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]

Group 1 - Xiaomi Group-W (1810.HK) saw a 4% increase in stock price, reaching HKD 59.2, marking the highest level since July 3 [1] - Xiaomi announced plans to sell electric vehicles in the European market by 2027 during an international conference held on September 24 [3] - The company is considering establishing car showrooms in Europe and may not design entirely new models for the market [3] Group 2 - Xiaomi has launched the Xiaomi SU7, the high-end SU7 Ultra, and the SUV model Xiaomi YU7, with the SU7 achieving 300,000 deliveries in the first 15 months [3] - The Xiaomi YU7 received 200,000 orders within 3 minutes of its launch [3] - By 2030, Xiaomi plans to open 10,000 self-operated Xiaomi Home stores globally and will increase sales of smart IoT appliances overseas [3] - The company aims to integrate its "Human x Car x Home" smart ecosystem for global customers [3]

Core Viewpoint - Xiaomi Group's stock rose over 4% following the announcement of the Snapdragon 8 Gen 2 mobile platform, which is touted as the "world's fastest mobile CPU" [1] Group 1: Product Launch - Xiaomi's founder and CEO Lei Jun confirmed that the Xiaomi 17 series will be the first to feature the new Snapdragon platform, with the official launch scheduled for tonight [1] - The Xiaomi 17 series will include three models: Xiaomi 17 Standard, Xiaomi 17 Pro, and the compact imaging flagship Xiaomi 17 Pro Max, all running on Xiaomi's own operating system, MIUI 3 [1] Group 2: Financial Goals - Daiwa reported that during a non-deal roadshow with Xiaomi's management, the company set a revenue target of 700 billion RMB within three years [1] - Xiaomi aims to increase its annual smartphone shipments by 10 million units to reach 200 million units, contributing 250 billion RMB to mobile business revenue [1] - The company plans to double its IoT revenue to 200 billion RMB and achieve annual electric vehicle deliveries of 1 million units, contributing an additional 250 billion RMB in revenue over the next three years [1]