来源：市场投研资讯 海口市美兰区人民法院审理后认为，本案中小米汽车相关格式条款"不公平、不合理"，应认定无效，且 其违反了诚实信用原则，故判决小米海口公司须双倍返还购车定金10000元。 （来源：雷达Finance） 雷达财经出品 文|周慧 编|深海 近日，全国首例针对小米汽车"未交车催收尾款"的购车纠纷案迎来了一审判决。 据多家媒体报道，此次案件系小米海口公司2024年12月单方面安排车辆下线，并要求消费者在收到付款 通知后7日内付清尾款，由于未能验车且自身资金周转问题，该消费者未支付尾款，小米汽车遂取消订 单并没收5000元定金，双方由此产生纠纷。 上述案件并非月内小米汽车首个司法纠纷。11月24日，小米汽车"挖孔机盖"涉嫌虚假宣传案件进行了开 庭质证。 小米方面在此前临时提交的证据中表示，雷军曾多次表达"不建议购买"，且已删去微博中关于轮毂散热 的相关表述，"不应视为对消费者的误导"，"非故意虚假宣传"。这被一些媒体解读为小米法务"背刺"雷 军。 值得关注的是，雷军遭遇了"口碑危机"。灰豚数据显示，近一个月雷军掉粉69.9万。 与此同时，小米市值出现下跌，最新市值较年内高点缩水超5500亿港元。 未验车 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：贵公司是小米汽车、小米手机供应商吗？ 京东方Ａ（000725.SZ）11月26日在投资者互动平台表示，小米是公司的客户。 ...

Core Insights - Xiaomi Group reported Q2 2023 revenue of 67.35 billion RMB, exceeding market expectations of 65.13 billion RMB, but down 4% year-on-year from 70.17 billion RMB. Net profit reached 3.67 billion RMB, up 168.5% year-on-year, surpassing the forecast of 3.16 billion RMB. Adjusted net profit was 5.14 billion RMB, a 147% increase year-on-year [1][1][1] Financial Performance - Revenue for Q2 2023 was 67.35 billion RMB, compared to 65.13 billion RMB expected by the market and 70.17 billion RMB in the same period last year, indicating a 4% year-on-year decline [1] - Net profit for Q2 2023 was 3.67 billion RMB, significantly higher than the expected 3.16 billion RMB, marking a 168.5% increase year-on-year [1] - Adjusted net profit under non-IFRS was 5.14 billion RMB, reflecting a 147% year-on-year growth [1] Mobile Business Insights - Xiaomi's mobile sales showed a recovery in Q2 despite a global decline in smartphone sales, with expectations for continued growth in Q3 [1][2] - The company emphasized focusing on internal capabilities and product quality rather than competitor actions, suggesting that new product launches by competitors would not significantly impact Xiaomi's strategy or sales expectations [2] Inventory and Cost Management - Xiaomi reported a significant reduction in both internal and channel inventory, indicating a healthy inventory status [3][4] - The company achieved a historical high in mobile gross margin during Q2, attributed to improved pricing and cost control measures [3][4] - Xiaomi's cost advantages stem from scale effects and enhanced self-research capabilities, particularly in areas like screen production and camera technology [5][6] IoT Market Performance - Xiaomi's IoT business showed strong performance in China, particularly in major appliances and tablets, with expectations for inventory adjustments in overseas markets by Q4 2023 [11][12] - The global consumer electronics market is recovering slowly, but a smaller decline is anticipated in 2024 compared to 2023 [11] Internet Services and AI Strategy - Xiaomi's internet services revenue reached a historical high in Q2, with a focus on increasing average revenue per user (ARPU) through a growing base of high-end users [12][14] - The company is investing in AI, with plans to integrate AI capabilities into products and improve internal operations, including a significant investment fund for AI development [22][24] Global Market Expansion - Xiaomi is focusing on optimizing its market structure in Europe and exploring growth opportunities in the Middle East and Latin America, with a potential strategy for entering African markets [16][17][18] - The company remains confident in its ability to rebound in the Indian market after facing challenges in Q2 [18] Cost Control and Management Efficiency - Xiaomi has made significant progress in cost reduction, with a notable decrease in operational expenses compared to the previous year, indicating effective management reforms [19][21] - The company aims to balance scale and profitability while continuing to enhance operational efficiency across all departments [19][21]

Core Insights - Lei Jun, the founder, chairman, and CEO of Xiaomi Group, invested over 100 million HKD to purchase 2.6 million shares at an average price of approximately 38.58 HKD per share, increasing his shareholding to 23.26% [1] - Xiaomi's stock price surged in early trading on November 25, recovering above the 40 HKD mark, closing at 40.34 HKD per share, with a market capitalization of approximately 1.05 trillion HKD [3] - The board views Lei Jun's share purchase as a strong indication of his confidence in the company's growth potential and long-term commitment [6] Financial Performance - In Q3, Xiaomi reported total revenue of 113.1 billion RMB, a year-on-year increase of 22.3% [6] - Revenue from the mobile and AIoT segment was 84.1 billion RMB, up 1.6% year-on-year, while the smart electric vehicle and AI innovation segment reached a record high of 29 billion RMB, growing by 199.2% [6] - Adjusted net profit for Q3 was 11.3 billion RMB, marking a historical high with an 80.9% year-on-year increase [6] - The smart electric vehicle and AI innovation segment achieved operational profitability for the first time in a single quarter, with an operating profit of 700 million RMB [6] Stock Buyback Activity - Xiaomi has repurchased 21.5 million shares on November 20 and 21, with total expenditures exceeding 800 million HKD [6] - The total amount spent on share buybacks this year has surpassed 2.3 billion HKD, positioning Xiaomi among the top in buyback activity within the Hong Kong tech sector [6] Automotive Milestones - On November 20, Lei Jun announced the production of the 500,000th Xiaomi vehicle, emphasizing the company's commitment to safety, delivery, technological innovation, and the integration of AI and smart manufacturing [7] - Xiaomi's automotive division aims to meet its annual delivery target of 350,000 vehicles by the end of the week [8]

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Core Viewpoint - Xiaomi Group demonstrates strong confidence in its future growth through significant stock buybacks and personal share purchases by its founder, Lei Jun, indicating a positive outlook for the company [1][3]. Group 1: Stock Buybacks and Shareholding - Lei Jun, the founder and CEO of Xiaomi Group, personally invested over 100 million HKD to acquire 2.6 million shares, increasing his shareholding to 23.26% [1]. - Xiaomi Group executed substantial stock buybacks on November 20 and 21, repurchasing 21.5 million shares for over 800 million HKD, bringing the total buyback amount for the year to over 2.3 billion HKD, positioning it among the top in the Hong Kong tech sector [3]. Group 2: Financial Performance - In Q3, Xiaomi Group reported a total revenue of 113.1 billion CNY, reflecting a year-on-year growth of 22.3%, while adjusted net profit reached 11.3 billion CNY, marking an 80.9% increase [3]. - The company's core business in smartphones and AIoT continues to grow steadily, with innovative sectors like smart electric vehicles and AI accelerating towards profitability, achieving a milestone of 500,000 electric vehicles produced, the fastest record for a global new energy vehicle company [3].

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 despite recent market challenges [2][4]. Group 1: Stock Buyback and Shareholding - Lei Jun has purchased 2.6 million shares, raising his ownership to 23.26% [2]. - Xiaomi has conducted significant stock buybacks, repurchasing 21.5 million shares on November 20 and 21, totaling over HKD 800 million [2]. - The total buyback amount for the year has exceeded HKD 2.3 billion, positioning Xiaomi among the top tech stocks in Hong Kong for buyback activity [3]. Group 2: Market Performance and Valuation - Xiaomi's market capitalization has declined significantly, losing over HKD 530 billion from September 25 to November 19, which surpasses the combined market cap loss of competitors NIO, Li Auto, Xpeng, and Leap Motor (approximately HKD 500 billion) [3]. - The company's stock performance reflects broader market challenges faced by tech stocks in Hong Kong [3]. Group 3: Financial Performance and Growth - In Q3, Xiaomi reported total revenue of CNY 113.1 billion, a year-on-year increase of 22.3%, and adjusted net profit of CNY 11.3 billion, up 80.9% [4]. - The core business of smartphones and AIoT is showing steady growth, while innovative sectors like electric vehicles and AI are accelerating towards profitability [4]. - Xiaomi's automotive division achieved a milestone with the production of its 500,000th electric vehicle, marking the fastest record for a global new energy vehicle company [4].

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, reflecting confidence in its future despite recent stock price declines [1][4]. Group 1: Stock Buyback and Personal Investment - Lei Jun purchased 2.6 million shares at an average price of approximately HKD 38.58 per share, raising his ownership to 23.26% [1]. - Xiaomi has repurchased 21.5 million shares over two days, with total expenditures exceeding HKD 800 million [3]. Group 2: Financial Performance - For Q3 2025, Xiaomi reported total revenue of RMB 113.1 billion, a year-on-year increase of 22.3% [6]. - The mobile and AIoT segment generated RMB 84.1 billion, a 1.6% increase year-on-year, while the smart electric vehicle and AI segment reached RMB 29 billion, marking a record high with a 199.2% year-on-year growth [6]. - Adjusted net profit for Q3 was RMB 11.3 billion, a significant increase of 80.9% year-on-year [6]. Group 3: Innovations and Future Goals - The smart electric vehicle and AI segment achieved its first quarterly operating profit of RMB 700 million [7]. - Xiaomi's CEO announced the production of the 500,000th vehicle, emphasizing commitments to safety, delivery, technological innovation, and the integration of AI with smart manufacturing [7]. - The company aims to meet its annual delivery target of 350,000 vehicles by the end of the week [7].

Core Insights - Xiaomi achieved a significant milestone by producing its 500,000th vehicle in just 602 days, setting a record for global new forces in the automotive industry, while also reporting its first quarterly profit from its automotive business [1][3] - The automotive segment generated revenue of 28.3 billion yuan, accounting for 25.6% of the total revenue, with a quarterly operating profit of 700 million yuan and a gross margin of 25.5%, nearing that of traditional luxury brands [1][3] Group 1 - Xiaomi's CEO Lei Jun stated that the production of 500,000 vehicles validates the company's complete system capabilities, which stem from long-term technological investments [2] - In Q3, Xiaomi's R&D expenditure reached 9.1 billion yuan, a year-on-year increase of 52.1%, with a total R&D investment of 23.5 billion yuan in the first three quarters, supported by a workforce of 24,000 R&D personnel [2] - The integration of Xiaomi's mobile phone ecosystem with its automotive offerings creates a unique user experience, allowing seamless interaction between users' smartphones and vehicles [2] Group 2 - Despite strong performance, the automotive industry faces challenges in 2026, including changes in tax subsidy policies and intensified competition, which may impact demand and profit margins [3] - The competitive landscape is evolving, with new forces accelerating model iterations and traditional automakers deepening their electrification efforts, necessitating continuous innovation and cost control from Xiaomi [3] - The success of cross-industry ventures like Xiaomi's in automotive manufacturing is attributed to systematic integration of technology, ecosystem collaboration, and manufacturing capabilities, rather than short-term market hype [3][4]