Core Viewpoint - Xiaomi Group is a leading internet company focused on smartphones, smart hardware, and IoT platforms, with a business model centered on innovation, high-quality hardware, efficient new retail, and a rich array of internet services [1][2]. Financial Performance - As of mid-2025, Xiaomi Group reported total revenue of 227.249 billion yuan and a net profit of 22.829 billion yuan [2]. Market Activity - On August 22, Xiaomi Group's stock price increased by 2.14%, reaching 52.45 yuan per share, with a trading volume of 828 million yuan [1]. Analyst Rating - On August 21, CMB International Securities maintained a "Buy" rating for Xiaomi Group, setting a target price of 60 Hong Kong dollars [3].

小米集团-W（1810.HK）2025 年中期业绩点评 Q2 业绩再创新高，IOT+汽车业务高速发展 2025 年 08 月 21 日 ➢ 事件：8 月 19 日，小米集团发布 2025 年中期业绩，公司 25H1 实现营收 2272.49 亿 元，YOY+38.23%；经调整净利润 215.06 亿元，YOY+69.8%；毛利率为 22.7%，YOY+1.3pcts； 经调整净利率为 9.5%，YOY+1.8pcts。 ➢ 品牌战略稳中有进，单季度营收历史新高。25Q2，公司实现营收 1159.56 亿元，创历史 新高，YOY+30.5%，QOQ+4.2%。分业务来看，手机×AIOT 分部实现营收 947 亿元， YOY+14.8%；智能电动汽车及 AI 等创新业务分部实现营收 213 亿元，两部分业务均创历史新 高。本季度，公司经调整净利润为 108.31 亿元，同样创历史新高，YOY+75.4%，QOQ+1.5%， 对应经调整净利率为 9.3%。同时，小米品牌在全球影响力持续扩大。2025 年 6 月，公司入选 《2025 凯度 BrandZ 中国全球化品牌》50 强，排名位列第二；2025 年 7 月 ...

2025 年 08 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn [Table_Title] 持续"稳健进取"的核心经营策略，盈利再创历 史新高 ——小米集团-W（1810.HK）2025Q2 财报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小米集团-W | -7.8% | -4.1% | 197.2% | | 恒生指数 | 1.4% | 6.3% | 43.7% | | 市场数据 | 2025/08/21 | | --- | --- | | 当前价格（港元） | 51.35 | | 52 周价格区间（港元） | 18.18-61.45 | | 总市值（百万港元） | 1,367,589.18 | | 流通市值（百万港元） | 1,367,589.18 | | 总股本（万股） | 2,60 ...

证券研究报告·海外公司点评·资讯科技器材(HS) 小米集团-W（01810.HK） 2025H1 业绩点评：汽车毛利率再创新高，手 机高端化持续推进 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 270,970 | 365,906 | 491,829 | 628,447 | 726,720 | | 同比(%) | (3.24) | 35.04 | 34.41 | 27.78 | 15.64 | | 归母净利润（百万元） | 17,475 | 23,658 | 39,603 | 53,356 | 65,931 | | 同比(%) | 606.34 | 35.38 | 67.40 | 34.73 | 23.57 | | EPS-最新摊薄（元/股） | 0.67 | 0.91 | 1.52 | 2.05 | 2.53 | | P/E（现价&最新摊薄） | 72.78 | 53.76 | 32.11 | 23.84 | ...

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 8 月 21 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 52.55 | 港元 60.00↓ | +14.2% | | | 小米集团 (1810 HK) | | | | | | 资料来源 : FactSet 8/24 12/24 4/25 8/25 -50% 0% 50% 100% 150% 200% 250% 1810 HK 恒生指数 股份资料 | 52周高位 (港元) | 60.15 | | --- | --- | | 52周低位 (港元) | 17.52 | | 市值 (百万港元) | 1,126,648.88 | | 日均成交量 (百万) | 158.10 | | 年初至今变化 (%) | 52.32 | | 200天平均价 (港元) | 51.64 | | 资料来源 : FactSet | | 童钰枫 Carrie.Tong@bocomgroup.com (852) 3766 1804 王大卫, PhD, CFA Dawei.wang@bocomgr ...

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (stock code: 1810.HK) [1][4]. Core Views - The company achieved a revenue of 227.25 billion yuan in H1 2025, representing a year-on-year increase of 38.2%, and a net profit (NON-GAAP) of 21.51 billion yuan, up 69.8% year-on-year [3]. - The automotive business reached a record high in revenue and sales, with Q2 revenue of 21.26 billion yuan, a year-on-year increase of 233.9% and a quarter-on-quarter increase of 14.4% [3]. - The company plans to enter the European market by 2027, leveraging over 95% brand recognition to replicate its domestic success [3]. - The smartphone business showed strong performance in overseas markets, with Q2 shipments in Southeast Asia ranking first, and market share in Europe rising to 23.4% [3]. - R&D expenses increased by 35.8% year-on-year to 14.48 billion yuan in H1 2025, reflecting a commitment to core technology development [3]. Financial Performance Summary - For H1 2025, the company reported an operating profit of 26.56 billion yuan, a year-on-year increase of 177.5% [3]. - The automotive business's gross margin improved to 26.4% in Q2, up 11.0 percentage points year-on-year [3]. - The company forecasts revenues of 497.73 billion yuan, 630.36 billion yuan, and 724.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 41.72 billion yuan, 55.71 billion yuan, and 66.79 billion yuan [4][6].

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (stock code: 1810.HK) [1][4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with operating income reaching 227.25 billion yuan, up 38.2% year-on-year, and net profit (NON-GAAP) at 21.51 billion yuan, up 69.8% year-on-year [3] - The automotive business achieved record revenue and sales, with Q2 revenue of 21.26 billion yuan, a year-on-year increase of 233.9%, and a gross margin of 26.4%, up 11.0 percentage points year-on-year [3] - The smartphone business showed strong performance in overseas markets, with Q2 revenue of 45.52 billion yuan, despite a slight decline in domestic ASP [3] - The company plans to enter the European market by 2027, leveraging its strong brand recognition to expand its global presence in the new energy vehicle sector [3] Financial Performance Summary - For H1 2025, the company achieved an operating profit of 26.56 billion yuan, a year-on-year increase of 177.5% [3] - The forecast for 2025-2027 indicates expected revenues of 497.73 billion yuan, 630.36 billion yuan, and 724.57 billion yuan, respectively, with corresponding net profits of 41.72 billion yuan, 55.71 billion yuan, and 66.79 billion yuan [4][6] - The EPS is projected to increase from 1.60 yuan in 2025 to 2.57 yuan in 2027, with a decreasing PE ratio from 32.78 to 20.48 over the same period [4][6] Research and Development - R&D expenses for H1 2025 rose by 35.8% to 14.48 billion yuan, reflecting the company's commitment to advancing core technologies in AI and electric vehicles [3]

电子/消费电子 小米集团-W（01810.HK） 品牌势能仍足，待汽车产能释放及新车周期启动 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/20 | | --- | --- | | 当前股价(港元) | 52.550 | | 一年最高最低(港元) | 61.450/17.100 | | 总市值(亿港元) | 13,675.89 | | 流通市值(亿港元) | 13,675.89 | | 总股本(亿股) | 260.25 | | 流通港股(亿股) | 260.25 | | 近 3 个月换手率(%) | 36.45 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-08 2024-12 2025-04 小米集团-W 恒生指数 相关研究报告 《2025Q2 业绩有望继续向上，汽车 Yu7 发布仍是催化—港股公司信息更 新报告》-2025.5.29 《2025H1 产业趋势催化持续，往后 AI 能力仍需强化—港股公司信息更新 报告》-2025.3.19 《汽车上升势头持续，高端化有望提 振主业利润及估值—港股公司信息更 新报告》-2 ...

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Insights - The company reported a total revenue of 227.2 billion yuan for the first half of 2025, representing a year-on-year increase of 38.2%, with an adjusted net profit of 21.5 billion yuan, up 69.8% year-on-year. In Q2 alone, the total revenue reached 116 billion yuan, with an adjusted net profit of 10.8 billion yuan, reflecting a year-on-year growth of 75.4% [3][11] Summary by Sections Automotive Sector - The automotive business saw accelerated scale effects, with Q2 revenue from smart electric vehicles and other innovative businesses reaching 21.3 billion yuan, a year-on-year increase of 234%. The company delivered 81,000 vehicles in Q2, a year-on-year increase of 198%, with an average selling price (ASP) of 254,000 yuan, up 11% year-on-year. The gross margin for the automotive business was 26.4%, an increase of 11 percentage points year-on-year [12] Smartphone Sector - In Q2 2025, the smartphone business generated revenue of 45.5 billion yuan, with a shipment volume of 42.4 million units, marking eight consecutive quarters of year-on-year growth. The company achieved a market share of 24.7% in the 4,000-5,000 yuan price range, ranking first, and a 15.4% market share in the 5,000-6,000 yuan range, up 6.5 percentage points year-on-year [13] IoT Sector - The IoT and lifestyle products segment achieved a record revenue of 38.7 billion yuan in Q2, a year-on-year increase of 45%, with a gross margin of 22.5%. The smart home appliances segment performed strongly, with air conditioner shipments exceeding 5.4 million units, a growth of over 60% year-on-year [14] Financial Forecast and Valuation - The company is expected to achieve revenues of 474.4 billion yuan, 588.7 billion yuan, and 696.4 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 24%, and 18%. The net profit attributable to shareholders is projected to be 43.7 billion yuan, 56.7 billion yuan, and 71.4 billion yuan for the same years, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 2.74 yuan per share [14][15]

智通财经APP讯，小米集团-W(01810)发布公告，公司于2025年8月20日根据2023年股份计划奖励合共 4423.63万股奖励股份予2496名选定参与者，包括集团雇员及服务供应商。同日，小米香港根据2024年 小米香港股份计划授出合共24.83万份小米香港购股权予2名为小米香港集团雇员的小米香港选定参与 者。 ...