格隆汇11月24日｜小米集团于港交所发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超1 亿港元增持小米集团260万股(平均价为每股约38.58港元)，雷军持股比例增加至23.26%。本月，小米集 团已分别于20日和21日连续两日回购公司股票2150万股，总斥资金额超8亿港币。 ...

IT之家注意到，半年来小米集团股价下跌约 28%，市值蒸发约 3900 亿港元（现汇率约合 3563.53 亿元人民币）。 IT之家 11 月 24 日消息，小米集团于港交所发布公告表示，小米集团创始人、董事长兼 CEO 雷军个人斥资超 1 亿港元增持小米集团 260 万股，雷军持股比 例增加至 23.26%。本月，小米集团已分别于 20 日和 21 日连续两日回购公司股票 2150 万股，总斥资金额超 8 亿港币。 小米集团此前披露的 2025 年第三季度财报显示，集团三季度实现总营收 1131.21 亿元，连续 4 个季度超千亿元，同比增长 22.3%；经调整净利润 113.11 亿 元，同比增长 80.9%。 本月，小米集团连续两日大手笔回购公司股票 2150 万股，总斥资金额超 8 亿港币。今年以来，小米集团累计回购金额已超 23 亿港币。 ...

董事会认为增持事项显示雷先生对本公司的发展前景及增长潜力充满信心，以及其对本公司的长期承 诺。 小米集团-W(01810)发布公告，公司董事会获本公司创始人、执行董事、董事长、首席执行官兼控股股 东雷军先生(雷先生)通知，雷先生于2025年11月24日自公开市场通过由其全资拥有的Team Guide Limited 购入合共260万股本公司B类普通股，平均价为每股约38.58港元(增持事项)。 在上述增持事项后，雷先生于本公司40.63亿股A类普通股及19.94亿股B类普通股中拥有权益，合共相当 于本公告日期本公司已发行股份数约23.26%。 ...

人民财讯11月24日电，小米集团在港交所公告称，公司董事会获公司创始人、执行董事、董事长、首席 执行官兼控股股东雷军通知，雷军于2025年11月24日自公开市场通过由其全资拥有的Team Guide Limited购入合共260万股本公司B类普通股，平均价为每股约38.58港元。在上述增持事项后，雷军持股 比例增至约23.26%。 来源：证券时报e公司 ...

董事会认为增持事项显示雷军对公司的发展前景及增长潜力充满信心，以及其对公司之长期承诺。 在上述增持事项后，雷军于公司4,063,148,182股A类普通股及1,993,631,456股B类普通股中拥有权益，合 共相当于本公告日期公司已发行股份数约23.26%。 格隆汇11月24日丨小米集团-W(01810.HK)公告，公司董事会获公司创始人、执行董事、董事长、首席 执行官兼控股股东雷军通知，雷军与2025年11月24日自公开市场通过由其全资拥有的Team Guide Limited购入合共260万股公司B类普通股，平均价为每股约38.58港元。 ...

董事会认为增持事项显示雷先生对本公司的发展前景及增长潜力充满信心，以及其对本公司的长期承 诺。 在上述增持事项后，雷先生于本公司40.63亿股A类普通股及19.94亿股B类普通股中拥有权益，合共相当 于本公告日期本公司已发行股份数约23.26%。 智通财经APP讯，小米集团-W(01810)发布公告，公司董事会获本公司创始人、执行董事、董事长、首 席执行官兼控股股东雷军先生(雷先生)通知，雷先生于2025年11月24日自公开市场通过由其全资拥有的 Team Guide Limited购入合共260万股本公司B类普通股，平均价为每股约38.58港元(增持事项)。 ...

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） 自願公告 控股股東增持本公司股份 本公告乃由小米集團（「本公司」）自願刊發。 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。 本公司董事會（「董事會」）獲本公司創始人、執行董事、董事長、首席執行官兼控股股 東雷軍先生（「雷先生」）通知，雷先生於2025年11月24日自公開市場通過由其全資擁有 的Team Guide Limited購入合共2,600,000股本公司B類普通股，平均價為每股約38.58港元 （「增持事項」）。 在上述增持事項後，雷先生於本公司4,063,148,182股A類普通股及1,993,631,456股B類普通 股中擁有權益，合共相當於本公告日期本公司已發行股份數約23.26%。 董事會認為增持事項顯示雷先生對本公司的發展前景及增長潛力充滿信心，以及其對 本公司之長期承諾。 本 ...

Core Viewpoint - Goldman Sachs expects Xiaomi Group-W (01810) to disclose more AI-related achievements in the coming quarters, which will enhance its "human × vehicle × home" ecosystem and strengthen its differentiated ecological advantage, supporting its brand premiumization strategy. Therefore, the firm maintains a "Buy" rating with a target price of HKD 53.5 based on SOTP valuation [1] Group 1 - Despite potential short-term stock price volatility, Xiaomi Group's risk-reward ratio remains attractive [1] - Xiaomi has increased its share buybacks in recent months, with a total buyback amount reaching HKD 2.3 billion this year, at an average repurchase price of HKD 42.2 per share [1] Group 2 - On November 21, Xiaomi officially launched the open-source cross-entity foundational model MiMo-Embodied and an upgraded version of its Super Autonomous Driving (HAD) system [1] - Looking ahead, Xiaomi aims to upgrade its smart driving technology from "rule-driven" and "data-driven" to "cognitive-driven," focusing on developing a visual-language-action model (VLA) based on its self-developed foundational model, with specialized fine-tuning for autonomous driving scenarios [1]

Core Viewpoint - Xiaomi Group has experienced significant growth in quarterly profits but faces backlash from over-marketing, resulting in a nearly 30% drop in stock price over six months [1][15]. Financial Performance - In Q3 2025, Xiaomi Group reported total revenue of 1131.21 billion yuan, marking a 22.3% year-on-year increase, and an adjusted net profit of 113.11 billion yuan, up 80.9% [4]. - The smartphone revenue decreased by 3.1% from 475 billion yuan in Q3 2024 to 460 billion yuan in Q3 2025, primarily due to a decline in average selling price (ASP) [2][4]. - The ASP for smartphones fell from 1102.2 yuan to 1062.8 yuan, a decrease of 3.6% [4]. Automotive Business - Xiaomi delivered 10.88 million new cars in Q3 2025, with a total of 260,000 cars delivered in the first three quarters [6]. - The revenue from the smart electric vehicle and AI segment reached 290 billion yuan, a remarkable 199.2% increase year-on-year, with the majority coming from electric vehicles [5][6]. - The gross profit for the smart electric vehicle segment was 73.84 billion yuan, with a gross margin increase from 17.1% to 25.5% [6]. Marketing Controversies - The launch of the 500,000th Xiaomi car was overshadowed by a court case regarding false advertising related to the Xiaomi SU7 Ultra's carbon fiber hood [1][8]. - Consumers have raised concerns about the actual functionality of the carbon fiber hood compared to its advertised features, leading to lawsuits [10][11]. - Xiaomi's legal defense claims that the CEO's statements do not constitute false advertising, as he advised against purchasing the product [11]. Market Reaction - Xiaomi's stock price has dropped approximately 28% over the past six months, resulting in a market capitalization loss of about 390 billion HKD (approximately 360 billion RMB) [1][15]. - The company has faced negative public sentiment due to multiple traffic accidents and issues in the second-hand market, leading to a decline in consumer confidence [12][13].

Summary of Xiaomi Corp Conference Call Company Overview - **Company**: Xiaomi Corp (Ticker: 1810.HK) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$123.685 billion - **Current Stock Price**: HK$37.70 (as of November 20, 2025) - **Price Target**: HK$62.00, representing a 64% upside potential Key Points Industry Dynamics - **Memory Cost Increase**: The company is facing rising memory costs and plans to implement multiple strategies to mitigate the impact, including: 1. Raising Average Selling Price (ASP) to pass on costs 2. Optimizing product mix to focus on high-end products less sensitive to memory costs 3. Implementing stricter cost control measures across smartphone and other business units [1][2][3] Electric Vehicle (EV) Business - **New EV Models**: The company anticipates the introduction of new EV models in 2026, with accelerated delivery and shorter lead times for existing models (SU7 Pro and Pro Max). News regarding these models is expected within the next three to six months, which could serve as a positive catalyst for the stock [2][3] AIoT Business Performance - **Growth Metrics**: Both domestic and overseas divisions of the AIoT business have shown positive year-over-year growth in Q3 2025, with overseas growth outpacing domestic growth. The trend is expected to continue into 2026, indicating a stronger growth profile for the overseas division [3] Financial Projections - **Earnings Estimates**: - FY 2025 EPS: Rmb 1.53 - FY 2026 EPS: Rmb 1.87 - FY 2027 EPS: Rmb 2.35 - **Revenue Estimates**: - FY 2025: Rmb 467.7 billion - FY 2026: Rmb 592.0 billion - FY 2027: Rmb 677.6 billion - **EBITDA Estimates**: - FY 2025: Rmb 41.8 billion - FY 2026: Rmb 58.9 billion - FY 2027: Rmb 76.7 billion [5] Risks and Considerations - **Upside Risks**: - Better-than-expected orders and customer feedback for the second EV model - Successful offline expansion in China contributing to strong volume - Increased market share in overseas markets - **Downside Risks**: - Intense competition in the EV sector in 2025 - Pressure on smartphone gross margins due to inventory destocking and weak demand - Concerns regarding smart EV investments potentially exerting pressure [10] Analyst Ratings - **Current Rating**: Overweight - **Analyst**: Morgan Stanley - **Industry View**: In-Line [5][10] Additional Information - **52-Week Stock Price Range**: HK$26.80 - HK$61.45 - **Average Daily Trading Value**: US$1.259 million - **Shares Outstanding**: 25,501 million [5] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi Corp's strategies, performance metrics, and market outlook.