Key Takeaways from Xiaomi Corp. Conference Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Event**: GS Asia Leaders Conference and GS Communacopia + Technology Conference - **Dates**: September 3-9, 2025 Industry Focus - **Core Industries**: Smart Electric Vehicles (EV), AIoT (Artificial Intelligence of Things), Smartphones Key Points Smart EV - **Production Capacity**: Target of 350,000 units for 2025, with a stable delivery volume of approximately 10,000 units per week expected in the near term [7] - **Model Pipeline**: Focus on a "hero product" strategy with plans to introduce one major new SKU annually and new variants of existing models [8] - **Market Positioning**: Targeting the mid-to-premium segment, which constitutes half of China's auto sales volume for vehicles priced above RMB 150,000 [8] - **Profitability Outlook**: Guidance to achieve profitability in the second half of 2025, with a long-term goal of becoming one of the top 5 global auto companies within 15-20 years [11] - **Growth Outlook**: Anticipated revenue growth of 25-30% year-over-year for 2025, with a focus on high-quality growth rather than just scale [11] AIoT - **Air Conditioners (AC)**: Targeting 10 million shipments for 2025, with a new factory in Wuhan expected to start production in the second half of 2025 [10] - **Overseas Expansion**: Plans to enter the European EV market by 2027, initially through exports [11] - **Smart Features**: 80% of Xiaomi's AC units are internet-connected, allowing for smart controls and OTA software upgrades [10] - **Market Contribution**: Currently, close to 80% of IoT sales are from China, but management expects international markets to surpass China in revenue over time [12] Smartphones - **Market Share**: Ranked between No. 1 to No. 4 globally (excluding the US), with a target of 200 million annual shipments over the next 3-5 years [14] - **Profit Margins**: Facing higher memory costs impacting gross profit margins, but expecting recovery in Q4 2025 with new product launches [14] - **Premiumization Strategy**: Despite a tough market, management anticipates an upward trend in average selling prices (ASP) [14] - **Chip Development**: Plans to develop in-house chips for smartphones and EVs, focusing on consumer-oriented applications [14] Capital Allocation - **Investment Plans**: Plans to invest RMB 30 billion in R&D and RMB 15 billion in capital expenditures for 2025 [14] - **Manufacturing Strategy**: The smartphone factory will serve more as an R&D lab, with no plans for additional factories [14] Investment Thesis - **Long-term Growth**: Xiaomi is positioned for multi-year ecosystem expansion with projected revenue and EPS CAGRs of 26% and 36% from 2024 to 2027 [16] - **Competitive Advantages**: Strong balance sheet, software-hardware integration capabilities, and cost advantages in the EV supply chain [16] Risks - **Market Competition**: Intense competition in the smartphone industry could hinder market share gains [17] - **Profit Margin Pressures**: Potential for higher gross profit margin pressures in both smartphone and EV segments [17] - **Execution Risks**: Risks associated with brand premiumization and execution in the EV business [17] Conclusion Xiaomi Corp. is strategically positioned for growth in the Smart EV and AIoT sectors, with a focus on premiumization in smartphones. The company aims for significant revenue growth while navigating competitive and operational challenges.

公开资料显示，王腾出生于山东曲阜，毕业于华中科技大学生物信息技术专业。职业生涯早期，他曾在 OPPO从事产品战略工作。2016年，王腾加入小米，先后担任小米产品总监、小米河南分公司负责人等 职务。 2024年2月，小米创始人雷军将大部分精力转向汽车业务，手机业务全面交由小米集团合伙人兼总裁卢 伟冰负责。同时，王腾升任Redmi品牌总经理，被视为小米公司手机业务管理层的重要承接者。2024年 4月，Redmi推出第四个产品序列Turbo系列，这是王腾担任Redmi品牌总经理后的首次新品发布会，雷 军与卢伟冰双双出席站台。王腾晋升时，雷军曾公开称赞其为"年轻干部里面六项全能人才，轮岗经验 丰富"。 在社交媒体上，王腾以活跃和直言著称，时常提前透露Redmi新品的核心配置与发布时间，被网友称 为"爆料王"。因与网络小说角色同名，网友称他为"王腾大帝"并表示"以大帝之姿适合单干"。对此，王 腾曾公开回应称，"我没有任何单干的想法，小米的文化就是非常开放包容。即便有时候说错话以下犯 上了，雷总还是非常包容。" 9月8日晚间，王腾发布微博称："很惭愧跟大家说声抱歉，过去犯了一些错误，接受该有的代价。感谢 雷总和公司各位领 ...

Group 1 - Xiaomi Group has decided to dismiss Wang Teng, the General Manager of the China Marketing Department and the General Manager of the REDMI brand, due to serious violations including leaking confidential company information and conflicts of interest [1][2] - The decision was communicated through an internal email from the company's ethics committee, citing violations of the company's regulations and codes of conduct [1] - Wang Teng acknowledged his mistakes in a public apology, expressing gratitude towards the company and its leadership while indicating a need for a break before starting anew [2]

Core Insights - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching 132.9 billion HKD in the first eight months, a 50% increase compared to the total for 2024 [1] - The secondary fundraising market is even more robust, with a total of 190.5 billion HKD raised, representing a 3.8-fold increase from the entire 2024 secondary fundraising scale [1][3] Group 1: IPO and Secondary Fundraising Performance - The record high in IPO fundraising is primarily supported by large A to H projects, while the secondary fundraising is mainly driven by large-cap companies [3] - Notable secondary fundraising projects include BYD and Xiaomi, which raised 43.51 billion HKD and 42.6 billion HKD respectively, together accounting for 45.2% of the total secondary fundraising in the same period [3][5] Group 2: BYD's Fundraising Details - BYD's 43.51 billion HKD fundraising in March 2025 is the largest equity refinancing project globally in nearly a decade, with a discount of 7.8% and a market cap of 110.65 billion HKD at pricing [4][5] - The timing of BYD's fundraising coincided with a market recovery, leading to a significant increase in its stock price, which rose 39% from the fundraising price within a month [5] Group 3: Xiaomi's Fundraising Insights - Xiaomi's 42.6 billion HKD fundraising set a record for overseas equity refinancing in the Chinese tech hardware sector, with a relatively low discount of 6.6% [6] - Despite the successful fundraising, Xiaomi's stock price faced short-term pressure, dropping 32% from the fundraising price shortly after the event [6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： USD 675,000 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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9月4日 I. 法定/註冊股本變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 200,000,000,000 | USD | 0.0000025 | USD | | 500,000 | | 增加 / 減少 (-) | ...

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Electric Vehicles (EV) and Consumer Electronics Key Points Delivery Performance - Xiaomi's EV insurance registrations reached **11,900 units** for the week ending August 31, representing a **44% week-over-week increase** and breaking previous averages of **6.5-7.5k** weekly deliveries since March 2025 [1][2] - The average expected waiting time for the Xiaomi YU7 series has decreased from **51 weeks** in early August to **47 weeks** currently, indicating improved delivery efficiency [1][2] Capacity Expansion - The company is executing on capacity expansion, with the Phase II-1 of the EV factory in Beijing likely having commenced mass production, which is anticipated by both investors and consumers [2][3] - Plans to expand EV sales stores to **402 locations** across **119 cities** in China by the end of September [1][12] Future Projections - If the delivery run rate in September remains stable or increases, total deliveries for Q3 2025 could reach **97-99k**, aligning with management's guidance of **350k deliveries** for 2025 [2] - The delivery mix is shifting towards the YU7 series, which is expected to balance out with the SU7 series, leading to a more favorable average selling price (ASP) mix for the EV segment in Q3 and Q4 2025 [2] Upcoming Events - Key upcoming events include the release of the flagship Xiaomi 16 series and HyperOS 3.0 by the end of September, which may shorten the time lag compared to the iPhone launch [3] - Monitoring of EV manufacturing capacity ramp-up, Singles' Day gross merchandise volume (GMV), and filing of new EV models with MIIT is advised [3] Investment Rating - The company is rated as a **Buy** with a 12-month target price of **HK$65**, indicating a potential upside of **20.4%** from the current price of **HK$54** [4][17] Risks and Challenges - Key risks include intensified competition in the smartphone and EV markets, potential pressure on gross profit margins, execution risks related to brand premiumization, geopolitical risks, and macroeconomic conditions affecting demand [14] Long-term Outlook - Xiaomi is positioned for long-term growth with a robust balance sheet and strong integration capabilities across software, hardware, and vehicle sectors, aiming to build a significant consumer physical intelligence ecosystem [13] Additional Insights - The company is the **world's 3 smartphone brand**, holding **13.8%** of 2024 shipments, and is recognized for its leading position in the consumer AIoT/NEV platform [13] - The investment thesis highlights Xiaomi's multi-year ecosystem expansion strategy, projecting **26% revenue and 36% EPS CAGRs** from 2024 to 2027 [13]

Core Viewpoint - Xiaomi Group's stock price increased by nearly 5%, reaching 56.6 HKD, with a trading volume of 10.042 billion HKD, following the announcement of over 30,000 vehicle deliveries in August [1] Group 1: Company Performance - Xiaomi Auto reported a delivery volume exceeding 30,000 units in August, marking the second consecutive month of such performance since July [1] - The company plans to open 32 new stores in September, expanding its presence to 370 stores across 105 cities [1] - First Shanghai's recent report indicates that Xiaomi's order volume significantly exceeds its current delivery capacity, highlighting a notable supply-demand gap [1] Group 2: Production Capacity - To address market demand, Xiaomi's second-phase factory has officially commenced production, with current capacity gradually ramping up [1] - As production capacity is released, it is expected to alleviate the current supply shortage [1] Group 3: Strategic Investments - Recent business changes at Guohua (Qingdao) Intelligent Equipment Co., Ltd. include the addition of Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership as a shareholder, with registered capital increasing from approximately 9.3522 million RMB to about 10.4745 million RMB [1] - Guohua Intelligent, established in February 2021, focuses on the research and development of core components for robotics and the integration of intelligent manufacturing systems [1]

Group 1 - Xiaomi Group-W (01810) saw a nearly 5% increase in stock price, reaching 56.6 HKD with a trading volume of 10.042 billion HKD [1] - Xiaomi Auto reported over 30,000 vehicle deliveries in August, marking the second month since July with such delivery figures [1] - The company plans to open 32 new stores in September, expanding its presence to 370 stores across 105 cities in China [1] Group 2 - First Shanghai's recent report indicates that Xiaomi's order volume significantly exceeds its current delivery capacity, highlighting a notable supply-demand gap [1] - To address market demand, Xiaomi's second-phase factory has commenced production, with current capacity gradually ramping up [1] - Recent business changes at Guohua (Qingdao) Intelligent Equipment Co., Ltd. include the addition of Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund as a shareholder, with registered capital increasing from approximately 9.3522 million RMB to about 10.4745 million RMB [1]

Group 1 - Xiaomi Group's stock price increased by over 3% in the afternoon session on September 2 [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of 120.46 billion HKD on August 29, 2023, indicating strong investor interest in certain stocks, particularly Tencent and Alibaba [1]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of 120.46 billion HKD, with 13.42 billion HKD from the Shanghai Stock Connect and 107.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Alibaba-W (09988), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), New China Life Insurance (01336), and SMIC (00981) [1]. Group 2: Individual Stock Performance - Tencent (00700) had a net buy of 15.83 billion HKD, supported by strong performance from its mobile game "Valorant," with projected first-year revenue of 5 to 6 billion RMB [4]. - Alibaba-W (09988) saw a net buy of 11.49 billion HKD, reporting Q1 FY2026 revenue of 247.65 billion RMB, a 2% year-on-year increase, and a record high capital expenditure of 38.68 billion RMB, up 220% [5]. - Innovent Biologics (01801) received a net buy of 7.18 billion HKD, with a 50.6% increase in revenue to approximately 6 billion RMB in the first half of the year, exceeding market expectations [5]. Group 3: Notable Net Sales - Xiaomi Group-W (01810) faced a net sell of 8.61 billion HKD, with a 40% year-on-year increase in automotive revenue, but smartphone business margins were under pressure due to rising storage costs [7]. - New China Life Insurance (01336) experienced a net sell of 3.34 billion HKD, despite reporting a 25.5% increase in revenue to 69.43 billion RMB and a 33.5% increase in net profit [7]. - SMIC (00981) had a net sell of 614.7 million HKD, reflecting ongoing challenges in the semiconductor sector [7].