此次曝光信息显示，小米 17 Ultra 在海外名称或将改为 Leitzphone powered by Xiaomi，这也就意味着小 米与徕卡方面的合作或将迎来进一步的深入。外观方面，小米 17 Ultra 或将沿用现款机型的大尺寸圆形 后置多摄模组，并同样安置在机背中轴线顶端，其中左侧为开孔更大的潜望式长焦，其余两枚摄像头则 位于 Deco 的底部。 硬件配置上，据称小米 17 Ultra 或将用上全新的徕卡镀膜，能够消除色差、降低反射，从而实现更高清 晰度、更高保真的成像表现，除了按惯例搭载高通第五代骁龙 8 至尊版外，其可能会支持 100W 有线快 充和卫星功能。而在影像方面，这款机型可能会采用 5000 万像素 OV50M 前摄，以及由 5000 万像素 OVX10500U 主摄 +2 亿像素 S5KHPE 长焦 +5000 万像素 OV50M 或 S5KJN5 超广角组成的后摄模组。 12月18日，小米公司创始人、董事长、首席执行官雷军发文宣布，小米17 Ultra，下周正式发布。 【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 ...

17 December 2025 | 9:00PM HKT Equity Research Xiaomi Corp. (1810.HK): Becomes a major LLM force with MiMo-V2-Flash release; Rich in agentic scenarios for AI applications; Xiaomi released its new open-sourced MiMo-V2-Flash model on Dec 16, as Xiaomi's foundational language model built for reasoning, coding, and agentic scenarios and engineered for maximum efficiency, as part of its MiMo language model family (also see MiMo-Embodied release in Nov). MiMo-V2-Flash, as a Mixture-of-Experts (MoE) language model ...

Summary of Xiaomi Corp Conference Call Company Overview - **Company**: Xiaomi Corp (Ticker: 1810.HK) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$133,994 million - **Current Stock Price**: HK$40.90 (as of December 16, 2025) - **Price Target**: HK$62.00, indicating a potential upside of 52% from the current price [8][8][8] Key Product Release - **Product**: MiMo-V2-Flash, an open-sourced large language model (LLM) - **Parameters**: 309 billion total parameters and 15 billion active parameters - **Architecture**: Hybrid attention architecture with a 128-token sliding window and a 5:1 hybrid ratio, competitive with mainstream LLMs like DeepSeek-V3.2 [2][2][2] Performance Metrics - **Inference Speed**: 150 tokens per second - **Cost Efficiency**: $0.1 per million input tokens and $0.3 per million output tokens, making it one of the most cost-effective high-performance models available [3][3][3] Strategic Insights - The release of MiMo-V2-Flash demonstrates Xiaomi's commitment to AI research and development (R&D) - Expectations for meaningful progress in both Cloud AI and Edge AI in the future [3][3][3] Financial Projections - **Fiscal Year Ending**: December 2024, 2025, 2026, 2027 - **Revenue Estimates**: - 2024: Rmb 365.9 billion - 2025: Rmb 467.7 billion - 2026: Rmb 592.0 billion - 2027: Rmb 677.6 billion - **EPS Estimates**: - 2024: Rmb 1.07 - 2025: Rmb 1.53 - 2026: Rmb 1.87 - 2027: Rmb 2.35 [8][8][8] Risks and Considerations - **Upside Risks**: Better-than-expected orders and customer feedback for the second EV model, strong volume contribution from offline expansion in China, and higher market share in overseas markets - **Downside Risks**: Fierce competition in the EV market, smartphone gross margin pressure due to inventory de-stocking and weak demand, and concerns regarding smart EV investments [14][14][14] Analyst Ratings - **Stock Rating**: Overweight - **Industry View**: In-Line - **52-Week Range**: HK$61.45 - HK$29.60 [8][8][8] Conclusion Xiaomi Corp is positioned for growth with its innovative AI product, MiMo-V2-Flash, and strong financial projections. However, the company faces significant risks in a competitive landscape, particularly in the EV and smartphone sectors.

证券时报·数据宝统计显示，12月17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 255.39亿港元，净买入金额为44.23亿港元。 12月17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27.22亿港元，净买入金额为 10.63亿港元，不仅如此，该股已连续14日出现成交净买入，累计净买入金额为138.48亿港元，其间股价 上涨0.29%。（数据宝） （文章来源：证券时报网） 小米集团-W获南向资金连续14天净买入，累计净买入金额为138.48亿港元，股价累计上涨0.29%。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月17日，南向资金净买入约79.09亿港元。小米集团-W、美团-W分别获净买入约10.63 亿港元、7.51亿港元；中国移动遭净卖出5.14亿港元。 ...

摩根士丹利发布研报称，小米集团-W(01810)发布开源大模型MiMo-V2-Flash。MiMo-V2-Flash总参数 309B(激活15B)，并被认为在市场上具有与主流大型语言模型竞争的能力。该行相信，小米发布最新的 大模型，表明公司对人工智能研究与开发的承诺。该行预期公司未来在云端人工智能和边缘人工智能方 面将取得更明显的进展。该行予公司目标价62港元，评级为"增持"。 ...

智通财经APP获悉，摩根士丹利发布研报称，小米集团-W(01810)发布开源大模型MiMo-V2-Flash。 MiMo-V2-Flash总参数309B(激活15B)，并被认为在市场上具有与主流大型语言模型竞争的能力。该行 相信，小米发布最新的大模型，表明公司对人工智能研究与开发的承诺。该行预期公司未来在云端人工 智能和边缘人工智能方面将取得更明显的进展。该行予公司目标价62港元，评级为"增持"。 ...

| 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） | | --- | --- | --- | --- | --- | | 2025.12.16 | 720.00 | 41.000 | 40.360 | 29364.39 | | 2025.12.15 | 720.00 | 42.000 | 41.780 | 30166.04 | | 2025.12.11 | 230.00 | 42.280 | 42.220 | 9720.35 | | 2025.12.10 | 240.00 | 41.920 | 41.820 | 10050.51 | | 2025.12.09 | 720.00 | 41.360 | 41.080 | 29711.89 | | 2025.12.08 | 480.00 | 42.720 | 42.140 | 20398.26 | | 2025.12.04 | 240.00 | 41.920 | 41.820 | 10050.24 | | 2025.12.03 | 750.00 | 40.360 | 40.140 | 30183.90 | | 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report highlights that the company's high-end strategy and the integration of its ecosystem across vehicles and home appliances provide stronger resilience compared to previous storage cycles [4] - The company has reported slightly better-than-expected earnings for Q3 2025, with revenue of 113.1 billion RMB, a year-on-year increase of 22% [6] - Adjusted net profit for Q3 2025 reached 11.3 billion RMB, up 81% year-on-year [6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 271 billion RMB - 2024: 366 billion RMB - 2025E: 476 billion RMB - 2026E: 565 billion RMB - 2027E: 679 billion RMB - Year-on-year growth rates are projected at -3% for 2023, 35% for 2024, 30% for 2025, 19% for 2026, and 20% for 2027 [5] - Adjusted net profit forecasts are: - 2025E: 43.5 billion RMB - 2026E: 44.5 billion RMB - 2027E: 58.4 billion RMB - Corresponding year-on-year growth rates for net profit are 59% for 2025, 2% for 2026, and 31% for 2027 [5][6] Business Segment Performance - Smartphone segment: - Q3 2025 revenue of 460 billion RMB, with an average selling price (ASP) of 1,063 RMB per unit [6] - The company aims to ship 170 million units in 2025, with a slight adjustment in forecasts due to market conditions [6] - IoT segment: - Q3 2025 revenue of 27.6 billion RMB, with a gross margin of 23.9% [6] - The company anticipates a revenue growth rate of 29% for 2025 [6] - Internet services: - Q3 2025 revenue of 9.4 billion RMB, with a gross margin of 76.9% [6] - Electric vehicle (EV) segment: - Q3 2025 revenue of 29 billion RMB, with a gross margin of 25.5% and a delivery target of 400,000 units for 2025 [6]

智通财经APP讯，小米集团-W(01810)发布公告，于2025年12月16日该公司斥资2.94亿港元回购720万 股，回购价格为每股40.36-41.00港元。 （原标题：小米集团-W(01810)12月16日斥资2.94亿港元回购720万股） ...