雷军一个月掉粉近70万，小米市值较高点蒸发超5500亿港元

Core Viewpoint - The recent court ruling against Xiaomi regarding a car purchase dispute highlights issues with the company's sales practices and raises concerns about its reputation and market performance [3][5][6]. Legal Issues - A court in Haikou ruled that Xiaomi's demand for a customer to pay the remaining balance on a car before delivery was unfair and violated principles of good faith, resulting in a requirement for Xiaomi to refund double the deposit of 10,000 yuan [5][6][7]. - This case is not isolated; Xiaomi is also facing another lawsuit related to alleged false advertising regarding a car feature, which has further damaged the company's public image [8][9]. Financial Performance - Xiaomi's market value has decreased significantly, with a reduction of over 550 billion HKD from its peak this year [4]. - The company reported a total revenue of 113.12 billion yuan for Q3 2025, a year-on-year increase of 22.3%, with a notable growth in its electric vehicle and AI innovation segment, which saw a revenue increase of 199.16% [15][16]. - Despite strong year-on-year growth, Xiaomi's revenue declined by 2.4% compared to the previous quarter, indicating potential challenges in sustaining growth momentum [17]. Stock Market Activity - Following the release of the Q3 financial report, Xiaomi's stock price continued to decline, prompting founder Lei Jun to purchase 2.6 million shares to demonstrate confidence in the company's future [18]. - As of November 26, Xiaomi's stock price was 40.1 HKD per share, down from a yearly high of 61.45 HKD, reflecting a significant market capitalization loss [18].