Core Viewpoint - Xiaomi Group-W (01810) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 508 million to repurchase 13.5 million shares [1] - The buyback price per share ranges from HKD 37.38 to HKD 38.1 [1]

格隆汇11月20日丨小米集团-W(01810.HK)公告，11月20日耗资5亿港元回购1350万股。 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].

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11月20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 1 頁 共 7 頁 v 1.3.0 | 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 | | | | | ...

Core Insights - Xiaomi has achieved a significant milestone with the production of its 500,000th vehicle, marking the fastest record in the domestic new energy vehicle industry [1][3] - This achievement validates Xiaomi's capabilities across the entire automotive ecosystem, including R&D, manufacturing, sales, delivery, and service [3] - The company has seen strong consumer recognition, with its SU7 model becoming the best-selling sedan and the YU7 SUV surpassing the Model Y in sales [3] Production and Sales Performance - The production of 500,000 vehicles was accomplished in just over 1 year and 7 months, showcasing rapid growth [1][3] - Xiaomi initially set a delivery target of 300,000 vehicles for the year, which was later raised to 350,000, and the company is on track to exceed this target [3] - The latest forecast predicts that annual deliveries will exceed 400,000 vehicles by 2025 [3] Support and Collaboration - The success of Xiaomi's automotive division is attributed to the trust and support from users, partners, and suppliers [4] - The company acknowledges the critical role of its supply chain and the supportive business environment in Beijing, which fosters innovation and talent [4] Future Strategies - Xiaomi plans to focus on safety and delivery efficiency, emphasizing that safety is a foundational priority [5] - The company aims to increase its investment in technology and innovation, with R&D expenditures projected at 32 to 33 billion for the year and 200 billion over the next five years [5] - There is a commitment to integrating AI with smart manufacturing to enhance product efficiency and performance [5]

【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 格隆汇11月20日｜小米CEO雷军：最新预估小米汽车2025年全年预计交付将超过40万辆。 ...

Core Insights - Xiaomi has achieved a significant milestone by rolling out its 500,000th vehicle, marking the fastest record in the domestic automotive industry, taking just over 1 year and 7 months to reach this figure [1][3] Group 1: Production and Sales Achievements - The achievement of 500,000 vehicles signifies the validation of Xiaomi's capabilities across the entire automotive ecosystem, including R&D, manufacturing, sales, delivery, and service [4] - The Xiaomi SU7 has become the best-selling sedan in the past year with over 200,000 units sold, while the Xiaomi YU7, which began deliveries in July, has become the best-selling SUV, surpassing the Model Y in the Chinese market [4] - The company initially set a delivery target of 300,000 vehicles for the year, which was later raised to 350,000, and it is expected to meet this target ahead of schedule [4] Group 2: Acknowledgments and Support - Xiaomi expresses gratitude to its users, partners, and the supportive environment in Beijing, which has contributed to its rapid growth in the automotive sector [5] - The company acknowledges the crucial role of suppliers in achieving production capacity and the importance of collaboration within the supply chain [5] Group 3: Future Plans and Innovations - Xiaomi plans to focus on safety and delivery, emphasizing that safety is the foundation for all operations [6] - The company aims to increase its investment in technology and innovation, with a projected R&D expenditure of 32 to 33 billion for the year and an anticipated 200 billion over the next five years [6] - There is a commitment to integrating AI with smart manufacturing, with upcoming advancements in assisted driving technology expected to enhance user experience [6]

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。 ...