TOP3大新闻 香港高等法院驳回宗馥莉上诉申请，案件维持原判 9月26日，香港法院再审娃哈哈创始人遗产纠纷案，宗馥莉方不服8月裁决提出上诉，法庭驳回其全部五项请求，维 持原判。 今日热点导览 9月26日下午4点，娃哈哈创始人宗氏家族的遗产纠纷案在香港再度进行聆讯。此次聆讯主要围绕被告方（即宗馥莉 及Jian Hao）在8月1日法庭裁决之后提出的上诉申请展开。8月1日，该案件曾进行过一次聆讯。宗继昌三人于2025年 9月1日提交了书面答辩以提出异议，被告方宗馥莉于2025年9月8日提交了答辩状。宗馥莉方不服原裁决，提出了五 项上诉理由，法庭一一驳回，维持原判。（智通财经） 香港高等法院驳回宗馥莉上诉申请 京东原副总裁蔡磊发文，确认丧失语言能力 近日，渐冻症患者、京东前副总裁蔡磊妻子段睿透露其近况，称蔡磊已经完全没有语言能力了，胳膊、脚、脖子都 无法活动，目前仅能吃一点流食。"如果他走了，我会真的很孤独"。9月25日晚，蔡磊在社媒发文：看到了大家很关 切我的现状，确实现在五体瘫软无法言语，压痛、口水、呛咳、吞咽、憋气每天都在折磨，但我还有眼睛和耳朵， 请大家放心，我每天依然在带领团队，科研、运营、合作、人事、财务 ...

9月26日，香港法院再审娃哈哈创始人遗产纠纷案，宗馥莉方不服8月裁决提出上诉，法庭驳回其全部五项请求，维持 原判。 整理 ｜晨曦 香 港高等法院驳回宗馥莉上诉申请，案件维持原判 小米法务部打击黑公关进展 中方再次就TikTok问题表明立场 阿里通义千问发布原生全模态大模型Qwen3-Omni 西贝旗下广州公司发生高管变更 苹果公司要求欧盟废除《数字市场法案》，欧盟委员会发言人强硬回应 9月26日下午4点，娃哈哈创始人宗氏家族的遗产纠纷案在香港再度进行聆讯。此次聆讯主要围绕被告方（即宗馥莉及Jian Hao）在8月1日法庭裁决之后提出的上诉申请展开。8月1日，该案件曾进行过一次聆讯。宗继昌三人于2025年9月1日提交了书 面答辩以提出异议，被告方宗馥莉于2025年9月8日提交了答辩状。宗馥莉方不服原裁决，提出了五项上诉理由，法庭一一驳 回，维持原判。（界面新闻） | | | | | DETROID OF STARTICING OF | | | | --- | --- | --- | --- | --- | --- | --- | | 第9章 | 林展园督委法官 | 上午 | 小額錢備墓載處上 王壇陵,宁白秋堂 ...

Group 1 - The core viewpoint of the report emphasizes stable automotive deliveries, competitive advantages in major appliances, and the potential catalyst from new smartphone releases [1][2] Group 2 - The company maintains revenue forecasts for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion [1] - The automotive delivery volume exceeded 30,000 units in July and August, indicating a strong outlook for surpassing the annual target of 350,000 units [1] - The automotive production capacity is expected to ramp up quickly due to accumulated supply chain experience and component reuse from the first-phase factory [1] Group 3 - The air conditioning segment saw a shipment volume of over 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates exceeding 50% for three consecutive quarters [2] - The new Wuhan factory is set to enhance the company's competitive edge in major appliances, complementing its new retail model [2] - Upcoming smartphone releases, including the Xiaomi 17 Pro and ProMax, are anticipated to drive improvements in revenue and gross margin in Q4 [2]

Investment Rating - The investment rating for Xiaomi Group is "Buy" [7]. Core Views - The report highlights that Xiaomi's automotive deliveries are stable, its major appliances maintain competitive advantages, and the upcoming smartphone releases may serve as significant catalysts for growth [3][4]. Financial Summary - Total revenue is projected to reach RMB 270,971 million in 2023, increasing to RMB 758,393 million by 2027, reflecting a compound annual growth rate (CAGR) of 18.2% [5]. - Gross profit is expected to grow from RMB 57,477 million in 2023 to RMB 188,736 million in 2027, with gross margin improving from 21.2% to 24.9% over the same period [5]. - Adjusted net profit is forecasted to rise significantly from RMB 19,273 million in 2023 to RMB 83,643 million in 2027, indicating a strong growth trajectory [5]. Automotive Segment - Xiaomi's automotive deliveries have consistently exceeded 30,000 units in July and August, positioning the company to potentially surpass its annual target of 350,000 deliveries for 2025 [11]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production experience [11]. Home Appliances Segment - The air conditioning segment has seen a significant increase, with shipments exceeding 5.4 million units in Q2 2025, representing a year-on-year growth of 60% [11]. - The new Wuhan factory is anticipated to enhance Xiaomi's competitive edge in the major appliances market [11]. Smartphone Segment - The upcoming launch of the Xiaomi 17 Pro and ProMax is expected to be a key catalyst, with pre-orders reportedly doubling compared to the previous generation [11]. - The report suggests that the new smartphone releases could lead to improved revenue and gross margin performance in Q4 [11].