基金经理纷纷减持！小米最新发布，这份财报能否获得认可？

Group 1: Core Insights - Xiaomi Group reported a significant net profit increase of 80.9% in Q3, with adjusted net profit reaching 11.3 billion yuan, marking a historical high [1][2] - The company's revenue for Q3 was 113.1 billion yuan, a year-on-year growth of 22.3%, continuing a streak of four consecutive quarters exceeding 100 billion yuan [1][2] - Xiaomi's innovative business segment, including electric vehicles and AI, achieved a quarterly operating profit of 700 million yuan for the first time [1][2] Group 2: Financial Performance - The gross margin for Xiaomi is projected to rise from 20.4% in Q3 2024 to 22.9% in Q3 2025, reflecting a year-on-year increase of 2.5 percentage points [2] - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT revenue at 27.6 billion yuan, showing a 5.6% increase [2] - For the first three quarters, total revenue reached 340.4 billion yuan, nearing last year's total, with adjusted net profit of 32.8 billion yuan, surpassing the previous year's total [2] Group 3: Stock Performance - Despite strong financial results, Xiaomi's stock price fell by 2.81% on the day of the earnings report, reaching a seven-month low and a market capitalization of approximately 1 trillion HKD, down nearly 30% from September's peak [3][4] - The stock has still seen an 18.2% increase year-to-date, but recent declines have raised concerns among investors [4] Group 4: Market Sentiment and Analyst Views - Analysts suggest that the stock's decline may be influenced by recent controversies in the automotive sector and competitive pressures in the smartphone market [4][5] - Fund managers have significantly reduced their holdings in Xiaomi, with a reported 10.8 billion yuan in reductions, marking it as the most reduced stock among public funds in Q3 [6] - Some funds, however, have chosen to maintain or increase their positions in Xiaomi, indicating mixed sentiment among institutional investors [7]