Group 1 - Xiaomi Group's stock price increased by over 4% as of the report date [2] - Lei Jun announced the discontinuation of the first-generation SU7, with the last vehicle rolling off the production line [2] - The next generation of SU7 is expected to be launched in April [2]

Group 1 - Xiaomi Group (01810.HK) saw a stock increase of 5.34% [1] - Lei Jun announced during a live broadcast that the first generation SU7 has officially ceased production, with the last vehicle rolling off the production line [1] - The next generation SU7 is expected to be launched in April [1]

小米集团-W(01810)涨超5%，截至发稿，涨5.06%，报37.38港元，成交额31.07亿港元。 雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内 开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米 SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广 州、深圳、杭州、成都、武汉等地门店展示。 ...

消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内 开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米 SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广 州、深圳、杭州、成都、武汉等地门店展示。 智通财经APP获悉，小米集团-W(01810)涨超5%，截至发稿，涨5.06%，报37.38港元，成交额31.07亿港 元。 雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 ...

Core Viewpoint - The rising prices of DRAM and NAND storage are expected to negatively impact global consumer electronics demand and brand gross margins, leading to a forecasted decline in Xiaomi's overall gross margin and net profit in Q4 2025 [1][2]. Business Segments Summary Automotive Business - In Q4 2025, Xiaomi's automotive revenue is projected to reach 37.2 billion RMB, representing a year-on-year increase of 123% and a quarter-on-quarter increase of 28% [1][3]. - The gross margin for the automotive segment is expected to be around 21.6%, influenced by a decrease in the delivery proportion of the SU7 Ultra model [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its target of 550,000 units, supported by new model launches [2][3]. Smartphone Business - Xiaomi's smartphone shipment is expected to decline to 37.8 million units in Q4 2025, a year-on-year decrease of 11.5% [1][4]. - The gross margin for smartphones is anticipated to drop by 2.6 percentage points to approximately 8.5% due to rising memory prices [1][4]. - For 2026, smartphone shipments are projected to decrease by 10% to 148 million units, but the average selling price (ASP) is expected to improve by about 5% due to product mix enhancements [4]. IoT and Internet Business - The IoT segment's revenue in Q4 2025 is estimated to be around 25.2 billion RMB, with a gross margin expected to remain high at 22.2% despite a year-on-year decline of 19% due to subsidy reductions [1][4]. - Internet business revenue is projected to grow by 2% to 9.5 billion RMB, maintaining a gross margin of 76.9% [1][4]. - For FY26, IoT revenue is expected to increase by 5% year-on-year to 130.5 billion RMB, driven mainly by overseas demand [4]. Financial Forecast and Valuation - The company has revised its revenue forecasts downward for 2025-2027 by 3.1%, 9.5%, and 11.5%, respectively, and has also reduced its Non-GAAP net profit estimates for the same period by 9.1%, 21.4%, and 19.4% [4]. - The target price has been adjusted to 47 HKD from 53.8 HKD, based on a sum-of-the-parts valuation method, corresponding to a 29 times PE for 2026 [2][4].

Investment Rating - The investment rating for Xiaomi Group-W (1810 HK) is maintained at "Buy" with a target price of HKD 47.00 [1][2][5]. Core Insights - The report highlights that the rising prices of DRAM and NAND storage are negatively impacting the gross margins of consumer electronics, including Xiaomi's products. Despite this, Xiaomi's revenue is expected to grow by 10% year-on-year in 4Q25, driven by the delivery of 140,000 vehicles [1][2]. - The automotive business is showing significant growth, with expected revenue of RMB 37.2 billion in 4Q25, representing a 123% year-on-year increase. The gross margin for this segment is projected to be around 21.6% [1][3]. - The smartphone segment is facing challenges, with expected shipments declining to 37.8 million units in 4Q25, a decrease of 11.5% year-on-year, and a gross margin drop to approximately 8.5% [1][4]. - The Internet of Things (IoT) segment is anticipated to see a revenue decline of 19% year-on-year to RMB 25.2 billion, while maintaining a high gross margin of 22.2% [1][4]. - The Internet services revenue is expected to grow by 2% year-on-year to RMB 9.5 billion, with a stable gross margin of 76.9% [1][4]. Summary by Sections Automotive and New Business - In 4Q25, Xiaomi's automotive deliveries are expected to reach approximately 140,000 units, generating revenue of RMB 37.2 billion, a quarter-on-quarter increase of 28.2%. The gross margin for the automotive segment may decline to around 21.6% due to changes in model delivery proportions [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its initial target of 550,000 units, with an anticipated adjusted gross margin of 23.6% [3]. Smartphone/IoT/Internet - The global smartphone market is projected to see a slight decline in shipments, with Xiaomi's expected to drop to 37.8 million units in 4Q25, resulting in a gross margin decrease to 8.5% [4]. - The IoT business is forecasted to generate approximately RMB 25.2 billion in revenue for 4Q25, with a gross margin of 22.2% [4]. - Internet services are expected to yield RMB 9.5 billion in revenue, maintaining a gross margin of 76.9% [4]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted downward by 3.1%, 9.5%, and 11.5% respectively, with non-GAAP net profit estimates reduced by 9.1%, 21.4%, and 19.4% [5]. - The target price has been revised to HKD 47.00, based on a sum-of-the-parts (SOTP) valuation method, corresponding to a 29x PE ratio for 2026 [5][19].

7 February 2026 | 1:40AM HKT Equity Research Xiaomi Corp. (1810.HK): New YU7 GT model filed with MIIT; Expect official launch around mid-2026 to further enrich product lineup; Buy On Feb 6, Xiaomi filed its new YU7 GT model with the Ministry of Industry and Information Technology (MIIT), which is a premium, high-speed performance variant as part of its YU7 product lineup. According to the filing, the YU7 GT model features a lower, longer, and wider stance (dimensions 5015/2007/1597mm) compared to the existi ...

小米集团公告，2026年2月9日，公司于香港交易所回购150万股，每股回购价格介于35.04港元至35.24港 元之间，支付总价5272.68万港元。 ...

据港交所文件披露，小米集团于2月9日斥资约5272.68万港元回购150万股B类股份。 据港交所文件披露，小米集团于2月9日斥资约5272.68万港元回购150万股B类股份。 ...

于2026年2月9日，该公司根据股份计划发行4万股股份。 小米集团-W(01810)发布公告，于2026年2月9日，该公司斥资5272.68万港元回购150万股股份，每股回 购价35.04-35.24港元。 ...