当下的小米，真有点"六边形战士"那味了。 5月27日晚间，小米集团发布2025年第一季度财报，期内营业收入达到1112.93亿元，同比增长47.4%；经调整净利润106.8亿元，同比增长64.5%，两项核心 财务数据均超出彭博此前给出的预期。 具体到各业务板块上，可谓"全面无短板"：手机业务一季度国内市场出货量同比大涨40%，以18.8%的市场份额重回国内市场第一；智能大家电收入同比增 加113.8%，可穿戴产品收入同比增加56.5%；汽车业务已接近盈亏平衡。 在财报发布前，二级市场有观点认为，小米过去几年铺垫的利好消息均已释放，其估值即将得到修正。需要说明的是，相比去年一季度财报发布时，小米股 价上涨超过205%。 但这样一份成绩单，成功实现了对股价的"业绩托底"。截至5月28日港股收盘，小米股价上涨0.39%，收报51.75港元，基本可以看作初次完成"基本面验 证"的考验。 那么小米究竟做了什么，让摩拳擦掌的机构难以找到做空支点？看似无懈可击的增长矩阵，未来是否还存在隐患？ 多极发力 在这份刚刚发布的财报中，最让人惊讶的之处在于，智能汽车可能很快就要为小米养家了。 去年二季度，小米首次公布汽车业务的财务数 ...

小米集团（1810.HK）于北京时间 2025 年 5 月 27 日晚的港股盘后发布了 2025 年第一季度财报（截止 2025 年 3 月），要点如下： 1.整体业绩：收入 1113 亿，同比增长 47% ，超预期的增长主要来自于 IoT 的带动。毛利率是本季度最大亮点，其中 IoT 业务和汽车业务的毛利率分别达到了 25% 和 23%。 2.手机：506 亿，低于市场预期 513 亿，海外是拖累点。 在国补带动下，$小米集团-W.HK 在国内的手机销量同比增长 40%，然而海外市场的 "低迷"，使得公司本 季度在全球的销量仅仅增长 3%。 3.IoT：323 亿，国补拉动明显，连续两个季度增速达到 50% 。由于小米 IoT 产品矩阵中大家电、可穿戴和平板等产品都能享受补贴政策，IoT 业务延续超预期的 表现。 4.互联网服务：91 亿，符合预期。 增长主要来自于广告业务的带动，而增值服务持续不增长。量价拆分看，MIUI 用户数同比增长 9%，而 ARPU 值仅增 3%。 5.汽车业务： 一季度汽车相关合计收入 186 亿元，符合预期。其中出货量 7.6 万台，单车均价 23.9 万元。汽车业务毛利率提升 ...

"这次增长只是这一轮增长的开始。"5月27日晚间，小米集团合伙人、集团总裁卢伟冰在业绩电话会上谈及小米集团一季报表现。 本季度小米智能手机在中国大陆地区的出货量排名，时隔十年重返第一，份额同比提升4.7个百分点、达到18.8%，出货量增速高达40%。在全球市场，小米 连续19个季度位居全球前三，市占率达到14.1%。 IoT与生活消费产品业务收入达到323亿元，连续两个季度单季收入超300亿元，同比增长58.7%。第一季度小米大家电业务收入实现翻倍增长。其中，空调 出货量超110万台，同比增超65%；冰箱出货量超88万台、同比提升超65%；洗衣机出货量超74万台、同比增长超100%。 一季度小米互联网服务业务收入达91亿元，同比增长12.8%，毛利率达到76.9%。截至2025年3月，小米全球月活跃用户数达到7.19亿，同比增长9.2%，中国 大陆月活跃用户数达到1.81亿，同比增长12.9%。 小米集团合伙人、集团总裁卢伟冰在业绩电话会上透露，小米空调业务以2030年在中国市场数一数二为目标，对标全球标杆品牌，今年目标在中国零售市场 达到行业前三。小米空调智能制造工厂预计将于今年年内投产。 小米集团（HK0 ...

Financial Performance - Xiaomi Group reported total revenue of 111.3 billion yuan for Q1 2025, representing a year-on-year increase of 47.4% [1] - The net profit for the quarter was 10.9 billion yuan, compared to 4.2 billion yuan in the same period last year [1] - Adjusted net profit was 10.7 billion yuan, up from 6.5 billion yuan year-on-year [1] IoT Business Growth - The IoT business segment experienced rapid growth, significantly outpacing the industry average [1] - Competitors have begun to launch competing products in response to Xiaomi's success in the IoT sector [1][2] - Xiaomi's strategy to address increased competition in the AIoT industry was discussed, with a focus on maintaining growth despite market challenges [1] Automotive Strategy - Concerns were raised about the potential impact of the Xiaomi YU7 on the sales of the Xiaomi SU7, with discussions on pricing strategies [1] - The company does not anticipate a negative impact on SU7 sales, citing strong demand and production capacity constraints [4] - Both YU7 and SU7 share the same platform, which allows for efficient resource utilization [4] Market Position and Competition - Xiaomi aims to be a value creator and a driver of industry progress, viewing increased competition as a positive development for the sector [2] - The company acknowledges the slow pace of innovation in the home appliance industry and seeks to improve user experience and product automation [2] - Xiaomi's approach to overseas markets is similar to its domestic strategy, although the competitive landscape may differ [3]

Industry Overview - The cybersecurity market is projected to witness a CAGR of 12.9% from 2025 to 2030, driven by increasing digital threats and the need for advanced cybersecurity solutions [3] - The rise in cloud deployment, digital transformation, and the proliferation of smart and IoT devices has led to more sophisticated cyberattacks, necessitating enhanced cybersecurity measures [2] Company Analysis: BlackBerry Limited (BB) - BlackBerry has shifted its focus from smartphones to cybersecurity and IoT solutions, with its Secure Communications division including products like Unified Endpoint Management (UEM) and SecuSUITE [4] - In fiscal Q4, BlackBerry's Secure Communications revenue reached $67.3 million, exceeding forecasts, driven by strong performance in AtHoc and UEM solutions [5] - The company has established strong relationships with government agencies, securing a stable revenue stream and credibility in high-trust sectors [6] - BlackBerry has successfully cut approximately $150 million from its run rate and reported an adjusted EBITDA of $39.3 million for fiscal 2025, marking a significant improvement [8] - The expansion of contracts with the Malaysian government enhances BlackBerry's revenue potential and positions its Secure Communications division as a key contributor to overall EBITDA [7] Company Analysis: CrowdStrike Holdings, Inc. (CRWD) - CrowdStrike is a leader in next-generation endpoint protection and has introduced new solutions like Falcon Data Protection to address data security concerns [9] - The company's subscription revenues reached $1.01 billion, reflecting a 27% increase year-over-year, aided by the Falcon Flex Subscription Model [10] - Despite strong growth, CrowdStrike faces challenges due to customer sentiment issues following a global IT outage and has implemented a Customer Commitment Package to retain clients [11] - The company has significantly increased its sales and marketing expenses, which rose nearly ninefold to $1.52 billion in fiscal 2025, alongside a focus on R&D [12][13] Performance Comparison - Over the past month, BlackBerry and CrowdStrike have seen stock gains of 10.5% and 7.6%, respectively [16] - BlackBerry's forward 12-month Price/Sales ratio is 4.21X, significantly lower than CrowdStrike's 22.17X, indicating a more favorable valuation for BlackBerry [17] - Analysts have raised BlackBerry's earnings estimates for the current fiscal year, while CrowdStrike has seen only marginal upward revisions [19][21] Investment Outlook - Both companies are well-positioned to benefit from the growing cybersecurity market, but BlackBerry currently holds a Zacks Rank 1 (Strong Buy), while CrowdStrike has a Zacks Rank 4 (Sell), suggesting BlackBerry may be the better investment choice at this time [22]

Core Viewpoint - Mangoceuticals, Inc. has announced promising results from field studies of its antiviral compound MGX-0024, which demonstrated 100% survival in chickens against respiratory diseases, indicating a potential breakthrough in poultry health management [1][3]. Group 1: Study Results - In the first study, 8,000 chickens treated with MGX-0024-infused water experienced significantly lower mortality rates, with about 50 deaths per day compared to 200 deaths per day in an untreated control group [2]. - The second study involved 10,000 chicks treated from 7 days old, resulting in no deaths from respiratory diseases, while a control farm experienced an expected mortality rate of 50% [2][3]. - MGX-0024 is a blend of natural polyphenols and zinc, recognized as safe, and is being evaluated for its efficacy against avian flu in collaboration with research organizations [2][4]. Group 2: Market Potential and Regulatory Engagement - The company is moving quickly to bring MGX-0024 to market, scaling production and engaging with large-scale farms in the US, UK, Canada, and Australia for pilot deployments [5]. - Mangoceuticals is also working with regulatory authorities to secure approvals for MGX-0024 as a frontline defense against respiratory diseases and zoonotic threats [5][6]. - The company aims to meet the rising demand for antibiotic-free poultry, aligning with global antibiotic restrictions, which could drive revenue through partnerships and licensing agreements [4][6][7]. Group 3: Future Plans and Collaborations - Additional field studies are planned to further validate the efficacy of MGX-0024, particularly in regions with known H5N1 presence [5]. - The company is pursuing US federal funding to support the global rollout of MGX-0024, indicating a strategic approach to enhance its market presence [6]. - The CEO expressed optimism about collaborating with farms and health leaders worldwide to establish MGX-0024 as a global standard in poultry farming [7].

Core Insights - XOMA Royalty Corporation has acquired future royalty and milestone interests in mezagitamab from BioInvent for a total of USD $30 million, with an initial payment of USD $20 million at closing [1][2] - The acquisition enhances XOMA Royalty's late-stage royalty portfolio and provides BioInvent with non-dilutive capital to advance its clinical pipeline [2] - XOMA Royalty will be entitled to additional milestones of up to USD $16.25 million and mid-single digit royalties on future commercial sales of mezagitamab [3] Company Overview - XOMA Royalty Corporation is a biotechnology royalty aggregator that helps biotech companies by acquiring potential future economics associated with therapeutic candidates [5] - BioInvent International AB focuses on discovering and developing novel immune-modulatory antibodies for cancer therapy, currently having five drug candidates in clinical trials [6] Transaction Details - The economic interest in mezagitamab originated from a 2003 cross-licensing agreement between XOMA Royalty and BioInvent [2] - An additional payment of USD $10 million will be made upon mezagitamab achieving a specific regulatory milestone related to FDA marketing approval for IgA nephropathy [2] Clinical Development - Takeda, the developer of mezagitamab, has initiated a Phase 3 clinical trial for the treatment of immune thrombocytopenia (ITP) [4] - Mezagitamab is a fully human IgG1 monoclonal antibody targeting CD38, which has the potential to be a best-in-class anti-CD38 mAb [4]

Core Insights - Seres Therapeutics is presenting new exploratory biomarker data from its SER-155 Phase 1b study at the 2025 ASCO Annual Meeting, highlighting its potential role in promoting peripheral T-cell recovery and immune reconstitution post allo-HSCT [1][2] Group 1: SER-155 Study Findings - The SER-155 Phase 1b study showed improved intestinal epithelial barrier integrity and modulation of systemic inflammatory responses, with a 77% relative risk reduction in bloodstream infections (BSIs) [2][5] - New biomarker data indicates significantly higher levels of the homeostatic cytokine IL-7 and increased frequency of CD4+ T cells in the SER-155 treatment group compared to placebo, suggesting enhanced immune recovery [2][3] Group 2: Clinical Development Plans - The company plans to submit a Phase 2 trial protocol for SER-155 to the FDA soon and is seeking partners for continued clinical development [3] - SER-155 has received Breakthrough Therapy designation for reducing bloodstream infections and Fast Track designation for reducing infection risk and graft-versus-host disease in allo-HSCT patients [5][6] Group 3: About SER-155 - SER-155 is an investigational oral live biotherapeutic designed to decolonize gastrointestinal pathogens, improve epithelial barrier integrity, and induce immune homeostasis to prevent bacterial bloodstream infections in allo-HSCT patients [4][6] - The product has demonstrated a significant reduction in bloodstream infections and related complications in a Phase 1b clinical study [6]

本季度，小米智能手机业务在中国大陆地区的出货量排名，时隔十年重返第一，份额同比提升4.7个百 分点、达到18.8%，实现连续5个季度保持增长；在全球市场，小米连续19个季度位居全球前三，连续7 个季度同比增长，市占率达到14.1%。 新华财经北京5月27日电小米集团（HK01810）发布2025年第一季度业绩报告，财报显示，一季度小米 营收同比增长47.4%至1113亿元，继2024年Q4后再破千亿；经调整净利润首次突破百亿，达到107亿 元，同比增幅高达64.5%，业绩表现超市场预期。 具体来看，手机×AIoT的核心业务收入为927亿元，同比增长22.8%，其中手机业务收入506亿元，同比 增长8.9%，IoT与生活消费产品业务收入323亿元，同比暴增58.7%，创历史新高，大家电业务收入更是 翻倍增长。智能电动汽车及AI等创新业务收入达186亿元，小米SU7系列单季交付75869辆。 高盛研报指出，小米在AI和IoT领域的战略布局，已构建起全球最大的AIoT生态系统，未来有望实现强 劲增长，成为AI行业最终赢家；摩根士丹利研报认为，小米SU7 Ultra的推出已经拉开了其豪车业务的 序幕，首款SUV车型Y ...

Core Insights - Xiaomi Group reported a record revenue of RMB 111.3 billion for Q1 2025, representing a year-on-year growth of 47.4% and a net profit increase of 64.5% [2] - The smart home appliance segment saw a significant revenue growth of 113.8% year-on-year, driven by strong sales in air conditioners, refrigerators, and washing machines [3][6] - The electric vehicle segment delivered 75,869 units of the Xiaomi SU7 series in Q1, contributing nearly 17% to the group's total revenue [5][6] Financial Performance - Total revenue for Q1 2025 reached RMB 111.3 billion, up from RMB 75.5 billion in Q1 2024, marking a 47.4% increase [2] - Gross profit for the quarter was RMB 25.4 billion, a 51.0% increase from RMB 16.8 billion in the previous year [2] - Adjusted net profit was RMB 10.7 billion, reflecting a 64.5% increase compared to RMB 6.5 billion in Q1 2024 [2][5] Business Segments - The IoT and lifestyle products segment generated RMB 323 billion in revenue, with a year-on-year growth of 58.7% [6][7] - The smartphone and AIoT segment reported revenue of RMB 927 billion, a 22.8% increase, with smartphone revenue at RMB 506 billion, up 8.9% [7] - The electric vehicle and AI innovation segment achieved revenue of RMB 186 billion, with a gross margin of 23.2% [5][6] Product Performance - Air conditioner shipments exceeded 1.1 million units, with a growth rate over 65% [6] - Refrigerator shipments surpassed 880,000 units, also with a growth rate over 65% [6] - Washing machine shipments exceeded 740,000 units, with a growth rate exceeding 100% [6] Market Position - Xiaomi regained the top position in smartphone shipments in mainland China, with a market share of 18.8%, up 4.7% year-on-year [7] - The global smartphone market share reached 14.1%, an increase of 0.3% year-on-year, ranking Xiaomi among the top three globally [7]