刚刚过去的一个季度里，瑞幸的门店总数达到29214 家，这个数字是 2020 年退市时的6倍。五年时间里，它从每卖一杯亏 掉5.6 元，到如今单杯稳定获利1.2 元[1]。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美元 的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 这是近十年来中国商业史上最具代表性的"困境反转"案例。它修正了资本市场对于"中概股退市必死"的刻板印象，演绎了 一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所有人以为的更有韧性。 2021年，生椰拿铁的上市宣布了瑞幸的"卷土重来"——单月销量突破 2000 万杯，相当于每秒钟卖出 7 杯，券后价格常年 9.9 元就能实现盈利。瑞幸又回到了最朴素的商业常识里：好产品是前面的1，其他能力是后面的0。规模只是产品的结果， 份额只是品牌的具象。 事实上，IDG资本从一开始就非常看好瑞幸，但一直没有找到合适的入局机会。公司投资团队判断瑞幸本身的品牌、门店 网络、数字化系统等都是良性健康的，只是在前期试图用大量补贴，在短期急速培养消费 ...

刚刚 过去的一个季度里，瑞幸的门店总数达到 2 921 4 家，这个数字是 2020 年退市时的 6 倍。五年时 间里，它从每卖一杯亏掉 5.6 元，到如今单杯稳定获利 1.2 元 [1 ] 。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美 元的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 如今中国最好的一批消费品牌，到底是怎么诞生的？ 重戴王冠 退市对于任何一家公司都是一次致命打击。但面对瑞幸，市场却表现得极为冷静和客观，即便流落粉单 市场，瑞幸也并没有离开机构们的视野中央。 先有雪湖资本把瑞幸的目标价大幅上调，估值直逼星巴克，其创始人马自铭高调宣布在粉单买了点瑞幸 股份以表支持 [2] ；后有大钲资本携手 IDG 资本、 Ares SSG ，斥资超 4 亿美元完成了对瑞幸咖啡大部 分股权的收购，保下了瑞幸的品牌。 这是近十年来中国商业史上最具代表性的 " 困境反转 " 案例。它修正了资本市场对于 " 中概股退市必死 " 的刻板印象，演绎了一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所 ...

在主会场，最具人气的当数机器人体验区。宇树科技带来的宇树G1人形机器人和宇树GO2机器狗，展 示着运动控制能力和语音交互功能；城市之间科技带来的众擎PM01机器人，一曲斧头舞瞬间燃爆全 场；你好科技带来的乐森机器人，以迷你外观、灵巧的操作吸引家庭用户，让消费级娱乐机器人进入人 们的日常生活；蔚蓝科技带来的阿尔法机器狗，外观模仿真实幼犬，四肢灵活，拥有丰富的动作表 情……机器人不仅能协同进行舞蹈表演，还与观众实时互动，展现科技与动感活力的融合。 在智能家电区，卡萨帝带来了拥有"AI之眼"功能的烟机灶具及冰箱系列产品；松下带来的行业首创钻石 切割内筒洗衣机，让一台洗衣机变身一间"洗衣房"；极米和坚果分别带来了最新系列的4K超高清智能 家用投影设备……众多智能家电品牌共同演绎未来居家生活的新可能。 转自：北京日报客户端 机器人互动点燃全场、智能穿戴设备动态优化健康管理、AI学习助手助力个性化学习……11月21日至 23日，由北京市商务局、朝阳区人民政府联合主办的2025年全球首发节智能科技首发站在京东MALL亮 相。本次活动在京东MALL双井店设立主会场，在京东MALL南三环店设立分会场，通过沉浸式场景 与"即秀即 ...

此外值得关注的是，智能家电新标准要求企业明确标注智能功能的具体效用、网络接入方法、信息安全风险提示等信息，便于消费者使 用。 智能家电国家标准来了：智能家电划分为五等级 让消费者明白消费 除了给出智能家电的清晰界定之外，新标准首次给"智能"划定五个等级：从L1基础智能到L5高阶智能，让消费者明明白白消费，免于"伪 智能"的误导。 中国家用电器检测所总工程师、国家智能家居质量检验检测中心负责人李红伟称："5级综合下来是一个递进关系， L1是基于固定规则的 线性控制，我们可以认为厂商在出厂前已经把一些产品的控制规则固化了。L2要在L1的基础上增加动态调整的能力，L3在L2的基础上要增加 进一步感知参数和融合能力，L4开始就有生成的能力了，L5要具备感知用户，能够给不同的用户提供个性化甚至有一些情感方面的服务能力 了。" 央视网消息：近年来，智能家电市场持续升温，销售数据屡创新高。然而，在市场一片繁荣的背后，智能家电价格虚高、"伪智能"、实际 体验与宣传不符等问题广受消费者诟病。记者从市场监管总局获悉，近日，有关智能家电的两项国家标准正式发布，从"智能能力"和"场景效 果"两个关键维度清晰界定智能家电定义，为企业研 ...

【智能家电国家标准来了】智能家电划分为五等级 让消费者明白消费 记者从市场监管总局获悉，近日，有关智能家电的两项国家标准正式发布，从"智能能力"和"场景效果"两个关键维度清晰界定智能家电定义， 为企业研发生产划定规范，为消费者明白选购、安心使用提供指引。 市场监管总局（国家标准委）近日批准发布《智能家用电器的智能化技术要求和评价 第1部分：通用要求》（GB/T 28219.1—2025）、《智能 家用电器应用场景 第1部分：通用要求》（GB/T 46505.1—2025）两项国家标准。两项标准将于2026年5月1日起实施。 按照新标准界定：智能家电是指应用智能化技术实现智能化功能的家用和类似用途电器。智能家电需具备数据管理、人机交互、智能控制、智 能运维等关键能力。专家介绍，这四项能力是智能家电的通用关键能力，它们使智能家电具有"类人智慧"特征。 智能家用电器通常将微处理器、传感器技术、网络通信技术引入家电产品，智能化程度高低关键在于产品的"智能控制"水平，即无需人工干 预，根据家电自身感知对功能控制和调节的能力。 此外值得关注的是，智能家电新标准要求企业明确标注智能功能的具体效用、网络接入方法、信息安全风险 ...

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]

Group 1 - Global automotive electronics company Visteon has signed an agreement to establish its second technology center in Wuhan Economic Development Zone, indicating a strong commitment to the region [1] - ZF Group's new factory in Wuhan has officially commenced production, marking the third major project by the group in Wuhan within two years, highlighting the city's growing appeal to global automotive giants [3] - Xiaomi's smart home appliance factory in Wuhan has achieved a product first-pass yield rate exceeding 99%, with an average production rate of one high-end air conditioner every 6.5 seconds, showcasing advanced manufacturing capabilities [4] Group 2 - The establishment of various AI companies' regional headquarters and R&D centers in Wuhan, including Huawei and ByteDance, signifies rapid growth in the smart economy sector [5] - ZF Group has made its third investment in Wuhan within five years, emphasizing the city as a core engine for global automotive technology innovation [6] - The influx of technology giants is attracting top-tier capital, technology, and high-end talent to Wuhan, creating a "catfish effect" that enhances the local economy and innovation ecosystem [7] Group 3 - Wuhan's comprehensive advantages, including location, talent pool, and supportive policies, have created a favorable business environment that attracts investment [8] - The city has a significant number of higher education institutions, with over 130,000 students graduating annually, contributing to its talent advantage [8] - The rapid project construction pace in Wuhan, exemplified by Xiaomi's factory being built in about one year, reflects the city's efficient operational capabilities [8] Group 4 - Wuhan has launched a 1 billion yuan special fund to support the cultivation of 1,000 technology innovation projects, focusing on seed-stage investments [9] - The city aims to ensure that companies not only establish a presence but also thrive and grow, emphasizing the importance of application scenarios and service-driven support [9]

Core Insights - Xiaomi Group reported a record-breaking Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter exceeding the 100 billion yuan threshold [2][3] - Adjusted net profit reached 11.3 billion yuan, surging 80.9% year-on-year, setting a historical high [2][3] - The company’s total revenue for the first three quarters reached 340.4 billion yuan, nearing last year's total, with adjusted net profit surpassing the entire previous year's figure [2][3] Financial Performance - Q3 revenue was 113.1 billion yuan, up 22.3% year-on-year, with adjusted net profit at 11.3 billion yuan, exceeding Bloomberg's consensus estimate [3][4] - For the first three quarters, total revenue was 340.4 billion yuan, with adjusted net profit of 32.8 billion yuan, indicating strong growth momentum [3][4] - Gross margin for Q3 reached 22.9%, reflecting a 2.5 percentage point increase year-on-year, showcasing the effectiveness of the company's product structure optimization [6] Business Segments - Revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, maintaining a top-three global position for 21 consecutive quarters [3][4] - IoT and lifestyle product revenue was 27.6 billion yuan, up 5.6% year-on-year, while internet services revenue reached 9.4 billion yuan, growing 10.8% [3][4] - The automotive and AI innovation segment generated 29 billion yuan, with electric vehicle revenue at 28.3 billion yuan, achieving a quarterly delivery record of 109,000 units [3][4] Strategic Initiatives - Xiaomi's R&D investment for Q3 was 9.1 billion yuan, a 52.1% increase year-on-year, with total investment for the first three quarters nearing 23.5 billion yuan [2][10] - The company aims to be a "contributor to industrial value" and "promoter of industrial progress," focusing on innovation rather than price competition [4][10] - The high-end strategy has shown results, with market share in the 4,000-6,000 yuan smartphone segment reaching 18.9%, a 5.6 percentage point increase year-on-year [7][11] Future Outlook - The automotive business, international expansion, and high-end strategy are expected to drive future growth [11][12] - Xiaomi has raised its 2025 delivery target for vehicles from 300,000 to 350,000 units, with some forecasts suggesting it could reach 400,000 [8][11] - The company maintains a strong cash reserve of 236.7 billion yuan, positioning itself for future growth opportunities [11][12]

在二级市场，基本盘并未发生重大变化的情况下，小米遭到了对空基金的做空，股价承压。在舆论场， 雷军接受采访的长视频内容，被裁剪编织成短视频切片，被舆论质疑其"不在乎汽车安全，只追求产品 外观"。被迫之下，雷军不得不找出完整采访内容，逐个回应。 市场声音开始传出，"小米，正在进入至暗时刻。"但是，事实果真如此吗？ | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至以下日期止三個月 | | | | | | 2025年9月30日 | | 2024年9月30日 | | | | 毛利 | 毛利率 | 毛利 | 毛利率 | | | (人民幣百萬元,除非另有説明) | | | | | 手機×AIoT | 18.552.2 | 22.1 % | 17,221.0 | 20.8% | | 智能電動汽車及AI等創新業務 | 7,384.0 | 25.5% | 1.660.4 | 17.1% | | 總毛利及毛利率 | 25,936.2 | 22.9% | 18,881.4 | 20.4% | 一段时间内，小米和雷军都陷入到了疲于自证的境地。 11月18日，小米发布三季度业 ...

AI大模型领域，小米推出的Xiaomi-MiMo-Audio语音开源大模型，该模型与此前发布的语言大模 型、多模态（VL）大模型形成完整的全系列模型矩阵，实现了对基座模型主要模态的完整战略布局。 11月，小米正式发布智能家居未来探索方案Xiaomi Miloco，在行业率先探索大模型驱动全屋智能生 活，重构家庭智能生活交互。 本季度小米智能手机业务全球出货量4330万台，连续9个季度实现同比增长。小米集团合伙人、集 团总裁卢伟冰回应了关于全球手机市场回暖及小米手机全年出货量预期的相关问题。他表示，今年全球 手机市场出货量与去年呈现整体持平趋势，但由于近期供应链成本上涨压力及各家库存储备情况，预计 明年市场压力将增大，相关产品零售价格预计也将迎来上涨。卢伟冰指出，区别于以往手机行业波动周 期内影响内存价格，本次内存价格上涨会是偏长周期过程，其主要原因是AI所带来的HBM（高宽带内 存）需求的强力上涨带动全球内存价格上浮。卢伟冰还强调，小米将同友商一起通过保证供应链稳定、 优化改善产品结构来应对成本及零售价格上升。卢伟冰同时还表示，小米手机2025年出货量目标预计为 1.7亿台。 智能家电领域，小米高端化产业闭环 ...