小米股价较6月最高点已跌超30%

Core Viewpoint - Xiaomi Group's stock price has been on a downward trend, dropping over 30% since its peak in June, despite strong financial results reported for Q3 2025 [3][4]. Financial Performance - Xiaomi Group reported total revenue of RMB 113.12 billion for Q3 2025, a year-on-year increase of 22.3%, exceeding market expectations of RMB 112.5 billion [4][7]. - Adjusted net profit reached RMB 11.31 billion, marking an 80.9% increase year-on-year, achieving a historical high [4][7]. - Gross profit rose by 37.4% to RMB 25.94 billion, with a gross margin improvement from 20.4% to 22.9% compared to the same period last year [10]. Business Segments - The smartphone and AIoT segment generated revenue of RMB 84.1 billion, reflecting a 1.6% year-on-year growth [7]. - The smart electric vehicle and AI innovation segment saw significant growth, with revenue reaching RMB 29 billion, a remarkable 199.2% increase year-on-year, and achieving operational profitability for the first time with earnings of RMB 700 million [8]. Future Challenges - Xiaomi Group's president, Lu Weibing, highlighted potential challenges for 2026, including a reduction in purchase tax subsidies and increased competition in the automotive sector, which may lead to a decline in profit margins for Xiaomi's automotive business [11].