2025-11-21 07:40:45 作者：狼叫兽 在当天举行的下线仪式上，小米集团创始人、董事长兼首席执行官雷军透露，2025年小米汽车预计全年 交付量将突破40万辆，较此前目标进一步上调。这一表态反映出公司在智能电动汽车领域加速推进的势 头。 此前，尽管小米发布的财务报告显示业绩表现亮眼，但资本市场反应平淡，股价持续走低。不少投资者 对此感到困惑，认为企业实际价值未在股价中充分体现。此次大规模回购，或可视为公司管理层对当前 估值水平的回应，也传递出对未来发展的坚定信心。 2025年11月21日，小米集团股价一度跌破40港元关口，市场情绪波动之际，公司迅速采取行动。当日， 小米在港交所发布公告，宣布以每股平均价37.61港元回购1350万股股份，总金额超过5.07亿港元，创下 自上市以来单日回购金额的最高纪录。 今年以来，小米已实施多次股份回购，累计回购资金逾20亿港元，显示出公司对自身发展前景的信心。 就在前一天，小米汽车迎来了第50万辆整车下线的重要节点。从首款车型量产到实现这一产量，仅用时 602天，不足20个月，刷新了全球新能源汽车行业达成50万辆交付的最快纪录。 ...

Core Insights - RoboSense has secured a three-year exclusive partnership with FAW Toyota for a new pure electric vehicle model, marking a significant milestone as the first Chinese tech company to enter Toyota's lidar supply chain [1] - This new collaboration highlights Toyota's recognition and trust in RoboSense's technological capabilities and product reliability [1] - RoboSense aims to leverage its advanced digital lidar technology to enhance cooperation with FAW Toyota and promote the global adoption of high-quality smart electric vehicles [1] Company Developments - RoboSense has previously supported the launch of FAW Toyota's bZ5 and bZ3 models, showcasing its established relationship with the automaker [1] - The company has also secured contracts with international automakers such as Audi, Volkswagen, and North American new energy companies, accumulating over 1 million orders [1] - RoboSense's leading digital technology is driving the intelligent upgrade of new energy vehicles globally [1]

Core Viewpoint - RoboSense has secured a three-year exclusive partnership with FAW Toyota for a new pure electric vehicle model, marking a significant recognition of its technology and product reliability by Toyota [1] Company Summary - RoboSense is the first Chinese technology company to enter the Toyota lidar supply chain, having previously supported the launch of FAW Toyota's bZ5 and bZ3 models [1] - The new exclusive partnership highlights Toyota's ongoing trust in RoboSense's technological capabilities [1] - RoboSense aims to deepen its collaboration with FAW Toyota to promote the global adoption of high-quality smart electric vehicles [1] Industry Summary - RoboSense has also secured contracts with international automakers such as Audi, Volkswagen, and North American new energy companies, accumulating over 1 million orders [1] - The company is leveraging its leading digital technology to empower the intelligent transformation and upgrade of global automakers' new energy vehicles [1]

华泰证券表示，3Q25汽车交付量通过技改达到10.9万辆的新高，公司预计11月将完成超35万台年度交付 目标。汽车3Q收入环比+37%至259亿元，毛利率同比提升8.4pp至25.5%，表现亮眼。受益于汽车高端化 战略及产能逐步爬坡，3Q25汽车业务首次盈利。国金证券指出，公司本季度YU7开启大规模交付，交 付108796台环比+32.6%持续向上，规模效应下带动汽车业务扭亏为盈；毛利率虽有所下滑，高毛利的 YU7尚处于爬产阶段利润未能有充分释放，而公司的单车ASP环比仍是提升的，公司的新增长极正逐步 兑现。 消息面上，小米集团-W发布公告，于2025年11月20日，该公司斥资5.08亿港元回购1350万股股份，每股 回购价格为37.38-38.1港元。 业绩方面，近日，小米集团-W公布2025年第三季度业绩，收入约1131.21亿元，同比增长22.3%。业务 分部来看，2025年第三季度，"手机×AIoT"分部收入为841亿元，同比增长1.6%;"智能电动汽车及AI等创 新业务"分部收入为290亿元，创历史新高，同比增长199.2%。经营利润151.1亿元，同比增长150.1%； 经调整净利润约113.11 ...

Core Viewpoint - Xiaomi Group's third-quarter report highlights the first quarterly profit from its smart electric vehicle and AI innovation business, despite the company's stock price facing significant declines recently [2][3]. Group 1: Automotive Business Performance - In the third quarter, Xiaomi's automotive business generated a record revenue of 29 billion yuan, with smart electric vehicles contributing 28.3 billion yuan and other related businesses adding 700 million yuan [3]. - The company delivered 108,796 vehicles in the third quarter, marking a historical high for single-quarter deliveries, which helped offset previous R&D expenses and led to the first quarterly profit for the automotive segment [3]. - Xiaomi's president announced that the company is on track to exceed its annual delivery target of over 350,000 vehicles [3]. Group 2: Market Trust Issues - Despite positive financial results, Xiaomi's automotive division faces a trust crisis due to multiple public relations incidents, which have negatively impacted its stock performance [5][6]. - A serious traffic accident involving a Xiaomi vehicle raised concerns about the safety of its smart driving technology, leading to public skepticism [5]. - Issues related to sales practices and product quality, including disputes over deposit refunds and product specifications, have further eroded consumer trust [5][6]. Group 3: Sales and Marketing Efforts - Xiaomi's sales expenses increased by 31.86% year-on-year, totaling 23.287 billion yuan in the first three quarters [6]. - The company has expanded its automotive sales network, with 402 sales outlets and 209 service points established across 125 cities in mainland China by September 30 [6].

Core Insights - Xiaomi's automotive division has officially produced its 500,000th vehicle, marking a significant milestone and a new starting point for future efforts [1] - The company aims to achieve an annual delivery target of 350,000 vehicles by the end of this week, as disclosed by the Group President during an earnings call [1] - Xiaomi's Q3 2025 revenue reached 113.1 billion RMB, showing a year-on-year growth of 22.3%, with adjusted net profit increasing by 80.9% to 11.3 billion RMB [1] Delivery Performance - In Q1 2025, Xiaomi delivered 75,869 vehicles, followed by 81,302 in Q2, and 108,796 in Q3, totaling 265,967 vehicles delivered to date [2] - The company achieved over 100,000 vehicle deliveries in a single quarter for the first time in Q3 2025 [2] Sales Network Expansion - Xiaomi has established a sales service network with 402 automotive sales stores across 119 cities in mainland China as of September 30, 2025 [3]

Group 1 - Xiaomi's automotive division achieved over 100,000 deliveries in a single quarter for the first time, with a quarterly profit [1] - Revenue from smart electric vehicles and AI innovation businesses reached 29 billion yuan, a year-on-year increase of over 199% [1] - The company delivered 108,796 new vehicles in the quarter, with the Xiaomi YU7 ranking first in domestic SUV sales in October [1] Group 2 - Xiaomi continues to expand its sales service network, with 402 automotive sales outlets opened across 119 cities in mainland China [1]

Core Viewpoint - Xiaomi's electric vehicle sales are expected to reach 350,000 units by the end of this year, with projections for 400,000 units in 2025, marking a significant growth trajectory in the automotive sector [4][5]. Financial Performance - In Q3 2025, Xiaomi's smart electric vehicle sales revenue reached 28.3 billion RMB, a record high, with a gross margin of 25.5% [7][11]. - The automotive segment achieved a quarterly operating profit of 700 million RMB, a turnaround from a loss of 300 million RMB in the previous quarter [10]. - The average selling price (ASP) of smart electric vehicles increased to 260,000 RMB, up 2.5% from the previous quarter [9]. Sales and Delivery - Xiaomi delivered 108,800 new vehicles in Q3 2025, a 33.8% increase from the previous quarter, contributing to a total of 266,000 units delivered in the first three quarters [8][10]. - The company is on track to meet its annual delivery target of 350,000 units, with expectations for continued growth in 2026 [5][6]. Margin and Cost Outlook - The gross margin for the automotive segment is expected to remain stable in Q4 2025, but a decline is anticipated in 2026 due to reduced purchase tax subsidies and increased competition in the market [5][11]. - The automotive segment's gross margin improved significantly from 17.1% in the previous year to 25.5% in Q3 2025, although it decreased slightly from 26.4% in Q2 2025 [11][14]. Research and Development - Xiaomi's R&D expenditure in Q3 2025 was 9.1 billion RMB, a 16.7% increase from the previous quarter, reflecting ongoing investments in electric vehicles and AI-related projects [13].

来源：券商中国 小米披露亮眼三季报。 11月18日晚，小米集团三季度业绩公告显示，实现了80.9%的净利润增幅。值得注意的是，该季度小米 汽车及AI等创新业务分部首次实现单季度经营收益转正，单季度经营收益为7亿元。 不过，这些亮眼数据与同期股价的持续疲软形成鲜明对比。当日，小米集团股价下跌2.81%，创下7个 月新低，总市值跌至1万亿港元附近，较今年9月的高位也已回调近30%。投资者普遍担忧，小米集团怎 么了？ 近期，小米集团股价持续回调。披露季报当日收盘，小米集团股价下跌2.81%，创下7个月新低，总市 值跌至1万亿港元附近，较今年9月的高位已回调超30%，也是恒生科技指数中跌幅最大的成份股之一。 三季度业绩出炉 11月18日晚，小米集团发布的三季度业绩公告显示，第三季度营收1131亿元，同比增长22.3%，连续4 个季度突破千亿元；经调净利润为113亿元，超出此前预估，同比增长80.9%，创历史新高。 小米集团毛利率由2024年第三季度的20.4%上升至2025年第三季度的22.9%，同比提升2.5个百分点。 具体业务来看，第三季度，公司手机×AIoT分部收入841亿元，同比微增。其中智能手机业务收入46 ...

Financial Performance - Group revenue reached RMB 113.1 billion, a YoY increase of 22.3%[11] - Gross profit margin increased to 22.9%, up 2.5 percentage points YoY[11] - Adjusted net profit reached RMB 11.3 billion, a significant YoY increase of 80.9%[11] - Smart EV, AI and other new initiatives revenue reached RMB 29.0 billion, a substantial YoY increase of 199.2%[11] Smartphone and AIoT Business - Global smartphone shipments ranked among the top 3 for 21 consecutive quarters, with a market share of 13.6%[14] - Premium smartphone sales in Chinese Mainland increased to 24.1% of total smartphone units sold, a YoY increase of 4.1 percentage points[14] - IoT and lifestyle products revenue reached RMB 27.6 billion, up 5.6% YoY[85] Smart EV Initiatives - Delivered 108,796 Smart Electric Vehicles, representing a YoY increase of 173.4%[18] - Smart EV sales revenue reached RMB 28.3 billion, up 197.9% YoY[89] User Growth and AI - Global MAU reached 741.7 million[21] - Number of connected devices reached 1,035.5 million[26] R&D Investment - R&D expenses reached RMB 9.1 billion in Q3 2025[31]