智通财经APP讯，蔚来-SW(09866)发布2025年第三季度业绩，收入总额为人民币217.939亿元(30.614亿 美元)，同比增长16.7%。毛利约30.25亿元，同比增长50.7%。净亏损为34.805亿元(4.889亿美元)，同比 减少31.2%。 "2025年第三季度，本公司交付87071辆智能电动汽车，同比增长40.8%。强劲的增长势头得益于蔚来、 乐道及萤火虫品牌产品的综合竞争力。这些产品在其各自细分市场持续得到用户的青睐。"蔚来创始 人、董事长兼首席执行官李斌表示。"我们正与供应链合作伙伴紧密合作以提高产能，预计第四季度的 总交付量将介乎12万至12.5万辆，同比增长65.1%至72.0%，并创季度新高。" "全新蔚来ES8创下在中国40万元以上纯电动汽车交付量破万的最快纪录，乐道 L90连续三个月保持大型 纯电SUV销量第一，萤火虫自交付以来迅速在智能电动高端小车市场佔据领先地位。凭借我们的核心智 能电动汽车技术、互补的多品牌产品组合、全面便捷的充换电网络，以及具有活力并持续壮大的用户社 区，公司已进入一个加速增长的新周期。"李斌补充道。 "通过持续优化成本以及高毛利率车型交付占比提升， ...

Core Viewpoint - Xiaomi Group is recommended as a strong buy due to its position as one of the top three global smartphone manufacturers and the largest AIoT smart hardware platform, with a favorable outlook in the AI-driven industrial restructuring process [1] Smartphone Business - In Q3 2025, Xiaomi's global smartphone shipments increased by 0.5% year-on-year to 43.3 million units, maintaining a market share of 13.6% globally and 16.7% domestically, ranking second [2] - The company has adjusted its total shipment target for 2025 to 170 million units, while facing ongoing cost pressures from rising storage prices [2] Automotive Business - Xiaomi achieved its first quarterly operating profit in Q3 2025, with revenue from smart electric vehicles and AI-related businesses reaching 29 billion yuan, a year-on-year increase of 199% and a quarter-on-quarter increase of 36% [3] - The company delivered over 40,000 vehicles monthly in September and October, on track to meet its annual delivery target of 350,000 units [3] IoT and Internet Business - In Q3 2025, IoT business revenue reached 27.6 billion yuan, a year-on-year increase of 5.6%, with significant growth in overseas markets [4] - The internet business achieved record revenue of 9.38 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [4] - The number of global monthly active users reached 740 million, reflecting an 8.2% year-on-year growth [4]

Core Viewpoint - Xiaomi Group's founder and CEO Lei Jun increased his stake in the company by purchasing 2.6 million B shares at an average price of HKD 38.58, totaling HKD 100 million, amidst a significant stock price decline [1][2] Group 1: Stock Buyback and Shareholding - Lei Jun now holds a total of 4.063 billion A shares and 1.994 billion B shares, representing 23.26% of the total share capital [1] - Xiaomi Group conducted a stock buyback of 21.5 million shares on November 20 and 21, with a total expenditure exceeding HKD 800 million, bringing the total buyback amount for the year to over HKD 2.3 billion [1] Group 2: Financial Performance - For Q3, Xiaomi Group reported total revenue of CNY 113.121 billion, a year-on-year increase of 22.3%, but a quarter-on-quarter decrease of 2.4% [2] - Adjusted net profit reached CNY 11.311 billion, marking a historical high with a year-on-year growth of 80.9% and a quarter-on-quarter increase of 4.4% [2] Group 3: Smartphone Business Challenges - The smartphone segment saw a revenue decline of 3.1% year-on-year, totaling CNY 45.97 billion, with global shipments of 43.3 million units, a slight increase of 0.5% [2] - The smartphone gross margin decreased to 11.1% from 11.7% year-on-year, attributed to a drop in average selling price (ASP) [2] Group 4: Automotive Business Highlights - Xiaomi's automotive division achieved its first quarterly profit, with revenue of CNY 29.01 billion, a year-on-year increase of 199.2%, and a gross margin of 25.5% [3] - The automotive segment's profitability was driven by increased sales and higher ASP, with cumulative deliveries exceeding 260,000 units in the first three quarters of the year [3]

Core Viewpoint - The company reported strong and resilient growth in its Q3 2025 financial results, with total revenue reaching 113.1 billion yuan, a year-on-year increase of 22.3% and a net profit of 11.3 billion yuan, up 80.9% year-on-year, indicating robust performance across its business segments [1]. Group 1: Financial Performance - Q3 2025 total revenue was 113.1 billion yuan, with a year-on-year growth of 22.3% and a quarter-on-quarter decline of 2.4% [1]. - Adjusted net profit for Q3 2025 was 11.3 billion yuan, reflecting an 80.9% year-on-year increase and a 4.4% quarter-on-quarter increase [1]. - Gross margin improved to 22.9%, up 2.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [1]. Group 2: Mobile Business - Q3 2025 mobile business revenue was 46 billion yuan, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 1.0% [2]. - The average selling price (ASP) slightly declined, with a gross margin of 11.1%, down 0.6 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2]. - Global smartphone shipments reached 43.3 million units, a year-on-year increase of 0.5%, maintaining a market share of 13.6% [2]. Group 3: Automotive Business - The automotive segment achieved revenue of 29 billion yuan in Q3 2025, a significant year-on-year increase of 199% and a quarter-on-quarter increase of 36% [3]. - The segment recorded a gross margin of 25.5%, with a slight decrease of 0.9 percentage points quarter-on-quarter [3]. - The company achieved its first quarterly operating profit of 700 million yuan in this segment, indicating a positive trend for future profitability [3]. Group 4: IoT and Internet Business - Q3 2025 IoT business revenue was 27.6 billion yuan, a year-on-year increase of 5.6% but a quarter-on-quarter decline of 28.8% [4]. - The gross margin for IoT was 23.9%, up 3.1 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [4]. - Internet business revenue reached a record high of 9.38 billion yuan, reflecting a year-on-year growth of 10.8% and a quarter-on-quarter increase of 3.1% [4]. Group 5: Strategic Outlook - The company is focused on high-end product strategies and international expansion in its mobile business, while the IoT segment is expected to benefit from enhanced self-research capabilities and overseas market opportunities [5]. - The automotive business aims to enter the top five global automakers by 2025-2027, supported by a robust product matrix and ecosystem synergies [5].

Core Viewpoint - Xiaomi Group's founder and CEO Lei Jun has purchased 2.6 million Class B shares at an average price of approximately HKD 38.58 per share, demonstrating confidence in the company's growth potential and long-term commitment [1][4]. Shareholding Increase - Lei Jun's acquisition involved an investment exceeding HKD 100 million through his wholly-owned Team Guide Limited [1][4]. - Following this purchase, Lei Jun holds a total of 4,063,148,182 Class A shares and 1,993,631,456 Class B shares, representing approximately 23.26% of the company's total issued shares [1][4]. Financial Performance - For Q3 2025, Xiaomi reported total revenue of CNY 113.1 billion, marking a year-on-year increase of 22.3% [8]. - Adjusted net profit for the same quarter reached CNY 11.3 billion, reflecting a significant year-on-year growth of 80.9% [8]. - The company achieved over 100,000 electric vehicle deliveries in the quarter, marking its first profitable quarter in this segment [8]. - Revenue from innovative businesses, including smart electric vehicles and AI, surged to CNY 29 billion, a year-on-year increase of over 199% [8]. - Xiaomi's smartphone revenue was CNY 46 billion, with a shipment of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [8].

Core Viewpoint - Xiaomi Group's founder Lei Jun has increased his stake in the company by purchasing 2.6 million Class B shares at an average price of approximately HKD 38.58 per share, totaling over HKD 100 million, reflecting his confidence in the company's growth potential and long-term commitment [1]. Financial Performance - For Q3 2025, Xiaomi reported revenue of RMB 113.1 billion, a year-on-year increase of 22.3%, and an adjusted net profit of RMB 11.3 billion, up 80.9%, marking the highest quarterly profit in the company's history [5]. - The innovative business segment, including smart electric vehicles and AI, generated revenue of RMB 29 billion, with smart electric vehicle sales contributing RMB 28.3 billion, showing a growth of over 199% year-on-year [5][8]. - Xiaomi delivered a record 108,796 new vehicles in Q3, with the innovative business segment achieving a gross margin of 25.5% [7][8]. Stock Performance - As of the latest market close, Xiaomi's stock rose by 1.52% to HKD 38.66, but has seen a cumulative decline of over 35% since reaching a year-to-date high of HKD 61.45 on June 27 [3]. Share Buyback - In November, Xiaomi repurchased 21.5 million shares over two days, with total expenditures exceeding HKD 800 million, indicating a strategy to support its stock price amid market fluctuations [3]. Market Challenges - The company anticipates challenges in 2026 for its electric vehicle segment due to reduced purchase tax subsidies and increased competition in the automotive industry, which may lead to a decline in gross margins compared to 2025 [8].

Core Viewpoint - Xiaomi Group's founder and CEO Lei Jun has invested over HKD 100 million to increase his stake in the company, signaling confidence in its future growth amidst recent stock price fluctuations [2][4]. Group 1: Stock Buyback and Shareholding - Lei Jun's shareholding in Xiaomi has increased to 23.26% following his purchase of 2.6 million shares [2]. - Xiaomi has conducted significant stock buybacks, repurchasing 21.5 million shares for over HKD 800 million on November 20 and 21 [2]. - Since the beginning of 2025, Xiaomi's total buyback amount has exceeded HKD 2.3 billion, positioning it among the top tech stocks in Hong Kong for buyback activity [4]. Group 2: Financial Performance - Xiaomi reported a revenue of CNY 113.12 billion for Q3 2025, a 22.3% increase from CNY 92.5 billion in the same period last year [2]. - The operating profit for the same quarter reached CNY 15.11 billion, marking a 150.1% increase from CNY 6.04 billion year-on-year [2]. - The operating profit margin has reached 13.4%, the highest level in recent years [2]. Group 3: Automotive Business - Xiaomi's electric vehicle segment generated revenue of CNY 28.3 billion in Q3 2025, with an additional CNY 700 million from other related income [4]. - For the first time, Xiaomi's automotive and AI innovation business achieved a positive operating profit of CNY 700 million in a single quarter [4]. - The company aims to deliver over 400,000 vehicles in 2025, having recently celebrated the production of its 500,000th vehicle [5][7].

小米集团 （01810.HK） 24日于港交所发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超 1亿港元增持小米集团260万股，平均价为每股约38.58港元，雷军持股比例增加至23.26%。 本月，小米集团已分别于20日和21日连续两日回购公司股票2150万股，总斥资金额超8亿港币。 近期，小米集团股价整体呈现持续走低态势，从近60港元/股跌至38港元/股附近。 业绩方面，三季报显示，2025年第三季度，小米集团总收入为人民币1131亿元，同比增长22.3%。业务 分部来看，手机×AIoT分部收入为人民币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 入为人民币290亿元，创历史新高，同比增长199.2%，其中，第三季度，小米智能电动汽车收入为人民 币283亿元，其他相关业务收入为人民币7亿元。三季度，小米经调整净利润为人民币113亿元，创历史新 高，同比增长80.9%。 值得注意的是，三季度，小米的智能电动汽车及AI等创新业务分部首次实现单季度经营盈利，经营收益为 人民币7亿元。 11月20日，小米创始人、董事长兼CEO雷军在微博表示，小米第50万辆汽车当天下线。"今天下线的第 ...

（本文原标题为 蔚来公司副总裁马麟：蔚来"三个坚持"助推产业提质升级） "我们坚信，只有企业真正成为创新主体，中国汽车产业才能在下一轮全球竞争中继续掌握主动权，这是决定未来汽车产业能否壮大的根本。"近日， 在中国汽车报社主办的第二十届中国经济论坛平行论坛——"展望'十五五' 巩固车优势"现场，蔚来公司副总裁马麟如是说。 产品、技术及能源 三方协同发力 马麟指出，在过去十几年，智能电动汽车浪潮兴起，推动汽车产业重回科技创新前沿，当前行业正处于信息技术、能源与汽车三大领域变革的交汇 点，而中国凭借市场规模、供应链体系、人才基础以及制度环境四大关键要素的综合优势，构建起全球独有的完整体系能力，在全球汽车产业中已从多年 前的跟随，到开始逐步引领行业发展。 "蔚来也非常有幸参与到这个进程中去，努力成为推动中国企业持续引领的关键力量之一。"马麟表示，2025年是蔚来的技术大年、产品大年和换电站 建设大年。 据介绍，产品布局方面，蔚来在2025年完成多品牌战略落地，形成蔚来、乐道、萤火虫三大品牌布局。其中，蔚来品牌坚守30万元以上高端纯电市 场，聚焦商务与个性用户需求；乐道品牌面向主流家庭市场，已交付L60、L90两款车型 ...

值得注意的是，早在2022年11月18日，零跑汽车已被纳入恒生综合指数及其分类指数（包括恒生综合中 型指数）。此次再进一步进入恒生科技指数，也意味着其在资本市场的指数体系定位出现升级。 零跑汽车在公告中指出，被纳入恒生科技指数，有助于提升公司在二级市场的关注度，并可能带来更为 多元的投资者结构变化。从历史表现来看，此类指数调整往往会引发部分被动资金跟随配置，对股票交 易活跃度形成正向影响。 凤凰网科技讯 11月21日，零跑汽车发布公告称，公司已被纳入恒生科技指数成份股，将于2025年12月8 日正式生效。恒生科技指数由恒生指数有限公司编制，覆盖经筛选后、与科技主题高度相关的香港上市 科技公司，成份股数量上限为30只。 公告显示，此次调整意味着零跑汽车在市值规模、流动性表现及业务科技属性等维度，达到了恒生科技 指数的纳入标准。对于一家以智能电动汽车为核心业务的车企而言，进入该指数体系，也被视为其在资 本市场"科技标签"进一步强化的信号。 ...