Sou Hu Cai Jing·2025-11-19 11:59Group 1: Xiaomi's Financial Performance - Xiaomi reported a revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3% [2] - Adjusted net profit reached 11.3 billion yuan, marking an 80.9% year-on-year growth, the highest quarterly level in history [2] - The smartphone segment generated 45.97 billion yuan, a decline of 3.1% year-on-year, contributing 40.6% to total revenue, down from 51.3% a year ago [2] Group 2: Automotive Business Growth - Revenue from Xiaomi's smart electric vehicle business reached 29 billion yuan, a significant increase of 199.2%, accounting for 25.6% of total revenue [2] - The automotive division achieved a quarterly delivery of 108,800 units, a year-on-year increase of 173.4%, with an average selling price of 260,000 yuan, up 9% [3] - Xiaomi aims to deliver over 300,000 vehicles by 2026 and has already delivered over 260,000 units in the first three quarters of the year [3] Group 3: Challenges and Controversies - Xiaomi faces ongoing product lawsuits and safety controversies, including a delayed lawsuit regarding false advertising of the SU7 Ultra model [4] - Safety concerns have arisen following incidents involving the SU7, leading to public criticism regarding the company's focus on aesthetics over safety [4] - Recent changes in the public relations team, including the departure of a long-serving executive, have raised concerns about the company's crisis management capabilities [4] Group 4: New Oriental's Internal Issues - New Oriental's CEO, Yu Minhong, faced backlash from employees regarding an internal letter, leading to a series of social media posts about his trip to Antarctica [6][13] - The company reported a significant revenue decline, with a 32.7% drop in revenue year-on-year, totaling 4.392 billion yuan for the 2025 fiscal year [13] - Internal management issues have been highlighted, particularly following the departure of key personnel and the impact on the company's strategic execution [13][28] Group 5: Suning's Financial Struggles - Suning's restructuring plan has been postponed again, with over 230 billion yuan in debt and assets valued at only 41 billion yuan [15][16] - The restructuring aims to balance debt repayment and corporate revival, with the founder pledging personal assets to support the plan [17] - Suning's financial reports indicate a significant decline in revenue and profit, with a 95.78% drop in net profit for Q3 compared to the previous year [18] Group 6: Gree's Market Position - Gree's new rose air conditioner has sparked controversy, with the company positioning it as an innovative product in the market [20][23] - Despite holding the largest market share in air conditioning, Gree faces intense competition, leading to a slight decline in retail volume and revenue share [20] - Gree's financial performance has shown a decline, with a 6.5% drop in revenue year-on-year for the first three quarters [20]