Core Viewpoint - Xiaomi Group is actively engaging in share buybacks and stock incentives to enhance shareholder value and retain talent, reflecting management's confidence in the company's future growth prospects [3][5]. Group 1: Share Buyback and Stock Incentives - On November 20, Xiaomi announced a buyback of 13.5 million Class B shares for a total of HKD 507.8 million, at a price of HKD 38.1 per share [1]. - This buyback is part of a broader strategy, with Xiaomi having repurchased approximately 15.4 million shares totaling around HKD 1.54 billion in the first three quarters of the year [3]. - Xiaomi also announced a stock incentive plan rewarding 3,334 selected participants with a total of 29.37 million shares, valued at approximately HKD 1.14 billion based on the closing price of HKD 38.82 per share on November 19 [3]. Group 2: Financial Performance and Business Segments - Xiaomi's third-quarter revenue exceeded HKD 100 billion for the fourth consecutive quarter, with the automotive segment achieving profitability for the first time [3]. - The revenue from the smart electric vehicle and AI segments reached HKD 29 billion, marking a year-on-year increase of over 199%, with smart electric vehicle revenue at HKD 28.3 billion [3]. - In the first three quarters, Xiaomi delivered over 260,000 vehicles, with a target of 350,000 for the year, despite potential challenges in 2024 due to reduced tax incentives and increased competition [4]. Group 3: Traditional Business and R&D Investment - Xiaomi's traditional business remains robust, with smartphone and AIoT revenue at HKD 84.1 billion in Q3, and smartphone revenue at HKD 46 billion, maintaining a top-three global position for 21 consecutive quarters [4]. - The IoT and lifestyle products segment generated HKD 27.6 billion, a year-on-year increase of 5.6%, while internet services revenue grew by 10.8% to HKD 9.4 billion [4]. - R&D expenditure reached HKD 9.1 billion in Q3, a 52.1% increase year-on-year, with total R&D investment for the first three quarters nearing last year's total [4].

小米集团20日晚间公告称，于11月20日斥资5.078亿港元回购1350万股B类股份，每股购回价为37.38港 元~38.1港元。 0:00 ...

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 508 million to repurchase 13.5 million shares [1] - The buyback price per share ranges from HKD 37.38 to HKD 38.1 [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 508 million to repurchase 13.5 million shares [1] - The buyback price per share ranges from HKD 37.38 to HKD 38.1 [1]

格隆汇11月20日丨小米集团-W(01810.HK)公告，11月20日耗资5亿港元回购1350万股。 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].

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20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 1 頁 共 7 頁 v 1.3.0 | 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 | | | | | ...

来源：雷军公众号 今天，我们迎来了小米汽车史上一个重要的里程碑：第50万辆汽车下线。 从第1台到50万台，我们仅仅用了1年零7个多月的时间。同事们告诉我，这是国内新能源汽车行业最快 的纪录。 今年年初我们提出了今年的交付目标是 30 万辆，今年 3 月，我们调高到 35 万辆，预计本周，我们就提 前完成全年任务。目前我们最新的预估：2025年全年预计交付将超过40万辆。 小米汽车能够取得今天的一系列成绩，离不开各方面的支持。 首先，要感谢所有用户朋友对小米汽车的信赖和支持。50万台小米汽车，背后是50万份车主朋友的信 任。尤其是，很多在发布会结束后第一时间盲订、锁单的车主朋友们。每一份信任，对我们来说，都弥 足珍贵，我们一定会持续不断地努力。 还有，要感谢所有合作伙伴。尤其是供应商伙伴的支持。产能爬坡，是一项极其浩瀚的工程，需要供应 链上下游共同努力才能完成。供应商伙伴凭实力，让中国汽车产业得以飞速发展，与产业链上最优秀的 供应商伙伴共事，也是小米汽车的荣幸。此外，还要感谢媒体、一直关注小米的各界朋友们的支持。 同时，还要感谢国家主管部门和北京市的大力支持。我在很多场合都说过："感谢北京这片沃土，正是 这片沃 ...

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来源：雷军公众号 今天，我们迎来了小米汽车史上一个重要的里程碑：第50万辆汽车下线。 这也标志着，小米汽车得到了广大消费者的认可，到了一个新的规模化阶段。小米SU7 成为过去一年 20万以上的轿车销量冠军；小米YU7，7月份开始交付，上个月，成为了所有 SUV 的销量冠军，无论能 源形式，还是价钱，这也是在中国市场最近几年来，第一辆能够超过 Model Y 的车型。 今年年初我们提出了今年的交付目标是 30 万辆，今年 3 月，我们调高到 35 万辆，预计本周，我们就提 前完成全年任务。目前我们最新的预估：2025年全年预计交付将超过40万辆。 小米汽车能够取得今天的一系列成绩，离不开各方面的支持。 首先，要感谢所有用户朋友对小米汽车的信赖和支持。50万台小米汽车，背后是50万份车主朋友的信 任。尤其是，很多在发布会结束后第一时间盲订、锁单的车主朋友们。每一份信任，对我们来说，都弥 足珍贵，我们一定会持续不断地努力。 还有，要感谢所有合作伙伴。尤其是供应商伙伴的支持。产能爬坡，是一项极其浩瀚的工程，需要供应 链上下游共同努力才能完成。供应商伙伴凭实力，让中国汽车产业得以飞速发展，与产业链上最优秀的 供应商伙伴 ...