Xiaomi's stock fell over 5% after the fatal accident involving its SU7, as founder Lei Jun pledged his full cooperation with the investigationA fiery crash involving Xiaomi Corp.'s (1810.HK) SU7 electric vehicle (EV) left three university students dead and drew widespread public concern, sparking a selloff in the company's shares. Xiaomi Auto and company founder Lei Jun issued statements late on April 1 about the accident, pledging their full cooperation with the investigation and vowing not to evade respon ...

集邦咨询：预估2029年UV LED市场产值将达3.38亿美元 根据TrendForce集邦咨询《2025深紫外线LED市场趋势与产品分析》，在光固化市场需求稳定、UV-C LED技术与价格满足市场需求而导入空调/空气清净与动态水杀菌新项目的推动下，集邦咨询预估2029 年UV LED市场产值将达到3.38亿美元。多数UV LED厂商仍对2025年市场表现持乐观态度。（人民财 讯） 足金饰品价格上涨至每克936元 此前跌破每克915元的足金饰品金价又上涨了。截至3月31日中午，周大福足金饰品价格为每克936元、 老凤祥足金饰品每克935元、周生生足金饰品价格每克935元、老庙黄金足金饰品价格每克934元。此前 几大品牌足金饰品每克价格一度跌破915元，比如老凤祥3月22日足金饰品价格为每克915元，老庙黄金3 月22日足金饰品价格跌至每克914元。（第一财经） 工信部：脑机接口等技术产品进入爆发前夜 将发布《关于推动脑机接口产业创新发展的指导意见》 小米集团：配售8亿股股份筹资约425亿港元 小米集团公告，配售事项已于2025年3月27日完成，合共8亿股配售股份按每股53.25港元的配售价成功 配售予不少于六 ...

小米集团折价配股豪赌造车，手机高端化形象难 塑，AI技术仍待突破 3月25日，小米集团(01810.HK)在港交所公告称，公司拟配售8亿股现有股份，预计筹资净额约425 亿港元，创自上市以来最大规模融资纪录。在市场看来，此次融资大概率是投向公司的智能电动汽车业 务。 证券之星注意到，目前公司的汽车处于平均每卖出一辆车亏损约4.5万元的状态。在公司加速扩张 产能以及新能源汽车行业"淘汰赛"加剧的背景下，资金储备成为其生存的关键。 手机业务作为公司的基本盘，其营收虽在去年实现稳步增长，但出货量却跌出市场前五，且公司持 续推进的高端化战略成效有限。目前，公司正在加速AI布局，但其在AI技术创新和技术层面仍待突 破。 折价配股输血造车，股价大跌创成交天量 公告显示，小米集团此次配售股份占公司现有已发行股本约3.2%，配售价为53.25港元/股，与公告 前一日收盘价57港元/股相比，折价约6.6%。 同时，公司披露了最新的股权架构。截至3月25日，雷军持有小米集团24.1%的股份，其他股东持 股比例为75.9%。上述配售事项完成后，雷军的持股比例将降为23.4%，承配人的持股比例为3.1%，其 他股东的持股比例降为73 ...

Core Viewpoint - Xiaomi Group has never issued dividends but is seeking to raise HKD 42.5 billion (approximately RMB 39.7 billion) through a share placement, leading to a significant drop in its stock price by 6.32% [3][5][7]. Financial Performance - For the fiscal year 2024, Xiaomi reported a revenue of RMB 365.9 billion, representing a year-on-year growth of 35% [7]. - Adjusted net profit for the same period was RMB 27.2 billion, an increase of 41.3% compared to the previous year [7]. - The smartphone segment generated revenue of RMB 191.8 billion, showing a growth of 21.8% and maintaining its position among the top three global smartphone manufacturers for 18 consecutive quarters [8]. - The IoT and lifestyle products segment surpassed RMB 100 billion in revenue for the first time, reaching RMB 104.1 billion, with a growth rate of 30% [8]. Business Segments - The smart home appliance sector saw significant growth, with air conditioning units shipped exceeding 6.8 million, a year-on-year increase of over 50% [8]. - The electric vehicle segment reported a total revenue of RMB 32.8 billion, with the Xiaomi SU7 series achieving a delivery volume of 136,854 units, surpassing the initial target of 100,000 units [9]. - Xiaomi's R&D expenditure for 2024 reached RMB 24.1 billion, reflecting a year-on-year increase of 25.9% [9].

Core Viewpoint - Xiaomi Group has announced a significant fundraising plan involving the placement of 800 million existing shares at a price of HKD 53.25 per share, aiming to raise approximately HKD 425 billion for business expansion, R&D investment, and other general purposes. Following the announcement, the stock price dropped over 6% on the same day [1][2][3]. Group 1: Fundraising Details - The share placement represents about 3.2% of Xiaomi's existing issued share capital and 1.2% of voting rights [3]. - The placement price reflects a discount of approximately 6.6% compared to the last trading day's closing price of HKD 57.00 [2]. - The funds raised will be allocated to accelerate business expansion, R&D investment, and other general corporate purposes [4]. Group 2: Business Expansion and R&D - Xiaomi aims to expand its business into high-end and ultra-high-end markets, with plans to develop products priced between HKD 6,000 to over HKD 10,000 [4]. - The company is also focusing on diversifying its product range beyond smartphones and automobiles to a full ecosystem [4]. - Xiaomi's R&D investment for 2024 is projected to reach HKD 24.1 billion, a year-on-year increase of 25.9%, with a total expected investment exceeding HKD 100 billion from 2021 to 2025 [4]. Group 3: Financial Performance and Cash Reserves - For the fiscal year 2024, Xiaomi reported a total revenue of HKD 365.9 billion, a 35% year-on-year increase, and an adjusted net profit of HKD 27.2 billion, up 41.3% [5]. - As of December 31, 2024, Xiaomi's total cash reserves amounted to HKD 175.1 billion, including cash and cash equivalents of HKD 33.7 billion and total investment value of HKD 71.4 billion [5].

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Group 1 - Xiaomi Group plans to raise up to $5.3 billion through a share placement to expand its business, with share prices ranging from HKD 52.80 to HKD 54.60 [1] - As of March 24, Xiaomi's stock price has increased over 240% since August last year, closing at HKD 57 per share, with a market capitalization of HKD 1.43 trillion [1] - Xiaomi's cash and cash equivalents amounted to CNY 33.7 billion as of December 31, 2024, with total investments in approximately 430 companies valued at CNY 68.3 billion [1] Group 2 - In 2024, Xiaomi's total revenue grew by 35% year-on-year to CNY 365.9 billion, and adjusted net profit increased by 41.3% to CNY 27.2 billion [2] - Xiaomi's R&D expenditure reached CNY 24.1 billion in 2024, reflecting a year-on-year growth of 25.9%, with a projected total R&D investment exceeding CNY 100 billion from 2021 to 2025 [2] - The company aims to target high-end to ultra-high-end products, expand its product range beyond smartphones and cars, and grow its international retail presence, having opened its first direct store in Japan [2]

Core Insights - Xiaomi reported 4Q24 results that exceeded expectations, highlighting the strength of its competitive position in the market [1] - The company's segments, including smartphones, IoT, and electric vehicles (EVs), are performing well, contributing positively to its ecosystem [1] Company Performance - Xiaomi's 4Q24 results indicate robust performance across its key product lines, suggesting a strong competitive moat [1] - The growth in smartphones, IoT, and EVs supports the overall ecosystem, enhancing the company's market position [1] Industry Dynamics - The performance of Xiaomi reflects broader trends in the technology and consumer sectors, particularly in North America and Asia [1] - The company's ability to navigate complex industries and identify high-potential investments is crucial for its ongoing success [1]

Summary of Xiaomi Group's Conference Call Company Overview - **Company**: Xiaomi Group - **Date**: March 18, 2025 Key Financial Performance - **Total Revenue**: 365.9 billion RMB, a year-on-year increase of 35% [3] - **Adjusted Profit**: 27.2 billion RMB, a year-on-year increase of 41% [3] - **Core Business Profit**: 33.5 billion RMB, with a profit margin of 10% [4] - **Fourth Quarter Revenue**: 109 billion RMB, a year-on-year increase of 48.8% [3] Smartphone Business - **Smartphone Revenue**: 191.8 billion RMB, accounting for 52.4% of total revenue, a year-on-year increase of 21.8% [10] - **Global Market Share**: Increased to 13.8%, maintaining a top-three position globally [5] - **Quarterly Smartphone Revenue**: 51.3 billion RMB in Q4, a year-on-year increase of 16% [10] - **High-End Market Performance**: Significant breakthroughs in the 4,000 RMB price segment [5] AIoT Business - **AIoT Revenue**: Exceeded 100 billion RMB for the first time, a year-on-year increase of 30% [12] - **Gross Margin**: Reached 20.3%, a historical high [12] - **Smart Home Appliances**: 47.4% year-on-year increase in shipments [12] Internet Services - **Internet Services Revenue**: 34.1 billion RMB, a year-on-year increase of 13% [13] - **Monthly Active Users**: Exceeded 700 million globally, with 173 million in mainland China [13] - **Advertising Revenue**: 24.7 billion RMB, contributing to overall growth [13] Electric Vehicle and Innovation Business - **Revenue from Innovation and EVs**: 32.8 billion RMB, with EV sales contributing 32.1 billion RMB [14] - **Total EV Deliveries**: 136,854 units, with an average price of 2,300 RMB [14] - **Planned Deliveries for 2025**: Targeting 350,000 units [14] Research and Development - **R&D Expenditure**: 24.1 billion RMB in 2024, expected to increase to 30 billion RMB in 2025 [4] - **Five-Year R&D Investment Plan**: Over 100 billion RMB [4] Retail Expansion Strategy - **New Store Openings**: Plans to add 5,000 stores in mainland China, totaling 20,000 [8] - **International Expansion**: Targeting 12,000 "Xiaomi Home" stores globally in the next five years [8] Management and Operational Efficiency - **Management Improvements**: Implementation of GSP management system and IPD processes to enhance operational efficiency [9] Future Outlook - **Profitability Expectations**: Anticipated improvements through higher gross margins and optimized user structure [25] - **Capital Expenditure Plans**: Focused on automotive and AI-related fields in 2025 [22] Social Responsibility and Sustainability - **Awards for Sustainability**: Recognized for corporate social responsibility and sustainability efforts [16] Key Challenges - **Component Pricing**: Fluctuations in component prices affecting cost control [24] Conclusion Xiaomi Group demonstrated robust growth across various segments in 2024, with significant advancements in smartphone sales, AIoT, and internet services. The company is strategically positioned for future expansion and innovation, with a strong focus on R&D and global market penetration.

Financial Data and Key Metrics Changes - In 2024, Xiaomi Group achieved total revenue of JPY365.9 billion, a year-on-year increase of 35% [8] - Adjusted net profit reached JPY27.2 billion, reflecting a year-on-year increase of 41% [8] - The comprehensive gross profit margin for the year was 20.9%, showing stable performance [28] - In Q4 2024, revenue exceeded RMB100 billion for the first time, reaching RMB109 billion, with a year-on-year growth of 48.8% [27] Business Line Data and Key Metrics Changes - Mobile phone revenue for 2024 was RMB191.8 billion, accounting for 52.4% of total revenue, with a year-on-year growth of 21.8% [29] - IoT and consumer products revenue exceeded RMB100 billion for the first time, increasing by 30% year-on-year to RMB104.1 billion [34] - Internet services revenue reached RMB34.1 billion, a new historical high with a year-on-year increase of 13.33% [37] Market Data and Key Metrics Changes - Xiaomi's global smartphone shipments were 168.5 million units, a year-on-year increase of 15.7%, maintaining a market share of 13.8% [30] - In the Chinese market, the proportion of high-end smartphones reached 23.3%, a year-on-year increase of 3 percentage points [32] - The wearable wristband products ranked second globally with a market share of 15.2% [11] Company Strategy and Development Direction - The company is focusing on a "Human, Car, and Home" strategy, aiming for high-end development across all product categories [13][24] - Xiaomi plans to expand its retail network to 20,000 stores by the end of 2025, including 500 overseas stores [19] - The company aims to increase R&D investment to JPY30 billion in 2025, emphasizing technological innovation [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of technological innovation and the potential for growth in overseas markets, which are expected to be twice the size of the domestic market [53] - The company anticipates a stable operating environment with some price volatility in components, but expects overall growth in the high-end product segment [75] - Management expressed confidence in achieving higher profitability in the automobile business in the coming years, despite current losses [82] Other Important Information - Xiaomi's R&D expenditure reached RMB24.1 billion in 2024, an increase of 25.9% compared to the previous year [41] - The company was recognized as a Chinese ESG model enterprise, reflecting its commitment to social responsibility [44] Q&A Session Summary Question: Regarding the EV business and production capacity - Management confirmed that they are improving production capacity and have set a target of delivering 350,000 units [52] Question: Plans for overseas expansion and resource allocation - Management indicated that overseas markets present significant growth potential, with ongoing expansion of Xiaomi Home stores in various countries [55] Question: AI adoption and investment - Management acknowledged that true AI adoption is still a few years away, with significant investment planned for AI technologies [61] Question: Impact of national subsidies on growth - Management clarified that national subsidies had minimal impact on Q4 growth, particularly for mobile phones [72] Question: Future profitability of the automobile business - Management stated that while the automobile business is currently in a heavy investment phase, they expect improvements in gross margins and profitability in the future [82] Question: Growth in the Internet business - Management attributed the growth in the Internet business to an expanding user base and increased advertising revenue [84] Question: Retail network expansion speed and future forecast - Management confirmed plans to expand the retail network significantly, aiming for 20,000 stores by 2025 [92] Question: Opportunities in large home appliances - Management expressed optimism about growth potential in large home appliances, emphasizing their competitive edge in smart technology [102]