Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Xiaomi Group-W (01810), projecting revenue and net profit growth from 2025 to 2027, driven by the successful launch of the Xiaomi 17 series and the introduction of customized automotive services [1][2] Group 1: Financial Projections - Expected revenue for Xiaomi from 2025 to 2027 is projected at 509.295 billion, 640.908 billion, and 749.653 billion yuan respectively [1] - Projected net profit for the same period is estimated at 44.441 billion, 64.047 billion, and 81.832 billion yuan respectively [1] Group 2: Product Launch and Features - Xiaomi launched the Xiaomi 17 series, Xiaomi Pad 8 series, and several other products including the Xiaomi TV SPro Mini LED 2026, Mijia Pro refrigerator, and Mijia Pro washing machine [1] - The Xiaomi 17 series features a starting price of 4,499 yuan, a new 6.3-inch OLED screen, and is powered by the fifth-generation Snapdragon 8 processor, with a 20% performance improvement over the previous generation [1] - The series includes a 7,000 mAh battery with 100W wired and 50W wireless fast charging capabilities [1] Group 3: Battery Technology - The Xiaomi 17 Pro and Xiaomi 17 Pro Max are priced starting at 4,999 and 5,999 yuan respectively, featuring a unique stacked battery technology [2] - All batteries in the series are designed for a five-year lifespan, maintaining over 80% capacity after 2,000 complete charge-discharge cycles [2]

Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Xiaomi Group-W (01810), projecting revenue and net profit growth from 2025 to 2027, driven by the successful launch of the Xiaomi 17 series and the introduction of customized automotive services [1][2] Group 1: Financial Projections - Expected revenue for Xiaomi Group is projected to reach 509.30 billion, 640.91 billion, and 749.65 billion yuan for the years 2025, 2026, and 2027 respectively [1] - Projected net profit for the same years is estimated at 44.44 billion, 64.05 billion, and 81.83 billion yuan [1] Group 2: Product Launch and Features - Xiaomi held an annual speech and product launch event on September 25, introducing the Xiaomi 17 series, Xiaomi Pad 8 series, and various other products including the Xiaomi TV SPro Mini LED 2026 and Mi Home appliances [1] - The Xiaomi 17 series features a starting price of 4,499 yuan, equipped with a new 6.3-inch OLED screen and the fifth-generation Snapdragon 8 processor, showing a 20% performance improvement over the previous generation [1] - The series also includes a 7,000 mAh battery with support for 100W wired and 50W wireless fast charging [1] Group 3: Battery Technology - The Xiaomi 17 Pro and Xiaomi 17 Pro Max are priced starting at 4,999 yuan and 5,999 yuan respectively, featuring a unique stacked battery technology [2] - All batteries in the series are designed for a five-year lifespan, maintaining over 80% capacity after 2,000 complete charge-discharge cycles [2]

Group 1 - Xiaomi Group-W repurchased 507,400 shares on September 29 at a price range of HKD 53.150 to HKD 53.250, totaling HKD 26.9962 million [1][2] - The stock closed at HKD 53.550 on the same day, reflecting a decline of 2.01% with a total trading volume of HKD 17.883 billion [1] - Year-to-date, the company has conducted four repurchase transactions, accumulating a total of 7.3372 million shares and a total repurchase amount of HKD 252 million [2] Group 2 - The details of the repurchase transactions include the following: - September 29: 50.74 million shares at a maximum price of HKD 53.250 and a minimum price of HKD 53.150, totaling HKD 26.9962 million - January 13: 2.25 million shares at a maximum price of HKD 32.900 and a minimum price of HKD 32.800, totaling HKD 73.925 million - January 10: 0.2798 million shares at a maximum price of HKD 33.500, totaling HKD 9.3733 million - January 8: 4.3 million shares at a maximum price of HKD 33.650 and a minimum price of HKD 32.600, totaling HKD 141.645 million [2]

格隆汇9月29日丨小米集团-W(01810.HK)公告，9月29日耗资2700万港元回购50.7万股。 ...

小米集团-W(01810)发布公告，于2025年9月29日斥资2699.62万港元回购股份50.74万股，每股回购价格 为53.15-53.25港元。 ...

智通财经APP讯，小米集团-W(01810)发布公告，于2025年9月29日斥资2699.62万港元回购股份50.74万 股，每股回购价格为53.15-53.25港元。 ...

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9月29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 ...

Core Viewpoint - Xiaomi Group's public relations manager Wang Hua stated that there are currently no plans to reduce orders, indicating a positive outlook for product demand and production levels [1] Group 1 - The introduction of the Xiaomi 17 standard version with a 16GB+1TB configuration is expected to increase overall product orders compared to the previous generation [1] - The addition of orders for the 17 Pro series will lead to a change in the product structure and distribution [1]

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (1810.HK) [7] Core Viewpoints - Xiaomi is transitioning from an "Internet company" to a "hardcore technology" company, with significant investments in self-developed chips and electric vehicles [2] - The launch of the Xiaomi 17 series and the introduction of customized automotive services are expected to enhance sales and profitability [5] Summary by Relevant Sections Product Launch and Innovation - On September 25, Xiaomi held its annual event, unveiling the Xiaomi 17 series, Xiaomi Pad 8 series, and various other products, including the Xiaomi TV S Pro Mini LED 2026 and Mi Home appliances [1] - The Xiaomi 17 series features a starting price of 4,499 RMB, equipped with a new 6.3-inch OLED screen and the fifth-generation Snapdragon 8 processor, showing a 20% performance improvement over the previous generation [3] Financial Projections - The company is projected to achieve revenues of 509.30 billion RMB in 2025, 640.91 billion RMB in 2026, and 749.65 billion RMB in 2027, with corresponding net profits of 44.44 billion RMB, 64.05 billion RMB, and 81.83 billion RMB [6] - The expected P/E ratios for the years 2025, 2026, and 2027 are 29, 20, and 16, respectively [5] Automotive Business Development - The Xiaomi YU7 has achieved significant sales, with over 240,000 units locked in within 18 hours of launch, and it is noted for its impressive range and family-friendly features [4] - The introduction of customized services for the YU7 aims to enhance profit margins in the automotive sector [5]

Core Viewpoint - Xiaomi Group-W (01810) recently held a product launch event showcasing its flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with the introduction of customized services for Xiaomi cars YU7 and SU7 Ultra, indicating a strategic shift towards high-end development in smartphones and AIoT products, reinforcing its "full ecosystem" strategy [1] Group 1 - The Xiaomi 17 series starts at a competitive price of 4,499 RMB, which is lower than the starting price of the iPhone 17 at 5,999 RMB, highlighting Xiaomi's pricing advantage [1] - The starting prices for Xiaomi 17 Pro and Max are 4,999 RMB and 5,999 RMB respectively, which are lower than the previous year's iPhone 15 Pro and Pro Ultra pricing, showcasing Xiaomi's strategy to directly compete with Apple [1] - The launch event reflects Xiaomi's comprehensive strategy to align with Apple's ecosystem by innovatively incorporating features like the "wonderful back screen" [1]