新浪科技讯 11月20日上午消息，第50万辆小米汽车在位于北京经济技术开发区的小米汽车超级工厂下 线。自2024年3月28日首款车型SU7正式发布，小米汽车仅用602天、不足20个月，就刷新了全球车企50 万辆下线的最快纪录。 雷军表示，下一步，小米汽车将坚持不懈抓安全、抓交付，在保证安全和品质的基础上全力以赴加快生 产；将持续加大科技创新能力，坚定不移推进核心技术的研发；将推进AI和智能制造的深度融合。 "大家对于小米汽车有很多期待，言胜于行，以行践言，我们会用实际行动向大家交出更好的答卷。"雷 军说。 来源：新浪网 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 小米集团创始人、董事长兼CEO雷军表示，50万辆下线标志着小米汽车包括研发、制造、销售、交付和 服务的完整体系能力得到了充分验证，也标志着小米汽车得到消费者的广泛认可，进入了规模化的新阶 段。 ...

Xiaomi Corp. (1810.HK) Earnings Call Summary Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Market Cap**: HK$1.1 trillion / $136.0 billion - **Enterprise Value**: HK$859.5 billion / $110.6 billion - **12-Month Target Price**: HK$53.50, current price HK$40.78, implying 31.2% upside potential [1][4][7] Key Financial Highlights - **3Q25 Revenue**: Grew by 22% year-over-year (yoy) to Rmb46.0 billion, exceeding expectations [1][2] - **Adjusted Net Profit**: Increased by 81% yoy, driven by higher AIoT gross profit margin (GPM) and investment gains [1][2] - **Smartphone Revenue**: Declined by 3% yoy, with total shipments of 43.3 million units [28] - **AIoT Revenue**: Grew by 6% yoy to Rmb27.6 billion, with GPM increasing by 3.2pp yoy to 23.9% [47] Core Themes from Management 1. **Smartphones**: Focus on increasing average selling price (ASP) and market share in 2026 amidst rising memory costs and declining industry shipments [2][3] 2. **AIoT**: Prioritizing profitability over growth, with overseas AIoT revenue expected to drive growth after reaching record levels in 3Q25 [2] 3. **Electric Vehicles (EV)**: Achieved an IFRS net profit of Rmb0.7 billion in 3Q25, on track to meet full-year delivery target of 350,000 units [2] 4. **Artificial Intelligence (AI)**: Released multiple multi-modal large language models (MLLMs) to enhance smart home positioning [2] 5. **New Retail Strategy**: Focus on operational efficiency and store optimization in China while expanding Mi Home stores overseas [2] Forecast Changes - **Revenue Forecasts**: 2025E revenue remains unchanged at Rmb365.9 billion, with net profit for 2025E raised by 3% post 3Q beat [3] - **Net Profit Projections**: 2026E-27E net profit lowered by 4-5% due to increased smartphone GPM pressure [3][18] Market Position and Competitive Landscape - **Smartphone Market Share**: Maintained No.3 global ranking with 13.6% market share in 3Q25, despite a slight decline [28] - **Regional Performance**: - China: +7% yoy revenue growth, with market share increasing to 14.9% [28] - Overseas: Market share gains in Latin America, Southeast Asia, Africa, and Europe, but a decline in India [28] Valuation Insights - **Valuation Scenarios**: - Bull Case: HK$63.9 per share (57% upside) - Base Case: HK$53.5 per share (31% upside) - Bear Case: HK$37.0 per share (-9% downside) [20][21] - **12-Month Target Price**: Updated to HK$53.5, reflecting favorable risk-reward for investors [19][20] Additional Insights - **AIoT Connectivity**: Over 1 billion active connected devices, with a 20% yoy increase in connected devices [47] - **New Retail Expansion**: Added 1,000 Mi Stores in China, totaling 18,000, and expanded to 300 stores overseas [28] - **Smartphone GPM**: Expected to decline to 10.1% in 4Q25E due to rising memory costs [37] Conclusion Xiaomi Corp. is navigating a challenging market landscape with strategic focuses on profitability, innovation, and expansion across its product lines. The company shows potential for growth in AIoT and EV segments, while maintaining a competitive position in the smartphone market. The updated valuation reflects a positive outlook, although short-term challenges may persist.

今日上榜个股中，小米集团-W、阿里巴巴-W、华虹半导体等7只股同时上榜港股通（深）、港股通（沪）成交活跃股， 小米集团-W合计成交额 105.78亿港元，成交净买入23.94亿港元，阿里巴巴-W合计成交额71.92亿港元，成交净买入20.96亿港元。盈富基金合计成交额14.98亿港元，成交 净卖出14.84亿港元，腾讯控股合计成交额37.84亿港元，成交净卖出1.04亿港元。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有小米集团-W、华虹半导体、阿里巴巴-W，连续净买入天 数分别为16天、5天、5天。以其间净买入金额统计，净买入金额最多的是小米集团-W，合计净买入为130.55亿港元，其次是阿里巴巴-W合计净买 入为110.95亿港元，华虹半导体合计净买入为9.10亿港元。（数据宝） 11月19日南向资金成交活跃股 （原标题：南向资金今日净买入65.91亿港元，小米集团-W净买入23.94亿港元） 11月19日恒生指数下跌0.38%，南向资金全天合计成交金额为839.46亿港元，其中，买入成交452.68亿港元，卖出成交386.77亿港元，合计净买入 金额65.91亿港元。 ...

小米集团-W获南向资金连续16天净买入，累计净买入金额为130.55亿港元，股价累计下跌15.24%。 证券时报·数据宝统计显示，11月19日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 337.66亿港元，净买入金额为44.29亿港元。 11月19日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为105.78亿港元，净买入金额为 23.94亿港元，不仅如此，该股已连续16日出现成交净买入，累计净买入金额为130.55亿港元，其间股价 下跌15.24%。（数据宝） （文章来源：证券时报网） ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The company achieved a revenue of 113.12 billion yuan in Q3 2025, representing a year-on-year increase of 22.3% and a quarter-on-quarter decrease of 2.4% [7] - Adjusted net profit for Q3 2025 was 11.31 billion yuan, up 80.9% year-on-year and 4.4% quarter-on-quarter [7] - The automotive segment turned profitable for the first time, with revenue from automotive and AI-related businesses reaching 29.01 billion yuan, a year-on-year increase of 199.2% [7] - High-end smartphone sales showed strong performance, with Q3 2025 smartphone revenue at 45.97 billion yuan, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 1.0% [7] - The IoT segment generated revenue of 27.55 billion yuan, up 5.6% year-on-year, although it saw a quarter-on-quarter decline of 28.8% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 270.97 billion yuan, 365.91 billion yuan, 474.58 billion yuan, 591.85 billion yuan, and 669.07 billion yuan respectively [1] - Net profit projections for the same years are 17.48 billion yuan, 23.66 billion yuan, 45.32 billion yuan, 52.96 billion yuan, and 65.61 billion yuan respectively [1] - The report adjusts the net profit forecast for 2025-2027 to 45.3 billion yuan, 53.0 billion yuan, and 65.6 billion yuan, reflecting a positive outlook on the company's performance [7] Market Position - The company has expanded its automotive sales network to 402 stores and 209 service points, covering 119 and 125 cities respectively [7] - The market share for smartphones priced above 3,000 yuan in mainland China increased by 4.1 percentage points to 24.1% [7] - The report highlights the company's ongoing efforts in high-end product development, with the new Xiaomi 17 series achieving a 30% increase in sales compared to the previous generation [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 53.5 per share, indicating a potential upside of 31.2% from the recent closing price of HKD 40.78 [6]. Core Insights - The company achieved record high revenue and profit in Q3 2025, driven by effective execution of its "high-end, full ecosystem, and globalization" strategy, despite facing challenges from rising storage costs [5][6]. - The automotive segment reported its first profit in Q3 2025, with revenue growing by 199.2% year-on-year, contributing significantly to overall growth [2]. - The smartphone segment showed resilience with a slight revenue decline of 3.1%, while maintaining a strong market share in the high-end segment [3]. - Internet services continued to grow steadily, with revenue reaching a historical high, supported by increased advertising income and user engagement [4]. Summary by Sections Q3 Performance - Revenue for Q3 2025 increased by 22.3% year-on-year to HKD 1131.2 billion, slightly above market expectations [1]. - Gross margin was reported at 22.9%, exceeding expectations, while adjusted net profit surged by 80.9% to HKD 113.1 billion [1]. Automotive Business - The automotive segment generated revenue of HKD 290.1 billion in Q3 2025, accounting for 25.6% of total revenue, with a significant year-on-year growth of 199.2% [2]. - The company delivered 109,000 new vehicles in the quarter, marking a 173.4% increase year-on-year, with the XiaomiYU7 series leading domestic SUV sales [2]. Smartphone and AIoT - The smartphone division reported revenue of HKD 460.0 billion, a slight decline of 3.1%, with a shipment of 43.3 million units, reflecting a 0.5% increase [3]. - The IoT and lifestyle products segment achieved revenue of HKD 276.0 billion, growing by 5.6% year-on-year, with a gross margin of 23.9% [3]. Internet Services - Internet services revenue reached HKD 94.0 billion, a 10.8% increase year-on-year, with advertising revenue growing by 17.4% [4]. - The global monthly active users reached 741.7 million, reflecting an 8.2% year-on-year increase, indicating improved user engagement and monetization [4].

Core Viewpoint - Xiaomi Group-W (01810) announced the granting of a total of 29.3667 million shares as rewards to 3,334 selected participants, including employees and service providers, under the 2023 share plan, effective November 19, 2025 [1] Summary by Categories Share Awards - The company will reward a total of 29.3667 million shares to 3,334 selected participants [1] - The participants include both employees and service providers of the group [1] Stock Options - On the same day, Xiaomi Hong Kong granted a total of 496,300 stock options to 3 selected participants who are employees of Xiaomi Hong Kong under the 2024 Xiaomi Hong Kong share plan [1]

智通财经APP讯，小米集团-W(01810)发布公告，公司于2025年11月19日根据2023年股份计划奖励合共 2936.67万股奖励股份予3334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49.63万份小米香港购股权予3名为小米香港集团 雇员的小米香港选定参与者。 ...

格隆汇11月19日丨小米集团-W(01810.HK)宣布，公司于2025年11月19日根据2023年股份计划奖励合共 2937万股奖励股份予3,334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50万份小米香港购股权予3名为小米香港集团雇员的小米香港选定参与者。 ...

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。 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） 根 據 2023 年股份計劃授出獎勵 及 根 據 2024 年小米香港股份計劃授出小米香港購股權 此公告由本公司根據上市規則第17.06A條、第17.06B條及第17.06C條作出。 董事會謹此宣佈，本公司於2025年11月19日根據2023年股份計劃獎勵合共29,366,734股獎 勵股份予3,334名選定參與者，包括本集團僱員及服務供應商。同日，小米香港根據2024 年小米香港股份計劃授出合共496,300份小米香港購股權予3名為小米香港集團僱員的小 米香港選定參與者。 1. 根據2023年股份計劃授出獎勵 於2025年11月19日，本公司根據2023年股份計劃獎勵合共29,366,734股獎勵股份予 3,334名選定參與者，包括本集團僱員及服務 ...