Group 1 - The Hong Kong stock market has seen a significant revival, with IPO and follow-on transaction volumes soaring to $26.5 billion in 2025, compared to just $3.8 billion a year ago, marking the highest total since 2021 [1] - Major Chinese companies are driving this recovery, with CATL leading the way by raising $5 billion in May, and its stock price currently 18% higher than on the Shenzhen Stock Exchange [1] - Factors such as geopolitical tensions, valuation, and capital rotation are contributing to this shift, as Chinese firms appear to be moving their financing closer to home amid escalating US-China tensions [1] Group 2 - The market rebound is not without challenges, as noted by CICC's analyst, who emphasizes that this is not a straightforward recovery [2] - Successful IPOs, valuation premiums over mainland stocks, and increased regulatory support are emerging factors, with Jiangsu Hengrui's stock price on its first day exceeding its A-share price, a rare occurrence [2] - This transformation presents a unique opportunity for investors to capitalize on potential changes in the Asian capital markets in 2025 and beyond [2]

Group 1 - The company achieved record high revenue and profit in Q1 2025, with total revenue of 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a historical high for a single quarter [1] - The gross margin improved to 22.8% (YoY +0.5 percentage points), indicating effective cost management and operational efficiency [1] - The revenue contributions from various business segments in Q1 2025 were 46% from smartphones, 29% from IoT and consumer products, 8% from internet services, and 17% from smart electric vehicles and AI [1] Group 2 - The IoT business generated revenue of 32.3 billion yuan (YoY +59%) with a gross margin of 25.2% (YoY +5.4 percentage points), achieving a historical high in revenue and gross profit [2] - Smart home appliances saw a significant revenue increase of 114%, with air conditioners, refrigerators, and washing machines experiencing shipment growth of 65%, 65%, and 100% respectively [2] - The internet services segment reported revenue of 9.1 billion yuan (YoY +13%) with a gross margin of 76.9% (YoY +2.7 percentage points) [2] Group 3 - The smart electric vehicle and AI business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the loss in this segment narrowed to 500 million yuan [2] - The company delivered 76,000 units of the Xiaomi SU7 series in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company opened 235 automotive sales stores by March 31, 2025, enhancing its sales and service network [2] Group 4 - The company launched its first self-developed SoC, the Xuanjie O1, and introduced the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, along with a new 4G watch chip [3] - R&D expenses reached 6.7 billion yuan in Q1 2025, reflecting a 30% year-on-year increase, indicating a strong commitment to core technology development [3] - The company raised its profit forecast for 2025-2027, expecting net profits of 36.2 billion, 46.4 billion, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [3]

Core Viewpoint - Xiaomi Group reported strong financial performance for Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust business expansion and successful high-end product strategy [1][2][3] Financial Performance - Q1 2025 revenue reached 1112.93 billion yuan, a 47.4% increase year-on-year - Net profit attributable to shareholders was 109.24 billion yuan, up 161.2% year-on-year - Adjusted net profit was 106.76 billion yuan, reflecting a 64.5% year-on-year growth - Gross margin improved to 22.8%, up 0.5 percentage points, while net profit margin increased to 9.8%, up 4.3 percentage points [1] Smartphone Business - Xiaomi regained the top position in smartphone sales in mainland China after ten years, with Q1 2025 smartphone revenue of 506 billion yuan, a year-on-year increase of 8.9% - Global smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, marking seven consecutive quarters of growth - Average selling price of smartphones rose to 1210.5 yuan, up 5.7% year-on-year, with high-end models accounting for 25% of total sales in mainland China, an increase of 3.3 percentage points [1][2] IoT and Consumer Products - IoT and consumer products revenue reached 323 billion yuan in Q1 2025, a 58.7% year-on-year increase, with a gross margin of 25.2%, up 5.4 percentage points - Smart home appliances saw over 100% growth, with air conditioner shipments exceeding 1.1 million units, and refrigerators and washing machines also showing significant growth [2][3] Automotive Business - Automotive revenue for Q1 2025 was 181 billion yuan, driven by increased deliveries of the Xiaomi SU7 model, with 75,869 units delivered, an 8.86% increase from the previous quarter - The automotive business reported a loss of 5 billion yuan, a reduction of 50.2% from the previous quarter, with a gross margin of 23.2% - The company expects to reach a profit inflection point in its automotive business by 2025, contributing positively to overall performance [3][4] Future Projections - Projected net profits for Xiaomi Group are 423.9 billion yuan in 2025, 557.5 billion yuan in 2026, and 700.8 billion yuan in 2027, maintaining a "buy" rating [4]

Group 1: Financial Performance - In Q1 2025, Xiaomi Group achieved total revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, setting a new historical high [1] - The adjusted net profit for the quarter was 10.7 billion yuan, reflecting a year-on-year growth of 64.5%, also a record high [1] Group 2: Mobile Business - Xiaomi's mobile revenue reached 50.6 billion yuan in Q1 2025, with a gross margin of 12.4% [1] - Global smartphone shipments totaled 41.8 million units, marking a 3% year-on-year increase, with a global market share of 14.1% [1] - In the Chinese market, Xiaomi regained the top position with a market share of 18.8% [1] Group 3: IoT and Home Appliances - Xiaomi's IoT revenue for Q1 2025 was 32.3 billion yuan, with a gross margin of 25.2%, both figures reaching historical highs [2] - The company is focusing on high-end and international strategies for its IoT business, with plans to establish 10,000 Xiaomi Home stores overseas from 2025 to 2029 [2] Group 4: Automotive and AI Innovations - Revenue from Xiaomi's automotive and AI innovation business was 18.6 billion yuan in Q1 2025, with a gross margin of 23.2% [2] - The company launched the luxury high-performance SUV model YU7, equipped with advanced technology, and anticipates strong market performance upon pricing announcement [2] Group 5: AI and Chip Development - Xiaomi officially released its self-developed chip, Xuanjie O1, in May 2025, utilizing second-generation 3nm technology [3] - The chip features a 10-core CPU and a 16-core GPU, and will be used in the Xiaomi 15S Pro smartphone and Pad 7 Ultra tablet [3] Group 6: Future Projections - Revenue projections for Xiaomi from 2025 to 2027 are estimated at 486.7 billion yuan, 634.5 billion yuan, and 764.8 billion yuan, with year-on-year growth rates of 33%, 30%, and 21% respectively [3] - Adjusted net profit for the consumer electronics segment is projected to be 41.9 billion yuan, 52.0 billion yuan, and 61.1 billion yuan for the same period, with growth rates of 25%, 24%, and 18% respectively [3]

Core Viewpoint - The company reported strong Q1 2025 performance, with revenues and profits exceeding Bloomberg expectations, driven by growth in IoT and automotive sectors [1][2]. Group 1: Overall Performance - Q1 2025 revenue reached 111.3 billion yuan, a year-over-year increase of 47.4%, surpassing Bloomberg's expectations by 2.1% [1]. - Non-GAAP net profit was 10.7 billion yuan, up 64.5% year-over-year, exceeding Bloomberg's expectations by 17.7% [1]. Group 2: Business Segments - **Mobile Business**: Revenue was 50.6 billion yuan, a year-over-year increase of 8.9%, slightly below Bloomberg's expectations by 1.4%. Gross margin stood at 12.4% [1]. - **IoT Business**: Revenue reached 32.3 billion yuan, up 58.7% year-over-year, exceeding Bloomberg's expectations by 9.8%. Gross margin improved to 25.2% [1][2]. - **Internet Business**: Revenue was 9.1 billion yuan, a year-over-year increase of 12.8%, slightly above Bloomberg's expectations by 0.2%. Gross margin was 76.9% [1]. - **Automotive and Innovation Business**: Revenue reached 18.6 billion yuan, exceeding Bloomberg's expectations by 0.8%, with a gross margin of 23.2% [1][2]. Group 3: IoT Growth Drivers - The IoT segment's growth was primarily driven by major appliances, with a 113.8% year-over-year increase in revenue from this category. Air conditioners, refrigerators, and washing machines saw significant shipment increases [2]. - The new smart appliance factory is expected to start production in November 2025, aiming for an annual output of 3 million air conditioners by 2026, potentially generating 10 billion yuan in revenue by 2030 [2]. Group 4: Automotive Business Outlook - The automotive segment reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, showing continuous improvement as production capacity increases. Q1 2025 vehicle sales reached 76,000 units, slightly above expectations [2]. - The upcoming launch of the YU7 model is anticipated to enhance sales and profitability, with significant upgrades over the previous model [2]. Group 5: Mobile Business Insights - The mobile business gross margin improved to 12.4%, with an average selling price (ASP) reaching 1,211 yuan, a year-over-year increase of 5.8%, marking a historical high [3]. - The market share for smartphones priced above 4,000 yuan in mainland China reached 9.6%, an increase of 2.9 percentage points year-over-year [3].

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6][29]. Core Views - In Q1 2025, the company achieved record high revenue and profit, with total revenue reaching 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a historical high for a single quarter [1]. - The company continues to see strong growth across its business segments, with smartphone, IoT and lifestyle products, internet services, and smart electric vehicles contributing 46%, 29%, 8%, and 17% to revenue, respectively [1]. - The smart electric vehicle and AI innovation business saw revenue of 18.6 billion yuan, with a narrowing loss of 500 million yuan [3]. - The company is focused on cost reduction and efficiency improvement, achieving an operating expense ratio of 13.9% (YoY -2.2pct) [1]. Summary by Sections Revenue and Profit Performance - Q1 2025 total revenue was 111.3 billion yuan, with a gross margin of 22.8% (YoY +0.5pct) [1]. - The smartphone business generated 50.6 billion yuan (YoY +8.9%) with a gross margin of 12.4% [2]. - IoT business revenue reached 32.3 billion yuan (YoY +59%) with a gross margin of 25.2% [2]. - Internet services revenue was 9.1 billion yuan (YoY +13%) with a gross margin of 76.9% [2]. Smart Electric Vehicle and AI Business - Revenue from smart electric vehicles was 18.1 billion yuan, with an average selling price (ASP) of 238,000 yuan [3]. - The company delivered 76,000 units of the Xiaomi SU7 series in Q1 2025, with cumulative deliveries exceeding 258,000 units [3]. - The company is expanding its sales service network, with 235 automotive sales stores opened by March 31 [3]. Financial Forecasts - The profit forecast for 2025-2027 has been raised, with expected net profits of 36.2 billion yuan, 46.4 billion yuan, and 66 billion yuan, representing YoY growth rates of 53%, 28%, and 42% respectively [4]. - Revenue projections for 2025-2027 are 484.2 billion yuan, 611 billion yuan, and 721.9 billion yuan, with growth rates of 32.3%, 26.2%, and 18.2% [5].

Investment Rating - The investment rating for Xiaomi Group-W (1810.HK) is "Buy" and is maintained [7]. Core Insights - Xiaomi's moat is built on its core model, focusing on high-end strategies and new retail formats. The company aims to strengthen its foundation in "chips, AI, and OS" while continuing to delve into core technology sectors. The integration of software and hardware will empower the entire ecosystem of people, vehicles, and homes [2][4]. Summary by Sections Event Description - On June 3, Xiaomi held its 2025 Investor Day, where the founder Lei Jun and President Lu Weibing discussed the company's high-end strategy and new retail formats. Xiaomi's moat is attributed to its core model, with a focus on "chips, AI, and OS" as the three foundational pillars of hard technology [2][4]. Smartphone and Consumer Electronics - Xiaomi is entering a balanced development year, with a projected net user inflow of over 13 million in China for 2024. From 2020 to 2024, the market share is expected to increase by 5.3 percentage points. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [8]. - In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k price range [8]. IoT Business - In Q1 2025, the IoT and lifestyle consumer products segment generated revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points. The revenue from major appliances doubled, indicating the initial success of the high-end strategy [8]. Automotive Business - The automotive segment's losses narrowed significantly, with a loss of 500 million yuan in Q1 2025, a reduction of 50.2% quarter-on-quarter. The new YU7 model is expected to launch in July, continuing the product positioning logic of the SU7 series. The automotive business is anticipated to achieve profitability in Q3 to Q4 of this year [8]. Overall Outlook - Xiaomi's comprehensive ecosystem is advancing, with steady growth in smartphones, rapid growth in IoT appliances, and the automotive business. The projected net profits for Xiaomi Group from 2025 to 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively, maintaining a "Buy" rating [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][29]. Core Views - The company achieved record high revenue and profit in Q1 2025, with total revenue reaching 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a significant growth trajectory [1][4]. - The smartphone business saw a rise in both volume and price, with revenue of 50.6 billion yuan (YoY +8.9%) and an average selling price (ASP) increase of 5.8% to 1,211 yuan [2]. - The IoT and lifestyle products segment experienced robust growth, with revenue of 32.3 billion yuan (YoY +59%) and a gross margin increase of 5.4 percentage points to 25.2% [2]. - The electric vehicle and AI innovation business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the losses in this segment narrowed to 500 million yuan [3]. - The company is expanding its ecosystem strategy, focusing on the synergy between vehicles, homes, and personal devices, and is optimistic about growth in overseas markets [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 111.3 billion yuan, with a gross margin of 22.8% (YoY +0.5 percentage points) [1]. - The adjusted net profit for Q1 2025 was 10.7 billion yuan, continuing a strong growth trend [1]. Business Segments - The smartphone segment contributed 46% of total revenue, with a total of 50.6 billion yuan in revenue and a gross margin of 12.4% [2]. - The IoT and lifestyle products segment accounted for 29% of total revenue, achieving 32.3 billion yuan in revenue [2]. - The internet services segment generated 9.1 billion yuan in revenue, with a gross margin of 76.9% [2]. - The electric vehicle segment generated 18.6 billion yuan in revenue, with the Xiaomi SU7 series delivering 76,000 vehicles [3]. Future Outlook - The company has raised its profit forecasts for 2025-2027, expecting net profits of 36.2 billion yuan, 46.4 billion yuan, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [4]. - The company is focusing on enhancing its core technologies, with R&D expenses increasing by 30% to 6.7 billion yuan in Q1 2025 [3].

Core Insights - Xiaomi aims to achieve global smartphone sales of 200 million units annually by entering the "200 million club" [1] - The brand has gained significant momentum, ranking in the top 2 in the domestic market and showing strong performance in both developing and developed markets [1] - Xiaomi's strategy focuses on deepening localization efforts and steadily competing with Samsung [1] Market Performance - In Nigeria, Xiaomi has surpassed Samsung, indicating successful replication of its business model in Africa [1] - The opening of the first Xiaomi store in Japan attracted large crowds, showcasing the brand's growing presence in developed markets [1] Strategic Goals - Xiaomi's future objectives include enhancing its brand strength and expanding its market share globally [1] - The company is committed to a steady and strategic approach to growth, particularly in competitive markets [1]

金十数据6月3日讯，小米集团创始人、董事长兼CEO雷军在小米投资者大会上表示，反内卷不打价格 战，很快做汽车芯片。雷军提到，YU7价格标准版不会只是比SU7标准版高2万；今年Q3-Q4汽车、芯片 等新业务有望打平盈利。 （贝壳财经） 雷军称反内卷不打价格战 ...