Group 1: Market Overview - On November 21, the Hong Kong stock market saw a net inflow of 105 million HKD from northbound trading, with a net buy of 498 million HKD from the Shanghai Stock Connect and a net sell of 393 million HKD from the Shenzhen Stock Connect [2] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and Alibaba-W (09988), while the most sold stocks were the Tracker Fund of Hong Kong (02800), Hua Hong Semiconductor (01347), and Ganfeng Lithium (01772) [2] Group 2: Stock Performance - Alibaba-W had a net inflow of 8.47 billion HKD, with a buy amount of 41.80 billion HKD and a sell amount of 33.33 billion HKD [3] - Xiaomi Group-W recorded a net inflow of 9.48 billion HKD, with a buy amount of 29.79 billion HKD and a sell amount of 20.31 billion HKD [3] - Tencent Holdings had a net inflow of 9.61 billion HKD, with a buy amount of 22.87 billion HKD and a sell amount of 13.25 billion HKD [3] Group 3: Sector Insights - Northbound funds are actively buying technology stocks, with Tencent, Alibaba, Kuaishou-W, and Meituan-W receiving significant net buys [6] - Xiaomi Group-W's strong third-quarter performance, with a revenue increase of 22.3% to 113.1 billion HKD and a net profit growth of 80.9% to 11.3 billion HKD, is driven by its high-end smartphone strategy and automotive business [6] - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net sells of 1.89 billion HKD and 3.37 billion HKD respectively, amid reports of potential delays in U.S. semiconductor import tariffs [7] Group 4: Commodity Market Impact - Ganfeng Lithium (01772) experienced a net sell of 1.9 billion HKD, influenced by recent adjustments in lithium carbonate futures trading fees and limits, leading to a drop in futures prices [7] - The overall sentiment in the lithium market is shifting as recent price movements are increasingly driven by market speculation rather than fundamental supply-demand dynamics [7] Group 5: ETF Performance - The Southern Hang Seng Technology ETF (03033) saw a net buy of 72.34 million HKD, while the Tracker Fund of Hong Kong (02800) faced a significant net sell of 5.142 billion HKD [8] - The divergence in ETF performance reflects broader market uncertainties, particularly regarding U.S. interest rate policies and inflation concerns [8]

智通财经APP获悉，国盛证券发布研报称，给予小米集团-W(01810)目标价52港币，重申"买入"评级。 第三季度业绩表现强劲，收入同比增长22.3%至1131亿元，经调整净利润创历史新高，达113亿元，同 比大幅增长80.9%。增长主要由手机高端化战略和汽车业务驱动，其中小米汽车交付量达10.9万台，汽 车及AI创新业务首次实现单季盈利。公司"人车家全生态"战略持续推进，AIoT平台连接设备数突破10 亿，长期增长潜力显著。 盈利预测与评级 该行认为，未来短期，手机和汽车赛道或面临补贴节奏调整、原材料成本上行的变化。但小米集团作为 行业份额龙头、高端化出色的企业，在面对行业环境短期扰动时更具备相对竞争力。长期，小米"人车 家全生态"战略优势显著。2025年9月，随着Xiaomi-MiMo-Audio的发布，小米已推出语言、多模态、语 音的全系列模型矩阵。2025年11月，小米发布智能家居方案Xiaomi Miloco，率先探索大模型驱动的全 屋智能生活。该行认为小米的多端协同方案有望引领未来硬件入口。 重申"买入"评级。该行预计小米 集团2025-2027年收入为4700/5570/6940亿元，non-G ...

Core Viewpoint - Guosheng Securities has given Xiaomi Group-W (01810) a target price of HKD 52 and reiterated a "Buy" rating, citing strong Q3 performance with a 22.3% year-on-year revenue growth to CNY 113.1 billion and a record adjusted net profit of CNY 11.3 billion, up 80.9% year-on-year, driven by the high-end smartphone strategy and automotive business [1][2]. Financial Performance - In Q3 2025, Xiaomi Group achieved revenue of CNY 113.1 billion, a 22.3% increase year-on-year. Revenue breakdown includes approximately CNY 46 billion from smartphones, CNY 27.6 billion from IoT, CNY 9.4 billion from internet services, and CNY 29 billion from automotive and AI businesses. The adjusted net profit reached CNY 11.3 billion, marking a historical high with an 80.9% year-on-year growth [2]. Business Aspects - **Smartphones**: Xiaomi continues to push for high-end market penetration, with global smartphone shipments reaching 43.3 million units, a 0.5% year-on-year increase. The company holds approximately 13.6% of the global market share, ranking in the top three, and 16.7% in mainland China, ranking second. High-end smartphone sales in mainland China accounted for 24.1% of total sales, with a market share of 18.9% in the CNY 4,000-6,000 price range. The Xiaomi 17 series, particularly the Pro and Pro Max models, accounted for over 80% of sales, indicating an optimized product structure [3]. - **IoT**: Xiaomi's AIoT platform has surpassed 1 billion connected devices, reflecting a 20.2% year-on-year growth. The company ranks first in global shipments of wearable wristbands and second in TWS earphones. The launch of a smart home appliance factory in October 2025 marks a significant step in closing the design, R&D, production, and validation loop for its major appliance business [3]. Automotive and AI Innovation - Xiaomi's automotive and AI innovation business achieved its first quarterly profit, with approximately 109,000 vehicles delivered, setting a new record. The Xiaomi YU7 series ranked first in the SUV sales chart in mainland China in October 2025, with operating income from this segment reaching approximately CNY 700 million [4]. Profit Forecast and Rating - Guosheng Securities anticipates that Xiaomi Group will maintain relative competitiveness in the face of short-term industry disruptions, given its leading market share and successful high-end strategy. The company projects revenues of CNY 470 billion, CNY 557 billion, and CNY 694 billion for 2025-2027, with non-GAAP net profits of approximately CNY 44 billion, CNY 50.1 billion, and CNY 65 billion respectively. The target price of HKD 52 is based on a 20x P/E for the consumer electronics segment and a 2.5x P/S for the automotive and AI innovation business, reaffirming the "Buy" rating [5].

Core Insights - The report highlights the competitive advantage of Tabo (滔搏) in the retail sector, emphasizing its strong retail capabilities and high dividend payouts to investors [4][5] - The report projects Tabo's revenue and net profit for FY2025 to FY2027, indicating a slight decline in revenue but a recovery in net profit growth by FY2027 [4][5] Company Overview - Tabo is identified as the largest sports retail and service platform in China, collaborating with major brands such as Nike and Adidas [4] - The company experienced a revenue decline of 7% in FY2025 and a projected decline of 6% in FY2026H1, with net profit dropping by 42% and 10% respectively [4][5] Financial Projections - Revenue forecasts for Tabo are set at 946 billion, 953 billion, and 1,005 billion RMB for FY2025, FY2026, and FY2027 respectively, with year-on-year growth rates of 1.2%, 0.8%, and 5.5% [4] - The net profit estimates are 37.1 billion, 52.8 billion, and 61 billion RMB for the same years, with growth rates of -8.7%, 42.4%, and 15.5% [4] Investment Recommendations - The report maintains a "buy" rating for Tabo, citing its robust dividend payout history of 107.3% since its IPO in 2019 and a current cash position of 2.54 billion RMB [5] - The expected price-to-earnings ratio for FY2026 is 14.6, with a dividend yield of 7% [5] Industry Context - The report discusses the broader retail environment, noting challenges such as fluctuating consumer demand and the need for effective e-commerce strategies [5] - It emphasizes the importance of Tabo's strong brand partnerships and retail efficiency in maintaining its competitive edge in the market [4][5]

Core Viewpoint - Xiaomi is navigating a dual battle in the automotive and IoT sectors, achieving profitability in its electric vehicle division while facing challenges in regaining consumer trust and adapting its business model from a "traffic-driven" to a "value-driven" approach [4][30]. Automotive Battle: Profitability and Challenges - Xiaomi's revenue for Q3 2025 reached 113.1 billion yuan, a year-on-year increase of 22.3%, with adjusted net profit hitting a record high of 11.3 billion yuan, up 80.9% [8]. - The electric vehicle division achieved its first quarterly profit of 700 million yuan, a significant milestone compared to competitors like Li Auto and NIO, which took longer to reach profitability [9]. - Xiaomi's automotive production and delivery are ramping up, with Q3 2025 deliveries reaching 108,796 vehicles, marking a new high [13]. - The gross margin for the electric vehicle division stands at 25.5%, with an average post-tax price of around 260,000 yuan, comparable to luxury brands [14]. - Despite these achievements, challenges loom, including a potential decline in gross margin due to reduced government subsidies and increased competition in the automotive sector [16]. IoT and Home Appliances: Growth and Competition - Xiaomi's IoT and home appliance business generated 27.6 billion yuan in revenue for Q3 2025, a 5.6% year-on-year increase, with a gross margin of 23.9% [22]. - The company has seen a significant rise in its air conditioning market share, reaching 16.71% in July 2025, surpassing Gree and ranking second behind Midea [21]. - However, the smart home appliance segment experienced a 15.7% year-on-year revenue decline, attributed to subsidy reductions and intensified competition [23]. - Xiaomi is investing in smart manufacturing, with a new factory in Wuhan aimed at enhancing production capabilities and efficiency [26]. Rebuilding Consumer Trust - Xiaomi faces significant challenges in restoring consumer trust following several incidents, including a tragic accident involving its SU7 model and subsequent safety concerns [28]. - The company is under pressure to redefine its brand image and ensure product safety as it transitions from a smartphone-centric business to a broader technology and manufacturing focus [30]. - Xiaomi's strategy involves a shift from being an internet-driven company to a mission-driven technology firm, emphasizing safety and user-centric values [30].

Core Viewpoint - Xiaomi Group reported a strong performance in Q3 2023, achieving revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, the highest in its history [2][4]. Group 1: Core Business Growth and Innovation Acceleration - The revenue from Xiaomi's mobile and AIoT segments reached 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, showing a year-on-year growth of 5.6% [7][10]. - Xiaomi's smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three global ranking for 21 quarters [8][10]. - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan in revenue, with a staggering year-on-year growth of over 199% [10][13]. Group 2: R&D Investment and Future Growth - Xiaomi's total revenue for the first three quarters of the year reached 340.4 billion yuan, nearing last year's total, with adjusted net profit exceeding last year's figure at 32.8 billion yuan [2][4]. - The company invested 23.5 billion yuan in R&D in the first three quarters, approaching the total planned investment for 2024, with expectations to exceed 30 billion yuan for the year [22][26]. - Xiaomi plans to invest 200 billion yuan in core technology R&D over the next five years, transitioning from an internet company to a hard-tech company [26][28]. Group 3: Market Position and Competitive Edge - Xiaomi's new flagship Xiaomi 17 series achieved over 1 million sales within five days of launch, indicating strong market acceptance and competitive positioning against rivals like Apple [14][16]. - The company has established a robust ecosystem with over 1 billion connected IoT devices, and the number of users with five or more connected devices reached 21.6 million, reflecting high user engagement [8][10]. - Xiaomi's smart electric vehicle business is positioned for significant growth, with plans to launch new models and expand into international markets, contributing to a projected 23% increase in vehicle shipments by 2027 [17][19].

Core Insights - Xiaomi Group reported a strong Q3 2025 financial performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, up over 80% year-on-year [1][5] - The company has achieved over 100 billion yuan in net profit for three consecutive quarters, indicating a solid transition into a phase of normalized high profitability [5] Revenue and Profit Growth - For the first three quarters of 2025, Xiaomi achieved total revenue of 340.37 billion yuan, a 32.5% increase year-on-year, and an adjusted net profit of 32.817 billion yuan, up 73.5% year-on-year [6] - The growth is attributed to the strong performance of its smartphone, automotive, and smart home appliance sectors, with innovative businesses like electric vehicles and AI contributing 29 billion yuan in revenue [6] Business Performance - In Q3, Xiaomi's smartphone shipments reached 43.3 million units, marking nine consecutive quarters of year-on-year growth, with a global market share of 13.6% [8] - The AIoT platform connected devices surpassed 1 billion, reaching 1.036 billion, with monthly active users at 742 million [8] - Internet services revenue hit a record high of 9.4 billion yuan, growing 10.8% year-on-year [8] Strategic Positioning - Xiaomi's unique business model integrates hardware, software, and services, creating a comprehensive smart living experience that is difficult for competitors to replicate [11] - The company has established a clear ecosystem synergy among its three growth curves: smartphones as the primary user interface, automotive as the second revenue engine, and smart appliances enhancing the overall ecosystem [11][20] Automotive Business - The automotive sector reported revenue of 28.3 billion yuan in Q3, a staggering 197.9% increase year-on-year, with a delivery volume of 108,800 units, marking a 33.8% increase from Q2 [15] - Xiaomi's first electric vehicle achieved profitability within a year and a half of its launch, a unique feat among new automotive entrants in China [15] Smart Home Appliances - Xiaomi's high-end smart appliance segment is gaining traction, with new product launches and the opening of a smart appliance factory in Wuhan, which will support large-scale production [17] - The company is positioned as a key player in driving the upgrade of home appliance products, leading trends in smart and scenario-based consumption [17] Research and Development - Xiaomi's R&D investment reached 23.5 billion yuan in the first three quarters of 2025, with a record high of 9.1 billion yuan in Q3, reflecting a 52.1% year-on-year increase [20][21] - The company is transitioning from an internet company to a hard-tech leader, with significant advancements in AI and self-developed chips [21] Market Outlook - Analysts view Xiaomi's long-term value positively, citing its robust balance sheet, strong ecosystem integration, and competitive advantages in the electric vehicle sector [23][24] - The synergy between smartphones, electric vehicles, and AIoT is expected to unlock substantial growth potential, bringing Xiaomi closer to its goal of reaching a trillion-dollar market valuation [24]

小米创下新势力车企最快盈利纪录！ 11 月 18 日，小米集团正式发布 2025 年第三季度财报，小米汽车业务表现炸裂：单季营收 290 亿元，同比暴涨 199.2%，首次实现 7 亿元盈利，毛利率也拉 升至 25.5%。 更关键的是，小米从首车交付到单季盈利，只用了 6 个季度，比理想、蔚来、零跑等对手都要快，成为新势力中"最快赚钱的车企"。 | 干燥 | 首款车型交付 → 季度盈利 | 糖时 | | --- | --- | --- | | 小米汽车 | 2024.03 -> 2025.Q3 | 6个季度 | | 理想汽车 | 2019.04 -> 2020.Q4 | 7个季度 | | 赛力斯 | 2021.12 -> 2024.Q1 | 9个季度 | | 零跑汽车 | 2019.01 -> 2024.Q4 | 5年 | | 小鹏汽车 | 2018.12 -> - | 暂未盈利 | | 蔚来汽车> | 2018.06 -> - | 暂未恩利 | 制表：电车通 不过，比起"赚钱快"，更让人吃惊的是"交车快"。 在财报电话会上，小米总裁卢伟冰透露：本周之内，小米汽车将完成全年 35 万辆的交付目标。 从去年 1 ...

以下文章来源于中国企业家杂志 ，作者赵东山 来源丨 中国企业家杂志 （ID：iceo-com-cn） 作者丨 赵东山 编辑丨 何伊凡 最近，小米创始人、董事长兼CEO雷军打破往日的温和形象，罕见地开始表达自己的愤怒情绪。 11月16日，雷军连发多条微博，回应关于小米汽车安全性的质疑。他表示，在2024年4月的一次采 访中，自己在谈产品定义时说，"一辆车，好看是第一位的"，但这和"安全是基础、安全是前提"并不 矛盾。为此，他截图了多张过往关于汽车安全的言论，全部发生在小米SU7发布之前。 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 来源：微博截图 雷军的"好看是第一位的"这句话，曾被外界解读为"小米汽车重颜值、轻安全"，质疑其忽视安全标 准。在当日的微博网友评论下面，雷军解释称，"网上有不少人断章取义，歪曲抹黑"。 对于正处于关键产能爬坡期的小米汽车来说，任何一点舆论风波都可能被无限放大。在这样的压力之 下，小米在11月18日交出了一份备受外界瞩目的季度成绩单。 2025年第三季度，小米公司营收1131亿元，同比增长22.3%，连续4个季度营收破千亿元。经调整 净利润为113亿元，创历史新高，同比增长8 ...

北京商报讯（记者 陶凤 王天逸）11月19日，小米集团宣布，2025 小米"人车家全生态"合作伙伴大会将 于12月17日在北京·国家会议中心举办。 大会聚焦软硬件前沿技术，探索行业新趋势，设有1个主论坛与9个分论坛，涵盖小米澎湃OS、互联网 服务、IoT与生态链业务，并首次纳入汽车CarIoT生态业务。全面展示人、车、家三大场景的超级智能 生态，为合作伙伴搭建协同创新的开放平台，共同推动产业共赢进步。 ...