智通财经APP讯，小米集团-W(01810)发布公告，公司于2025年8月20日根据2023年股份计划奖励合共 4423.63万股奖励股份予2496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24.83万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。 ...

小米集团-W(01810)发布公告，公司于2025年8月20日根据2023年股份计划奖励合共4423.63万股奖励股 份予2496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24.83万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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 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） 此公告由本公司根據上市規則第17.06A條、第17.06B條及第17.06C條作出。 董事會謹此宣佈，本公司於2025年8月20日根據2023年股份計劃獎勵合共44,236,295股獎 勵股份予2,496名選定參與者，包括本集團僱員及服務供應商。同日，小米香港根據2024 年小米香港股份計劃授出合共248,300份小米香港購股權予2名為小米香港集團僱員的小 米香港選定參與者。 1. 根據2023年股份計劃授出獎勵 於2025年8月20日，本公司根據2023年股份計劃獎勵合共44,236,295股獎勵股份予2,496 名選定參與者，包括本集團僱員及服務供應商。 授出獎勵詳情 獎勵代價： 零 1 根 據 2023 年股份計劃授出獎勵 及 根 據 2024 ...

Core Viewpoint - The article highlights the growing dissatisfaction among Xiaomi car owners due to aggressive payment collection practices for vehicle tail payments before delivery, which has led to a decline in trust towards the brand [4][21][22]. Group 1: Payment Collection Practices - Multiple Xiaomi car owners reported being pressured to pay the remaining balance within seven days before vehicle delivery, with threats of order cancellation and forfeiture of deposits [4][5]. - Affected owners expressed frustration, especially when delivery timelines were extended, leading to concerns about potential vehicle damage before receipt [4][18]. - Xiaomi's approach contrasts with industry norms, where payment is typically collected upon delivery, raising questions about the legality and fairness of their practices [6][9]. Group 2: Customer Sentiment and Trust Issues - Trust among Xiaomi car owners is eroding, with many feeling misled and treated unfairly, leading to a sense of betrayal among loyal customers [21][22]. - Some owners have resorted to creative means to reclaim deposits, indicating a significant level of dissatisfaction and distrust towards the company [10][12]. - The article notes that the perception of Xiaomi as a brand has shifted from a symbol of innovation to one associated with aggressive sales tactics, impacting customer loyalty [22][23]. Group 3: Market Position and Competition - Despite the challenges, Xiaomi has achieved significant sales milestones, with over 311,700 vehicles delivered within 15 months, outperforming competitors like NIO [4][29]. - However, the aggressive payment collection strategy may backfire, as competitors are poised to capitalize on Xiaomi's declining reputation and customer dissatisfaction [27][29]. - The article suggests that Xiaomi needs to improve production capacity and customer relations to maintain its market position and avoid losing customers to rival brands [24][27].

Core Insights - The "China Online Consumption Brand Index" (CBI) and "Global Brand China Online Top 500" (CBI500) indicate a continued growth in online consumer brand index, rising from 63.38 in Q1 2025 to 65.17 in Q2 2025, reflecting a trend towards purchasing quality brand products among Chinese consumers [1][2]. Group 1: Consumer Behavior Trends - During major shopping festivals like 618 and Double 11, consumers show a preference for quality brands over low-priced private labels, indicating that promotional events are crucial for brand management and quality consumption [1][4]. - The CBI index demonstrates significant seasonal fluctuations, with higher values recorded in the second and fourth quarters, which include these shopping festivals [2][3]. Group 2: Brand Rankings and Market Dynamics - The CBI500 list saw notable changes, with Apple, Midea, Xiaomi, Haier, and Huawei occupying the top five positions. Seasonal demand for summer products like air conditioners and fans contributed to shifts in rankings [5][11]. - The ranking methodology emphasizes real consumer behavior, focusing on sales, search volume, and customer reviews, rather than traditional metrics like revenue and profit [5][6]. Group 3: Emerging Brands and Market Opportunities - The introduction of the "Fast-Moving Consumer Goods New Brands List" highlights the growth potential of emerging brands, with 48 out of 50 listed brands being new entrants from mainland China [7][8]. - The study indicates that attracting high-value consumers and fostering repeat purchases are critical for new brands to transition from short-lived popularity to sustained success [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 66.86 HKD [1][7] Core Views - The company has shown strong product innovation and delivery capabilities, with record monthly deliveries in its automotive segment and significant growth in IoT and home appliance businesses [6][10] - The revenue and adjusted net profit reached new quarterly highs, indicating robust financial performance [10] - The automotive gross margin has significantly improved, and the IoT business is experiencing rapid growth, contributing to the overall positive outlook for the company [6][10] Financial Performance Summary - The company’s revenue for 2023 is projected at 270,970 million HKD, with a year-on-year growth of -3%. By 2025, revenue is expected to reach 484,886 million HKD, reflecting a 33% growth [9] - Operating profit is forecasted to increase from 20,009 million HKD in 2023 to 49,537 million HKD in 2025, with a substantial year-on-year growth of 102% [9] - The net profit attributable to the parent company is expected to grow from 17,475 million HKD in 2023 to 42,655 million HKD in 2025, marking an 80% increase [9] - The earnings per share (EPS) is projected to rise from 0.67 HKD in 2023 to 1.64 HKD in 2025 [9] Product and Market Performance - In Q2 2025, the company achieved a revenue of 1160 million HKD, a 30% year-on-year increase, with an adjusted net profit of 108 million HKD, up 75% year-on-year [10] - The automotive segment generated 206 million HKD in revenue in Q2 2025, with a gross margin of 26.4%, indicating strong consumer acceptance of high-end models [10] - The IoT and lifestyle product segment reached a record revenue of 387 million HKD in Q2 2025, growing 45% year-on-year, with significant contributions from major appliances [10]

Core Viewpoint - The company reported record high revenue and adjusted net profit for Q2 2025, driven by strong performance in various business segments, particularly in IoT and automotive sectors [1][2][3]. Automotive - Q2 2025 revenue from smart electric vehicles and AI-related businesses reached 213 billion, with a sequential increase of 14.4%, while operating losses narrowed from 5 billion to 3 billion [2] - The gross margin improved to 26.4%, attributed to lower core component costs and increased deliveries of the SU7 Ultra model [2] - The company plans to accelerate production capacity in the second half of 2025 and aims to enter the European market by 2027, enhancing its global brand influence [2] IoT - Q2 2025 IoT business revenue was 387 billion, marking a year-on-year growth of 44.7% and a sequential increase of 19.7%, driven by strong sales in smart home appliances and wearables [3] - The gross margin for IoT was 22.5%, with a year-on-year increase of 2.8 percentage points, reflecting improved product mix [3] - The company is expanding its retail strategy, increasing the number of offline stores in mainland China from approximately 16,000 to over 17,000 [3] Mobile Phones - Q2 2025 mobile phone revenue was 455 billion, showing a year-on-year decline of 2.1% and a sequential decline of 10.1% [4] - The average selling price (ASP) decreased to 1,073, with a gross margin of 11.5%, impacted by fluctuations in component prices [4] - Despite a challenging domestic market, the company achieved a 3.6% year-on-year increase in its smartphone sales [5] Internet Services - Q2 2025 internet services revenue was 91 billion, reflecting a year-on-year growth of 10.1% [6] - The gross margin for internet services was 75.4%, with a slight decline compared to the previous year [6] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6] Investment Outlook - The company is positioned as a leading player in the global smartphone market and the largest AIoT hardware platform, with positive long-term growth prospects across its business segments [6] - The automotive sector is expected to benefit from the expansion of its vehicle lineup and ecosystem synergies, aiming to rank among the top five global automakers by 2025-2027 [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [8] Core Views - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion CNY, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [5][8] - The company is focusing on its "New Decade Goal," with significant investments in core technologies and a record high of 78 billion CNY in R&D spending in Q2 2025, reflecting a year-on-year increase of 41.2% [5][8] - The automotive segment is expected to see accelerated capacity release in the second half of 2025, with a narrowing of operating losses from 5 billion CNY to 3 billion CNY in Q2 2025 [5][8] - The IoT business continues to show strong growth, with revenue of 387 billion CNY in Q2 2025, a year-on-year increase of 44.7% [5][8] - The smartphone segment experienced a slight decline in revenue, with Q2 2025 revenue at 455 billion CNY, a year-on-year decrease of 2.1% [5][8] - The internet services segment reported steady growth, with revenue of 91 billion CNY in Q2 2025, a year-on-year increase of 10.1% [6][8] Summary by Sections Financial Performance - Q2 2025 total revenue was 116 billion CNY, with a gross margin of 22.5% and an adjusted net profit of 108 billion CNY, marking a year-on-year increase of 75.4% [5][8] - The company expects total revenue for 2025 to reach 489.9 billion CNY, with adjusted net profit projected at 43.1 billion CNY [8] Automotive Segment - Revenue from smart electric vehicles and AI-related businesses reached 213 billion CNY in Q2 2025, with a gross margin of 26.4% [5][8] - The company plans to enter the European market in 2027, which is expected to enhance its global brand influence [5][8] IoT Segment - The IoT business achieved a record revenue of 387 billion CNY in Q2 2025, driven by strong sales in smart home appliances [5][8] - The gross margin for IoT was 22.5%, reflecting improvements in product mix [5][8] Smartphone Segment - The smartphone business reported revenue of 455 billion CNY in Q2 2025, with a gross margin of 11.5% [5][8] - The company adjusted its annual shipment target to 175 million units, focusing on high-end and global market expansion [5][8] Internet Services - Internet services revenue reached 91 billion CNY in Q2 2025, with a gross margin of 75.4% [6][8] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6][8]

Core Insights - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5% [1] - The revenue from the "mobile × AIoT" segment was 94.7 billion yuan, up 14.8% year-on-year, while the revenue from "smart electric vehicles and AI innovation businesses" reached 21.3 billion yuan [1] - Operating profit for Q2 2025 was 13.4 billion yuan, a significant increase of 128.2% year-on-year, and adjusted net profit grew by 75.4% to 10.8 billion yuan [1] - For the first half of 2025, total revenue reached 227.2 billion yuan, up 38.2% year-on-year, with operating profit nearing 26.6 billion yuan, a 177.5% increase [1] - The company aims for overall revenue growth of over 30% for the full year 2025 and anticipates that its electric vehicle segment will achieve quarterly profitability in the second half of the year [1] Segment Performance - In the smart electric vehicle sector, Xiaomi's SU7 Ultra has sold over 10,000 units within four months of its launch, with Q2 revenue from smart electric vehicles reaching 20.6 billion yuan, a year-on-year increase of 230.3% [2] - The gross margin for the smart electric vehicle segment improved from 15.4% in the previous year to 26.4% [2] - Despite significant investments exceeding 30 billion yuan in innovative businesses from 2022 to the first half of 2025, the new business segment still reported substantial losses, although Q2 losses narrowed to 300 million yuan [2] - In the home appliance sector, Xiaomi experienced both volume and price increases, with revenue from major appliances growing by 66% and air conditioning average selling price (ASP) increasing by approximately 10% [2]

Core Insights - On August 20, 2025, the top three stocks by trading volume in the Southbound Stock Connect were Yingfu Fund (02800), Dongfang Zhenxuan (01797), and Pop Mart (09992) with trading volumes of 6.903 billion, 4.896 billion, and 4.335 billion respectively [1] - In the Southbound Stock Connect for Shenzhen, the top three stocks were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810) with trading volumes of 3.658 billion, 2.816 billion, and 2.646 billion respectively [1] Southbound Stock Connect (Shanghai) Active Trading Companies - Yingfu Fund (02800) had a trading volume of 6.903 billion with a net buy of -6.681 billion [1] - Dongfang Zhenxuan (01797) had a trading volume of 4.896 billion with a net buy of +0.304 billion [1] - Pop Mart (09992) had a trading volume of 4.335 billion with a net buy of +0.606 billion [1] - Other notable companies included SMIC (00981) with a trading volume of 3.213 billion and a net buy of -0.150 billion, and Tencent Holdings (00700) with a trading volume of 3.128 billion and a net buy of +1.188 billion [1] Southbound Stock Connect (Shenzhen) Active Trading Companies - Yingfu Fund (02800) had a trading volume of 3.658 billion with a net buy of -3.641 billion [1] - Hang Seng China Enterprises (02828) had a trading volume of 2.816 billion with a net buy of -2.815 billion [1] - Xiaomi Group-W (01810) had a trading volume of 2.646 billion with a net buy of -0.465 billion [1] - Other notable companies included Pop Mart (09992) with a trading volume of 2.340 billion and a net buy of -0.263 billion, and SMIC (00981) with a trading volume of 1.992 billion and a net buy of +0.566 billion [1]