证券研究报告 港股通 小米集团-W (1810 HK) 2Q25 业绩预览：关注"反内卷"的影响 2025 年 8 月 07 日│中国香港 消费电子 我们预计小米 2Q25 收入同比增长 29%，毛利率环比下降 0.3pp，归属于母 公司净利润同比增长 56%。其中包含手机，IoT 和互联网业务在内的原有主 业收入同比增长 14%，汽车业务实现 204 亿收入，环比增长 10%。展望全 年：1）汽车。6 月 YU7 发布后大定数据亮眼，产能仍然是收入的主要瓶颈。 此外，近期汽车行业"反内卷"趋势下，看好汽车行业高质量发展以及行业 参与者长期盈利能力提升；2）手机。海外存储原厂供应减少，存储价格呈 现上涨趋势，建议关注存储价格上涨对手机毛利率的影响。给予公司目标价 67.8 港币（前值：71.2 港币），包含非汽车（44.3 港币），汽车（23.5 港 币）。维持"买入"。 汽车业务：看好"反内卷"长期提升汽车业务盈利能力 我们预计 2Q25 小米汽车出货约 8.1 万台，ASP 环比有所提升，实现收入 204 亿人民币，环比提升 10%，随着出货量爬坡，我们预计毛利率环比提 升 0.5pp 至 23.7%。展 ...

Group 1 - Xiaomi Group's stock has dropped over 4%, currently at 51.6 HKD with a trading volume of 7.465 billion HKD [1] - In July, Xiaomi's vehicle deliveries exceeded 30,000 units, attributed to increased production capacity [1] - Guosen Securities reports that Xiaomi's Beijing factory phase two is about to commence production, with new capacity being planned [1] Group 2 - Future sales projections for Xiaomi's vehicles are estimated at 400,000 to 500,000 units in 2025, and potentially over 800,000 units in 2026 [1] - Reports indicate that Xiaomi is requiring users to pay the remaining balance in advance, or production will be suspended, with no official comment from the company [1] - Nomura has raised Xiaomi's target price by 79% to 61 HKD based on SOTP valuation, but downgraded the rating from "Buy" to "Neutral" due to limited upside potential [1] Group 3 - Nomura anticipates challenges for Xiaomi in the coming quarters, including lower-than-expected smartphone shipments and high sales base for IoT since the second half of 2024 [1] - Despite strong performance in the electric vehicle sector, market expectations remain high [1] - Jefferies noted a significant slowdown in the average selling price growth of Xiaomi's flagship smartphones in Q2 compared to Q1, indicating potential pressure on Q2 performance due to weak smartphone demand and high inventory [1]

Core Viewpoint - Xiaomi Group's stock has dropped over 4%, currently trading at 51.6 HKD, with a trading volume of 7.465 billion HKD. The decline comes despite an increase in electric vehicle deliveries, which exceeded 30,000 units in July due to enhanced production capacity [1]. Group 1: Electric Vehicle Performance - Xiaomi's electric vehicle deliveries in July surpassed 30,000 units, attributed to increased production capacity [1]. - The second phase of Xiaomi's Beijing factory is set to commence production, with new capacity being planned [1]. - Projections indicate that Xiaomi's electric vehicle sales could reach between 400,000 to 500,000 units by 2025, and potentially exceed 800,000 units by 2026 [1]. Group 2: Market Analysis and Forecasts - Nomura has raised Xiaomi Group's target price by 79% to 61 HKD based on SOTP valuation, but downgraded its rating from "Buy" to "Neutral" due to limited upside potential [1]. - Future challenges for the group include lower-than-expected smartphone shipments, high sales base for IoT products since the second half of 2024, and elevated market expectations for the electric vehicle segment [1]. - Jefferies noted a significant slowdown in the average selling price growth of Xiaomi's flagship smartphones in Q2 compared to Q1, indicating potential pressure on the company's Q2 performance due to weak smartphone demand and high inventory levels [1].

8月7日，小米集团-W(01810)盘中下跌2.69%，截至09:30，报52.55元/股，成交13.95亿元。 8月19日，小米集团-W将披露2025财年中报。 本文源自：金融界 作者：行情君 小米集团是一家主要以手机、智能硬件和IoT平台为核心的互联网公司，产品包括智能手机、IoT和生活 消费产品、互联网服务产品。公司的商业模式由创新、高质量的硬件，高效新零售和丰富的互联网服务 三个相互协作的支柱组成，致力于降低运营成本并提升效率。 截至2025年一季报，小米集团-W营业总收入1112.93亿元、净利润109.24亿元。 8月6日，国金证券首次给予买入评级,目标价64.5港元。 ...

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index rising by 0.29% to 24,982.5 points, the Hang Seng Tech Index up by 0.27% to 5,546.84 points, the National Enterprises Index increasing by 0.24% to 8,954.04 points, and the Red Chip Index up by 0.14% to 4,223.72 points [1] Company Performance - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%, with product revenue at 17.36 billion yuan, up 45.8%, and a net profit of 450 million yuan, marking a return to profitability [2] - Uni-President China (00220.HK) achieved a revenue of approximately 17.087 billion yuan in the first half, a year-on-year increase of 10.6%, with a net profit of approximately 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) issued a profit warning, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%, and a net profit of approximately 470 to 510 million yuan, a year-on-year growth of about 108.9% to 126.7% [2] - New World Development Company (00086.HK) announced a profit warning, expecting mid-term net profit to increase to no less than 800 million HKD [3] Real Estate Sector - China Overseas Land & Investment (00688.HK) reported a cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [4] - Yuexiu Property (00123.HK) recorded a cumulative contract sales of approximately 67.506 billion yuan, a year-on-year increase of about 11.7% [4] - Poly Property Group (00119.HK) reported a cumulative contract sales of approximately 29.5 billion yuan, a year-on-year decrease of 13.49% [5] - China Overseas Hongyang Group (00081.HK) reported a cumulative contract sales of 18.649 billion yuan, a year-on-year decrease of 12.2% [6] - Gemdale Corporation (00535.HK) reported a cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [7] - Agile Group Holdings (03383.HK) reported a pre-sale amount of approximately 5.69 billion yuan for the first seven months [8] Institutional Insights - Zheshang International noted that the fundamentals of the Hong Kong stock market remain weak, with a mixed funding environment and a cautious outlook for the short term [9] - Caitong Securities highlighted that investments in resilient cities and urban village renovations are expected to increase, suggesting a focus on undervalued high-dividend state-owned enterprises and companies benefiting from Xinjiang coal chemical projects [9] - China Galaxy Securities indicated that the business model of AI Agents is shifting from "providing tools" to "delivering value," suggesting investment opportunities in domestic NV chain-related companies and leading vertical SAAS enterprises in the AI Agent space [10]

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 截至月份: 2025年7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8月6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 (-) | | | | | | ...

8月5日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为28.87亿港元，净买入金额为2.48 亿港元，不仅如此，该股已连续8日出现成交净买入，累计净买入金额为44.11亿港元，其间股价下跌 7.10%。（数据宝） （文章来源：证券时报网） 小米集团-W获南向资金连续8天净买入，累计净买入金额为44.11亿港元，股价累计下跌7.10%。 证券时报·数据宝统计显示，8月5日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交365.34 亿港元，净买入金额为111.66亿港元。 ...

Core Insights - onsemi has announced that select Xiaomi YU7 electric SUV models will utilize its advanced 800V drive platform powered by EliteSiC M3e technology, which enhances performance and efficiency for electric vehicles [1][2][3] Group 1: Technology and Performance - The integration of onsemi's EliteSiC M3e technology into traction inverters improves performance and power density while lowering overall system costs, enabling longer driving ranges for electric vehicle users [2] - EliteSiC technology boasts the lowest on-resistance in the industry, facilitating faster vehicle acceleration without compromising efficiency and range [2][3] - The technology is designed to support the development of electric vehicles that offer longer ranges, quicker acceleration, and enhanced reliability, setting new standards in electric mobility [3] Group 2: Company Overview - onsemi focuses on automotive and industrial markets, driving innovations in vehicle electrification, sustainable energy, industrial automation, and 5G infrastructure [4] - The company is recognized for its differentiated product portfolio that addresses complex global challenges, contributing to a safer, cleaner, and smarter world [4] - onsemi is listed in the Nasdaq-100 Index and S&P 500 Index, indicating its significant presence in the market [4]

格隆汇8月4日｜港股三大指数低开高走，恒生科技指数拉升涨至0.93%，并且止步7连跌行情，恒生指 数、国企指数分别上涨0.49%及0.51%，二者亦止步4连跌行情，市场连续回调后明显出现止跌行情。 (责任编辑：宋政 HN002) 【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 盘面上，作为市场风向标的大型科技股多数拉升上涨，其中，快手涨3.5%，小米涨2.25%，腾讯涨 1.8%，网易涨超1%，百度飘红，阿里巴巴、美团、京东小幅下跌；美联储降息预期不断升温，提振了 黄金的吸引力，花旗上调未来0-3个月金价预测至3500美元，黄金股全线走强，山东黄金(600547)、赤峰 黄金(600988)涨近9%，招金矿业涨7.6%；中国直-10ME列装巴基斯坦军队，军工股表现活跃，半导体芯 片股拉升，与英伟达达成合作，英诺赛科涨超12%领衔。 另一方面，特朗普要求降低药品价格，连续上涨的生物医药股普遍回调，创新药概念 ...

Group 1 - The core viewpoint of the article highlights that Xiaomi Group's stock price increased by 2.06% on August 4, reaching HKD 54.5 per share with a trading volume of HKD 1.52 billion [1] - Xiaomi Group is primarily an internet company focused on smartphones, smart hardware, and IoT platforms, with a business model built on innovative, high-quality hardware, efficient new retail, and a rich array of internet services [1] - As of the first quarter of 2025, Xiaomi Group reported total revenue of CNY 111.29 billion and a net profit of CNY 10.92 billion [2] Group 2 - China Galaxy maintains a "buy" rating for Xiaomi Group with a target price of HKD 69.58 [3] - Xiaomi Group is scheduled to disclose its mid-year report for the fiscal year 2025 on August 19 [4]