Summary of Xiaomi Corp. Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Technology, specifically in smartphones and AIoT (Artificial Intelligence of Things) Key Points and Arguments Product Development and Innovation - Xiaomi launched the **MiMo-Embodied** model on November 21, which integrates autonomous driving and embodied AI capabilities, achieving state-of-the-art performance across 17 embodied AI benchmarks and 12 autonomous driving benchmarks [1][2] - The **HAD (Hyper Autonomous Driving)** edition was also released, featuring reinforcement learning and a new Automatic Emergency Steering (AES) function, with 473,000 active users, representing 90% of Xiaomi car users [2][3] Research and Development - Xiaomi plans to invest over **RMB 7 billion** in AI R&D in 2025, which constitutes 22% of its projected total R&D expenses of over **RMB 32 billion** [3] - The company has established multiple teams focused on AI, including MiMo, MiML Plus, and AI Lab, with a dedicated smart driving team of over 1,800 employees, including 108 PhDs [3] Future Technology Directions - Xiaomi aims to transition its smart driving technology to a cognitive-driven solution, moving away from rule-driven and data-driven approaches [4] - The company is developing the **VLA model**, which will be based on its foundational models, including LLM (Large Language Model) and VLM (Vision Language Model) [4] Financial Outlook and Investment Thesis - Xiaomi is rated as a **Buy** with a 12-month target price of **HK$53.5**, indicating a potential upside of 40.5% from the current price of **HK$38.08** [9][16] - The company is expected to experience revenue and EPS CAGRs of 24% and 28% respectively from 2024 to 2027, driven by its "Human x Car x Home" strategy [14] Risks and Challenges - Key risks include intense competition in the smartphone market, pressure on gross profit margins, execution risks in brand premiumization, geopolitical risks, and fluctuations in foreign exchange rates [15] Share Repurchase Activity - Xiaomi has increased its share repurchase activity, totaling **HK$2.3 billion** year-to-date, compared to **HK$3.7 billion** in 2024, at an average price of **HK$42.2** [9] Performance Metrics - Projected financial metrics include: - **Revenue**: Expected to grow from **RMB 365.9 billion** in 2024 to **RMB 704.4 billion** by 2027 - **EBITDA**: Projected to increase from **RMB 30.8 billion** in 2024 to **RMB 75.9 billion** in 2027 - **EPS**: Expected to rise from **RMB 1.07** in 2024 to **RMB 2.23** in 2027 [16] Additional Insights - Xiaomi's ecosystem strategy is expected to drive differentiation and support premiumization within its "Human x Car x Home" framework [9] - The company is positioned to leverage its interconnected consumer terminals to build a significant consumer physical intelligence ecosystem globally [14] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi's innovative advancements, financial outlook, and strategic direction within the technology sector.

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][4]. Financial Performance - In Q3 2025, Xiaomi Group reported total revenue of 1131.21 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 113.11 billion yuan, up 80.9% [5]. - Smartphone revenue decreased by 3.1% from 475 billion yuan in Q3 2024 to 460 billion yuan in Q3 2025, attributed to a decline in average selling price (ASP) [5]. - The ASP for smartphones fell by 3.6% from 1102.2 yuan to 1062.8 yuan during the same period [5]. - The gross margin for smartphones was 11.7%, down 4.9 percentage points year-on-year [6]. 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 [7]. - Revenue from the smart electric vehicle and AI segment reached 290 billion yuan, a 199.2% increase year-on-year, with electric vehicle revenue accounting for over 97% [6]. - The gross margin for the smart electric vehicle segment improved from 17.1% to 25.5% year-on-year [7]. Market Challenges - Xiaomi's automotive division is facing public scrutiny due to multiple traffic accidents and issues in the second-hand market, leading to a decline in consumer confidence [3][14]. - The company is involved in a legal dispute regarding false advertising related to the SU7 Ultra model, with consumers alleging that the advertised features do not match the actual product [2][10]. - The stock price of Xiaomi Group has dropped approximately 28% over the past six months, resulting in a market value loss of about 390 billion HKD (approximately 36 billion RMB) [4][17].

Group 1: TikTok and Meta - TikTok's video recommendation algorithm head, Adam Zhang, has left to join Meta, where he will oversee Instagram Reels' recommendation business, marking a significant talent acquisition from TikTok [1][2][3] - Adam Zhang has a strong background in algorithm development, having previously worked at Microsoft, Google, and Kuaishou, and his departure is not expected to disrupt TikTok's technical capabilities due to existing mature teams [2] - Meta's urgency in hiring Zhang reflects its strategic anxiety in the short video space, as TikTok's rapid growth has posed a serious threat to Meta, with TikTok surpassing Instagram in user engagement in under two years [3] Group 2: Corporate Changes at Xiaomi - Xiaomi has announced a personnel adjustment, with Xu Jieyun taking over as the new head of the public relations department, while Wang Hua has been reassigned to the Wuhan headquarters [4][5] Group 3: Nvidia and US Government - The US government is reportedly considering allowing Nvidia to sell its H200 AI chips to China, with the Commerce Department reviewing export restrictions [5][6] - The H200 chip offers double the performance of its predecessor, the H100, due to increased high-bandwidth memory [6] Group 4: Geely's Autonomous Driving Integration - Geely is advancing its autonomous driving integration, with the Zeekr autonomous driving team transitioning to a newly established joint venture [7][8] Group 5: Meta Leadership Changes - Meta's Chief Revenue Officer, John Hegeman, has announced his departure to start his own company, marking a significant leadership change as Meta focuses on superintelligence development [9] Group 6: Google and Apple Interoperability - Google has confirmed that its Pixel 10 series can now share files with Apple devices, marking a significant step in cross-platform interoperability [10][11] Group 7: Nvidia and OpenAI Investment - Nvidia has expressed uncertainty regarding its previously announced $100 billion investment in OpenAI, stating that there is no guarantee of finalizing the agreement [12][13] Group 8: Gemini 3.0 Launch - Google has launched its latest AI model, Gemini 3.0, which has achieved a record score of 37.4 in benchmark tests, surpassing previous models [14] Group 9: AI Search Preferences Among Youth - A survey indicates that young people prefer using AI for information searches over traditional search engines, with 50% of respondents occasionally using AI for this purpose [15][16] Group 10: Lingguang App Success - The Lingguang app has achieved over 1 million downloads within four days of its launch, ranking sixth in the App Store's free category in China [17][22] Group 11: Google AI Training Policy - Google has denied claims that it uses Gmail content to train its AI models, emphasizing user privacy and the longstanding nature of its smart features [23] Group 12: AI Engineer Salary Comparison - A report indicates that the salary gap between Chinese and American AI engineers has narrowed to a factor of two, with a significant increase in AI job postings in China [25] Group 13: Data Leakage Concerns - A report highlights that copy-pasting is now a common source of data leakage in enterprises, particularly due to the rise of generative AI [26]

Group 1 - The core point of the article is that Xiaomi Group-W has repurchased shares worth 3.03 billion HKD on November 21, 2025, bringing the total repurchase amount for the year to 23.48 billion HKD [1][2] - The company repurchased 8 million shares at prices ranging from 37.640 HKD to 38.040 HKD per share, with the stock closing at 38.080 HKD, an increase of 1.01% on the same day [1] - Since November 20, the company has conducted share buybacks for two consecutive days, totaling 21.5 million shares and an aggregate repurchase amount of 8.11 billion HKD, during which the stock has declined by 1.91% [1] Group 2 - Year-to-date, the company has completed 14 share repurchase transactions, acquiring a total of 55.6252 million shares for a cumulative amount of 23.48 billion HKD [2] - A detailed breakdown of the repurchase activities shows the highest repurchase price was 53.250 HKD and the lowest was 32.600 HKD, with various amounts repurchased on different dates [2]

Group 1 - Hong Kong stocks opened lower and continued to decline, with the Hang Seng Index and Hang Seng Tech Index falling by 2.38% and 3.21% respectively [1] - The Hong Kong Internet ETF (513770) showed resilience, recovering from early losses and closing down only 0.92% after hitting a low of over 2% [1] - The Hong Kong Internet ETF has seen a net inflow of 54.14 million CNY over the past five days, totaling 4.271 billion CNY in the last 60 days [2][4] Group 2 - Major tech stocks exhibited mixed performance, with Xiaomi Group-W rising nearly 3% at one point, while Tencent Holdings and Kuaishou fell over 1% [4] - Concerns over high valuations in AI and unclear U.S. interest rate outlook contributed to increased market risk aversion [4] - The current price-to-earnings (PE) ratio of the CSI Hong Kong Internet Index is 22.47, significantly lower than the NASDAQ 100 (34.42) and ChiNext Index (39.2) [4][5] Group 3 - Analysts suggest that the Hong Kong tech sector remains undervalued compared to global indices, indicating potential for valuation recovery [5][6] - The core businesses of leading internet companies continue to show strong performance, with AI expected to enhance revenue generation [6] - The Hong Kong Internet ETF (513770) has a market size exceeding 11.2 billion CNY, with an average daily trading volume of over 600 million CNY [7]

（文章来源：每日经济新闻） 每经AI快讯，小米集团于11月21日斥资3.033亿港元回购800万股B类股份，回购价格在37.64~38.04港元 之间。 ...

小米集团-W(01810)发布公告，于2025年11月21日，该公司斥资3.03亿港元回购800万股。 ...

智通财经APP讯，小米集团-W(01810)发布公告，于2025年11月21日，该公司斥资3.03亿港元回购800万 股。 ...

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21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動 | | | | | | | | | | | | 已發 ...

Core Viewpoint - The announcement of a managerial rotation within Xiaomi Group highlights the company's structured talent development and rotation system, emphasizing the importance of career growth and adaptability in leadership roles [1][3][4] Group 1: Managerial Rotation - The company has a defined rotation policy where managers are expected to rotate every three years, with a mandatory rotation after five years [3][4] - The recent transition to the Wuhan headquarters was planned five years in advance, showcasing the company's long-term strategic planning for talent management [3][4] Group 2: Talent Development - Xiaomi implements various talent development programs, such as the Spark Plan and Torch Plan, which support employees at different career stages [3] - The rotation system not only allows for upward mobility but also provides opportunities for lateral experiences, enhancing the overall skill set of managers [3][4] Group 3: Strategic Location Choice - The choice of Wuhan as the new work location is influenced by logistical considerations, such as proximity to Chengdu and reduced travel costs compared to Beijing [4] - The company is expanding its operations in Wuhan, including the establishment of a major manufacturing and research facility, which aligns with the new manager's desire to contribute to this growth [4]