小米股价跌破40港元

Core Viewpoint - Despite a strong Q3 2025 financial report, Xiaomi Group's stock price continues to face pressure, dropping over 30% since its peak in June 2023 [2] Financial Performance - Xiaomi reported Q3 revenue of 113.1 billion RMB, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion RMB [5] - Adjusted net profit reached 11.3 billion RMB, a significant year-on-year increase of 80.9%, setting a new historical high [5] - As of September 30, 2025, cash and cash equivalents stood at 35.5 billion RMB, with total cash reserves at 236.7 billion RMB [5] Business Segments - The automotive and AI sectors emerged as the biggest highlights, with revenue reaching 29 billion RMB, a year-on-year growth of over 199%, and automotive revenue alone at 28.3 billion RMB [5] - This segment achieved its first quarterly operating profit of 700 million RMB [5] Future Outlook - The fourth quarter is expected to maintain stability in the automotive sector, but 2026 is anticipated to be challenging, with a potential decline in automotive gross margins compared to 2025 [5][6] - Factors contributing to this outlook include a reduction in purchase tax subsidies and increased competition within the automotive industry [6] Smartphone Business - In the core smartphone segment, Q3 revenue was 46 billion RMB, with global shipments reaching 43.3 million units, reflecting a year-on-year growth of 0.5% [7] - Xiaomi has proactively addressed rising memory prices, which are driven by increased demand from AI applications rather than traditional market cycles, by securing supply agreements for 2026 [7]