Core Insights - Xiaomi's Q2 2023 revenue reached 673.5 billion yuan, a year-on-year decline of 4%, while adjusted net profit increased by 147% to 51.4 billion yuan [12] - The average selling price (ASP) of Xiaomi's products rose to 1112 yuan, reflecting a year-on-year growth of 2.8% [12] Financial Performance - Q2 revenue breakdown: smartphones accounted for 366 billion yuan, IoT and lifestyle products for 223 billion yuan, internet services for 74 billion yuan, and other income for 10.6 billion yuan [12] - R&D expenditure in Q2 was 46 billion yuan, a year-on-year increase of 21% [11][12] - The gross margin for IoT and lifestyle products reached a record high of 17.6%, up 3.3 percentage points year-on-year [11] IoT and User Engagement - As of June 30, 2023, Xiaomi's IoT platform connected 655 million devices, marking a year-on-year growth of 24.2% [6] - The number of active users for Xiaomi's smart TVs exceeded 62 million in June 2023, representing an increase of over 18% year-on-year [11] Research and Development - The number of R&D personnel reached 16,834, constituting 52% of the total workforce [11][12] - Xiaomi has over 3,000 personnel focused on AI, with significant progress in developing lightweight, locally deployed AI models [11]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Core Points - Xiaomi Group-W repurchased 2.5 million shares on November 25 at a price range of HKD 40.160 to HKD 40.340, totaling HKD 101 million [2] - The stock closed at HKD 40.340 on the same day, reflecting a 4.35% increase, with a total trading volume of HKD 12.795 billion [2] - Year-to-date, Xiaomi has conducted 15 share repurchases, totaling 58.1252 million shares and an aggregate repurchase amount of HKD 2.449 billion [2] Repurchase Details - On November 25, 2025, 250,000 shares were repurchased at a maximum price of HKD 40.340 and a minimum price of HKD 40.160, amounting to HKD 10.0718 million [2] - On November 21, 2025, 800,000 shares were repurchased at a maximum price of HKD 38.040 and a minimum price of HKD 37.640, totaling HKD 30.33468 million [2] - On November 20, 2025, 1.35 million shares were repurchased at a maximum price of HKD 38.100 and a minimum price of HKD 37.380, with a total amount of HKD 50.77622 million [2] - Other notable repurchases include 1.07 million shares on October 17 at a maximum price of HKD 46.760 and a minimum price of HKD 45.900, totaling HKD 49.36009 million [2] - The repurchase activity reflects a strategic move by the company to enhance shareholder value through share buybacks [2]

Core Viewpoint - Xiaomi Group-W (01810) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 2.5 million shares at a cost of HKD 101 million, scheduled for November 25, 2025 [1]

Core Viewpoint - Xiaomi Group-W (01810) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 101 million to repurchase 2.5 million shares [1]

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11月25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 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][9]. Core Insights - Despite a 32% decline from its peak due to short-term concerns over appliance subsidies and cost pressures, the report suggests this presents a good buying opportunity. The long-term investment thesis remains intact, supported by Chairman Lei Jun's significant stock buyback, the automotive business achieving profitability, and strong quarterly performance [7][9]. - The company is positioned as a dual leader in the electric vehicle and consumer electronics sectors, with a current price corresponding to a 2027 P/E ratio of only 15 times, making it attractive for investment [7][9]. Financial Summary - For the fiscal year ending December 31, 2023, the company is projected to achieve a net profit of RMB 17,475 million, with a year-on-year growth of 606%. This is expected to increase to RMB 42,320 million by 2025, reflecting a 79% growth [8][12]. - The earnings per share (EPS) is forecasted to rise from RMB 0.7 in 2023 to RMB 1.63 in 2025, indicating a 600% increase year-on-year [8][12]. - The company's revenue is expected to grow from RMB 270,970 million in 2023 to RMB 495,673 million in 2025, representing a significant increase [12]. Business Segmentation - The product mix is heavily weighted towards mobile and IoT products, accounting for 91% of total revenue, while the automotive segment contributes 9% [3]. - In Q3 2025, the company reported a revenue of RMB 1,131 billion, a year-on-year increase of 22.3%, with a net profit of RMB 122.7 million, reflecting a 129% increase year-on-year [9].

Core Viewpoint - The Hong Kong Hang Seng Index rose by 0.69%, while the Hang Seng Tech Index increased by 1.2% on November 25 [1] Company Performance - Xiaomi Group saw a rise of over 4%, with Lei Jun investing over 100 million HKD to purchase 2.6 million shares [1] - Hesai surged over 13% [1] - Bilibili increased by over 5% [1] - Baidu Group rose by over 4% [1]

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.61% and the Hang Seng Tech Index increasing by 1.15% [1][2] Company Highlights - Xiaomi Group's stock price increased by 4.6%, surpassing 40 Hong Kong dollars [1][2] - Lei Jun invested over 100 million Hong Kong dollars to purchase 2.6 million shares of Xiaomi Group [1][2] - Hesai Technology's stock surged nearly 14% following the announcement of its self-developed RISC-V laser radar main control chip, Fermi C500 [1][2]

Core Viewpoint - The Hang Seng Index rose by 0.62% to 25,875.36 points, while the Hang Seng Tech Index increased by 1.16% to 5,609.71 points, indicating positive market sentiment in the technology and hardware sectors [1] Group 1: Sector Performance - Hardware equipment, non-ferrous metals, pharmaceuticals, and semiconductors showed significant gains, leading the market [1] - Conversely, the telecommunications and food and beverage sectors experienced declines [1] Group 2: Company Highlights - Bilibili saw an increase of over 5% in its stock price [1] - Xiaomi Group's stock rose by more than 4% [1] - Baidu Group's shares increased by over 3% [1] - Hesai Technology experienced a substantial rise of nearly 14% [1] - WeRide's stock grew by 2% [1]