Investment Rating - The report gives a positive outlook on Xiaomi Group (1810.HK), indicating a target price of HKD 65-75, suggesting a potential upside of 30%-45% from the current stock price [29]. Core Insights - Xiaomi Group's Q1 2025 performance exceeded market expectations, with total revenue reaching CNY 111.3 billion, a year-on-year increase of 47.4%, and adjusted net profit surpassing CNY 10.7 billion, up 64.5% year-on-year [2][27]. - The smartphone business showed significant growth, with revenue of CNY 50.6 billion, a year-on-year increase of 8.9%, and a global market share that remains in the top three [5][27]. - The electric vehicle segment also demonstrated strong performance, with revenue of CNY 18.6 billion, a year-on-year increase of 10.7%, and a gross margin of 23.2% [14][15]. - The IoT and lifestyle products segment achieved record revenue of CNY 32.3 billion, growing over 55% year-on-year, driven by significant sales in smart home appliances [20][23]. Summary by Sections Smartphone Business - Xiaomi's smartphone revenue reached CNY 50.6 billion in Q1 2025, with a global shipment of 41.8 million units, marking a 3% increase year-on-year [5]. - The average selling price (ASP) of smartphones reached CNY 1,211, a historical high, with high-end models (above CNY 3,000) accounting for 25% of shipments [9]. - The company aims to increase the proportion of mid-to-high-end models and plans to invest CNY 30 billion in R&D in 2025 [9][29]. Electric Vehicle Business - The electric vehicle segment's revenue was CNY 18.6 billion, with a gross margin of 23.2%, significantly higher than competitors [14][15]. - The SU7 series delivered 75,869 units, maintaining a strong market position in the CNY 200,000+ segment [14]. - The company plans to increase its annual delivery target from 300,000 to 350,000 units for 2025 [19]. IoT and Lifestyle Products - The IoT and lifestyle products segment generated CNY 32.3 billion in revenue, with a year-on-year growth of over 55% [20]. - The number of connected IoT devices reached 943.7 million, a 20.1% increase year-on-year [21]. - Xiaomi plans to enhance its product matrix and expand its presence in overseas markets, targeting a 45% share of IoT revenue from international markets by 2025 [21][23]. Internet Services - The internet services segment achieved revenue of CNY 9.1 billion, a year-on-year increase of 12.8%, with a gross margin of 76.9% [23][24]. - The number of MIUI monthly active users reached 719 million, a 9.2% increase year-on-year, indicating strong user growth [24].

生态构建，绝非一朝一夕之功，更非一己之力可成。与传统电脑相比，鸿蒙电脑还是个新事物，必然面 临软件适配难、硬件兼容难、用户习惯转变难、开发者积极性待提高等问题。这迫切需要产业链各环 节、各领域协同创新，以用促进，不断完善优化，为鸿蒙生态添砖加瓦，为我国电脑产业开辟新天地。 鸿蒙电脑将带来全新体验。鸿蒙操作系统的分布式软总线技术堪称一大亮点，这项技术就像一条虚拟的 高速公路，连接着电脑与手机、平板等各种智能设备，实现资源共享和交互等。不仅打破了传统设备间 的数据孤岛，也带来了流畅度、传输速率、多任务处理效率等协同体验的提升，在办公场景优势明显。 此外，鸿蒙操作系统以安全性著称，也将赋予鸿蒙电脑更多自主可控的安全体验。 我国电脑市场正处于转型调整期。尽管整体市场增长有所放缓，但细分市场和高性能电脑的需求依然强 劲。在消费领域，随着技术进步与产品创新，消费者对电脑性能、外观、便携性等要求不断提升，刺激 更新换代需求。在商用领域，企业数字化转型进程加速，办公自动化、数据处理分析、线上协作等工作 对电脑依赖程度加深。当前，人工智能与电脑融合正开启新的增长机遇，电脑市场远未饱和。鸿蒙电脑 的加入，将为市场注入新活力，重塑 ...