 1 - The core issue involves Xiaomi's recent practice of requiring car owners of models YU7, SU7, and SU7 Ultra to pay the remaining balance within seven days of being prompted, or risk cancellation of their order and forfeiture of their deposit [2] - This policy has been included in the purchase agreement, leading to speculation that Xiaomi aims to combat scalpers, but it has negatively impacted genuine customers [2] - Some customers reported that Xiaomi's delivery personnel used the pretext of early vehicle release to pressure them into making early payments [2] Group 2 - Affected customers have expressed frustration, with some stating they would rather seek scalpers than comply with what they perceive as unfair terms [2] - An insider revealed that early payment is required in two scenarios: when a vehicle is about to be released and the customer wishes to delay pickup, or when there is a high likelihood that the customer may not pick up the vehicle [2]

Core Viewpoint - Xiaomi is facing backlash from car owners due to aggressive payment collection practices for vehicles that have not yet been delivered, leading to a decline in customer trust and potential reputational damage [1][3][12]. Group 1: Customer Experience and Complaints - Customers, such as Lucia, have reported being pressured to pay the remaining balance within seven days despite the vehicle not being delivered, causing frustration and confusion [1][2]. - A survey indicated that multiple owners of the YU7, SU7, and SU7 Ultra models are experiencing similar issues with payment demands before vehicle delivery [2][12]. - The SU7 Ultra owners are particularly affected, having invested significant amounts but facing delays and lack of communication regarding delivery timelines [15][16]. Group 2: Company Policies and Practices - Xiaomi has included clauses in its purchase agreements that allow for the cancellation of orders and forfeiture of deposits if payments are not made promptly [8][12]. - The company justifies its payment collection practices by citing the need to mitigate risks associated with potential order cancellations and to combat scalping [5][7]. - Legal experts suggest that Xiaomi's practices may not align with consumer protection laws, potentially rendering some of its payment terms invalid [6][16]. Group 3: Market Position and Competition - Despite the controversies, Xiaomi has achieved significant sales milestones, with over 311,700 vehicles delivered within 15 months, outperforming competitors like NIO [2][3]. - However, the aggressive payment tactics may lead to a loss of customer loyalty and market share as competitors like Xpeng and Li Auto are poised to attract dissatisfied customers [17][18]. - The company is under pressure to improve production capacity and delivery timelines to maintain its competitive edge in the rapidly evolving automotive market [17][18].

Core Viewpoint - The Chinese automotive industry is currently experiencing a "Darwinian" competition, where survival of the fittest is paramount, yet some new entrants have found their evolutionary path to success despite the challenges faced by established players like Mercedes-Benz, which reported a 56% decline in net profit year-on-year [2][5]. Group 1: Performance of New Entrants - The "growth trio" of new energy vehicle companies—Li Auto, Xpeng, and Xiaomi—have emerged as the top performers in terms of sales and growth rates in the first half of the year [5]. - These companies have the highest completion rates for their annual sales targets, indicating strong operational efficiency [5]. Group 2: Healthy Growth Amid Price Wars - The commonality among the "growth trio" is achieving "healthy growth," characterized by simultaneous increases in sales volume and gross margin [7]. - This success can be attributed to two main factors: strong economies of scale and precise market trend understanding [8]. Group 3: Economies of Scale - The automotive industry benefits from economies of scale, which help to dilute costs and enhance profits [10]. - For instance, Li Auto's Q2 sales surged by 53% quarter-on-quarter, reaching 134,000 units, contributing to a stable gross margin of 13.6% [13]. - Xpeng and Xiaomi also benefited from increased sales, with Xpeng's Q2 sales rising by 10% and Xiaomi's SU7 model achieving over 100,000 units in cumulative sales within four months [13]. Group 4: Enhancing Per Vehicle Value - The "growth trio" has improved per-vehicle value through various strategies, driving gross margin growth [14]. - Li Auto focuses on cost control through vertical integration, allowing it to maintain gross margin despite lower average vehicle prices [14]. - Xpeng's gross margin increased to 14.3% due to a shift in product mix towards higher-end models [14]. - Xiaomi's gross margin benefited from the strong sales of its higher-priced SU7 Ultra model [14]. Group 5: Market Precision and Emotional Value - Xiaomi's YU7 model achieved remarkable pre-order success, highlighting the importance of brand power and emotional value in the Chinese automotive market [16][20]. - The user demographic for YU7 shows a preference for aesthetics and brand identity, with a significant portion of buyers being young and affluent [25]. - The "growth trio" recognizes the shift towards emotional value, with each company adapting its strategies to resonate with consumer sentiments [21]. Group 6: Global Expansion Strategies - As domestic competition intensifies, the "growth trio" is looking to global markets for growth opportunities [22]. - Li Auto has established a joint venture with Stellantis, rapidly expanding its overseas presence with over 600 stores, primarily in Europe [26]. - Xpeng is adopting a flexible approach, establishing direct sales in Europe while partnering with local firms in Southeast Asia for assembly [26]. - Xiaomi aims to enter the European market by 2027, indicating its commitment to global expansion [27]. Group 7: Conclusion - The innovative models and strategic foresight demonstrated by the "growth trio" suggest they have the potential to define the future of the automotive industry [29]. - The competitive landscape indicates that traditional players may need to reconsider their strategies as Chinese companies leverage their hard-earned competitive advantages on a global scale [29].

格隆汇8月20日丨小米集团-W(01810.HK)公告，公司于2025年8月20日根据2023年股份计划奖励合共 4424万股奖励股份予2,496名选定参与者，包括集团雇员及服务供应商。同日，小米香港根据2024年小 米香港股份计划授出合共248,300份小米香港购股权予2名为小米香港集团雇员的小米香港选定参与者。 2023年股份计划项下的承授人包括雇员参与者及于日常及一般业务过程中按持续或经常基准为集团提供 有利于集团长期增长的若干咨询服务的服务供应商参与者。向2023年股份计划项下的承授人（包括服务 供应商参与者）授出奖励乃为通过持有股份、股份的股息及其他分派及╱或股份增值使该等承授人的利 益与集团的利益保持一致，以及表彰承授人所做的贡献，并为集团的持续运营和发展吸引及留住人才。 ...

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Insights - The company reported a total revenue of 227.2 billion yuan for the first half of 2025, representing a year-on-year increase of 38.2%, with an adjusted net profit of 21.5 billion yuan, up 69.8% year-on-year. In Q2 alone, the total revenue reached 116 billion yuan, with an adjusted net profit of 10.8 billion yuan, reflecting a year-on-year growth of 75.4% [3][11] Summary by Sections Automotive Sector - The automotive business saw accelerated scale effects, with Q2 revenue from smart electric vehicles and other innovative businesses reaching 21.3 billion yuan, a year-on-year increase of 234%. The company delivered 81,000 vehicles in Q2, a year-on-year increase of 198%, with an average selling price (ASP) of 254,000 yuan, up 11% year-on-year. The gross margin for the automotive business was 26.4%, an increase of 11 percentage points year-on-year [12] Smartphone Sector - In Q2 2025, the smartphone business generated revenue of 45.5 billion yuan, with a shipment volume of 42.4 million units, marking eight consecutive quarters of year-on-year growth. The company achieved a market share of 24.7% in the 4,000-5,000 yuan price range, ranking first, and a 15.4% market share in the 5,000-6,000 yuan range, up 6.5 percentage points year-on-year [13] IoT Sector - The IoT and lifestyle products segment achieved a record revenue of 38.7 billion yuan in Q2, a year-on-year increase of 45%, with a gross margin of 22.5%. The smart home appliances segment performed strongly, with air conditioner shipments exceeding 5.4 million units, a growth of over 60% year-on-year [14] Financial Forecast and Valuation - The company is expected to achieve revenues of 474.4 billion yuan, 588.7 billion yuan, and 696.4 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 24%, and 18%. The net profit attributable to shareholders is projected to be 43.7 billion yuan, 56.7 billion yuan, and 71.4 billion yuan for the same years, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 2.74 yuan per share [14][15]