Core Viewpoint - The company is expected to see significant revenue growth in Q2 2025, driven by its automotive and IoT businesses, despite challenges in the smartphone segment due to rising storage prices [1][3]. Automotive Business - The company anticipates approximately 81,000 vehicle shipments in Q2 2025, generating revenue of 20.4 billion RMB, a 10% increase quarter-on-quarter [2]. - The gross margin for the automotive segment is expected to improve by 0.5 percentage points to 23.7% as production ramps up [2]. - The company projects total vehicle sales of 436,000 units for the full year 2025, benefiting from economies of scale [2]. - The recent government initiatives to promote high-quality development in the electric vehicle sector are expected to enhance long-term profitability for industry participants [2]. Smartphone, IoT, and Internet Business - The company's smartphone shipments in China are projected to reach approximately 10.4 million units in Q2 2025, reflecting a year-on-year growth of 3.4% and an increase in market share from 14.1% to 15.1% [3]. - Smartphone revenue is expected to remain flat year-on-year, with gross margin potentially declining by 0.9 percentage points to 11.5% due to rising storage costs [3]. - The IoT business is forecasted to grow by 37% year-on-year in Q2 2025, with gross margin expected to remain above 22% [3]. - Internet business revenue is anticipated to grow by 15% year-on-year, maintaining a strong gross margin of around 75% [3]. Profit Forecast and Valuation - The company has revised its revenue forecasts for 2025-2027 downwards by 0.9%, 1.6%, and 1.2% respectively, and net profit forecasts down by 1.3%, 1.7%, and 1.5% to 40.45 billion, 50.47 billion, and 62.29 billion RMB [3]. - The target price for the company is set at 67.8 HKD, down from 71.2 HKD, based on a sum-of-the-parts valuation method, corresponding to a 40 times PE ratio for 2025 [3].

Group 1 - The company expects a 64.84% year-on-year increase in adjusted net profit for Q2 2025, reaching 10.179 billion yuan, with revenue projected to grow by 32.71% to 117.967 billion yuan [1] - In Q2 2025, the company's global smartphone shipments are expected to remain in the top three, with a strong performance in Africa and Latin America, maintaining a market share of 15% [1] - The average selling price (ASP) of smartphones is anticipated to slightly decline to 1,080 yuan, leading to a 1.6% year-on-year decrease in smartphone revenue to 45.792 billion yuan [1] Group 2 - The Internet of Things (IoT) revenue is projected to grow by 36% year-on-year to 36.394 billion yuan, with a gross margin increase of 3.3 percentage points [2] - The internet services segment is expected to see an 11% year-on-year revenue growth to 9.175 billion yuan, maintaining a healthy gross margin of 76% [2] - The automotive segment is forecasted to deliver 81,000 units of the SU7 model in Q2 2025, generating revenue of 25.92 billion yuan, with a gross margin expected to improve by 1 percentage point [2] Group 3 - The company maintains its existing profit forecast, with the current stock price corresponding to 26.5 times and 19.3 times the adjusted net profit for 2025 and 2026, respectively [2] - The target price has been adjusted down by 9% to 70.0 HKD, reflecting a potential upside of 29.6% based on the sum-of-the-parts valuation method [2]

智通财经APP讯，小米集团-W(01810)发布公告，于2025年8月4日-8月7日，根据股份计划发行合计 5762.6万股。 ...

小米集团-W(01810)发布公告，于2025年8月4日-8月7日，根据股份计划发行合计5762.6万股。 ...

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8月7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 | | | | | | | | | A. 已發行股份或庫存股份變動 ...

(本文来自第一财经) 南向资金今日净买入6.61亿港元。其中小米集团-W、中芯国际、阿里巴巴-W净买入额位列前三，分别 获净买入17.22亿港元、5亿港元、4.93亿港元。净卖出方面，盈富基金、泡泡玛特、英诺赛科分别遭净 卖出47.2亿港元、2.83亿港元、0.29亿港元。 ...

Group 1: Market Overview - On August 7, the Hong Kong stock market saw a net inflow of 661 million HKD from Northbound trading, with a net sell of 3.363 billion HKD from the Shanghai Stock Connect and a net buy of 4.024 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), SMIC (00981), and Alibaba Group-W (09988), while the most sold stock was the Tracker Fund of Hong Kong (02800) [1] Group 2: Stock Performance - Xiaomi Group-W had a net inflow of 3.990 billion HKD, with total trading volume of 6.212 billion HKD, resulting in a net inflow of 1.767 billion HKD [2] - Alibaba Group-W recorded a net inflow of 4.92 billion HKD, driven by the launch of a new membership system that integrates various services [5] - SMIC received a net buy of 4.99 billion HKD, with analysts noting limited impact from U.S. tariffs due to its small revenue share from the U.S. market [5] Group 3: Sector Developments - The semiconductor sector, represented by SMIC and Hua Hong Semiconductor, is expected to benefit from China's push for domestic semiconductor production amid U.S. tariffs [5] - The biopharmaceutical sector, including companies like Kangfang Biologics and CSPC Pharmaceutical Group, is anticipated to gain from new measures promoting commercial health insurance to support innovation in the industry [6] Group 4: Market Sentiment - The Tracker Fund of Hong Kong experienced a significant net sell of 47.19 billion HKD, reflecting a cautious market sentiment amid weak fundamentals and a divided funding environment [6] - Tencent Holdings saw a net buy of 4.26 billion HKD, indicating continued interest in major tech stocks despite overall market caution [7]

Core Viewpoint - Weak demand for smartphones is expected to lead to disappointing Q2 performance for Xiaomi Group-W (01810), prompting a target price reduction from HKD 73 to HKD 69.85 while maintaining a "Buy" rating [1] Smartphone Industry Summary - Third-party data and industry surveys indicate weak global smartphone demand in Q2 2025, with only the U.S. market showing some pre-demand [1] - High inventory levels for Android devices, particularly in emerging markets such as Southeast Asia and India [1] - Xiaomi's smartphone revenue forecast for Q2 2025 has been lowered by approximately 5%, with gross margin expectations reduced by 0.5% to 11.8% [1] - A more pessimistic outlook on global smartphone demand and competitive landscape has led to a slight downward adjustment of long-term gross margin predictions for smartphones to below 12% [1] Electric Vehicle Segment Summary - Xiaomi's electric vehicle deliveries are progressing well, with gross margins improving due to a better product mix [1] - Q2 delivery volume is maintained at 81,000 units, with gross margin expected to rise to 23.9% quarter-on-quarter, primarily due to an increased share of SU7 Ultra model deliveries [1] - Management has indicated that the second electric vehicle factory has not yet commenced commercial production, but once operational, it will significantly boost capacity [1] - Investor sentiment towards the Chinese automotive sector has become more cautious due to lower-than-expected demand for new models from other local brands [1] - Despite this, the waiting time for SU7 and YU7 models remains long, reinforcing confidence in long-term bullish forecasts for Xiaomi's electric vehicle segment [1]

Group 1 - The core viewpoint of the report indicates that Xiaomi Group's Q2 performance may fall short of expectations due to weak smartphone demand, leading to a target price adjustment from HKD 73 to HKD 69.85 while maintaining a "Buy" rating [1] - Third-party data and industry surveys suggest that global smartphone demand will be weak in Q2 2025, with high inventory levels for Android devices, particularly in emerging markets like Southeast Asia and India [1] - Xiaomi's smartphone revenue forecast for Q2 2025 has been reduced by approximately 5%, and the gross margin forecast has been lowered by 0.5% to 11.8% due to a more pessimistic outlook on global smartphone demand and competition [1] Group 2 - The report highlights that Xiaomi's electric vehicle (EV) deliveries are progressing well, with gross margins improving due to a better product mix, maintaining a Q2 delivery volume of 81,000 units and a gross margin increase to 23.9% driven by a higher proportion of SU7 Ultra model deliveries [1] - Management has indicated that the second EV factory has not yet commenced commercial production, but once operational, it will significantly enhance capacity [1] - Investor sentiment towards the Chinese automotive industry has become more cautious due to lower-than-expected demand for new models from other local brands, yet the long waiting times for the SU7 and YU7 models bolster confidence in long-term forecasts [1]

Core Viewpoint - Xiaomi Group's stock price has recently declined, reaching a two-month low, primarily due to a downward revision in smartphone shipment forecasts and concerns over market performance in India [2][5]. Group 1: Market Performance - Xiaomi's stock fell by 4.35% to HKD 51.65, with a trading volume of 221 million shares and a market capitalization of HKD 1.34 trillion [2][3]. - The global smartphone market saw a 1% decline year-on-year in Q2 2025, marking the first drop in six consecutive quarters, while Xiaomi maintained a stable performance with a 15% market share, ranking third globally [5]. Group 2: Financial Forecasts - Daiwa has revised its forecast for Xiaomi's Q2 2025 total revenue to RMB 112.6 billion, slightly below market expectations, while the adjusted net profit is projected at RMB 10.2 billion, in line with market expectations [5]. - The forecast for Xiaomi's earnings per share for 2025 to 2027 has been reduced by 2% to 7%, and the target price has been lowered from HKD 78 to HKD 72, maintaining a "Buy" rating [6]. Group 3: Electric Vehicle Business - Xiaomi's electric vehicle deliveries are expected to reach 82,000 units in Q2 2025, with an average selling price of RMB 242,000 and an improved gross margin of 25%, indicating a reduction in losses from the EV business [5]. - The second phase of Xiaomi's automotive factory is expected to commence production by the end of September, with projected sales of 400,000 to 500,000 vehicles in 2025 and potential sales exceeding 800,000 in 2026 [6]. Group 4: Analyst Ratings - Nomura has raised Xiaomi's target price by 79% to HKD 61 based on SOTP valuation but downgraded its rating from "Buy" to "Neutral" due to anticipated challenges in smartphone shipments and high market expectations for the EV business [7].