华泰证券表示，3Q25汽车交付量通过技改达到10.9万辆的新高，公司预计11月将完成超35万台年度交付 目标。汽车3Q收入环比+37%至259亿元，毛利率同比提升8.4pp至25.5%，表现亮眼。受益于汽车高端化 战略及产能逐步爬坡，3Q25汽车业务首次盈利。国金证券指出，公司本季度YU7开启大规模交付，交 付108796台环比+32.6%持续向上，规模效应下带动汽车业务扭亏为盈；毛利率虽有所下滑，高毛利的 YU7尚处于爬产阶段利润未能有充分释放，而公司的单车ASP环比仍是提升的，公司的新增长极正逐步 兑现。 消息面上，小米集团-W发布公告，于2025年11月20日，该公司斥资5.08亿港元回购1350万股股份，每股 回购价格为37.38-38.1港元。 业绩方面，近日，小米集团-W公布2025年第三季度业绩，收入约1131.21亿元，同比增长22.3%。业务 分部来看，2025年第三季度，"手机×AIoT"分部收入为841亿元，同比增长1.6%;"智能电动汽车及AI等创 新业务"分部收入为290亿元，创历史新高，同比增长199.2%。经营利润151.1亿元，同比增长150.1%； 经调整净利润约113.11 ...

Group 1 - Xiaomi Group-W's stock increased by nearly 3%, with a current price of 38.6 HKD and a trading volume of 5.049 billion HKD [1] - The company announced a share buyback of 135 million shares at a price range of 37.38-38.1 HKD, totaling 508 million HKD [1] - For Q3 2025, Xiaomi reported revenue of approximately 113.121 billion CNY, a year-on-year increase of 22.3% [1] Group 2 - In Q3 2025, the "Mobile × AIoT" segment generated revenue of 84.1 billion CNY, a year-on-year increase of 1.6% [1] - The "Smart Electric Vehicles and AI Innovation" segment achieved a record revenue of 29 billion CNY, with a year-on-year growth of 199.2% [1] - Operating profit reached 15.11 billion CNY, up 150.1% year-on-year, while adjusted net profit was approximately 11.311 billion CNY, marking an 80.9% increase [1] - The profit attributable to shareholders was about 12.271 billion CNY, reflecting a year-on-year growth of 129.26% [1] Group 3 - Huatai Securities reported that the automotive delivery volume reached a record high of 109,000 units in Q3 2025, with expectations to exceed 350,000 annual deliveries by November [2] - Automotive revenue in Q3 increased by 37% quarter-on-quarter to 25.9 billion CNY, with a gross margin improvement of 8.4 percentage points to 25.5% [2] - The automotive business turned profitable for the first time in Q3 2025, benefiting from a high-end strategy and increasing production capacity [2] Group 4 - Guojin Securities noted that the YU7 model began large-scale deliveries, with 108,796 units delivered, a quarter-on-quarter increase of 32.6% [2] - Despite a slight decline in gross margin, the high-margin YU7 is still in the ramp-up phase, limiting profit release [2] - The average selling price (ASP) per vehicle increased quarter-on-quarter, indicating that new growth drivers are gradually materializing [2]

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].

雷军表示，下一步，小米汽车将坚持不懈抓安全、抓交付，在保证安全和品质的基础上全力以赴加快生产，并 将持续加大科技创新投入，推进核心技术研发以及AI与智能制造的深度融合。"大家对于小米汽车有很多期 待，言胜于行，以行践言，我们会用实际行动向大家交出更好的答卷。"雷军说。 本报讯（记者 孙奇茹）昨天，第50万辆小米汽车在位于北京经济技术开发区的小米汽车超级工厂下线。自2024 年3月28日首款车型SU7正式发布，小米汽车用602天、不足20个月，刷新了全球新能源车企50万辆下线的最快 纪录。 小米集团创始人、董事长兼CEO雷军表示，50万辆下线标志着小米汽车包括研发、制造、销售、交付和服务的 完整体系能力得到了充分验证，也标志着小米汽车得到消费者的广泛认可，进入规模化发展的新阶段。雷军透 露，2025年全年小米汽车预计将交付超40万辆。 据第三方平台统计，截至今年10月，小米SU7位列2025国内中大型轿车销量第一；小米YU7连续3个月位列中大 型SUV销量第一，其中10月登顶国内全品类SUV销量第一。 面对市场积极反响，高度自动化、智能化的小米汽车工厂自投产以来，产能持续加速爬坡。截至目前，小米汽 车工厂已完成 ...

● 张妍頔 龚梦泽 熊永红 11月18日盘后，小米集团发布了三季报。值得关注的是，第三季度，小米汽车的智能电动汽车及AI等 创新业务首次实现单季度盈利。不过，最近一段时期，小米集团股价表现疲软。11月20日，小米集团在 2025年第三季度财报发布后股价再遭重创，盘中最低触及37.3港元，不仅跌破40港元关口，总市值也失 守1万亿港元。收盘价报37.7港元，下跌2.89%。 汽车业务表现亮眼 在小米集团的整体业务板块中，第三季度，汽车业务的业绩表现尤为亮眼，当季智能电动汽车及AI等 创新业务收入为290亿元，创单季度历史新高。其中，智能电动汽车业务收入为283亿元，其他相关业务 收入为7亿元。第三季度，小米汽车的智能电动汽车及AI等创新业务首次实现单季度盈利。 进入10月，安全争议再度升级。10月13日凌晨，四川成都天府大道发生一起严重交通事故，涉事汽车车 型为小米SU7 Ultra。从智能驾驶到销售服务，再到整车质量，一系列舆情事件让小米汽车的品牌信任 度遭受层层冲击。 近日，小米集团董事长雷军连发数条微博回应汽车安全问题。雷军在微博中反问："'一辆汽车，好看是 第一位的'，这和'安全是基础、安全是前提'矛盾 ...

Core Insights - Xiaomi Auto has officially produced its 500,000th vehicle, marking a significant milestone in the company's automotive journey, achieved in just over 1 year and 7 months since the first vehicle was produced [1][4] - The achievement signifies the validation of Xiaomi Auto's capabilities across research, manufacturing, sales, delivery, and service, indicating a new phase of scalability for the company [4] Company Development - Xiaomi announced its entry into the automotive industry in March 2021, with CEO Lei Jun committing his reputation to the project, describing it as his last major entrepreneurial venture [4] - The company has launched two models: the Xiaomi SU7, set to debut on March 28, 2024, priced between 215,900 to 299,900 RMB, and the Xiaomi YU7, which was launched on June 26, 2023, priced between 253,500 to 329,900 RMB [6] Sales Performance - As of October 2023, Xiaomi Auto has sold a total of 315,400 vehicles, with the SU7 being the best-selling large vehicle of the year at 234,500 units, and the YU7 at 80,900 units [11] - The company aims to deliver 350,000 new vehicles by the end of 2023, a target that is expected to be met ahead of schedule [11] Future Strategy - Lei Jun emphasized that the production of the 500,000th vehicle is just a new starting point for Xiaomi Auto, with a focus on safety, delivery, technological innovation, and the integration of AI and smart manufacturing [12]

Core Viewpoint - Xiaomi Group is actively engaging in share buybacks and stock incentives to enhance shareholder value and retain talent, reflecting management's confidence in the company's future growth prospects [3][5]. Group 1: Share Buyback and Stock Incentives - On November 20, Xiaomi announced a buyback of 13.5 million Class B shares for a total of HKD 507.8 million, at a price of HKD 38.1 per share [1]. - This buyback is part of a broader strategy, with Xiaomi having repurchased approximately 15.4 million shares totaling around HKD 1.54 billion in the first three quarters of the year [3]. - Xiaomi also announced a stock incentive plan rewarding 3,334 selected participants with a total of 29.37 million shares, valued at approximately HKD 1.14 billion based on the closing price of HKD 38.82 per share on November 19 [3]. Group 2: Financial Performance and Business Segments - Xiaomi's third-quarter revenue exceeded HKD 100 billion for the fourth consecutive quarter, with the automotive segment achieving profitability for the first time [3]. - The revenue from the smart electric vehicle and AI segments reached HKD 29 billion, marking a year-on-year increase of over 199%, with smart electric vehicle revenue at HKD 28.3 billion [3]. - In the first three quarters, Xiaomi delivered over 260,000 vehicles, with a target of 350,000 for the year, despite potential challenges in 2024 due to reduced tax incentives and increased competition [4]. Group 3: Traditional Business and R&D Investment - Xiaomi's traditional business remains robust, with smartphone and AIoT revenue at HKD 84.1 billion in Q3, and smartphone revenue at HKD 46 billion, maintaining a top-three global position for 21 consecutive quarters [4]. - The IoT and lifestyle products segment generated HKD 27.6 billion, a year-on-year increase of 5.6%, while internet services revenue grew by 10.8% to HKD 9.4 billion [4]. - R&D expenditure reached HKD 9.1 billion in Q3, a 52.1% increase year-on-year, with total R&D investment for the first three quarters nearing last year's total [4].

Core Viewpoint - XPeng Inc. reported significant growth in key financial metrics for Q3 2025, including revenue, delivery volume, and gross margin, while narrowing its losses, moving closer to its profitability target [1][4][12]. Financial Performance - Total revenue for Q3 2025 reached RMB 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, marking a record high for a single quarter [1][10]. - The automotive sales revenue was RMB 18.05 billion, up 105.3% year-on-year [1][10]. - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [10][12]. Delivery Metrics - Total delivery volume for Q3 2025 was 116,007 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, setting a new record for single-quarter deliveries [1][5][9]. Loss Reduction - The net loss attributable to ordinary shareholders was RMB 380 million, a reduction of 79% year-on-year and a decrease from RMB 480 million in the previous quarter [12]. Future Outlook - XPeng anticipates Q4 2025 delivery volume to be between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [12]. - Total revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, reflecting an annual increase of approximately 33.5% to 42.8% [12]. Product Development - The company has recently launched several AI technology products, including the second-generation VLA physical world model, self-developed Robotaxi, flying car "A868," and the new generation IRON humanoid robot, which may drive future growth [12].

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 has achieved a significant milestone with the production of its 500,000th vehicle, marking a rapid growth in its automotive business within just 1 year and 7 months since the first vehicle was produced [2][4]. Group 1: Production and Delivery Milestones - The 500,000th vehicle signifies the validation of Xiaomi's complete system capabilities in research, manufacturing, sales, delivery, and service, indicating a new phase of scalability [4]. - Xiaomi aims to deliver over 400,000 vehicles in 2025, with the SU7 and YU7 models leading in sales within their respective categories in China [4]. - In Q3, Xiaomi delivered over 100,000 vehicles, achieving a record high and a year-on-year increase of 173.4%, with total deliveries exceeding 260,000 vehicles in the first three quarters of the year [4]. Group 2: Technological Advancements and Innovations - The factory employs over 1,100 production robots and has undergone 35 technical upgrades, significantly enhancing production efficiency and reducing delivery times [5]. - Xiaomi is committed to advancing safety and quality while accelerating production, with a focus on integrating AI and smart manufacturing to improve efficiency and product quality [5]. - The company plans to release a new version of its HAD (Highway Assisted Driving) system, incorporating reinforcement learning algorithms to enhance driving experience and road condition understanding [5].