小米股价跌破40港元：市值降至1万亿港元 雷军成了舆论“出气筒”

Core Viewpoint - Despite a strong financial report, Xiaomi Group's stock price continues to decline, reflecting market concerns over its smartphone business and external challenges [2][11]. Financial Performance - Xiaomi has reported impressive financial results, achieving over 100 billion yuan in revenue for four consecutive quarters [3]. - In Q3 2025, Xiaomi's revenue reached 1131.21 billion yuan, a 22.3% increase year-over-year, but a 2.4% decrease from the previous quarter [3]. - The gross profit for Q3 2025 was 259.36 billion yuan, up 37.4% from the same period last year [5]. - Operating profit for Q3 2025 was 151.1 billion yuan, a significant increase of 150.1% year-over-year, with an operating profit margin of 13.4%, the highest in recent years [7]. - Net profit for Q3 2025 was 122.56 billion yuan, up 129.5% year-over-year, while adjusted net profit was 113.11 billion yuan, an 80.9% increase year-over-year [7]. New Business Developments - Xiaomi's electric vehicle segment has shown substantial progress, achieving quarterly profitability for the first time [8]. - Revenue from the electric vehicle and AI innovation segment reached 290 billion yuan in Q3 2025, a year-over-year increase of over 199% [10]. - Over 100,000 new electric vehicles were delivered in Q3 2025, with total deliveries exceeding 260,000 units for the first three quarters [10]. Market Challenges - The smartphone business, which accounts for approximately 40% of revenue, is facing pressure from unprecedented price increases in global storage chips, impacting profit margins [11]. - Concerns about the sustainability of Xiaomi's "price for volume" strategy in the smartphone market are growing [11]. - The recent high-profile stock placement has led to concerns about share dilution, with participating institutions facing significant losses [11]. - The lack of new product catalysts has resulted in increased short-selling activity, with hedge funds significantly increasing their short positions [11]. Brand Image and Leadership Issues - Recent controversies surrounding Xiaomi's brand image and safety concerns related to its vehicles have negatively impacted investor sentiment [12][14]. - Founder Lei Jun has faced criticism, with public perception shifting from a positive image to one of controversy due to safety incidents and perceived inadequate responses [14]. - Analysts suggest that Xiaomi needs to separate its brand from Lei Jun's personal image to mitigate risks associated with negative public sentiment [14].