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12月31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 | | | | | | | | | ...

摩根士丹利发布研报称，中国官方明确2026年"两新"政策的支持范围和补贴标准，智能手机、平板电 脑、智能手表和智能眼镜将继续提供售价15%的折扣，单件最多获500元人民币补贴，而冰箱、洗衣 机、电视、空调、电脑和热水器，单件最多获1,500元人民币补贴。该行认为，新公布的政策对技术硬 件行业是一个积极的催化剂，因为市场预期补贴会减少，而非保持不变。 对于消费电子产品，15%的 补贴仍然利好小米集团-W(01810.HK) 明年的AIoT业务。 小米集团-W港股市值10048.7亿港元，在电子制造行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 投行对该股的评级以买入为主，近90天内共有19家投行给出买入评级，近90天的目标均价为58.12港 元。光大证券最新一份研报给予小米集团-W买入评级。 机构评级详情见下表： ...

大摩提到，2026年的国补政策与2025年相比，在技术硬件产品方面几乎相同，但新增了智能眼镜至补贴 清单。对于消费电子产品，补贴由2025年的20%略微下降至2026年的15%，上限亦从2,000元人民币降至 1,500元人民币。 摩根士丹利发布研报称，中国官方明确2026年"两新"政策的支持范围和补贴标准，智能手机、平板电 脑、智能手表和智能眼镜将继续提供售价15%的折扣，单件最多获500元人民币补贴，而冰箱、洗衣 机、电视、空调、电脑和热水器，单件最多获1,500元人民币补贴。该行认为，新公布的政策对技术硬 件行业是一个积极的催化剂，因为市场预期补贴会减少，而非保持不变。对于消费电子产品，15%的补 贴仍然利好小米集团-W(01810)明年的AIoT业务。 ...

小米集团-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.29 | 390.00 | 38.640 | 38.560 | 15055.20 | | 2025.12.24 | 380.00 | 39.260 | 39.080 | 14893.66 | | 2025.12.23 | 375.00 | 39.280 | 39.100 | 14702.62 | | 2025.12.22 | 375.00 | 39.900 | 39.800 | 14947.28 | | 2025.12.19 | 375.00 | 40.560 | 40.420 | 15178.09 | | 2025.12.18 | 375.00 | 40.240 | 40.120 | 15066.09 | | 2025.12.16 | 720.00 | 41.000 | 40.360 | 29364.39 | | 2025.12.15 | 720.00 | 42.000 | 41.780 | 30 ...

Core Viewpoint - The announcement of Lin Bin, Xiaomi's co-founder and vice chairman, to sell up to $5 billion of Class B shares annually starting December 2026, has raised concerns in the capital market, leading to a decline in Xiaomi's stock price and market capitalization [1][2]. Group 1: Lin Bin's Role and Contributions - Lin Bin, known as Xiaomi's "number two" and a key figure in its founding, has played a significant role in the company's development, including talent acquisition and operational management [5][6]. - He was instrumental in Xiaomi's early success, particularly in e-commerce, leading to record sales of 211 million smartphones in 2015 [6][7]. - Lin Bin's strategic pivot to offline channels in 2016 helped Xiaomi recover from a significant drop in online sales [2][6]. Group 2: Changes in Management and Lin Bin's Exit - Since 2019, Lin Bin has gradually stepped back from frontline roles, resigning from positions such as president and mobile division head, with new leaders taking over [3][4]. - The shift in management coincided with Xiaomi's strategic focus on electric vehicles and a broader ecosystem approach, with Lin Bin becoming less visible in company operations [3][4]. Group 3: Stock Sales and Financial Impact - Lin Bin has been reducing his stake in Xiaomi since 2019, with significant sales totaling approximately HKD 85 billion, indicating a trend of divestment [4][8]. - As of mid-2025, Lin Bin holds 2.33 billion shares, representing 8.95% of Xiaomi's total shares, making him the second-largest shareholder after Lei Jun [4][8]. Group 4: Background and Early Career - Lin Bin's impressive background includes roles at Microsoft and Google, where he contributed to numerous technology advancements before co-founding Xiaomi in 2010 [8][9]. - His decision to join Xiaomi was influenced by Lei Jun's vision and the potential of the internet sales model, leading to a significant personal investment in the company [10].

小米集团-W(01810)发布公告，于2025年12月29日，该公司斥资1.51亿港元回购390万股股份，每股回购 价格为38.56-38.64港元;就根据股份计划授予参与人(发行人的董事除外)的股份奖励或期权而发行39.5万 股股份。 ...

格隆汇12月29日丨小米集团-W(01810.HK)公告，12月29日耗资1.5亿港元回购390万股，回购价格每股 38.56-38.64港元。 ...

智通财经APP讯，小米集团-W(01810)发布公告，于2025年12月29日，该公司斥资1.51亿港元回购390万 股股份，每股回购价格为38.56-38.64港元;就根据股份计划授予参与人(发行人的董事除外)的股份奖励或 期权而发行39.5万股股份。 ...

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12月29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 - Citigroup has set a target price of HKD 50 for Xiaomi Group-W (01810) based on a solid long-term visibility and a sum-of-the-parts (SOTP) valuation method, rating it as "Buy" [1] Group 1: Valuation and Target Price - The SOTP valuation includes a profit valuation multiple of 18.9 times for core smartphone, IoT, and internet services, while the smart electric vehicle business is valued at 1.5 times sales [1] - The target price is based on projections for 2026 [1] Group 2: Product Launch and Market Performance - Xiaomi held a product launch event during Christmas, introducing the Xiaomi 15 Ultra and AIoT products [1] - According to IDC data, the shipment volume of smartphones priced above USD 800 saw a 56% year-on-year growth in the first nine months of 2025, indicating significant breakthroughs in the ultra-high-end market above RMB 6,000 [1] Group 3: Cost Structure and Product Pricing - Citigroup believes that with rising memory prices, the cost structure of high-end smartphones remains superior to that of mid-range and low-end smartphones [1] - Xiaomi also launched several products with suggested retail prices: Buds6 at RMB 699, central air conditioner Pro at RMB 25,999, smart home panel 11 at RMB 1,299, Watch5 at RMB 1,999, and the Mijia diffuse ceiling light at RMB 1,899 [1]