FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年10月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Overview of Humanoid Robot Industry - The humanoid robot industry can be divided into three main components: "brain" (cognition and decision-making), "cerebellum" (motion control), and "limbs" (physical structure) [1] - The development of the "brain" focuses on enhancing cognitive abilities through advanced AI models, enabling robots to understand complex tasks and adapt to new environments [1][4] - The "cerebellum" emphasizes real-time response and motion control, allowing robots to react quickly to sensor inputs without external control [1][4] - The "limbs" aspect aims to optimize the physical structure and movement capabilities of robots, making them more adaptable in complex environments [1] Group 2: Current Development Status of Humanoid Robots - Internationally, leading tech companies are at the forefront of developing the "brain" and "cerebellum" systems, leveraging AI models and core computing power [2][5] - Companies like Tesla, NVIDIA, and Google are integrating advanced AI technologies into their humanoid robots, enhancing their cognitive and interactive capabilities [4][5][6] - In China, companies like X Square and UBTECH are making significant strides in developing unified AI models and advanced motion control systems [7][10] Group 3: Key Hardware and Execution Components - The humanoid robot hardware market is dominated by a few international companies that excel in high-end actuators and core components [12][13] - Boston Dynamics and Tesla are notable for their advanced actuator technologies, which enhance the mobility and adaptability of their humanoid robots [13][14] - Chinese companies are making progress in actuator technology but still rely heavily on foreign technologies for high-precision components [14][15] Group 4: Trends in Humanoid Robot Technology Development - The integration of embodied AI is becoming a core focus, allowing robots to learn and adapt through interaction with the physical world [26] - There is a significant push towards optimizing architecture and computing power, with a trend towards edge-cloud integration for enhanced performance [28] - Advances in core hardware are aimed at achieving higher power density, precision, and energy efficiency, which are critical for improving robot performance [29][30] Group 5: Application Status and Guidance for Humanoid Robots - AI is significantly enhancing the capabilities of humanoid robots in various applications, although the depth and breadth of application are still uneven [33][34] - In industrial settings, humanoid robots are expected to participate in complex assembly tasks, leveraging their dexterity and adaptability [38] - In domestic environments, humanoid robots are anticipated to provide various services, including household assistance and elder care, although challenges remain in terms of safety and market acceptance [39][40]

Core Viewpoint - The recent traffic accident involving a Xiaomi SU7 Ultra has raised significant concerns regarding the safety and quality of Xiaomi's automotive products, particularly in relation to the vehicle's door locking mechanism and fire safety features [9][10][12]. Summary by Sections Incident Overview - The accident occurred on the night of October 13, where the vehicle collided with another car and subsequently caught fire, leading to the driver's death [5][7]. - The driver was found to be under the influence of alcohol, which contributed to the accident [7]. Public Reaction and Brand Impact - Following the incident, Xiaomi's stock price dropped nearly 7%, indicating a loss of consumer trust in the brand [11]. - There has been a surge in public scrutiny regarding Xiaomi's automotive technology and safety measures, particularly concerning the vehicle's ability to allow escape in emergencies [12][10]. Safety Concerns - Questions have arisen about why the vehicle's aluminum alloy doors could not be opened after the collision, highlighting potential design flaws in emergency escape mechanisms [13][14]. - Experts emphasize the need for manufacturers to consider extreme scenarios in vehicle design, ensuring that safety features function effectively during accidents [14][19]. Design Critique - The design of the SU7's hidden door handles has been criticized for potentially complicating emergency exits, especially in the event of a power failure [19][20]. - Recent discussions in the automotive industry suggest a shift away from hidden door handle designs due to safety concerns, indicating a broader consensus on the need for more reliable emergency access features [19]. Brand Reputation and Marketing Strategy - Xiaomi's marketing strategies, once celebrated, are now facing backlash as consumers express dissatisfaction with perceived misleading advertising practices [24][27]. - The brand's image is deteriorating, with a notable decline in the popularity of its founder, Lei Jun, on social media, reflecting a growing discontent among consumers [24][30]. Future Implications - The incidents have raised alarms about the potential for a deeper trust crisis for Xiaomi as it expands into the automotive sector, which could have long-term repercussions for the brand's reputation and consumer loyalty [28][30].

2025.10. 15 本文字数：1542，阅读时长大约3分钟 作者 | 第一财经 徐艺航 近日，"10.13成都小米SU7爆燃事故"让新能源车的安全问题重回大众视野。 锂电池蕴含的巨大能量在极端情况下可能引发热失控，导致瞬间爆燃，为安全防护与应急救援带来了 严峻挑战。受访人士对第一财经表示，虽然绝对的安全难以保证，但厂商仍然可以有所作为。而这其 中，厂商在测试环节的差异，以及设计背后的成本考量仍然是关键。 厂商能做什么？ 在小米SU7天府大道的爆燃事件相关视频中，汽车燃起明火后，几个救援的路人难以打开车门，后 在SU7火势失控前选择迅速离开。 被动安全意味着，在电池受损等情况下如何防止热失控。纪雪洪解释说，这包括在电池的结构设计中 做好隔离，有很好的散热降温措施等，来减少热量的传导。"做好被动安全可以减少起火的概率，延 缓火势蔓延的时间，给当事人更多逃生的机会，或者去预防爆燃事件的最终发生。" 在主动安全方面，要通过电池管理系统对电池安全实时监控，尤其是对电池温度的监控。"如果电池 温度有变化，及时进行异常提醒，事实上已经有很多厂商已经开始在做这方面的工作了。"纪雪洪说 道。随着智能驾驶的技术发展与推进，也 ...

Core Points - The Xiaomi automotive concept sector rose by 2.68%, ranking fifth among concept sectors, with 101 stocks increasing in value, including Helit Technology, which hit the daily limit, and other notable gainers such as Kaiter Co., Fort Technology, and Zhenyu Technology, which rose by 13.14%, 12.27%, and 11.28% respectively [1] - The sector saw a net inflow of 274 million yuan from major funds, with 52 stocks receiving net inflows, and 10 stocks exceeding 50 million yuan in net inflows, led by CATL with a net inflow of 237 million yuan [2][3] Sector Performance - The Xiaomi automotive concept sector was among the top-performing sectors today, with a 2.68% increase, while other sectors like Tonghuashun Fruit Index and Cell Immunotherapy also performed well, rising by 3.40% and 3.18% respectively [2] - The sector's performance was contrasted by declines in sectors such as Military Equipment Restructuring and Transgenic, which fell by 1.88% and 1.07% respectively [2] Fund Flow Analysis - Leading stocks in terms of fund inflow ratio included Helit Technology, Matsui Co., and Pengling Co., with net inflow ratios of 20.38%, 14.26%, and 14.09% respectively [3] - The top stocks in the Xiaomi automotive concept fund inflow list included CATL, Siwei Tuxin, and Top Group, with respective net inflows of 237 million yuan, 133 million yuan, and 109 million yuan [3][4]

近日，"10.13成都小米SU7爆燃事故"让新能源车的安全问题重回大众视野。 锂电池蕴含的巨大能量在极端情况下可能引发热失控，导致瞬间爆燃，为安全防护与应急救援带来了严 峻挑战。受访人士对第一财经表示，虽然绝对的安全难以保证，但厂商仍然可以有所作为。而这其中， 厂商在测试环节的差异，以及设计背后的成本考量仍然是关键。 厂商能做什么？ 在小米SU7天府大道的爆燃事件相关视频中，汽车燃起明火后，几个救援的路人难以打开车门，后在 SU7火势失控前选择迅速离开。 北方工业大学汽车产业创新研究中心主任纪雪洪对第一财经记者表示，锂电池是一个很大的能量体，一 旦发生热失控，容易在瞬间形成爆燃现象。瞬间的巨大能量冲击下，救援的手段也是有限的。因此车企 和动力电池企业在安全冗余方面的作为就非常重要，这包括主动安全和被动安全两个方面。 受访的业内人士表示，这些安全措施的增加，也意味着成本的上升。尽管在汽车的研发和生产方面有比 较成熟的流程，技术和标准也在与时俱进，但各家厂商在安全冗余保障做法上，仍然存在差异。 一位受访专家表示，主要的差异还出现在成本的角度。电池的安全措施涉及不同的材料，要添加很多的 添加剂，或者一些降温防燃的一 ...

锂电池蕴含的巨大能量在极端情况下可能引发热失控，导致瞬间爆燃，为安全防护与应急救援带来了严 峻挑战。受访人士对第一财经表示，虽然绝对的安全难以保证，但厂商仍然可以有所作为。而这其中， 厂商在测试环节的差异，以及设计背后的成本考量仍然是关键。 厂商能做什么？ 近日，"10.13成都小米SU7爆燃事故"让新能源车的安全问题重回大众视野。 近日，"10.13成都小米SU7爆燃事故"让新能源车的安全问题重回大众视野。 在小米SU7天府大道的爆燃事件相关视频中，汽车燃起明火后，几个救援的路人难以打开车门，后在 SU7火势失控前选择迅速离开。 北方工业大学汽车产业创新研究中心主任纪雪洪对第一财经记者表示，锂电池是一个很大的能量体，一 旦发生热失控，容易在瞬间形成爆燃现象。瞬间的巨大能量冲击下，救援的手段也是有限的。因此车企 和动力电池企业在安全冗余方面的作为就非常重要，这包括主动安全和被动安全两个方面。 被动安全意味着，在电池受损等情况下如何防止热失控。纪雪洪解释说，这包括在电池的结构设计中做 好隔离，有很好的散热降温措施等，来减少热量的传导。"做好被动安全可以减少起火的概率，延缓火 势蔓延的时间，给当事人更多逃生的机会 ...

Core Insights - 2025 is a pivotal year for embodied intelligence, with many entrepreneurs and capital competing in this space, particularly those with backgrounds from Xiaomi [1] - Xiaomi's unique combination of internet/AI and hardware expertise has led to a wave of successful startups founded by former Xiaomi executives, who are now attracting significant investment [1] Group 1: Xiaomi Alumni Startups - Xiao Yu Zhi Zao, founded by former Xiaomi MIUI head Qiao Zhongliang, focuses on "one brain, multiple forms" embodied intelligent robots, recently securing hundreds of millions of RMB in A+ round financing from Didi Chuxing [5][10] - Ling Zu Shi Dai, co-founded by former Xiaomi robotics lead Wang Bo, specializes in core components and complete robot development, achieving significant order volumes and securing tens of millions of RMB in Pre-A+ round financing [6][8] - Ami Ao Robot, established by former Xiaomi autonomous driving head Liu Fang, has raised over 100 million RMB in seed funding and focuses on flexible production solutions in the 3C sector [9][10] Group 2: Emerging Technologies and Innovations - Akashi Robot, founded by former SenseTime employee Li Yong, is developing a guide robot system for visually impaired individuals and has received angel round funding from Qiji Chuangtan [12][14] - Li Wei Ke, a startup focused on wearable smart glasses, secured tens of millions of RMB in strategic investment from Hefei Binhu Jin Investment, aiming to penetrate the XR market with new AI products [15][20] - Guangfan Technology, founded by former Xiaomi team member Dong Hongguang, raised nearly 100 million RMB in Pre-A round financing, focusing on AI wearable hardware and general AI agents [21][22] Group 3: Investment Trends - The trend of investment in startups led by former Xiaomi executives is gaining momentum, with multiple rounds of financing reported across various companies in the embodied intelligence and smart hardware sectors [1][3][15]

Core Viewpoint - The recent accident involving Xiaomi's car in Chengdu highlights not only the safety issues within Xiaomi's vehicles but also reflects broader safety concerns prevalent in the entire new energy vehicle industry [1][10]. Group 1: Safety Concerns - The hidden door handle design of Xiaomi's car hindered rescue efforts during the accident, raising significant safety concerns about such designs that prioritize aesthetics over functionality [2][10]. - The electronic door handles have a success rate of only 67% in side collisions, compared to 98% for traditional mechanical handles, indicating a critical safety gap [2]. - New regulations have been introduced to ensure that car doors can be opened in emergencies, emphasizing that design innovations must not compromise basic safety functions [2][10]. Group 2: Performance vs. Safety - The rapid acceleration capabilities of models like the Xiaomi SU7 pose increased demands on drivers' skills and awareness, potentially turning public roads into race tracks [3][10]. - The demographic of Xiaomi's users shows that 68% are under 35 years old, with a significant portion being inexperienced drivers, raising concerns about their ability to handle high-performance vehicles [3]. - The disparity between the performance of electric vehicles and the safety standards that accompany them could lead to dangerous situations if safety does not keep pace with performance advancements [3][10]. Group 3: Driver Education and Awareness - Many drivers lack adequate understanding of new technologies in electric vehicles, such as energy recovery and single-pedal driving, which can lead to accidents if not properly managed [5][7]. - The misuse of intelligent driving systems, where drivers over-rely on technology, has resulted in serious accidents, highlighting a gap in driver education and awareness [6][8]. - The marketing strategies of some car manufacturers often downplay the need for driver training and safety education, leading to a mismatch between driver capabilities and vehicle technology [7][10]. Group 4: Regulatory Response - The Ministry of Industry and Information Technology is seeking to enhance safety requirements for intelligent and connected vehicle production, focusing on improving the capabilities related to network and data security [8][9]. - New regulations aim to address the risks associated with new technologies while optimizing the requirements for different product development characteristics [9]. Group 5: Industry Responsibility - The accident serves as a reminder that new energy vehicle manufacturers must prioritize safety over rapid technological advancements and market competition [10][11]. - Safety should be integrated throughout the entire lifecycle of vehicle production, from design to after-sales service, ensuring that consumer education and feedback mechanisms are robust [10].

Core Viewpoint - Lei Jun, the founder of Xiaomi, is facing significant criticism and a decline in his fan base, with approximately 300,000 fans lost in the past month, leading him to claim that Xiaomi is one of the most heavily criticized brands online [1] Group 1: Marketing and Public Perception - Various controversies surrounding Xiaomi products have emerged, including issues related to the SU7 vehicle fire incident and the perceived lack of transparency in marketing claims [3] - Users have criticized Xiaomi's marketing strategies, noting exaggerated claims such as "2200 MPa Xiaomi super steel" and "200 km instant stop," which are seen as misleading [5] - The marketing approach has led to a perception that Xiaomi's products do not meet the high expectations set by their promotional materials, resulting in a backlash from consumers [8][12] Group 2: Industry Context and Consumer Behavior - The competitive landscape in China necessitates aggressive marketing strategies for survival and growth, which Xiaomi has adopted [7] - The rapid iteration of products in the domestic market often leads to a focus on speed over quality, resulting in products that may not meet consumer expectations [13] - The importance of sincerity in marketing and product development is emphasized, suggesting that genuine communication is more valuable than exaggerated claims [15]