小米股价跌破40港元，较6月最高点已跌超30%

Core Viewpoint - Xiaomi's stock price has continued to decline, dropping over 4% to below 40 HKD, despite strong Q3 financial results, indicating persistent market sell-off sentiment [1] 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 [1] - Adjusted net profit for Q3 reached 11.3 billion RMB, a significant year-on-year increase of 80.9%, achieving a historical high [1] - Cash and cash equivalents stood at 35.5 billion RMB, with total cash reserves of 236.7 billion RMB as of September 30, 2025 [1] Business Segments - The automotive and AI sectors emerged as key highlights, with revenue reaching 29 billion RMB, a year-on-year growth of over 199%, and automotive revenue alone at 28.3 billion RMB [1] - Xiaomi delivered 108,796 new vehicles in Q3, setting a new record, and is on track to meet its annual delivery target of 350,000 vehicles [1][2] Challenges and Outlook - The company anticipates challenges in 2026 for its automotive segment, with expected declines in gross margins due to reduced purchase tax subsidies and increased competition [2] - In the smartphone segment, Q3 revenue was 46 billion RMB, with global shipments of 43.3 million units, reflecting a year-on-year growth of 0.5% [2] - Xiaomi is proactively addressing rising memory prices, which are driven by increased demand from AI applications, by securing supply agreements for 2026 and considering price adjustments [2] Market Position - Huatai Securities noted that the storage supercycle will significantly impact Xiaomi's stock price and performance in 2026 [3] - Compared to other smartphone manufacturers, Xiaomi has a strong market position in terms of global shipment volume and resilience against industry cycles, particularly in non-smartphone businesses [3]