消息面上，当前存储芯片市场面临涨价潮，小米集团创始人雷军24日在微博上直言，"最近内存涨价实 在太多"。国泰海通证券认为，受中国区销售占比环比下滑、存储涨价影响，预计Q3小米手机毛利率环 比小幅下滑0.5 pct至11%。据卢伟冰10月23日披露，9月底发布的小米17系列总销量同比上代增长30%、 Pro版本占比超过80%，高端化成效显著，该行判断或将一定程度抵消Q4存储涨价影响。此外，汽车交 付量稳步提升，有望迎来经营层面盈利。 花旗研报指出，小米集团预计将于11月18日公布2025年第三季度业绩。总体而言，业绩可能略低于该行 预期，主要因智能手机毛利率及物联网(IoT)收入低于预期，而互联网业务及电动车业务则大致符合预 期。花旗现在预计，集团调整后净利润达102亿元人民币(按年增长64%，按季度减5%），受智能手机毛 利率因地区组合不利及记忆体价格上涨而拖累，以及物联网收入因中国补贴效应减弱所影响。 小米集团-W(01810)跌超3%，近一个月股价累跌25%。截至发稿，跌3.01%，报44.42港元，成交额59.94 亿港元。 ...

10月27日，花旗发布研报称，小米集团预计将于11月18日公布2025年第三季度业绩。总体而言，业绩可 能略低于该行预期，主要因智能手机毛利率及物联网(IoT)收入低于预期，而互联网业务及电动车业务 则大致符合预期。 ...

Core Viewpoint - Xiaomi Group's stock experienced a significant decline, reaching a new low since April 2023, primarily due to expectations of lower-than-expected earnings in the upcoming Q3 2025 report [1] Financial Performance Expectations - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decrease of 5% [1] - The decline in smartphone gross margins and IoT revenue is attributed to unfavorable regional mix and rising memory prices, while internet and electric vehicle businesses are expected to meet projections [1] Business Segment Analysis - Huatai Securities anticipates that Xiaomi's automotive business may achieve profitability in Q3 [1] - Despite challenges in the smartphone sector due to rising storage costs, the company is maintaining a high-end strategy, which is expected to mitigate some industry pressures, with a projected gross margin of around 11% for the second half of the year [1] - The IoT business is expected to maintain strong gross margins, even with the impact of reduced government subsidies on revenue growth, as there were no promotional events in Q3 [1] - The internet business continues to show steady performance [1]