Group 1: Market Overview - On September 25, US stock indices collectively closed lower, with the Dow Jones down 0.38%, S&P 500 down 0.5%, and Nasdaq down 0.5% [2][4] - The US technology giants index fell by 0.34%, with Tesla leading the decline at over 4% [4] Group 2: Chinese Concept Stocks - Chinese concept stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.42% and the Chinese tech leaders index up by 0.79% [4] - Xiaomi Group's ADR surged by 4.31%, while BYD's ADR increased by 2.45% and Baidu's stock rose by 1.87% [4] Group 3: Commodity Market - Precious metals saw a rise, with COMEX gold futures up by 0.33% to $3780.5 per ounce and COMEX silver futures increasing by 2.89% to $45.47 per ounce [5] - In the oil market, light crude oil futures for November delivery fell by $0.01 to $64.98 per barrel, while Brent crude oil futures rose by $0.11 to $69.42 per barrel [7]

9月24日，小米董事长兼CEO雷军发视频预热年度演讲。 "汽车和芯片都很烧钱，你怎么敢同时干的造芯片和造车呢？" 雷军谈到，小米一上来就拍了1000个亿，这几乎是当时账面上所有的钱。"其实我们压力也挺大，我们 内部所有的部门都齐心协力，下定决心，勒紧腰带过紧日子。大家开玩笑说要供汽车和芯片这俩孩子上 大学，大家要一起努力。" "对标苹果，对标保时捷，对标特斯拉，不管做啥，非要对标谁吗？" 雷军坦言，这几家公司都是各个领域的世界第一，敢于对标世界第一就是一种勇气。他认为，只有对标 第一，学习第一，才能最终赶超第一。 来源：新浪网 "这几年又造手机，又造车，还做了一颗大芯片，小米忙得过来吗？" 雷军解释道，"大家不要误解，这些事情不是我一个人干的。我们每个业务都有非常优秀非常专业的团 队。而且手机、汽车、芯片其实它是相互关联的。这些业务可以相互协同，相互促进，一起进步。" "目前来看这几件事情进展都不错，有什么经验或者秘诀吗？" 雷军感慨到，小米的运气真的很好，这几件事情的进展比想象的要顺利。"其实我们内部也复盘了很多 次，我觉得这里面的经验还是蛮多的。今天我先说一条，其实很多不懂怎么复盘，把复盘干好就是很重 要 ...

来源：滚动播报 小米集团ADR美股盘前上涨3.9%。 ...

Group 1: Market Performance - Hong Kong stocks continue to rise, with Xiaomi Group-W leading the gains, rising over 5% at one point and closing up 4.48% [1] - Other notable performers include Bilibili-W, which rose over 2%, and Kuaishou-W, which increased by more than 1% [1] - Alibaba-W, after a significant increase of 9% the previous day, saw a slight adjustment, closing down 1.15% [1] Group 2: Key Company Developments - Xiaomi is set to launch its new flagship phone series, Xiaomi 17, featuring the latest Snapdragon 8 processor and its own operating system, with ambitious revenue targets of 700 billion yuan over the next three years [4] - Alibaba is enhancing its AI strategy with additional investments and partnerships, including a collaboration with NVIDIA, and has launched seven new AI models [4] - Analysts believe Alibaba Cloud has a competitive edge in the AI sector, benefiting from strong demand and infrastructure [4][5] Group 3: Investment Insights - The internet sector in Hong Kong is seen as highly elastic, with liquidity easing boosting valuations, and AI expectations replacing previous narratives of intense competition [6] - The Hong Kong Internet ETF (513770) has seen significant growth, with a recent market cap exceeding 11.5 billion yuan and daily trading volumes increasing [10] - The current price-to-earnings ratio for the Hong Kong Internet Index is 26.19, indicating a relatively low valuation compared to historical levels and other markets [8]

XIAOMI CORPORATION 小米集团 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限公司） Stock Codes: 1810 (HKD counter) and 81810 (RMB counter) 股份代號：1810（港幣櫃台）及 81810（人民幣櫃台） N O TI F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered Shareholder(s) (Note 1) , Xiaomi Corporation (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communications") The English and Chinese versions of the Company's Curr ...

股份代號：1810（港幣櫃台）及 81810（人民幣櫃台） N O TI F I C AT I O N L E T T E R 通 知 信 函 XIAOMI CORPORATION 小米集团 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限公司） Stock Codes: 1810 (HKD counter) and 81810 (RMB counter) 25 September 2025 Dear Registered Shareholder(s) (Note 1) , Xiaomi Corporation (the "Company") – Notice of Publication of 2025 Interim Report ("Current Corporate Communications") The English and Chinese versions of the ...

Revenue Growth - Revenue for the first half of 2025 reached HKD 227,249.4 million, a 38.2% increase compared to HKD 164,394.7 million in the same period of 2024[11]. - Net profit for the first half of 2025 was HKD 51,506.9 million, reflecting a 46.2% growth from HKD 35,223.9 million year-over-year[11]. - The company reported a significant increase in revenue from its smart home products, with a year-over-year growth of 177.5%[11]. - The company anticipates a total revenue of $3 billion by 2025, reflecting a significant increase in market share[21]. - The company aims to achieve a revenue range of $4,000 to $5,000 million by 2025, with a projected growth rate of 24.6%[20]. - The company reported a revenue growth of 2,272% for the AIoT segment, with a projected increase of 38.2% by 2025[17]. - The company expects a revenue growth of 50.7% in the IoT segment by 2025, with a projected revenue of 989.1 million[23]. - The company reported a total revenue of $22,765,909 for the quarter, with a year-over-year growth of 10.0%[42]. - The company reported a total revenue of $60,671,566 for the first half of 2025, compared to $15,585,656 in the first half of 2024, showing substantial growth[98]. - The company reported a total revenue of $11,179,218 million for the six months ending June 30, 2025, compared to $12,338,748 million for the same period in 2024, reflecting a decrease of approximately 9.4%[138]. Product Development and Launches - The company plans to expand its market presence through new product launches and technological advancements in AI and IoT[16]. - A new product line, including the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, is expected to enhance market presence[18]. - The company is focusing on new technology developments, including the launch of the Xiaomi Watch S4 eSIM[18]. - The company plans to launch new products, including the Xiaomi Pad 7 Ultra and Xiaomi Watch S4, with expected sales of 731.2 million and 184.8 million respectively by 2025[24]. - New product launches contributed to a revenue increase of 30% year-over-year, with specific emphasis on the latest technology advancements[68]. - New product launches are anticipated to contribute significantly to revenue growth in 2025[137]. Market Expansion Strategies - The company plans to expand its market presence through strategic acquisitions and new product launches in the upcoming years[30]. - The company is exploring potential mergers and acquisitions to bolster its market position and expand its product portfolio[16]. - The company is focusing on expanding its market presence through strategic acquisitions and partnerships, aiming to enhance its competitive edge in the AIoT space[122]. - The company is exploring new markets in Asia and Europe to further enhance its global footprint and revenue streams[52]. - The company is focusing on market expansion strategies, aiming to increase its market share in key regions by 15% over the next fiscal year[135]. Research and Development - The R&D investment in AI technologies is expected to drive further growth in the upcoming quarters[15]. - The company is focusing on enhancing its R&D capabilities to drive innovation in AI technologies and product development[20]. - The company has allocated significant resources towards research and development, with a budget of 12,112,587 million for new technology initiatives[47]. - Research and development expenses were reported at $820,911, reflecting the company's commitment to innovation[42]. - The R&D budget has been increased to support the development of new technologies, with a focus on enhancing product offerings and customer satisfaction[78]. User Engagement and Data - The total user base for the company's ecosystem reached 54 million, indicating strong user engagement and retention[11]. - User data indicates a growth of 1,874% in the AIoT sector, with an expected increase of 18.6% by 2025[17]. - User data showed a significant increase, with 128.30 million users reported in March 2023, up from 91.92 million in the previous quarter, representing a growth of 39.4%[67]. - User data showed a total of 74.16 million active users, up from 65.63 million in the previous quarter, indicating a growth of approximately 13%[106]. - User data indicates a total of 15,545.7 million active users as of June 30, 2025, up from 14,560.5 million in the previous year[82]. Financial Performance and Guidance - The company expects to achieve a net profit of 51,506.9 million in 2025, compared to 35,223.9 million in 2024, reflecting a growth of around 46%[29]. - The company reported a net loss of $4,872,245 for the quarter, which is a concern for future profitability[42]. - The company provided guidance for the next quarter, projecting revenues between $9,242,881 and $12,666,355, indicating a potential growth rate of 5.6% to 7.7%[43]. - The company expects a revenue guidance of $53.25 billion for the fiscal year 2025, representing a 6.6% increase from the previous guidance of $50 billion[81]. - The company anticipates a revenue increase to $41,580.7 million for AIoT in 2025, which is a growth of 22.2%[38]. Sustainability Initiatives - Xiaomi's investment in ESG initiatives is expected to reach 4,160 million by 2024, focusing on sustainable practices and corporate responsibility[28]. - The company is committed to sustainability initiatives, aiming for a 10% reduction in carbon footprint by 2025[78]. - The company is implementing new sustainability initiatives, aiming for a 25% reduction in carbon emissions by 2025[84]. Strategic Acquisitions - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[48]. - The company is focusing on strategic acquisitions to enhance its market position and drive growth in 2024 and beyond[74]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of $50 million allocated for this purpose[95].

Group 1: Electric Vehicle Business - The first phase of Xiaomi's electric vehicle factory has upgraded its technology, increasing weekly delivery volume from 7,000-8,000 units in early August to 10,000-12,000 units since late August [1] - The second phase of the factory has a similar design capacity to the first phase and is currently awaiting final government approval [1] - Xiaomi plans to launch new models in 2026 and aims to start exporting electric vehicles to the European market in 2027, with a focus on capturing market share rather than entering the 150,000 RMB price range in the next 5-10 years [1] Group 2: Smartphone Business - Due to rising memory costs, Xiaomi expects smartphone gross margins to be 11%-12% in the second half of 2025, with pressure easing in the first half of 2026 [2] - The company is exploring upgrading smartphone specifications and considering passing costs onto consumers, while predicting a gradual exit from smartphone subsidies with limited impact due to 70% of sales being overseas [2] - Xiaomi aims to achieve a revenue target of 700 billion RMB within three years, with specific goals including increasing smartphone shipments by 10 million units to 200 million, doubling IoT revenue to 200 billion RMB, and delivering 1 million electric vehicles annually contributing 250 billion RMB in revenue [2]

Group 1: Electric Vehicle Business - The first phase of Xiaomi's electric vehicle factory has upgraded its technology, increasing weekly delivery volumes from 7,000-8,000 units in early August to 10,000-12,000 units since late August [1] - The second phase of the factory is designed to have a similar capacity as the first phase and is currently awaiting final government approval [1] - Xiaomi plans to launch new electric vehicle models in 2026 and aims to start exporting vehicles to the European market in 2027, with a focus on capturing market share rather than entering the 150,000 RMB price range in the next 5-10 years [1] Group 2: Smartphone Business - Due to rising memory costs, Xiaomi expects smartphone gross margins to be between 11% and 12% in the second half of 2025, with pressure easing in the first half of 2026 [2] - The company is exploring upgrading smartphone specifications and considering passing costs onto consumers, while predicting a gradual exit from smartphone subsidies with limited impact due to 70% of sales being overseas [2] - Xiaomi aims to achieve a revenue target of 700 billion RMB within three years, with specific goals including increasing smartphone shipments by 10 million units to 200 million, doubling IoT revenue to 200 billion RMB, and delivering 1 million electric vehicles annually contributing 250 billion RMB in revenue [2]

Group 1 - The Hong Kong stock market indices collectively rose on September 25, with the Hang Seng Tech Index increasing by nearly 1.5% [1] - Chip stocks continued their upward trend, and the non-ferrous metals sector saw widespread gains [1] - The largest ETF tracking the Hang Seng Tech Index (513180) surged nearly 2%, with leading stocks including Xiaomi, Hua Hong Semiconductor, JD Group, Xpeng Motors, Baidu, and Li Auto [1] Group 2 - Lei Jun's sixth annual personal speech titled "Change" is scheduled for September 25, featuring the launch of Xiaomi's new flagship products: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max [1] - The new Xiaomi 17 series will feature the Xiaomi Surge OS 3 and will debut the fifth-generation Snapdragon 8 Supreme version, with Xiaomi 17 being labeled as "the strongest standard flagship in history" [1] - Alibaba's Cloud Summit 2025 has sparked bullish sentiment, with expectations for the Hang Seng Tech Index to break upward again [2] - Alibaba's stock price has doubled this year, making it the largest weighted stock in the Hang Seng Tech Index at 9.36% [2] - The potential for continued inflow of southbound funds is anticipated due to the Federal Reserve's interest rate cuts and the strengthening narrative around AI [2]