作为全球领先的智能科技生态企业，小米集团核心业务覆盖智能手机、AIoT、互联网服务及新能源汽 车四大板块，构建了全球最大的消费级AIoT平台。 实际上，这并非小米首次通过回购稳定股价，自2025年下半年以来，回购已成为公司维护市场估值的常 规手段。同花顺数据显示，2025年9月29日至2026年1月22日，小米累计开展44次股份回购，合计回购约 2.06亿股，占公司总股本的0.79%，累计投入资金约74.64亿元人民币。 仅2026年开年以来，小米就已实施13次股份回购，合计回购约6056.38万股，占公司总股本的比例为 0.23%，累计投入资金约22.5亿港元，这一规模约占2025年全年回购总额的三成。 值得一提的是，在公司持续大规模回购以支撑股价的同时，其公司高管却抛出了一项长期巨额减持计 划。2025年12月28日，小米披露集团联合创始人、执行董事、副董事长林斌拟实施一项长期减持计划， 自2026年12月起，每12个月出售不超过5亿美元的公司B类普通股，累计减持总额上限为20亿美元，减 持所得款项将主要用于设立投资基金公司。 1月22日晚，小米集团在港交所发布公告，宣布启动一项规模不超过25亿港元的自动 ...

Core Viewpoint - Xiaomi is focusing on increasing the average selling price of smartphones as a primary operational goal for 2026, while significantly boosting investments in artificial intelligence to transform its entire business line and setting an annual delivery target of 550,000 electric vehicles [1][3]. Group 1: Smartphone Business - Xiaomi's strategy to counter the unprecedented rise in memory chip costs involves increasing the average selling price (ASP) of its smartphones [5][6]. - The upcoming Xiaomi 17 Ultra will be priced 500-700 RMB higher than the Xiaomi 15 Ultra, reflecting the company's commitment to price increases [6]. - The company aims to improve its market share in China by 1 percentage point annually, emphasizing the strategic importance of the Chinese market for its premiumization strategy [8]. Group 2: AIoT Business - The AIoT segment is positioned as a profit stabilizer for Xiaomi, with expectations of approximately 20% year-on-year revenue growth in 2025 and a 2-2.5 percentage point expansion in gross margin [10]. - Xiaomi plans to increase the number of its retail stores from about 500 in 2025 to over 1,000 in 2026, while expanding product categories and exploring partnerships with cross-border e-commerce platforms [10][11]. - Currently, overseas AIoT revenue accounts for about 30% of total revenue, with the company viewing its overseas smartphone revenue (60%) as a long-term reference for AIoT business expansion [10]. Group 3: Electric Vehicle Business - Xiaomi has raised its 2026 delivery target for electric vehicles to 550,000, significantly higher than the previously set target of 410,000 for 2025 [13]. - The growth is driven by increased manufacturing capacity and consumer confidence in new vehicle models, including the SU7 and a new third model [14]. - The company aims to focus on the high-end electric vehicle market, which constitutes 50% of annual passenger car sales in China, while accounting for 80-90% of industry profits [15]. Group 4: R&D Investments - Xiaomi plans to invest 200 billion RMB in R&D from 2026 to 2030, focusing on AI, intelligent driving, and chip development [16]. - The company aims to leverage AI to empower its ecosystem and internal operations, with a significant portion of its code being AI-generated [17]. - Xiaomi has invested 135 billion RMB in the development of its XRING O1 chip over the past four years, with plans to enhance its self-developed smart electric vehicle chips [19][20].

Core Viewpoint - Xiaomi is focusing on increasing the average selling price of smartphones as a primary operational goal for 2026, while significantly boosting investments in artificial intelligence to transform its entire business line and setting an annual delivery target of 550,000 electric vehicles [1][2]. Group 1: Smartphone Business - Xiaomi's strategy to counter the rising costs of storage chips involves increasing the average selling price (ASP) of smartphones, with a clear focus on high-end models [3][4]. - The upcoming Xiaomi 17 Ultra will be priced 500-700 RMB higher than the Xiaomi 15 Ultra, reflecting this strategy [3]. - The company aims to increase its market share in China by 1 percentage point annually, emphasizing the strategic importance of the Chinese market for its high-end strategy [4]. Group 2: AIoT Business - The AIoT segment is positioned as a profit stabilizer for Xiaomi, with expectations of approximately 20% year-on-year revenue growth in 2025 and a margin expansion of 2-2.5 percentage points [5]. - Xiaomi plans to increase the number of its retail stores from about 500 in 2025 to over 1,000 in 2026, while expanding product categories and exploring partnerships with cross-border e-commerce platforms [5]. - Currently, overseas AIoT revenue accounts for about 30%, with overseas smartphone revenue at 60%, indicating potential for future growth in AIoT [5]. Group 3: Electric Vehicle Business - Xiaomi has raised its delivery target for electric vehicles to 550,000 units for 2026, significantly up from the previous target of 410,000 units for 2025 [6][7]. - The growth is driven by increased manufacturing capacity and consumer confidence in new models, including the SU7 facelift and a third model set for release in the second half of 2026 [6]. - The company aims for a healthy gross margin of over 20% in the electric vehicle segment, although margins may be lower in 2026 due to tax incentives and changes in product mix [6][7]. Group 4: R&D Investments - Xiaomi plans to invest 200 billion RMB in R&D from 2026 to 2030, focusing on AI, autonomous driving, and chip development [8][9]. - AI investments are expected to account for 25% of the 320-330 billion RMB R&D budget in 2025, with a commitment to maintaining reasonable levels of investment [9]. - The company has a strong focus on developing its own chips, with significant investments already made in the XRING O1 chip, which is expected to enhance its capabilities in the electric vehicle sector [11].

Investment Rating - The report assigns a "Buy" rating to Xiaomi Corp. with a 12-month target price of HK$53.50, indicating an upside potential of 38.0% from the current price of HK$38.76 [15][17]. Core Insights - Xiaomi is positioned as the world's 3 smartphone brand and a leading consumer AIoT/NEV platform, with a multi-year ecosystem expansion strategy under the "Human x Car x Home" framework, projecting revenue and EPS CAGRs of 24% and 28% respectively from 2024 to 2027 [13]. - The company plans to invest Rmb200 billion in R&D from 2026 to 2030, focusing on AI, assisted driving, and chipset development to enhance its competitive edge [7][14]. Summary by Sections Smartphone Segment - Xiaomi aims to increase the average selling price (ASP) of smartphones by raising prices for premium models and optimizing product structure, targeting a 1 percentage point annual market share increase in China [7][8]. - The company expects revenue growth in 2026 to be supported by government consumption subsidies and overseas expansion, while maintaining gross profit margin (GPM) at or above 2025 levels by reducing low-margin categories [8] AIoT Segment - The AIoT segment is seen as a profit stabilizer, with a revenue growth of approximately 20% year-over-year and a contribution of around 30% to overseas revenue by Q3 2025 [3][10]. - Xiaomi plans to expand its Mi Home store count to over 1,000 by 2026 and increase the contribution of large home appliances to its revenue [10]. Smart EV Segment - Xiaomi targets 550,000 unit deliveries for its smart EVs in 2026, up from over 410,000 in 2025, driven by increased manufacturing capacity and new model launches [9][11]. - The company focuses on the premium auto segment, which captures a significant profit pool, and plans to export EVs to Europe starting in 2027 [11][12]. R&D Investments - AI accounts for approximately 25% of Xiaomi's R&D budget, with plans to increase investments while leveraging AI for ecosystem empowerment and internal operations [14]. - Xiaomi has made significant progress in assisted driving technology and aims to release new features in 2026, alongside a commitment to self-developing chips for its smart EVs [14]. Share Buyback - In 2025, Xiaomi repurchased 150 million shares for a total consideration of HK$6.3 billion, indicating confidence in its stock value [14].

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Start, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" results were announced, with Ai Yu, the founder and CEO of Teslion, awarded "Outstanding Innovative Entrepreneur" for demonstrating innovation and leadership in technology, social responsibility, and value realization [2][3] Group 1 - The "Jinzhi Award" aligns with the "14th Five-Year Plan" recommendations to enhance the quality of listed companies, breaking down high-quality development into six dimensions: social responsibility, industrial contribution, investment returns, growth prospects, innovation efficiency, and outstanding brand [3] - The award evaluation covered over 8,000 companies across A-shares, Hong Kong stocks, and Chinese concept stocks, resulting in nearly 200 award-winning companies [3] Group 2 - Teslion, as a pioneer in the AIoT field, is extending its mature AIoT interconnectivity capabilities into intelligent computing infrastructure and intelligent agents under Ai Yu's leadership, enhancing its global technological influence [4] - Recent product launches include "Heterogeneous Computing Super Nodes" and "New Intelligent Agents," with a strategic upgrade focusing on a dual core of computing infrastructure and intelligent agents, promoting a virtuous cycle of AI technology application [4] - The "Jinzhi Award" aims to set benchmarks for high-quality development, encouraging listed companies to focus on their core business, deepen innovation, and fulfill social responsibilities, thereby fostering consensus for the coordinated development of the real economy and capital markets during the "14th Five-Year" period [4]

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Smartphone and AIoT (Artificial Intelligence of Things) Key Points Recent Developments - **Doubao AI Smartphone Assistant**: Released by ByteDance on December 1, integrating a system-level GUI agent into smartphones, enhancing mobile operating systems with visual content interpretation and multi-step tasks [1][3] - **StepFun's GUI Agent**: StepFun launched an open-sourced GUI Agent, GELab-Zero, achieving state-of-the-art (SOTA) performance in GUI benchmarks [2][3] AI Integration in Smartphones - **AI Smartphone Agents**: The integration of AI into smartphones is expected to continue, with major Chinese brands embedding AI assistants in their operating systems [10][11] - **Xiaomi's AI Initiatives**: Xiaomi is actively developing both edge-based and cloud-based LLMs (Large Language Models) for various applications, including visual and audio processing [11][22] Market Dynamics - **Smartphone Market Consolidation**: The Chinese smartphone market is dominated by six leading players, capturing over 90% of the shipment share, limiting space for new entrants [10][12] - **AI Assistant Penetration**: Xiaomi's Super XiaoAI is among the top three OS-native AI assistants in China, with a penetration rate of 71% among Xiaomi smartphone users [11][18] Competitive Landscape - **Challenges for AI Integration**: Key challenges include obtaining system-level operation permissions from smartphone OEMs, memory capabilities, and interface connectivity across applications [9][10] - **Competition in AI Value Chain**: Ongoing competition is expected between consumer AI terminals, internet platforms, and third-party LLMs [9][10] Financial Outlook - **Revenue Growth Projections**: Xiaomi is projected to experience a revenue CAGR of 24% and EPS CAGR of 28% from 2024 to 2027 [22] - **Investment Rating**: Xiaomi is rated as a "Buy" with a 12-month target price of HK$53.50, indicating a potential upside of 33% from the current price [23][25] Risks - **Market Risks**: Key risks include intensified competition, pressure on gross profit margins, execution challenges in brand premiumization, geopolitical risks, and macroeconomic conditions [23][24] Conclusion - **Ecosystem Expansion**: Xiaomi is positioned for a multi-year ecosystem expansion, leveraging its interconnected consumer terminals and AI capabilities to enhance competitiveness in the smartphone and AIoT markets [22][23]

Core Viewpoint - Teslin Smart Technology Co., Ltd. has submitted its application for a mainboard IPO to the Hong Kong Stock Exchange, marking its third attempt to enter the capital market. The funds raised will be used to enhance R&D capabilities, develop green computing systems, improve large model advantages, expand commercialization and market reach, and seek strategic investment and acquisition opportunities [1][2]. Company Overview - Founded in December 2015, Teslin is led by CEO Ai Yu, who has over ten years of experience in private equity investment and new economy businesses. The chairman, Jin Zheng, has over 16 years of experience in private equity investment [1]. - The company has completed nine rounds of financing totaling approximately 5.297 billion yuan, with notable investors including JD.com, iFlytek, SenseTime, and IDG. Following a 1.619 billion yuan D++ round in April, Teslin's valuation reached 21.619 billion yuan [2]. Financial Performance - Teslin's revenue from AI industrial digitization for the years 2022 to 2024 and the first half of this year was approximately 472 million, 624 million, 1.641 billion, and 577 million yuan, accounting for 64.0%, 62.0%, 89.0%, and 91.3% of total revenue, respectively. The AI industrial digitization business saw a year-on-year revenue increase of 191% in the first half of this year [8]. - The company's revenue for the same period was approximately 738 million, 1.006 billion, 1.843 billion, and 632 million yuan, with a compound annual growth rate of 58% from 2022 to 2024 and a year-on-year increase of 77% in the first half of this year [10]. R&D and Innovation - Teslin has invested approximately 329 million, 322 million, and 377 million yuan in R&D from 2022 to 2024, with R&D spending of about 162 million yuan in the first half of this year, reflecting an 11.4% year-on-year growth. The company holds 1,057 patents, 346 copyrights, and 590 trademarks, supported by a high-quality R&D team comprising 255 members [11]. Market Position and Product Offerings - Teslin is recognized as one of the top five public domain AIoT product providers in China, with its TacOS system serving as a preferred infrastructure for industrial digitization. The company has developed four major AIoT application scenarios covering public domain spaces, including AI industrial digitization, AI city intelligence, AI smart living, and AI smart energy [7][5]. - As of June 30, the company's products have been deployed by over 900 clients across 172 cities globally, including China, the UAE, Singapore, and Australia, with a backlog of orders amounting to approximately 2.6 billion yuan [10].

Core Viewpoint - Defeng New Journey Technology Co., Ltd. is shifting its focus from the A-share market to the Hong Kong capital market, aiming to address its development challenges through an IPO [2] Group 1: Company Overview - Defeng New Journey is a developer of AI-enabled industrial IoT production optimization software, focusing on digital needs in energy, manufacturing, and mixed industries [3] - The company has a three-tier business structure consisting of solutions, services, and products, centered around its self-developed Delt@AIoT platform [3] Group 2: Market Position and Financial Performance - As of the 2024 fiscal year, Defeng New Journey ranks as the fifth largest independent AIoT service provider in China, holding a market share of approximately 1.8% [5] - The company has received investments from notable institutions, including China Merchants Innovation and SAIC Jinshi, prior to its IPO [5] - In the first half of 2025, revenue from state-owned enterprise clients accounted for 53.4% of total revenue, with major clients including State Grid and China National Petroleum [5] - Revenue grew from 313 million RMB in 2022 to 525 million RMB in 2024, reflecting a compound annual growth rate of 29.7% [5] Group 3: Profitability and Losses - Despite revenue growth, the company has faced significant losses, totaling 730 million RMB from 2022 to the first half of 2025 [7] - The losses are attributed to low gross margins, high R&D expenses, and changes in the fair value of redeemable liabilities [7] - Adjusted net profit for 2024 was 5.52 million RMB, indicating potential for profitability in core operations [7] Group 4: Cash Flow and Financial Health - The company has experienced negative operating cash flow, with net cash flows of -173 million RMB in 2022 and -64 million RMB in the first half of 2025 [8] - Accounts receivable have increased significantly, reaching 214 million RMB by June 2025, a 92% increase from the end of 2022 [8] - Cash and cash equivalents were only 43.99 million RMB as of June 2025, against current liabilities of 1.714 billion RMB, indicating substantial short-term debt pressure [9] Group 5: Industry Outlook - The AIoT market in China is projected to grow from approximately 128.7 billion RMB in 2025 to 220.9 billion RMB by 2029, with a compound annual growth rate of about 14.5% [11] - The energy sector's AIoT market is expected to grow at a rate of 15.7%, indicating long-term growth potential for the industry [11] - The IPO is seen as a crucial step for the company to alleviate financial pressure and enhance its brand and talent acquisition [11]

Group 1 - Public fund self-purchase enthusiasm has increased, with net subscriptions for equity funds reaching 2.1 billion yuan in November, and total net subscriptions for the year exceeding 4.5 billion yuan, more than double the same period last year [1] - The public fund issuance market saw a "small spring" in November, with new fund establishment totaling 966.16 billion yuan, indicating strong investor interest and increased demand for year-end capital allocation [1][2] - The scale of public funds has reached nearly 37 trillion yuan, growing over 4 trillion yuan this year, reflecting the industry's maturation and the potential for further breakthroughs in serving the real economy and enhancing residents' wealth [1] Group 2 - The pilot program for commercial real estate REITs has made significant progress, with the China Securities Regulatory Commission seeking public feedback on the draft announcement, indicating a key period for the development of the REITs market [2] - The launch of commercial real estate REITs is expected to support a new model for real estate development and inject new vitality into the REITs market by revitalizing trillions of yuan in existing assets [2] Group 3 - The importance of the energy storage industry is increasing as the demand for AI computing power surges, with energy storage becoming a key driver for electricity supply in the AI era [3] - By 2025, China's energy storage industry is expected to shift to a market-oriented profit model, with installed capacity surpassing 100 million kilowatts, highlighting the growing market potential of energy storage [3] Group 4 - The first automatic nuclear power calibration system in China's nuclear power industry has been put into operation, significantly reducing calibration time from 8 hours to 70 seconds, enhancing operational efficiency [2] - The launch of the "Heqi No. 1" nuclear energy industrial steam project provides a low-carbon solution with a carbon footprint only 1/600 of that of coal, supporting industrial structure upgrades and energy transition [2] Group 5 - The valuation of Teslian Smart Technology has increased by approximately 310 times over nine years, with participation from SenseTime and JD.com, although the company has not yet achieved profitability [5] - Dongpeng Beverage is in the process of issuing H-shares and has received a filing notice from the China Securities Regulatory Commission, with plans to issue no more than 66.45 million shares [6]

Core Insights - The core viewpoint of the article highlights the significant revenue growth of Teslian, driven by the increasing demand for AI computing infrastructure and the expansion of its customer base [1] Financial Performance - In the first half of 2025, Teslian reported a revenue of 632 million yuan, representing a 77% increase compared to 2024 [1] - The AI industry digitalization revenue surged by 191.1%, reaching 577 million yuan, marking it as the main growth engine for the company [1] Customer Base Expansion - The total number of customers for Teslian reached 212, with core business customers increasing from 90 in 2024 to 171 [1] - As of June 30, 2025, Teslian's products have been deployed by over 900 customers across 172 cities globally, including regions such as China, UAE, Singapore, and Australia [1] Order Backlog - The company has an order backlog of 2.6 billion yuan, which provides a solid foundation for future revenue growth [1]