Financial Performance - Xiaomi Corporation reported a total revenue of RMB 113.1 billion for Q3 2025, representing a year-on-year increase of 22.3%[9]. - The adjusted net profit for Q3 2025 reached RMB 11.3 billion, marking an 80.9% increase compared to the same period last year[5]. - Revenue increased by 22.3% from RMB 92.5 billion in Q3 2024 to RMB 113.1 billion in Q3 2025[31]. - Gross profit rose to RMB 25.9 billion in Q3 2025, up from RMB 18.9 billion in Q3 2024, reflecting a gross margin improvement[30]. - The company reported a net profit of RMB 12.3 billion in Q3 2025, up 3.2% from RMB 11.9 billion in Q2 2025[66]. - Adjusted net profit rose by 80.9% from RMB 6.3 billion in Q3 2024 to RMB 11.3 billion in Q3 2025[65]. - Operating profit increased significantly to RMB 15.1 billion in Q3 2025, compared to RMB 6.0 billion in Q3 2024[30]. Revenue Segmentation - The smartphone segment generated revenue of RMB 84.1 billion in Q3 2025, with a year-on-year growth of 1.6%[9]. - The revenue from the smart electric vehicle and AI innovation segment reached RMB 29 billion, achieving a historical high with a year-on-year growth of 199.2%[9]. - The IoT and lifestyle consumer products segment reported revenue of RMB 27.6 billion, a year-on-year growth of 5.6%, with a gross margin of 23.9%, up 3.2 percentage points[22]. - The internet services segment achieved a record revenue of RMB 9.4 billion, a year-on-year increase of 10.8%, with global monthly active users reaching 741.7 million, up 8.2%[25]. - The smart electric vehicle and AI innovation segment reported revenue of RMB 29 billion, with smart electric vehicle revenue at RMB 28.3 billion, marking a historic high[26]. Market and Sales Performance - Xiaomi's global smartphone shipments totaled 43.3 million units in Q3 2025, reflecting a 0.5% year-on-year increase, maintaining a global market share of 13.6%[10]. - Xiaomi's high-end smartphone sales accounted for 24.1% of total smartphone sales in mainland China, an increase of 4.1 percentage points year-on-year[14]. - The Xiaomi 17 series saw a 30% year-on-year increase in sales compared to the previous generation, with the Pro models accounting for over 80% of sales[19]. Research and Development - Research and development expenses for Q3 2025 amounted to RMB 9.1 billion, up 52.1% year-on-year, with total R&D spending for the first three quarters reaching RMB 23.5 billion[12]. - R&D expenses rose to RMB 9.1 billion in Q3 2025, up from RMB 6.0 billion in Q3 2024, indicating a focus on innovation[30]. - R&D expenses increased by 52.1% from RMB 6 billion in Q3 2024 to RMB 9.1 billion in Q3 2025, mainly due to higher R&D costs related to smart electric vehicles and AI[55]. Capital Expenditures and Investments - Capital expenditures for the first three quarters of 2025 reached approximately RMB 13 billion, representing an 86.7% year-on-year increase[16]. - Capital expenditures for Q3 2025 totaled RMB 5.38 billion, an increase from RMB 4.87 billion in Q2 2025, with significant investments in smart electric vehicles and AI-related innovations[116]. - The company held investments in approximately 420 companies, with a total book value of RMB 86.2 billion as of September 30, 2025, and recorded a net gain of RMB 1.8 billion from investment disposals in Q3 2025[118]. Cash Flow and Financing Activities - The net cash generated from operating activities for the third quarter of 2025 was RMB 5.4736 billion, after accounting for income tax payments of RMB 700 million[110]. - The net cash used in investment activities for the third quarter of 2025 was RMB 2.0925 billion, primarily due to purchases of property, plant, and equipment totaling RMB 3.1 billion[112]. - The net cash used in financing activities for the third quarter of 2025 was RMB 3.9162 billion[110]. - The company issued USD 600 million 3.375% senior notes due in 2030, guaranteed unconditionally by the company[107]. - The company issued USD 800 million 2.875% senior notes due in 2031 and USD 400 million 4.100% green bonds due in 2051, both guaranteed by the company[109]. Employee and Operational Metrics - The total number of full-time employees as of September 30, 2025, was 56,231, with 24,871 in R&D roles, emphasizing the focus on talent acquisition and retention[120]. - Sales and marketing expenses grew by 32.3% from RMB 6.3 billion in Q3 2024 to RMB 8.3 billion in Q3 2025, attributed to the expansion of Xiaomi stores and advertising costs[56]. Assets and Liabilities - Total assets reached RMB 502,766,504 thousand as of September 30, 2025, compared to RMB 403,155,289 thousand in 2024, marking an increase of about 24.7%[128]. - The company’s total liabilities increased to RMB 237,203,136 thousand in 2025 from RMB 213,950,170 thousand in 2024, reflecting a growth of approximately 10.9%[128]. - The company’s equity attributable to owners increased from RMB 188,737,777 thousand in 2024 to RMB 265,458,760 thousand in 2025, a rise of about 40.7%[128]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions except for the separation of the roles of Chairman and CEO, which are held by the same individual[155]. - The audit committee reviewed the unaudited interim results for the three and nine months ended September 30, 2025[156]. - As of September 30, 2025, the company was not involved in any significant litigation or arbitration[157].

每经AI快讯，11月18日，小米集团跌超3%，股价创7个月新低。 （文章来源：每日经济新闻） ...

Group 1 - The Hong Kong stock market indices are experiencing a decline, with the Hang Seng Tech Index dropping nearly 1.5% [1] - Xiaomi Group is set to announce its Q3 earnings on November 18, with its stock price nearing a six-month low of 41.68 HKD [1] - Citic Securities forecasts Xiaomi's Q3 revenue to reach 110.1 billion HKD, a year-on-year increase of 19%, and net profit to exceed 10.1 billion HKD, a year-on-year increase of 62% [1] - The long-term outlook for Xiaomi remains focused on two key areas: the continued high-end transition of smartphones and the release of automotive production capacity and performance [1] Group 2 - As of November 14, the valuation of the Hang Seng Tech Index ETF (513180) stands at 22.47 times, lower than other major global tech indices [2] - The current valuation is in the historical low range, being below 74% of the time since the index was launched, indicating a significant value proposition [2] - The Hang Seng Tech Index is characterized by high elasticity and growth potential, suggesting greater upward momentum [2]

Group 1 - Xiaomi Group-W has seen continuous net buying from southbound funds for 13 consecutive days, with a total net buying amount of HKD 9.527 billion, while its stock price has decreased by 7.51% [2] - On November 14, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 35.241 billion, with a net buying amount of HKD 5.669 billion [2] - On the same day, Xiaomi Group-W recorded a trading volume of HKD 3.248 billion through the Hong Kong Stock Connect, with a net buying amount of HKD 611 million [2]

本周（11月10日至14日）港股市场主要股指涨跌不一，恒生指数累计上涨1.26%，恒生科技指数下跌 0.42%，恒生中国企业指数上涨1.41%。据证券时报·数据宝统计，本周南向资金合计成交净流入247.73 亿港元，环比下降35.95%，已连续26周净流入。从本周上榜每日前十大活跃个股名单来看，共有17只 个股上榜，阿里巴巴-W本周港股通成交总额最高，达到489.19亿港元，中芯国际、腾讯控股港股通买 卖总额均超过200亿港元。从成交净买入金额来看，大型科技股本周获南向资金买卖不一，小米集团-W 本周获南向资金净买入金额最高，达到43.32亿港元，已连续两周居于净买入首位，上周成交净买入 43.11亿港元。小米集团-W9月26日以来走势明显下跌，累计跌幅近三成。腾讯控股本周获南向资金净买 入金额8.58亿港元。阿里巴巴-W、美团-W遭到南向资金减持，分别净卖出24.79亿港元、1.92亿港元。 从持股量变化来看，本周15股获得南向资金持股量环比增长超10%，南山铝业国际居首，环比增长 43.34%，其他还有瑞浦兰钧、博雷顿、沪上阿姨持股量环比增幅居前，持股量环比增幅分别为42.9%、 37.47%、19.66 ...

阿里巴巴：有消息称，阿里巴巴正准备对旗舰AI应用进行重大改版；据悉，阿里巴巴已秘密启动"千 问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问APP，全面对标ChatGPT，加入全球AI 应用的顶级竞赛。 腾讯控股：2025年第三季度收入1928.69亿元，同比增长15%，环比增长5%；毛利1087.98亿元，同比增 22%，环比增长4%；毛利率由去年同期的53%提升至56%；本公司权益持有人应占盈利631.33亿元，同 比增长19%，环比增长13%，预期558.8亿元；非国际财务报告准则本公司权益持有人应占盈利为705.51 亿元，同比增长18%，环比增长12%，预期659.7亿元。 11月13日，南下资金今日净卖出港股35.21亿港元。 其中：净买入阿里巴巴-W 13.75亿、小米集团-W 7.79亿；净卖出盈富基金62.27亿、恒生中国企业22.89 亿、腾讯控股8.75亿、信达生物4.19亿、赣锋锂业2.61亿。 据统计，南下资金已连续12日净买入小米，共计89.1582亿港元。 北水关注个股 信达生物：中国银河证券称，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，下半 年创 ...

Core Insights - Xiaomi Group-W has seen continuous net buying from southbound funds for 11 consecutive days, with a total net buying amount of HKD 8.136 billion, despite a cumulative stock price decline of 4.59% [2] Trading Activity - On November 12, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 39.499 billion, with a net selling amount of HKD 0.851 billion [2] - Xiaomi Group-W was among the active stocks on November 12, with a trading volume of HKD 5.404 billion and a net buying amount of HKD 1.592 billion [2]

Group 1 - The company announced the cancellation of 27.2954 million repurchased shares on November 12, 2025 [1] - On the same day, the company will issue 19,400 new shares as part of a share incentive plan for participants, excluding directors [1] - The company will also convert 4.7287 million Class A ordinary shares into Class B ordinary shares [1]

Core Viewpoint - Xiaomi Group-W (01810) announced the cancellation of 27.2954 million repurchased shares on November 12, 2025 [1] Summary by Relevant Sections - Share Cancellation - The company will cancel a total of 27.2954 million shares that have been repurchased [1] - New Share Issuance - On the same day, the company will issue 19,400 new shares as part of a share incentive plan for participants, excluding directors of the issuer [1] - Conversion of Shares - The company will convert 4.7287 million Class A ordinary shares into Class B ordinary shares [1]

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) 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 呈交日期： 2025年11月12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 | | | | ...