Group 1 - The core viewpoint is that Xiaomi's automotive delivery volume is expected to exceed 40,000 units by September 2025, showcasing its enhanced product innovation and operational capabilities [1] - Xiaomi's monthly delivery volume of automobiles surpassed 30,000 units for the first time in July 2025 and further exceeded 40,000 units in September 2025, indicating strong production capacity expansion [1] - The company has introduced a tax subsidy scheme to encourage consumers to place orders by the end of November 2025, which is expected to support the achievement of annual delivery targets and future growth in the automotive business [1] Group 2 - In the smartphone sector, Xiaomi maintained a global market share of 14% in Q3 2025, ranking third globally [2] - The launch of the new Xiaomi 17 series, featuring innovative functions, has driven a 30% increase in sales compared to the previous generation, with Pro versions accounting for over 80% of sales [2] - The company forecasts earnings per share of 1.63, 2.06, and 2.60 yuan for 2025-2027, with a target price of 71.65 HKD based on a 32x PE valuation for comparable companies in 2026 [2]

Core Viewpoint - Oriental Securities predicts Xiaomi Group-W (01810) earnings per share for 2025, 2026, and 2027 to be 1.63, 2.06, and 2.60 CNY respectively, with a target price of 71.65 HKD based on a 32x PE valuation for comparable companies in 2026, maintaining a buy rating [1] Group 1: Automotive Business - Xiaomi's monthly car delivery exceeded 40,000 units in September 2025, showcasing strong production capacity expansion [3] - The company launched a tax subsidy scheme on October 24, 2025, allowing consumers to lock in orders by the end of November 2025, which is expected to support the annual car delivery target and future growth [3] Group 2: Product Innovation - Xiaomi's innovation and execution capabilities have significantly improved, enhancing its competitive edge in technology and product manufacturing, which is expected to drive growth across its automotive, home, and mobile businesses [2] - The Xiaomi 17 series smartphone, launched on September 25, 2025, features multiple innovative functions and has seen a 30% increase in sales compared to the previous generation, with the Pro version accounting for over 80% of sales [4] Group 3: Market Position - In Q3 2025, Xiaomi maintained a stable global smartphone market share of 14%, ranking third worldwide [4]

智通财经APP获悉，东方证券发布研报称，预测小米集团-W(01810)25-27年每股收益分别为 1.63/2.06/2.60元(原预测为1.64/2.10/2.61元，主要调整了营业收入及部分损益项)。根据可比公司26年32 倍PE估值，对应目标价为71.65港币(人民币港币汇率采用1:1.094)，维持买入评级。 东方证券主要观点如下： 事件：根据小米汽车公众号，2025年9月小米汽车交付量超过40000台。 2025年7月小米汽车月交付量单月首次超过30000台，而9月份则进一步突破40000台，展现出出色的产能 扩充能力。随着新产能持续落地爬坡，小米汽车交付能力有望持续提升。2025年10月24日小米推出跨年 购置税补贴方案，消费者在2025年11月底前锁单，在2026年较2025年多出的差额可通过购车尾款减免的 方式进行补贴。该行认为，小米从产能扩充及补贴措施等方面持续发力，有望助力全年汽车交付量目标 完成，并为汽车业务未来持续成长奠定良好基础。 小米产品创新与落地能力持续强化 部分投资者认为小米在技术创新和落地能力上仍有不足之处，对人车家各项业务的成长持续性有一定担 忧。该行认为，小米在新功能研发 ...

小米集团-W 01810.HK 公司研究 | 动态跟踪 汽车交付量及小米 17 系列销量亮眼 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 1.63/2.06/2.60 元（原预测为 1.64/2.10/2.61 元，主要调整了营业收入及部分损益项）。根据可比公司 26 年 32 倍 PE 估值，对 应目标价为 71.65 港币（人民币港币汇率采用 1：1.094），维持买入评级。 风险提示 | 韩潇锐 | 执业证书编号：S0860523080004 | | --- | --- | | | hanxiaorui@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 021-63326320 | | 薛宏伟 | 执业证书编号：S0860524110001 | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | 公司主要财务信息 | ...

Core Insights - The article discusses the performance and market position of Xiaomi smartphones based on 10 research reports from Counterpoint Research, highlighting growth in various regions and segments [4]. Group 1: Global Smartphone Market Performance - In Q3 2025, global smartphone shipments increased by 4% year-on-year, with Samsung and Apple leading the market. Xiaomi held a 14% share, showing a 2% year-on-year growth, particularly strong in Southeast Asia, the Middle East, and Latin America [5]. - The high-end smartphone market (>$600) saw an 8% year-on-year growth in H1 2025, with Xiaomi's high-end smartphone sales increasing by 55% year-on-year, mainly driven by the Chinese market [9]. Group 2: Regional Market Insights - In Indonesia, Xiaomi maintained a 21% market share in Q2 2025, benefiting from offline channel expansion and a diverse product lineup, despite a 7% decline in overall smartphone shipments [11]. - In Vietnam, Xiaomi launched the 5G-enabled Redmi Note 14, contributing to the 50% market share of 5G smartphones in Q2 2025 [13]. - In Latin America, Xiaomi achieved double-digit year-on-year growth in Q2 2025, solidifying its position in markets like Chile and Colombia, despite challenges in Brazil [17]. Group 3: Xiaomi's Strategic Developments - Xiaomi's Q2 2025 smartphone revenue decreased by 2% year-on-year, with a revised annual shipment target of approximately 175 million units, reflecting a 5%-6% growth expectation, which is significantly higher than the industry average [35]. - The company reported a 30.5% year-on-year revenue growth in Q2 2025, with substantial growth in its automotive and consumer electronics segments, showcasing its successful diversification strategy [40]. - Xiaomi's market share in China reached 15.7% in Q2 2025, with the brand maintaining growth through competitive pricing and promotions, despite a 2% decline in overall smartphone shipments in the country [28].

Core Insights - Xiaomi's 17 series launch in September set a record for domestic smartphone sales and revenue in 2025, showcasing the company's evolution from a startup to a competitive player against international giants [2] - The introduction of the "back screen" feature in the 17 series reflects Xiaomi's shift from merely competing in the smartphone market to innovating across a broader ecosystem, emphasizing the company's commitment to enhancing user experience through technology [3][4] Product Innovation - The "back screen" feature was developed to reignite user interest in smartphone functionalities, integrating hardware and software to improve user interaction in various scenarios like travel and food delivery [3] - Xiaomi invested approximately 1 billion yuan in research and production for the "back screen" feature in the 17 series, highlighting the company's focus on substantial R&D investment [3] Strategic Positioning - Xiaomi's high-end strategy, initiated in 2020, has evolved from learning from Apple to directly competing with it in product positioning and launch timing, marking a significant shift in the competitive landscape of the smartphone industry [4] - The company aims to build a "human-vehicle-home ecosystem," leveraging synergies between its smartphone, IoT, and automotive businesses to enhance user convenience and experience [5] Transformation Goals - Xiaomi is transitioning from an internet company to a "hardcore technology company," with a focus on global competitiveness and showcasing Chinese technological strength [6] - The company plans to increase its R&D investment to 30 billion yuan this year, nearly tripling its investment from five years ago, with a focus on core technologies like chips and AI [6] Market Strategy - Xiaomi emphasizes a "localization + model output" strategy for international expansion, aiming to adapt its successful domestic business model to global markets while respecting local regulations and market conditions [9] - The company seeks to avoid price wars and instead focuses on enhancing product value and innovation to stimulate demand and drive industry progress [8] Competitive Landscape - Xiaomi acknowledges the need to improve in foundational technology areas compared to global leaders, emphasizing the importance of global vision and compliance capabilities for successful international operations [10] - The company aims to achieve the position of "global hardcore technology leader" by mastering core technologies and fostering open innovation partnerships [11]

Group 1 - The core point of the article is that Guanghong Technology is a significant manufacturing partner for Xiaomi, providing manufacturing services for various popular mobile phones [2][3] - Guanghong Technology confirmed its involvement with Xiaomi but did not disclose specific models or specifications of the devices being manufactured [2]

Core Insights - The article highlights significant advancements in the flexible electronics sector in Jiangsu, particularly through the collaboration between Xiaomi and Lumi Blue New Materials Co., which has achieved mass production of new red OLED materials, breaking the long-standing monopoly of international giants in high-end display materials [1][6] Group 1: Technological Breakthroughs - The flexible electronics national key laboratory has made notable progress in various fields, including perovskite solar cells and LEDs, achieving a solar cell conversion efficiency of 24.1% under normal conditions and maintaining over 80% efficiency after extensive testing [3] - The laboratory has also innovated in full-screen printing technology, achieving a printing speed of 20 cm/s, which significantly lowers the production threshold for solar cells [3] - The laboratory's focus on perovskite LEDs has led to a breakthrough with luminous efficiency exceeding 20%, marking a significant milestone for China in this new technology sector [3] Group 2: Research and Development Ecosystem - The laboratory has established a collaborative research model, breaking down disciplinary barriers and enhancing the speed of technology transfer by partnering with multiple universities and industries [4][6] - The talent pool at the laboratory is robust, with 67% of researchers under 40 years old and a significant proportion having overseas research experience, which supports a strong foundation for innovation [2][6] - The laboratory's approach emphasizes practical applications of research, addressing industry challenges and collaborating with major companies like Xiaomi and BOE Technology Group to facilitate technology breakthroughs [3][4] Group 3: Future Outlook - Looking ahead, the laboratory plans to deepen the integration of industry and academia, focusing on national strategic needs and aiming to enhance the development of flexible sensing systems and high-end materials in the display industry [4][7] - The laboratory's development reflects Jiangsu's commitment to fostering a collaborative innovation ecosystem, which is expected to contribute to the province's goal of becoming a globally influential center for industrial technology innovation [6][7]

Group 1 - The article discusses the tragic car accident involving Chen Zhen, highlighting the impact on his family and his subsequent apology and commitment to cooperate with authorities for compensation [2] - The article reports on the significant drop in followers for the internet celebrity "Northeast Rain Sister," losing over 5 million followers in a year due to account restrictions [4] - Spring Airlines is considering a potential IPO in Hong Kong, with discussions ongoing about the scale and timing of the offering [4] - Xiaomi's new phone series, the Xiaomi 17, achieved over 1 million sales within just five days of its launch, indicating strong market demand [4] - Tesla reported record global deliveries of 497,000 vehicles in Q3, with a notable 31% increase in sales in the Chinese market [5] - Meta is tracking employee AI usage through a dashboard and gamification, aiming to increase AI tool engagement across teams [8] Group 2 - Jaguar Land Rover is preparing to provide up to £500 million (approximately $674 million) in loans to support its suppliers following a cyberattack that disrupted production [9] - Disney is shutting down Hulu and integrating its streaming services into Disney+, aiming for a unified application experience by 2026 [9] - Stellantis plans to invest approximately $10 billion in the U.S. to revitalize its operations and focus on key brands like Jeep and Ram [9] - OpenAI has acquired the personalized financial investment company Roi, enhancing its consumer AI offerings [11] - The Chinese electric vehicle charging infrastructure has seen significant growth, with charging volume during the recent holiday reaching 43.81 million kWh, a 51.33% increase year-on-year [14][15]

Core Viewpoint - The article highlights various marketing strategies and initiatives taken by different automotive brands in China during September 2025, showcasing how they leverage significant events and collaborations to enhance brand visibility and consumer engagement [4][5][6]. Group 1: Red Flag's Marketing Strategy - Red Flag's actions during the 93rd National Day parade included returning nearly 80 ceremonial cars to their owners, accompanied by a thank-you letter and a detailed vehicle inspection, which fostered a sense of pride among car owners [4][5]. - The brand's approach of combining emotional marketing with tangible actions has created a strong connection between the owners and the Red Flag brand, setting it apart from competitors who also attempted to capitalize on the event [5][6]. Group 2: Deep Blue's Brand Positioning - Deep Blue launched a promotional video titled "Running Chinese Cars," which honored 27 automotive brands while subtly positioning itself, emphasizing the collective growth of the Chinese automotive industry [6][9]. - The marketing strategy reflects a shift from aggressive competition to a more collaborative approach, aligning with the brand's new identity as a state-owned enterprise [9][10]. Group 3: Zeekr's Global Outreach - Zeekr hosted a "Global First Luxury Electric Car Diplomat Experience" event, inviting diplomats from 40 countries to experience its vehicles, aiming to establish a strong association with luxury and enhance its global presence [11][12]. - The event generated significant online engagement, with related topics on social media reaching over 210 million views, indicating a successful branding effort [14]. Group 4: NIO Day 2025 - NIO Day 2025 focused on the theme of "Growth," involving extensive user participation in creating a song and documentary, which reflects the brand's commitment to community and user engagement [15][17]. - The event was strategically timed to address year-end sales pressures and improve brand perception amidst challenges faced earlier in the year [17][18]. Group 5: Lantu's Cultural Integration - Lantu's "Era Fashion Night" showcased its vehicles in a culturally rich setting, emphasizing the integration of Chinese aesthetics with modern technology, aiming to establish a unique brand identity [19][20]. - The event highlighted Lantu's commitment to creating a luxury brand that resonates with Chinese cultural values, which is crucial in a competitive high-end market [22]. Group 6: Li Auto's Brand Evolution - Li Auto announced a partnership with celebrity Yi Yangqianxi, marking a shift in its marketing strategy from product-driven to a dual approach that includes brand ambassadors to attract younger consumers [23][26]. - This change comes in response to declining sales and aims to reposition the brand in the eyes of a younger demographic, enhancing its appeal [26][27]. Group 7: Leap Motor's Innovative Collaboration - Leap Motor collaborated with IKEA for a pop-up event, focusing on the concept of "space" in automotive design, which aligns with contemporary consumer preferences for lifestyle-oriented products [28][31]. - The event successfully increased foot traffic and sales, demonstrating the effectiveness of experiential marketing in the automotive sector [31]. Group 8: Great Wall's Endurance Race - Great Wall Motors' founder participated in a challenging endurance race, showcasing the reliability of its vehicles and reinforcing the brand's commitment to quality and performance [32][36]. - This hands-on approach by the founder enhances brand credibility and connects with consumers on a personal level, promoting a culture of adventure and resilience [36][37]. Group 9: BYD's Youth Engagement - BYD's "I Di New Generation 2025" event aimed to reshape its image by highlighting the talents of its young employees, fostering a connection with the younger audience [38][41]. - The initiative reflects BYD's strategy to engage with younger consumers through innovative and entertaining formats, moving away from traditional marketing methods [41]. Group 10: Xiaomi's Strategic Shift - Xiaomi's founder delivered a speech outlining the company's strategic shift towards becoming a "hardcore technology company," aiming to redefine its market position amidst challenges in the automotive sector [42][45]. - The speech, however, faced criticism for lacking substance and failing to address product-related issues, which negatively impacted investor confidence [45][46].