Group 1 - Geely Automobile (0175.HK) reported a total revenue of 239.48 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.5%, with a gross margin of 16.5%, up 0.3 percentage points [5] - In Q3 2025, Geely's total revenue reached 89.19 billion yuan, a year-on-year increase of 26.1% and a quarter-on-quarter increase of 14.7%, with a net profit attributable to shareholders of 3.82 billion yuan, up 57.6% year-on-year [5] Group 2 - XPeng Motors (XPEV.N) achieved total revenue of 20.38 billion yuan in Q3 2025, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, with a gross margin of 20.1% [6] - The Non-GAAP net loss for XPeng narrowed by 90.1% year-on-year and 60.6% quarter-on-quarter to 150 million yuan [6] Group 3 - Zhejiang Dingli (603338.SH) reported operating revenue of 6.67 billion yuan for Q1-Q3 2025, an increase of 8.8% year-on-year, with a net profit of 1.59 billion yuan, up 9.2% [6] - The gross margin for Zhejiang Dingli was 35.9%, a decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.1 percentage points to 23.9% [6] Group 4 - Xunwei Communication (300136.SZ) is expanding into the North American AI hardware supply chain, focusing on new business areas such as AI terminal hardware and data centers, which opens up future growth opportunities [9] - The global consumer electronics market is showing signs of recovery, and the company is investing in foundational materials and technologies [9] Group 5 - Kuaishou-W (1024.HK) reported total revenue of 35.6 billion yuan in Q3 2025, a year-on-year increase of 14.2%, slightly exceeding expectations [10] - The core commercial business revenue, which includes online marketing services, grew by 19.2% year-on-year [10] Group 6 - Xiaomi Group (1810.HK) achieved revenue of 113.1 billion yuan in Q3 2025, a year-on-year increase of 22.3%, with a Non-IFRS net profit of 11.3 billion yuan, up 80.9% year-on-year [10] - The smart car and AI innovation business reported a positive profit of 700 million yuan for the first time in a single quarter [10] Group 7 - Baidu Group-SW (9888.HK) reported core business revenue of 24.66 billion yuan in Q3 2025, a year-on-year decline of 7.0%, but still exceeding Bloomberg consensus expectations [10] - The operating profit was 1.22 billion yuan, below consensus expectations, with a significant increase in capital expenditure to 3.38 billion yuan, up 106.4% year-on-year [10]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 新业务领域逐步落地，进一步打开成长空间 全球消费电子市场延续复苏态势，公司坚持对基础材料、基础技术的投入，在稳固原有消费电子业务的基 础上，加快在新一代AI终端硬件、商业卫星、数据中心、机器人等新业务领域的布局与产品落地，进一步 打开未来成长空间。2025Q1-Q3，公司实现营业收入27.59亿元，同比+4.20%；实现归母净利润3.25亿元， 同比-1.77%，主要原因是政府补助金额减少。2025Q1-Q3，公司毛利率为21.53%，同比+0.73pcts；25Q3 单季度毛利率为25.45%，同比+1.69pcts，主要原因是公司持续加大重要战略产品线的投入及优化产品结 构，不断替换毛利率较低的产品，同时加大新产品的营收 ...

证券代码：300433 证券简称：蓝思科技 投资者关系活动记录表 3 / 9 | 拥有长期默契的合作基础，从前端研发阶段就深度介入，充分发 | | --- | | 挥公司在研发设计、精益生产及供应链垂直整合方面的优势。 | | 公司已在 AI 端侧硬件变革之际，提前卡位每一个爆发赛道， | | 积极配合客户，致力于满足未来 时代对硬件升级和整机组装业 AI | | 务的爆发式需求。 | | 问：目前有一些海外客户要求产业链进行全球布局的新闻， | | 请问公司全球化布局的情况？ | | 答：得益于前瞻性的全球化布局和持续深入的多元化发展战 | | 略，公司通过产业链上下游的垂直整合、先进的生产流程和技术 | | 以及丰富的产品类型，已构筑起稳健的全球供应链体系。公司与 | | 客户保持密切沟通，已根据客户需求扩大全球业务布局（越南、 | | 泰国、墨西哥等地），具备包括手机结构件、车载智能座舱模组、 | | 具身智能、AI 服务器等未来 AI 端侧硬件的全球交付能力，更好 | | 地服务客户及提高公司份额。 | | 问：公司各类业务全面拓展，整体看公司未来毛利率什么走 | | 势？ | | 答：整体看，公司通 ...

小米集团20日晚间公告称，于11月20日斥资5.078亿港元回购1350万股B类股份，每股购回价为37.38港 元~38.1港元。 0:00 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].

证券代码：301387 证券简称：光大同创 编号：2025-04 深圳光大同创新材料股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他（2025 年度深圳辖区上市公司投资者网上集体接待日） | | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）线上参 | | 参与单位名称 | 年度深圳辖区上市公司投资者网上集体接待日"活动 与"2025 | | | 的投资者 | | 时间 | 2025 年 11 月 20 日 14:30-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 董事长、总经理：马增龙 | | 上市公司接待 | 董事、副总经理、财务总监：马英 | | 人员姓名 | 独立董事：唐都远 | | | 董事会秘书：占梦昀 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次活动中提出的问题进行了回复： | | ...

Group 1: Company Overview - Anjie Technology's core business is in consumer electronics, focusing on precision functional and structural components for smart devices like smartphones and laptops, maintaining stable strategic partnerships with major global brands [2] - The company is actively developing in emerging technology fields, including AI glasses, humanoid robots, and foldable screens, aligning product development with customer needs [2] Group 2: Global Expansion - Anjie Technology has accelerated its global layout with operational factories in Thailand and the USA, achieving mass production and delivery of various products, while the Vietnam factory is preparing for production [3] - The company aims to enhance its international R&D, production, and supply chain capabilities to strengthen its global competitive advantage [3] Group 3: New Energy Vehicle Business - In the new energy vehicle sector, Anjie Technology provides components for battery modules, cooling systems, charging ports, and high-voltage connectors, while also entering the high-power wireless charging system market [4] - The company plans to follow industry technology trends, focusing on innovation and product upgrades, while expanding its customer base and market presence in the new energy vehicle sector [4]

股票代码：002635 股票简称：安洁科技 苏州安洁科技股份有限公司 投资者关系活动记录表 编号：2025-004 | 品量产供货。 | | --- | （五）问：公司海外工厂建设情况？ 答：为了满足产业链全球化需求，公司泰国工厂、美国 工厂已投入生产运营，并实现多品种产品量产交付。越南工 厂也逐步完成主要客户的审厂认证等准备工作，后续将快速 推动投产进程。 公司将不断提升自身国际化产品研发、生产和供应链布 局能力。 （六）问：公司新能源汽车业务情况发展现状以及后续 发展方向？ 答：现阶段，公司新能源汽车业务主要是为国际客户提 供电池模组零部件、冷却系统零部件、充电端口零部件及高 压连接线组件等精密结构件、精密功能件和模组件。同时， 公司切入新能源汽车大功率无线充电系统领域，深度布局氢 燃料电池零部件业务，实现公司在新能源汽车领域的产品线 多元化。 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 （网络及电话会议） 参与单位名称及人员 姓名 上海国科龙晖私募基金 姜俊峰 赢仕投资 李柯兵 上海证券 葛博威 中颐财会 逢尹菁 中国电子商会 ...

Market Overview - The consumer electronics sector rose by 0.3% on November 20, with Zhuoyue Technology leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Gainers in Consumer Electronics - Zhuoyue Technology (002369) closed at 9.91, up 9.99% with a trading volume of 977,900 shares [1] - Heertai (002402) closed at 54.54, up 6.75% with a trading volume of 922,600 shares [1] - Green Precision (300968) closed at 14.53, up 6.37% with a trading volume of 259,400 shares [1] - Other notable gainers include Xingxing Technology (300256), Jiezong Technology (002855), and Yingqu Technology (002925) with respective increases of 4.59%, 4.17%, and 4.11% [1] Top Losers in Consumer Electronics - Xianying Technology (301067) closed at 38.25, down 6.43% with a trading volume of 72,800 shares [2] - ST Bodao (600130) closed at 4.33, down 5.04% with a trading volume of 489,500 shares [2] - Shenglan Co., Ltd. (300843) closed at 45.06, down 4.57% with a trading volume of 99,900 shares [2] - Other significant decliners include Bay Area Bay (301086) and Hongxi Technology (920857) with declines of 4.46% and 4.35% respectively [2] Capital Flow Analysis - The consumer electronics sector experienced a net outflow of 761 million yuan from institutional investors, while retail investors saw a net inflow of 577 million yuan [2][3] - Zhuoyue Technology had a net inflow of 340 million yuan from institutional investors, despite a net outflow of 139 million yuan from speculative funds [3] - Heertai saw a net inflow of 220 million yuan from institutional investors, with a net outflow of 46.98 million yuan from speculative funds [3]

证券代码：300793 证券简称：佳禾智能 佳禾智能科技股份有限公司投资者关系活动记录表 编号：2025007 | | □√ 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人员姓 | 兴全基金 李杰、高腾国际 吕栋、国信证券 吴越、国信证券 王艺 | | | 熹、海富通基金 莫迁、海富通基金 陈聂长、海富通基金 刘子宁、 | | 名 | 华商基金 余丹妮、东吴证券 董含星 | | 时间 | 2025 年 11 月 20 日 | | 地点 | 佳禾智能科技股份有限公司 | | 上市公司接待人员 | 副总经理兼董事会秘书夏平先生、投关经理程维荣先生 | | | 一、参观展厅：由投关经理程维荣为投资者讲解了公司发展历程， 研发、生产布局、主要产品等情况。 二、交流座谈 | | 投资者关系活动主要内 | 1、今年以来，公司整体营收及毛利率水平出现下降，主要原因是 | | 容介绍 | 什么？ | | | 答：公司今年整体营收及净利润水平有所下降，主要 ...