中新社北京12月31日电 (记者刘育英)中国工业和信息化部2025年12月31日发布的数据显示，当年1-11 月，中国规模以上互联网和相关服务企业(简称互联网企业)完成互联网业务收入突破1.8万亿元(人民 币，下同)，其中京津冀地区以9.1%的同比增速领跑重点区域。 2025年1-11月，全国规模以上互联网企业完成互联网业务收入18034亿元，同比增长1%，增速较1-10月 小幅回落0.1个百分点，保持了平稳增长态势。 盈利能力方面，1-11月，中国规模以上互联网企业实现利润总额1378亿元，同比下降11.7%，降幅较1- 10月扩大了0.8个百分点。同期，互联网企业研发经费投入增速放缓，共投入957.4亿元，同比增长 6.7%，较1-10月回落0.4个百分点。 区域发展格局中，京津冀地区表现尤为亮眼。1-11月，该区域互联网业务收入达5913亿元，同比大幅增 长9.1%。另一重点区域长三角地区互联网业务收入6163亿元，同比下降2.7%。 从全国范围来看，东部地区1-11月互联网业务收入16214亿元，同比增长2.9%，占全国总收入的89.9%； 中部、西部、东北地区分别实现收入673.7亿元、1114.3 ...

原文如下： 2025年1—11月份互联网和相关服务业运行情况 一、总体运行情况 智通财经APP获悉，12月31日，工信部发布2025年1—11月份互联网和相关服务业运行情况。互联网业 务收入稳定增长。1—11月份，我国规模以上互联网和相关服务企业(以下简称互联网企业)完成互联网 业务收入18034亿元，同比增长1%，增速较1—10月份回落0.1个百分点。利润总额降幅基本稳定。1— 11月份，我国规模以上互联网企业实现利润总额1378亿元，同比下降11.7%，降幅较1—10月份扩大了 0.8个百分点。研发经费增速放缓。1—11月份，我国规模以上互联网企业共投入研发经费957.4亿元，同 比增长6.7%，增速较1—10月份回落了0.4个百分点。 互联网业务收入稳定增长。1—11月份，我国规模以上互联网和相关服务企业(以下简称互联网企业)完 成互联网业务收入18034亿元，同比增长1%，增速较1—10月份回落0.1个百分点。 二、分地区运行情况 东部地区互联网业务收入保持良好增势。1—11月份，东部地区完成互联网业务收入16214亿元，同比增 长2.9%，高于全国增速1.9个百分点，占全国互联网业务收入的89.9% ...

每经AI快讯，慈星股份（SZ 300307，收盘价：7.13元）12月15日晚间发布公告称，公司近日收到控股 股东宁波裕人智慧科技（集团）有限公司（简称"裕人智慧"）的通知，获悉其所持有的部份公司股份办 理了解除质押及重新质押业务，截至本公告日，裕人智慧累计质押股数为9800万股，占其所持股份比例 为72.19%。裕人企业有限公司累计质押股数为6000万股，占其所持股份比例为48.63%。 （记者 王晓波） 截至发稿，慈星股份市值为57亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 2025年1至6月份，慈星股份的营业收入构成为：横机业务占比90.04%，其他占比3.96%，自动化设备与 项目集成业务占比2.4%，互联网业务占比1.9%，材料销售占比1.69%。 ...

Core Viewpoint - Xiaomi reported Q3 2025 performance with total revenue of 113.1 billion yuan (+0.5% vs consensus), year-on-year growth of 22%; adjusted net profit reached 11.3 billion yuan (+12.6% vs consensus of 10 billion yuan), year-on-year growth of 81%, corresponding to a net profit margin of 10.0% [1] Group 1: Smartphone Business - Smartphone shipments in Q3 were 43.3 million units, a year-on-year increase of 0.5%, with a market share of 13.6%; market share in China was 16.7% [2] - Average Selling Price (ASP) was 1,062 yuan, down 4% year-on-year; smartphone revenue was 46 billion yuan (+0.3% vs consensus), year-on-year decline of 3.1% [2] - The increase in storage prices has led to a decline in gross margin, with Q3 smartphone gross margin at 11.1%; Q4 smartphone gross margin is expected to be 10% [2] Group 2: IoT and Internet Business - In Q3, IoT revenue was 27.6 billion yuan (-1.9% vs consensus), year-on-year growth of 5.5%; gross margin improved by 1.4 percentage points to 23.9% [3] - Major appliances faced pressure with a year-on-year revenue decline of 15% due to competition and subsidy reductions; attention is advised on overseas expansion and market share changes [3] - Internet business revenue for Q3 was 9.4 billion yuan (+2.2% vs consensus), year-on-year growth of 10.8% [3] Group 3: Automotive Business - The automotive segment achieved profitability for the first time, with Q3 deliveries of 108,800 units and an ASP of 260,000 yuan; gross margin decreased by 0.9 percentage points to 25.5% [3] - November deliveries exceeded 48,000 units, with expectations of nearing full production by year-end; total annual deliveries are projected to exceed 400,000 units [3] - Q3 automotive revenue was 29 billion yuan, with other related businesses contributing 700 million yuan [3] Group 4: Financial Forecast and Valuation - Projected revenues for Xiaomi Group in 2025 and 2026 are 471.7 billion yuan and 545 billion yuan (year-on-year growth of 29% and 16% respectively); adjusted net profits are forecasted at 43.3 billion yuan and 44.9 billion yuan (year-on-year growth of 59% and 4%) [3] - The company is assigned a 20x PE for its main business in 2026 and a 2.5x PS for the automotive segment, with a target price of 51.1 HKD and a "buy" rating [3]

Core Insights - Cheetah Mobile reported a total revenue of 287.4 million yuan (approximately 40.37 million USD) for Q3 2025, marking a year-on-year growth of 49.6% [1] - The company achieved a Non-GAAP operating profit of 15.12 million yuan (2.12 million USD), representing its first operational profit in six years [1] - Revenue from AI and other businesses reached 145 million yuan, a significant year-on-year increase of 150.8%, accounting for 50.4% of total revenue [1] Financial Performance - For the first three quarters of 2025, the internet business generated cumulative revenue of 459.4 million yuan, reflecting a year-on-year increase of 28.7% [1] - Adjusted operating profit for the internet business was 68.2 million yuan, up 86.2% year-on-year [1] - The gross profit for Q3 2025 was 214.4 million yuan (30.11 million USD), with a year-on-year growth of 64.4% [1] - Both Non-GAAP gross profit and gross margin for Q3 2025 were 214.4 million yuan (30.11 million USD) and 74.6%, respectively, indicating a year-on-year gross margin increase of 74.6% [1]

Core Insights - The company reported a 3Q25 adjusted net profit of 11.31 billion yuan, exceeding expectations by 7.1%, driven by better-than-expected gross margins in IoT, internet services, and automotive sectors [1][2] Revenue and Profitability - 3Q25 revenue reached 113.12 billion yuan, a year-on-year increase of 22.3%, slightly above the forecast by 0.7% [1] - The adjusted net profit for 3Q25 was 11.31 billion yuan, reflecting a year-on-year growth of 80.9% [1] - IoT revenue grew by 5.6% to 27.6 billion yuan, with notable growth in wearable and lifestyle products [2] - Internet business revenue increased by 11% to 9.4 billion yuan, with a gross margin of 76.9% [2] Smartphone and Market Performance - Global smartphone shipments in 3Q25 totaled 43.25 million units, a year-on-year increase of 0.5% [1] - The company's global smartphone market share rose to 13.6%, with increases in various regions including Latin America and Southeast Asia [1] - The average selling price (ASP) for smartphones decreased by 3.6% to 1,063 yuan, primarily due to lower ASPs overseas, although ASP in mainland China increased due to a shift towards high-end models [1] Automotive Sector - The company delivered 109,000 vehicles in 3Q25, achieving an ASP of 260,000 yuan, driven by increased deliveries of the SU7 Ultra and YU7 models [2] - The automotive and innovation business segment achieved a gross margin of 25.5% and recorded a quarterly operating profit of 700 million yuan for the first time [2] - The outlook for 2026 is positive, with expectations for continued growth in vehicle deliveries and profit acceleration [2] Adjustments and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 down by 7.5% and 9.8% to 40.49 billion yuan and 57.77 billion yuan, respectively [2] - The current stock price corresponds to a P/E ratio of 24x for 2025 and 17x for 2026, with a target price adjustment down by 10.9% to 53 yuan, indicating a potential upside of 30% [2]

Core Insights - The Ministry of Industry and Information Technology reported stable growth in the internet and related services sector in China, with internet business revenue reaching 1.442 trillion yuan in the first three quarters of 2023, reflecting a year-on-year increase of 2.8% [1] Group 1 - Internet business revenue for large-scale internet and related service enterprises in China reached 1.442 trillion yuan [1] - The year-on-year growth rate of 2.8% shows an improvement of 0.6 percentage points compared to the growth rate from January to August 2023 [1]

Core Viewpoint - Xiaomi Group-W (01810) is expected to report a 60% year-on-year increase in adjusted net profit for Q3, reaching 10.01 billion RMB, aligning with market expectations [1] Financial Performance - The anticipated gross margin for Q3 is 22.9%, surpassing the market forecast of 22.5% despite rising BOM costs [1] - The forecast for adjusted net profit for fiscal years 2025 to 2027 has been slightly reduced by 3% to 4% due to weak smartphone performance and rising BOM costs [1] Product Outlook - The company maintains a positive outlook for Q4, with expectations that the Xiaomi 17 Pro and Pro-max will enhance the sales mix [1] - Strong delivery performance in the electric vehicle segment is noted, with improved profitability and potential capacity expansion [1] Internet Business - The internet business is projected to continue stable growth, with an expected gross margin of 75% [1]

Core Viewpoint - Citi's report indicates that Xiaomi Group is expected to announce its Q3 2025 results on November 18, with overall performance likely to be slightly below expectations due to lower smartphone gross margins and IoT revenue, while internet and electric vehicle businesses are expected to meet projections [1] Summary by Categories - **Earnings Announcement** - Xiaomi Group is set to release its Q3 2025 earnings on November 18 [1] - **Performance Expectations** - Overall performance is anticipated to be slightly below Citi's expectations [1] - Key factors contributing to this outlook include lower-than-expected smartphone gross margins and IoT revenue [1] - Internet business and electric vehicle business performance is expected to align with projections [1]

Core Viewpoint - Xiaomi Group's stock experienced a significant decline, reaching a new low since April 2023, primarily due to expectations of lower-than-expected earnings in the upcoming Q3 2025 report [1] Financial Performance Expectations - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decrease of 5% [1] - The decline in smartphone gross margins and IoT revenue is attributed to unfavorable regional mix and rising memory prices, while internet and electric vehicle businesses are expected to meet projections [1] Business Segment Analysis - Huatai Securities anticipates that Xiaomi's automotive business may achieve profitability in Q3 [1] - Despite challenges in the smartphone sector due to rising storage costs, the company is maintaining a high-end strategy, which is expected to mitigate some industry pressures, with a projected gross margin of around 11% for the second half of the year [1] - The IoT business is expected to maintain strong gross margins, even with the impact of reduced government subsidies on revenue growth, as there were no promotional events in Q3 [1] - The internet business continues to show steady performance [1]