Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones rising by 0.04% to 44,938.31 points, while the S&P 500 fell by 0.24% to 6,395.78 points, marking its fourth consecutive decline. The Nasdaq dropped by 0.67% to 21,172.86 points [2][3] - Large technology stocks experienced a broad decline, with the index of the seven major U.S. tech companies falling by 1.07%. Apple decreased by 1.97%, Amazon by 1.84%, and Tesla by 1.64%, leading the decline [5][6] - Chinese concept stocks saw a slight increase, with the Nasdaq Golden Dragon China Index rising by 0.33%. Notable gainers included Zhengye Technology, which surged by 24.87%, and NEXT Technology, which rose by 12.62% [7][8] Federal Reserve Meeting Minutes - The Federal Reserve released the minutes from its July 29-30 meeting, indicating that nearly all decision-makers supported maintaining the current interest rates, with only two dissenting votes [9] - Discussions highlighted that overall inflation remains slightly above the Fed's long-term target of 2%. Participants noted that recent increases in commodity prices reflect the impact of tariffs, while service price inflation continues to slow [11] - The labor market was observed to be close to full employment, with low and stable unemployment rates. However, some participants expressed concerns about potential indicators of weak labor demand [12] - In terms of financial stability, concerns were raised regarding high asset valuation pressures and vulnerabilities in the banking sector, particularly related to rising long-term yields [13] Political Developments - President Trump called for the resignation of Federal Reserve Governor Lisa Cook, citing a report that suggested an investigation into her financial history. Cook stated she has no intention of resigning and is gathering information to address any inquiries [15]

2023年股份计划项下的承授人包括雇员参与者及于日常及一般业务过程中按持续或经常基准为集团提供 有利于集团长期增长的若干咨询服务的服务供应商参与者。向2023年股份计划项下的承授人（包括服务 供应商参与者）授出奖励乃为通过持有股份、股份的股息及其他分派及╱或股份增值使该等承授人的利 益与集团的利益保持一致，以及表彰承授人所做的贡献，并为集团的持续运营和发展吸引及留住人才。 【今日焦点】 小米集团-W(01810.HK)奖励合共4424万股奖励股份予2496名选定参与者 小米集团-W(01810.HK)公告，公司于2025年8月20日根据2023年股份计划奖励合共4424万股奖励股份予 2,496名选定参与者，包括集团雇员及服务供应商。同日，小米香港根据2024年小米香港股份计划授出 合共248,300份小米香港购股权予2名为小米香港集团雇员的小米香港选定参与者。 【财报业绩】 【重大事项】 声通科技(02495.HK)拟成立合伙企业 投资人工智能、机器人、半导体、北斗、低空经济等未来产业领 域的优质企业 BOSS直聘-W(02076.HK)第二季度净利润大幅增加70.4% 企业端用户活跃度和付费客户规模实现可 ...

Core Viewpoint - Xiaomi Group-W (01810.HK) announced the granting of a total of 44.24 million shares to 2,496 selected participants under the 2023 Share Plan, aimed at aligning the interests of participants with the company's long-term growth [1] Group 1 - The company awarded 44.24 million shares to selected participants, including employees and service providers, as part of the 2023 Share Plan [1] - The 2023 Share Plan participants include employees and service providers who provide beneficial consulting services to the company on a continuous or regular basis [1] - The purpose of granting shares is to align the interests of participants with the company's interests through share ownership, dividends, and capital appreciation, as well as to recognize their contributions and attract and retain talent for the company's ongoing operations and development [1] Group 2 - On the same day, Xiaomi Hong Kong granted a total of 248,300 stock options to two selected participants who are employees of Xiaomi Hong Kong under the 2024 Xiaomi Hong Kong Share Plan [1]

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Insights - The company reported a total revenue of 227.2 billion yuan for the first half of 2025, representing a year-on-year increase of 38.2%, with an adjusted net profit of 21.5 billion yuan, up 69.8% year-on-year. In Q2 alone, the total revenue reached 116 billion yuan, with an adjusted net profit of 10.8 billion yuan, reflecting a year-on-year growth of 75.4% [3][11] Summary by Sections Automotive Sector - The automotive business saw accelerated scale effects, with Q2 revenue from smart electric vehicles and other innovative businesses reaching 21.3 billion yuan, a year-on-year increase of 234%. The company delivered 81,000 vehicles in Q2, a year-on-year increase of 198%, with an average selling price (ASP) of 254,000 yuan, up 11% year-on-year. The gross margin for the automotive business was 26.4%, an increase of 11 percentage points year-on-year [12] Smartphone Sector - In Q2 2025, the smartphone business generated revenue of 45.5 billion yuan, with a shipment volume of 42.4 million units, marking eight consecutive quarters of year-on-year growth. The company achieved a market share of 24.7% in the 4,000-5,000 yuan price range, ranking first, and a 15.4% market share in the 5,000-6,000 yuan range, up 6.5 percentage points year-on-year [13] IoT Sector - The IoT and lifestyle products segment achieved a record revenue of 38.7 billion yuan in Q2, a year-on-year increase of 45%, with a gross margin of 22.5%. The smart home appliances segment performed strongly, with air conditioner shipments exceeding 5.4 million units, a growth of over 60% year-on-year [14] Financial Forecast and Valuation - The company is expected to achieve revenues of 474.4 billion yuan, 588.7 billion yuan, and 696.4 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 24%, and 18%. The net profit attributable to shareholders is projected to be 43.7 billion yuan, 56.7 billion yuan, and 71.4 billion yuan for the same years, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 2.74 yuan per share [14][15]

Group 1 - The company announced the granting of a total of 44.2363 million shares as rewards to 2,496 selected participants, including employees and service providers, under the 2023 share plan on August 20, 2025 [1] - On the same day, the company granted a total of 248,300 stock options to 2 selected participants who are employees of Xiaomi Hong Kong under the 2024 Xiaomi Hong Kong share plan [1]

Core Viewpoint - Xiaomi Group-W (01810) announced the issuance of a total of 44.2363 million shares as rewards to 2,496 selected participants, including employees and service providers, under the 2023 share plan on August 20, 2025 [1] Summary by Categories Share Awards - The company will reward a total of 44.2363 million shares to 2,496 selected participants [1] - The participants include both employees and service providers of the group [1] Stock Options - On the same day, Xiaomi Hong Kong granted a total of 248,300 stock options to 2 selected participants who are employees of Xiaomi Hong Kong under the 2024 Xiaomi Hong Kong share plan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 此公告由本公司根據上市規則第17.06A條、第17.06B條及第17.06C條作出。 董事會謹此宣佈，本公司於2025年8月20日根據2023年股份計劃獎勵合共44,236,295股獎 勵股份予2,496名選定參與者，包括本集團僱員及服務供應商。同日，小米香港根據2024 年小米香港股份計劃授出合共248,300份小米香港購股權予2名為小米香港集團僱員的小 米香港選定參與者。 1. 根據2023年股份計劃授出獎勵 於2025年8月20日，本公司根據2023年股份計劃獎勵合共44,236,295股獎勵股份予2,496 名選定參與者，包括本集團僱員及服務供應商。 授出獎勵詳情 獎勵代價： 零 1 根 據 2023 年股份計劃授出獎勵 及 根 據 2024 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 66.86 HKD [1][7] Core Views - The company has shown strong product innovation and delivery capabilities, with record monthly deliveries in its automotive segment and significant growth in IoT and home appliance businesses [6][10] - The revenue and adjusted net profit reached new quarterly highs, indicating robust financial performance [10] - The automotive gross margin has significantly improved, and the IoT business is experiencing rapid growth, contributing to the overall positive outlook for the company [6][10] Financial Performance Summary - The company’s revenue for 2023 is projected at 270,970 million HKD, with a year-on-year growth of -3%. By 2025, revenue is expected to reach 484,886 million HKD, reflecting a 33% growth [9] - Operating profit is forecasted to increase from 20,009 million HKD in 2023 to 49,537 million HKD in 2025, with a substantial year-on-year growth of 102% [9] - The net profit attributable to the parent company is expected to grow from 17,475 million HKD in 2023 to 42,655 million HKD in 2025, marking an 80% increase [9] - The earnings per share (EPS) is projected to rise from 0.67 HKD in 2023 to 1.64 HKD in 2025 [9] Product and Market Performance - In Q2 2025, the company achieved a revenue of 1160 million HKD, a 30% year-on-year increase, with an adjusted net profit of 108 million HKD, up 75% year-on-year [10] - The automotive segment generated 206 million HKD in revenue in Q2 2025, with a gross margin of 26.4%, indicating strong consumer acceptance of high-end models [10] - The IoT and lifestyle product segment reached a record revenue of 387 million HKD in Q2 2025, growing 45% year-on-year, with significant contributions from major appliances [10]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [8] Core Views - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion CNY, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [5][8] - The company is focusing on its "New Decade Goal," with significant investments in core technologies and a record high of 78 billion CNY in R&D spending in Q2 2025, reflecting a year-on-year increase of 41.2% [5][8] - The automotive segment is expected to see accelerated capacity release in the second half of 2025, with a narrowing of operating losses from 5 billion CNY to 3 billion CNY in Q2 2025 [5][8] - The IoT business continues to show strong growth, with revenue of 387 billion CNY in Q2 2025, a year-on-year increase of 44.7% [5][8] - The smartphone segment experienced a slight decline in revenue, with Q2 2025 revenue at 455 billion CNY, a year-on-year decrease of 2.1% [5][8] - The internet services segment reported steady growth, with revenue of 91 billion CNY in Q2 2025, a year-on-year increase of 10.1% [6][8] Summary by Sections Financial Performance - Q2 2025 total revenue was 116 billion CNY, with a gross margin of 22.5% and an adjusted net profit of 108 billion CNY, marking a year-on-year increase of 75.4% [5][8] - The company expects total revenue for 2025 to reach 489.9 billion CNY, with adjusted net profit projected at 43.1 billion CNY [8] Automotive Segment - Revenue from smart electric vehicles and AI-related businesses reached 213 billion CNY in Q2 2025, with a gross margin of 26.4% [5][8] - The company plans to enter the European market in 2027, which is expected to enhance its global brand influence [5][8] IoT Segment - The IoT business achieved a record revenue of 387 billion CNY in Q2 2025, driven by strong sales in smart home appliances [5][8] - The gross margin for IoT was 22.5%, reflecting improvements in product mix [5][8] Smartphone Segment - The smartphone business reported revenue of 455 billion CNY in Q2 2025, with a gross margin of 11.5% [5][8] - The company adjusted its annual shipment target to 175 million units, focusing on high-end and global market expansion [5][8] Internet Services - Internet services revenue reached 91 billion CNY in Q2 2025, with a gross margin of 75.4% [6][8] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6][8]

Core Viewpoint - Macquarie has downgraded the target price for Xiaomi Group-W (01810) from HKD 69.32 to HKD 61, while maintaining an "Outperform" rating, but has removed the stock from its recommended list in the Asia-Pacific region, anticipating a decrease in the company's profitability in the second half of the year [1] Financial Performance - Xiaomi's second-quarter gross profit exceeded expectations by 1%, benefiting from an expansion in gross margin, but operating expenses increased, leading to an operating profit that fell short of expectations by 15% [1] - The company is expected to see flat quarterly revenue due to the seasonal weakness in IoT products offsetting growth in smartphone and electric vehicle sales [1] Sales Forecast - Macquarie has reduced its forecast for Xiaomi's electric vehicle sales by 24,000 units, reflecting slower-than-expected production ramp-up at the new factory [1] - The quarterly gross margin is anticipated to contract by 0.7 percentage points due to intensified competition in the smartphone market and rising memory costs [1] - The gross margin for electric vehicles is expected to decline by 0.5 percentage points, influenced by the delivery of the YU7 model [1]