小米“二号人物”给股东出了一个难题

Core Viewpoint - Xiaomi Group is actively engaging in stock buybacks and share purchases by its founder Lei Jun to instill confidence in the market, despite concerns surrounding co-founder Lin Bin's $2 billion share reduction plan set to begin in December 2026 [4][6][10]. Stock Performance and Market Reactions - Xiaomi's stock has seen a significant decline, losing over 500 billion HKD in market value since reaching a peak of 61.45 HKD per share in June 2025, with the stock currently trading around 38.58 HKD [5][7][9]. - Lin Bin's planned share reduction follows a history of previous cash-outs exceeding 8.5 billion HKD, raising investor concerns about the company's future [7][10]. Business Performance and Challenges - Xiaomi's smartphone business is facing challenges, with a 3.15% year-on-year revenue decline in Q3 2025, attributed to rising memory costs and a decrease in average selling price (ASP) from 1102.2 CNY to 1062.8 CNY [15][16]. - The company's IoT and consumer products segment has seen a 15.7% decline in revenue from smart appliances, impacted by competition from major appliance brands and a retreat in government subsidies [14][15]. Automotive Sector Developments - Xiaomi is expanding its automotive lineup with plans to launch three new models, including the family-oriented Xiaomi YU9 and the performance-focused YU7 GT, as it aims to capture a larger market share [20][21]. - The company is ramping up production capacity, with existing factories in Beijing and plans for additional facilities, potentially reaching a total capacity of over 400,000 vehicles [21][22]. Future Outlook - The automotive sector is expected to play a crucial role in Xiaomi's growth strategy, especially as the smartphone business faces headwinds in 2026 [24].