记者丨雷晨 编辑丨张伟贤 1月22日，小米集团-W（1810.HK）发布公告，宣布将启动一项规模不超过25亿港元的自动股份购回计 划，标的为公司B类普通股，所有购回股份将予以注销。 值得关注的是，此次回购不仅获得联交所两项关键监管豁免，更恰逢小米股价连续走低以及行业存储成 本持续上涨的敏感时点。 多重变量交织之下，规模可观的回购被市场视为小米稳定估值、向投资者传递信心的重要举措。 25亿港元回购护盘 股价半年跌超40% 公告显示，本次自动回购计划将于2026年1月23日正式开始，结束时间以下列三者最早为准：2026年股 东周年大会前一日、购回总代价达到25亿港元上限，或依据经纪协议条款提前终止。 小米在公告中明确指出，此举旨在彰显公司对业务前景的信心，并维护公司及股东的整体利益。 为保障计划顺利实施，小米已获得联交所双重豁免： 一是允许在定期业绩公告前的限制期内，继续按预设参数执行回购，突破"限制期购回"禁令； 二是豁免"购回股份后30日内不得发行新股"的规定，公司可依据2021年既有协议发行代价股份，且相关 发行仅为履行强制性义务、发行数量已事先确定。 此次回购计划的推出，与小米近期疲弱的股价表现形成直接呼 ...

| 辅导对象 | 爱科微科技(上海)股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2018年8月20日 | | | | 注册资本 | 7.375.8526 月元 | 法定代表人 | SHURAN WEI | | 注册地址 | 中国(上海)自由贸易试验区祥科路 298号 1 幢2 楼 202 室 | | | | 控股股东及 持 股 比 例 | 公司不存在直接持股 30%以上的单独股东主体,无控股股东 | | | | 行业分类 | I65 软件和信息技术服务 | 在其他交易场 所(申请) 挂 | | | | > | 牌或上市的情 | 无 | | | | ਸ | | | 各 注 | 近 3 年内不存在提交首次公开发行股票/存托凭证并上市申请被终 | | | | | 止审查、不予核准、不予注册的情况 | | | 1月17日，证监会网站披露，爱科微科技（上海）股份有限公司已启动A股上市辅导，辅导机构为中信建投证券。这家深耕 无线通讯芯片领域的企业，向着资本市场迈出了关键一步。 据爱科微官网介绍，公司成立于2018年，是一家专注于无线通讯领域的高尖端芯片设计公司。辅导备案 ...

Core Insights - Xiaomi's transformation by 2025 is driven by three key factors: the density of its engineering team, long-term R&D investment capability, and the will to continue betting on uncertain directions [1][53][102] - The focus is not merely on the success of individual products but on the formation of a cohesive structure within the larger AI wave, where the competition is about having complex, real, and continuous application scenarios [1][53] Smartphone Business - Xiaomi's smartphone shipments in Q3 2025 reached 43.4 million units, maintaining a global market share of 13.6%, and showing a 1.3% year-on-year increase [3][54] - In the Chinese market, Xiaomi's sales in the 4000 yuan and above price segment rose to about 25%, indicating a shift from occasional high-end hits to a structural component of its offerings [5][56] - The smartphone has evolved from a high-cost-performance terminal to an ecological entry point, serving as a personal identity credential and a control hub for the interconnected ecosystem of vehicles and home appliances [5][56] Automotive Business - Xiaomi's electric vehicle deliveries reached a record high of 108,800 units in Q3 2025, with total deliveries exceeding 250,000 units in the first three quarters, and an annual target of over 400,000 units [8][59] - The automotive business transitioned from loss-making to operational profitability, with Q3 2025 revenue of approximately 28.3 billion yuan, nearly tripling year-on-year, and a gross margin of around 25% [11][62] - Xiaomi's self-developed intelligent driving technology has received multiple high-level driving licenses, showcasing its commitment to full-stack self-research in smart driving [13][64] AIoT Ecosystem - By Q3 2025, Xiaomi's AIoT platform connected over 1 billion devices, marking a significant increase from 624 million devices at the end of 2023 [22][73] - The AIoT ecosystem has evolved from "connecting everything" to "intelligent interconnection," with the voice assistant, Xiao Ai, upgraded to serve as a smart home hub capable of executing complex cross-device commands [23][74] - Xiaomi's AIoT devices are now part of a dynamic system that integrates user intent, cloud-based models, and home devices, enhancing the overall user experience [22][73] R&D and Manufacturing - Xiaomi's R&D investment in 2025 is projected to exceed 30 billion yuan, with a focus on building long-term capabilities rather than just optimizing functions and experiences [34][96] - The establishment of the Wuhan smart home appliance factory, with a planned annual capacity of 7 million air conditioners, represents a significant step in achieving a complete closed-loop from R&D to mass production [18][69] - Manufacturing capabilities have been enhanced through automation and digitalization, with the Beijing smartphone factory achieving high production efficiency and the automotive factory implementing advanced manufacturing techniques [41][94] Future Outlook - Xiaomi's strategy is to integrate all dispersed devices, scenarios, data, and capabilities into a cohesive system, positioning itself uniquely in the AI landscape [99][101] - The company is seen as an "ecological empire," with a complete structure that connects smartphones, vehicles, home appliances, and IoT, continuously expanding its boundaries and capabilities [50][101] - Xiaomi's long-term vision emphasizes patience in building foundational capabilities, which will support the expansion of its interconnected ecosystem [102]

Core Insights - Xiaomi's founder Lei Jun strongly recommends the new high-end smart speaker, Sound 2 Max, which is positioned as the highest-end product in Xiaomi's history [2][15] - The Sound 2 Max was unveiled at the Xiaomi 17 series launch event on September 26, showcasing significant advancements in design, sound quality, and smart features [4] Design and Build - The Sound 2 Max features a high-strength aluminum alloy body, crafted through a one-piece die-casting process and precision CNC machining, resulting in a weight of 8.1 kg and dimensions of 197.6×135×363.8 mm [6] - The design incorporates Bauhaus minimalism with three symmetrically arranged circular sound holes and a top panel equipped with backlit touch controls and a sensitive microphone array [6][8] - It includes three interchangeable magnetic panels made of fabric, metal, and wood, allowing users to customize the speaker's appearance to match their home decor [8] Audio Performance - The speaker utilizes a high-end MTM three-way symmetrical acoustic structure, featuring dual 4-inch 30W bass units, a 4-inch 30W midrange unit, and a 1.5-inch 10W treble unit, with a total system power of 100W [8] - The low-frequency response reaches down to 47Hz, and in professional monitoring mode, the frequency response spans from 50Hz to 21kHz (±2.5dB), certified as "monitoring-level sound quality" by Chinese measurement institutions [8][10] - The coaxial design of the midrange unit enhances sound localization and realism, with a maximum sound pressure level of 101dB, suitable for large living spaces [10] Connectivity and Smart Features - The Sound 2 Max is equipped with a dual Wi-Fi chip architecture for independent handling of network communication and high-bitrate audio data transmission, minimizing signal interference [10] - Users can easily create stereo pairs or immersive surround sound systems with multiple devices through the Xiaomi speaker app [10][12] - The speaker features spatial audio calibration, which adjusts EQ parameters based on the room's acoustics for a personalized listening experience [12] AI and Automation - As part of Xiaomi's AIoT ecosystem, the Sound 2 Max integrates a new generation of AI assistant, supporting multi-turn conversations and voice control for popular music platforms and smart home devices [12][14] - It includes Xiaomi Mesh 2.0 technology and a central gateway function, ensuring stable device connectivity even in offline scenarios [14] Pricing and Market Position - The Sound 2 Max is priced at 1999 yuan, maintaining Xiaomi's reputation for high cost-performance ratios compared to similarly configured professional audio products [14]

Group 1 - Xiaomi is intensifying its strategic efforts in the African market through significant personnel adjustments and resource allocation, appointing Liu Shequan as the General Manager for the Africa region [2] - Since the establishment of the Africa regional department in 2019, Xiaomi's business has expanded to cover 16 countries, including Egypt, South Africa, and Nigeria, with a commitment to increase investment in the continent [2] - In Q1 2025, Xiaomi's shipments in Africa reached 2.6 million units, a 32% year-on-year increase, with market share rising to 13%, making it one of the fastest-growing brands in the region [2] Group 2 - Transsion, known as the "King of African Phones," has seen its market share decline, with Q1 2025 shipments dropping to 9 million units, a 5% decrease, while Xiaomi has emerged as the third-largest brand with a 13% market share [3] - The competition between Xiaomi and Transsion is driven by Xiaomi's focus on cost-effective models and AIoT ecosystem, leveraging smartphones to build an ecological barrier [3] - Despite a global decline in smartphone shipments, Africa remains a growth market, with Transsion and Xiaomi being key players in the global smartphone landscape [3] Group 3 - Xiaomi's strategy in Africa goes beyond hardware sales, focusing on building localized teams and enhancing after-sales networks while replicating its "hardware + internet" model from China [7] - Transsion, while still holding a significant market share, faces challenges due to a lack of product innovation and ecological shortcomings, which will be critical in responding to Xiaomi's competitive pressure [7]

Core Viewpoint - Xiaomi is expanding its automotive lineup with the introduction of a new luxury range-extended SUV, despite previous statements indicating no plans for such vehicles. This move aims to capture a significant share of the high-end SUV market in China, particularly targeting competitors like Li Auto and Aito [1][2][14]. Group 1: Product Development - Xiaomi's third vehicle, codenamed "Kunlun N3," has been revealed as a luxury range-extended SUV, showcasing a design distinct from its previous models, SU7 and YU7 [2][4]. - The new SUV features a bold front design reminiscent of luxury models like the Rolls-Royce Cullinan, aimed at maximizing interior space and enhancing its premium appeal [4][6]. - The vehicle is expected to adopt a high-end SUV design with a one-piece tailgate, improving both aesthetics and aerodynamics [4][6]. Group 2: Technical Features - The SUV will utilize a range-extended hybrid system, combining a 1.5T efficient engine with an electric motor, providing a balance of smooth electric driving and the convenience of quick refueling [8]. - It boasts an impressive CLTC range of up to 1500 kilometers when fully fueled and charged, significantly surpassing competitors like Tesla Model X and other similar models [9]. - Xiaomi's expertise in AIoT will enhance the vehicle's smart cockpit and connectivity features, leveraging its decade-long experience in the smart device sector [11]. Group 3: Market Strategy - The introduction of this new SUV marks a strategic shift for Xiaomi, moving from a single blockbuster model approach to a comprehensive product line, targeting the 400,000 to 500,000 RMB luxury SUV market [14]. - The new vehicle will complement existing models, with SU7 focusing on high-performance luxury sedans and YU7 on high-performance luxury SUVs, thus establishing a clear product strategy [14].

Group 1: Financial Performance - Xiaomi reported a revenue of 111.3 billion, a year-on-year increase of 47.4%, and a net profit of 10.7 billion, up 64.5% year-on-year [1] - The company's mobile phone segment regained the top market share in China with a shipment of 13.3 million units, capturing 18.8% of the market from Huawei [5] - The IoT business generated 32.3 billion in revenue, a year-on-year growth of 58.7%, with significant increases in sales of washing machines, refrigerators, and air conditioners [9] Group 2: Market Dynamics - The growth in mobile phone sales was significantly supported by government subsidies, which provided a 15% rebate for phones priced under 6,000 yuan [5] - There are concerns about the sustainability of this growth once the subsidy policy diminishes, especially with Huawei's competitive offerings [8] - Xiaomi's ecosystem strategy is proving effective, with over 600 million devices connected through the Mi Home app, enhancing user retention [9] Group 3: Automotive Sector - The automotive segment delivered 75,869 vehicles, generating 18.1 billion in revenue, with a gross margin of 23.2%, surpassing BYD's margin of 20.07% [10] - The SU7 model has seen significant demand, with a monthly delivery of 28,000 units, indicating a strong market position [10] - However, there are challenges regarding production capacity, with the first phase factory operating at full capacity of 240,000 units, and the second phase set to launch in June [12] Group 4: Strategic Outlook - Xiaomi's strategy appears robust, with strong performance across mobile, IoT, and automotive sectors, indicating a potential acceleration in growth [14] - The company faces risks from reliance on government policies, competition from major players in the home appliance sector, and production limitations in the automotive division [14] - The future growth trajectory will depend on the sustainability of its AIoT ecosystem and its ability to maintain profitability across its diverse business segments [14]

Core Insights - Transsion Holdings achieved a record high of 201 million mobile phone shipments in 2024, becoming the first Chinese smartphone manufacturer to surpass the 200 million mark in annual shipments [1] - The company's global market share rose to 14%, maintaining its position as the third-largest smartphone manufacturer globally for five consecutive years, despite a 3.2% decline in the global smartphone market [1] - The primary growth driver remains the African market, where smartphone market share exceeds 40% and feature phone market share is over 78% [1] Group 1: Financial Performance - Revenue increased by 10.31% year-on-year to 68.715 billion yuan, but non-net profit decreased by 11.54% to 4.541 billion yuan, resulting in a net profit margin drop from 9.8% in 2020 to 6.6% [2] - Supply chain costs surged, with 4G chip procurement prices rising by 22% and DRAM memory prices increasing by 18%, leading to a 3.2 percentage point decline in gross margin to 21.3% [2] - Currency depreciation in emerging markets, such as a 35% devaluation of the Nigerian Naira and a 28% devaluation of the Ethiopian Birr, resulted in exchange losses of 820 million yuan, equivalent to 14.8% of net profit [2] Group 2: Market Dynamics - Increased competition led to a price war, with Xiaomi's quarterly shipments in Africa growing by 22% and realme's by 70%, causing Transsion's fourth-quarter shipments in Africa to grow only by 1%, reducing market share from 51% to 49% [2] - Inventory pressure rose, with inventory amounts climbing to 15.3 billion yuan, a 29% year-on-year increase, and inventory turnover days extending to 107 days [2] Group 3: Strategic Initiatives - Transsion is pursuing a strategic transformation to break through profitability constraints by entering the mid-to-high-end market with the Tecno Phantom X3 series priced above $400 [3] - The company is expanding its AIoT ecosystem, with its digital accessory brand oraimo ranking 81st in Africa's top 100 brands, and expanding its smart home product line to 32 SKUs, although this segment still accounts for less than 5% of total revenue [3] - Financial strategies show a dual nature, with a total dividend of 3.421 billion yuan, representing 61.65% of net profit, while capital expenditure was reduced to 1.8 billion yuan, a 12% decrease year-on-year [3] Group 4: Industry Challenges - Analysts highlight three critical challenges for Transsion: competing against localized offerings from Xiaomi in Africa, facing low-cost Samsung A-series models in Asia, and achieving a 15% share of 5G models by 2025, up from less than 5% currently [4]