小米近4月回购44次，股价半年跌超40%

Core Viewpoint - Xiaomi Group-W (1810.HK) announced a share buyback plan not exceeding HKD 2.5 billion, aimed at stabilizing its valuation and restoring investor confidence amid declining stock prices and rising industry storage costs [1][3]. Buyback Plan Details - The automatic buyback plan will commence on January 23, 2026, and will conclude upon the earliest of three conditions: the day before the 2026 annual general meeting, reaching the buyback cap of HKD 2.5 billion, or early termination per brokerage agreement [3]. - Xiaomi has received dual exemptions from the Hong Kong Stock Exchange, allowing it to execute buybacks during the restricted period before regular performance announcements and to issue new shares within 30 days post-buyback under specific conditions [3]. Stock Performance Context - Since peaking at HKD 61.45 in late June 2025, Xiaomi's stock has declined by 42.65% to HKD 35.24 as of January 22, 2026, erasing nearly all gains from 2025, with a market capitalization around HKD 918 billion [3][5]. - The buyback plan is seen as a timely response to market sentiment, especially as the company's executives have announced plans to sell shares, raising concerns among investors [5]. Recent Buyback Activity - Over the past four months, Xiaomi has conducted 44 buybacks, acquiring approximately 206 million shares, which is 0.79% of its total share capital, at a total cost of about RMB 7.464 billion [7]. - Previous buybacks have shown some effectiveness in stabilizing the stock price, and the new HKD 2.5 billion buyback is viewed as an additional support measure [8]. Financial Position and Market Perception - As of the end of Q3 2025, Xiaomi's cash reserves stood at RMB 236.7 billion, providing ample liquidity to support the buyback [8]. - The current price-to-earnings ratio (TTM) for Xiaomi is approximately 19.22, which is significantly lower than that of competitors like Tesla (282.35) and Apple (32.5), indicating potential undervaluation [8]. - The long-term recovery of Xiaomi's stock price will depend on advancements in high-end smartphone offerings, stable profitability in its automotive business, and the acceleration of synergies within its AIoT ecosystem [8].