联交所11月25日披露，AIoT企业特斯联公布2025年中期业绩。截至2025年6月30日，特斯联营收达6.32 亿，较2024年同期提升77%，领跑AI行业。其中，核心业务AI产业数智化收入达5.77亿，较2024年同比 大涨191.1%，呈现更加聚焦的发展趋势；在手订单达26亿元，现金及现金等价物较2024 年末增长 316%，达到 6.57 亿元，为后续业务拓展与技术研发提供了坚实的资金支撑。据公开信息，特斯联聚焦 空间智能战略目标，发力AIoT算力、AIoT智能体两大业务场景。 ...

Core Viewpoint - The company Hard Egg Innovation (00400) announced a proposed spin-off and A-share listing of its subsidiary, Keton Technology, on a Chinese stock exchange, which is expected to enhance investor assessment of the remaining group's value focused on AIoT business [1] Group 1: Proposed Spin-off and Listing - Keton Technology plans to issue new shares and list on a Chinese stock exchange, leading to a reduction in the company's equity stake in Keton Technology [1] - The Hong Kong Stock Exchange confirmed on November 21, 2025, that the company can proceed with the proposed spin-off and A-share listing under Listing Rule 15 [1] Group 2: Financial Implications - The proposed spin-off and A-share listing will be treated as a sale of the company's equity stake in Keton Technology as defined under Listing Rule 14.29 [1] - The company believes that the spin-off will benefit its financial position, as Keton Technology's business scale has developed sufficiently to achieve independent listing status, while continuing to be a subsidiary [1]

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 - Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enter the capital market amid fierce competition in the AIoT sector. The company faces challenges such as low market share, significant cumulative losses, and high reliance on state-owned enterprises for revenue [2][10][15]. Company Overview - Defeng Technology was founded in 2015 by Wang Qingjie, who has a background in technology from IBM and other major firms. The company specializes in AIoT production optimization software solutions and has generated over 500 million RMB in revenue for 2024 [2][3][10]. - The company has developed the Delt@AIoT platform, which includes application suites and technical platform suites, and has been recognized as a national key software enterprise for three consecutive years [4][6]. Financial Performance - Defeng Technology has reported cumulative losses exceeding 730 million RMB over the past three and a half years, with annual losses of 165 million RMB, 297 million RMB, 228 million RMB, and 39.9 million RMB for 2022, 2023, 2024, and the first half of 2025, respectively [11][12]. - Revenue has shown growth, with figures of approximately 313 million RMB, 442 million RMB, 525 million RMB, and 159 million RMB for the respective years [13]. The revenue breakdown indicates that AIoT solutions account for the largest share, with a significant increase from 80.3% in 2022 to 93.9% in the first half of 2025 [14]. Market Position - Defeng Technology holds a market share of 1.8% in the independent professional AIoT platform sector in China, ranking fifth, with the leading company holding a market share of 10.2% [16][18]. In the energy sector, it ranks third with a market share of 9.9% [21]. Customer Base and Revenue Concentration - The company heavily relies on state-owned enterprises, which contributed approximately 60.6% to 78% of its revenue during the reporting period. The top five customers accounted for about 51.6% to 68.9% of total revenue [15][16]. - The high customer concentration poses risks, as changes in government budgets or the loss of a major client could significantly impact performance [16]. Funding and Financial Obligations - Defeng Technology has raised a total of 656 million RMB through multiple funding rounds, with a post-investment valuation of 2.35 billion RMB during the C round [6][10]. However, the company faces increasing redemption liabilities, projected to rise from 936 million RMB in 2022 to 1.46 billion RMB by mid-2025 [9][10]. - The company has signed an agreement to extend its IPO target date to December 31, 2026, and has terminated the redemption rights prior to submitting the IPO application [10]. Compliance and Operational Challenges - Defeng Technology has faced compliance issues, including a fine for software copyright violations, highlighting the need for improved internal management and compliance practices [25][26]. The company has also experienced extended accounts receivable turnover days, indicating cash flow challenges [22][23]. Strategic Recommendations - To mitigate risks, Defeng Technology should diversify its customer base beyond state-owned enterprises and enhance its internal controls to avoid compliance issues. The upcoming IPO represents a critical opportunity to alleviate redemption liability risks and secure necessary funding for future growth [27].

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

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 - The article highlights the rapid growth and potential of the industrial internet sector in China, driven by government policies and the push for "smart manufacturing" and digital transformation [1][9] - The company, Defeng New Journey Technology Co., Ltd., is preparing for an IPO in Hong Kong, positioning itself as a key player in the AIoT (Artificial Intelligence of Things) market, particularly in the energy sector [1][2] Industry Overview - The industrial internet industry in China has surpassed 1 trillion RMB and is expected to maintain a double-digit annual growth rate in the coming years [1] - The AIoT market in China is projected to grow from approximately 54.1 billion RMB in 2020 to about 111.9 billion RMB by 2024, with a forecasted market size of around 220.9 billion RMB by 2029 [7] Company Positioning - Defeng New Journey ranks as the fifth largest independent AIoT service provider in China, with a market share of approximately 1.8%, and is the third largest in the energy sector with a market share of about 9.9% [1] - The company has a strong client base, serving over 600 state-owned enterprises, including major players in the energy and manufacturing sectors [3] Financial Performance - Despite significant revenue growth, the company has faced persistent losses, with cumulative losses of 729 million RMB over three and a half years [5] - Revenue figures show a rapid increase from 313 million RMB in 2022 to an expected 525 million RMB in 2024, with a 38.8% year-on-year growth in the first half of 2025 [3][4] Product and Service Insights - AIoT solutions are the primary revenue source for the company, accounting for 93.9% of total revenue in the first half of 2025 [4] - The company has invested heavily in R&D, with expenses reaching 68.43 million RMB in 2024, representing 19.92% of revenue, which is significantly higher than the industry average [6] Competitive Landscape - The AIoT market is characterized by intense competition, with over 1,000 providers in China, none of which dominate the market [8] - Defeng New Journey's focus on customized AIoT solutions for leading state-owned enterprises positions it well to capitalize on emerging market opportunities [8] Investment Highlights - The company is viewed as an "invisible champion" in its niche, with the potential for significant value appreciation if it can resolve its profitability issues [8][9] - The industrial internet sector is supported by national strategies and offers vast market opportunities, making it a promising area for investment [9]

Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, marking a year-on-year increase of 22.3% and exceeding 100 billion yuan for four consecutive quarters [2] - Adjusted net profit reached 11.3 billion yuan, reflecting a significant year-on-year growth of 80.9% [2] Revenue Breakdown - The automotive segment achieved over 100,000 deliveries in the quarter, marking its first profitable quarter, with revenue from smart electric vehicles and AI-related innovations reaching 29 billion yuan, a year-on-year increase of over 199% [4] - Smartphone revenue amounted to 46 billion yuan, with a shipment volume of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [4] - The IoT and lifestyle products segment generated 27.6 billion yuan in revenue, with a gross margin of 23.9%, an increase of 3.2 percentage points year-on-year [4] R&D Investment - In the first three quarters, Xiaomi invested 23.5 billion yuan in research and development, with the number of R&D personnel reaching a historical high [4] - The company allocated 9.1 billion yuan for R&D in the latest quarter, with an expectation to exceed 30 billion yuan in total R&D investment for the year [4]

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Market Cap**: HK$1.1 trillion / $143.3 billion - **Enterprise Value**: HK$915.9 billion / $117.8 billion - **Current Price**: HK$42.98 - **Target Price**: HK$56.50 - **Upside Potential**: 31.5% [6][20] Key Points Industry and Market Performance - **Singles' Day GMV**: Xiaomi reported Rmb29.0 billion GMV during the Singles' Day promotion, a 9% decrease from Rmb31.9 billion last year [1][21] - **Smartphone Rankings**: Xiaomi ranked No.2 in sales volume and GMV on JD.com, with three models in the top 10 best-sellers [23][27] - **Market Share**: Xiaomi is gaining volume share in the smartphone segment priced below Rmb3,000 while maintaining leadership in the premium segment with the Xiaomi 17 Pro Max [23][32] Product and Manufacturing Insights - **SU7 Pro/Max Delivery Times**: The waiting time for SU7 Pro and SU7 Max has been reduced to 6-9 weeks from approximately 30 weeks, indicating improved manufacturing capabilities [1][2] - **EV Manufacturing**: In October, Xiaomi delivered 48.6k units, including 15.0k SU7 models, reflecting strong demand and capacity utilization [2][20] - **Upcoming Product Cycle**: A potential new facelift for the SU7 is expected to enhance product offerings into 2026 [19][20] Financial Performance and Projections - **Revenue Growth**: Projected revenue growth for 2024 is Rmb365.9 billion, increasing to Rmb710.8 billion by 2027 [6][17] - **EBITDA Growth**: Expected EBITDA growth from Rmb30.8 billion in 2024 to Rmb79.4 billion in 2027 [6][17] - **EPS Projections**: EPS is projected to grow from Rmb1.07 in 2024 to Rmb2.38 in 2027 [6][17] Strategic Initiatives - **Subsidy for Singles' Day**: Xiaomi announced a Rmb2 billion subsidy for the 2025 Singles' Day, up from Rmb1.3-1.6 billion in previous years, to stimulate sales [24] - **AIoT Sales**: Sales pressure was noted in AIoT categories, but personal care devices showed strong growth [23] Risks and Considerations - **Market Conditions**: The company may face challenges due to a high base from the previous year, impacting year-over-year comparisons [23][32] - **Short-term Volatility**: While the share price may experience short-term fluctuations, the long-term outlook remains positive [20] Future Watchpoints - **Upcoming Results**: Anticipation for 3Q25 results in late November [20] - **Capacity Expansion**: Monitoring progress in EV manufacturing capacity ramp-up [20] - **New Product Launches**: Filing of new EV models and potential technology events towards the end of 2025 [20] Conclusion Xiaomi Corp. is positioned for growth with a strong product lineup and improved manufacturing capabilities. Despite facing challenges in the current market environment, the long-term outlook remains favorable with strategic initiatives aimed at enhancing sales and market share.

Core Viewpoint - Xiaomi Group-W (01810) has seen its stock price drop over 30% from its peak in June, with a current price of 42.1 HKD, reflecting a decline of 3.08% as of the latest report [1] Group 1: Stock Performance - The stock price of Xiaomi has decreased by over 30% since its highest point in June [1] - As of the latest report, the stock is trading at 42.1 HKD with a trading volume of 30.76 billion HKD [1] Group 2: Hedge Fund Activity - Recent data from Goldman Sachs indicates a 53% increase in short positions against Xiaomi by hedge funds over the past week [1] - The selling pressure from pension funds and hedge funds has dominated the market in the last two weeks [1] Group 3: Investor Sentiment - Investor sentiment is turning cautious ahead of Xiaomi's third-quarter earnings report scheduled for November 18 [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 4: Analyst Downgrades - Goldman Sachs has recently lowered its target price for Xiaomi, citing several factors [1] - Key reasons for the downgrade include rising storage chip prices impacting smartphone gross margins, a slowdown in AIoT business growth to single digits, and delays in the second phase of electric vehicle factory affecting deliveries [1]