如今七年过去，美好的事情已经发生。 11月18日，小米集团发布2025年第三季度财报，单季营收1131亿元、连续四个季度破千亿；经调整净利 润113亿元、同比大增80.9%。 而最受关注的小米汽车业务，本季度收入达283亿元，同比增长197.9%。这也是该板块首次实现单季度 经营收益转正，斩获7亿元经营收益，同时毛利率提升至25.5%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 本文来自微信公众号：汽车商业评论，编辑：张南，作者：推动新汽车向前进 "优秀的公司赚取利润，伟大的公司赢得人心，厚道的人运气不会太差，请和我们一起，永远相信美好 的事情即将发生。" 这是2018年7月15日，小米上市后遭遇股价低迷时，创始人雷军在微博上写下的创业理念。 这句话曾感动万千"米粉"，也曾陪伴雷军一起登上2019年8月的《财富》杂志。 但是，不那么美好的事情也再次发生。 就在交出了一份被媒体称为"历史最佳"的财报之后，小米却在资本市场遭遇了"滑铁卢"——财报发布次 日，股价下跌4.81%，市值一度跌破万亿港元大关。 11月24日，在雷军个人斥资超1亿港元增持260万股后，小米集团市值约为9980亿港元 ...

年末欢聚 ，共启新程! 就在交出了一份被媒体称为"历史最佳"的财报之后，小米却在资本市场遭遇了"滑铁卢"——财报发布次日，股价下跌4.81%，市值一度跌破万亿港 元大关。 撰 文 | 常 笑 编 辑 | 张 南 设 计 | 甄 尤 美 "优秀的公司赚取利润，伟大的公司赢得人心，厚道的人运气不会太差，请和我们一起，永远相信美好的事情即将发生。" 11月18日，小米集团发布2025年第三季度财报，单季营收1131亿元、连续四个季度破千亿；经调整净利润113亿元、同比大增80.9%。 这是2018年7月15日，小米上市后遭遇股价低迷时，创始人雷军在微博上写下的创业理念。 而最受关注的小米汽车业务，本季度收入达283亿元，同比增长197.9%。这也是该板块首次实现单季度经营收益转正，斩获7亿元经营收益，同时 毛利率提升至25.5%。 这句话曾感动万千"米粉"，也曾陪伴雷军一起登上2019年8月的《财富》杂志。 如今七年过去，美好的事情已经发生。 但是，不那么美好的事情也再次发生。 11月24日，在雷军个人斥资超1亿港元增持260万股后，小米集团市值约为9980亿港元，相较今年6月27日创下的历史最高市值1.6万亿港元 ...

凤凰网科技讯 12月8日，小米手机官方宣布，小米17Pro系列背屏截屏功能上新，包含纯净截屏、截屏 +半幅机身、截屏+完整机身三种模式。现已开始推送更新，预计12月中下旬全量推送完成，用户需将 系统升级至最新版本。 稍早前，小米官方发文称，小米17 Pro系列背屏功能又迎来了一波新功能，目前正在陆续推送中。在壁 纸体验方面，新增了电子宠物、动态照片/视频壁纸，让背屏的玩法更丰富，也更个性化。此外还支持 个性化内容分享，包括背屏带壳截屏、AI壁纸保存相册等。 ...

Core Insights - The Hong Kong stock market saw a net inflow of 87.19 billion HKD from northbound trading on October 31, with 57.72 billion HKD from the Shanghai Stock Connect and 29.47 billion HKD from the Shenzhen Stock Connect [1] Group 1: Net Inflows and Outflows - The most bought stocks included Xiaomi Group-W (01810), Meituan-W (03690), and Sanofi Pharmaceutical (01530) [1] - The most sold stocks included Tencent (00700), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Stock Performance Details - Xiaomi Group-W (01810) had a net inflow of 6.46 billion HKD, supported by optimistic forecasts for its smartphone and electric vehicle businesses [5] - Meituan-W (03690) received a net inflow of 4.64 billion HKD, with news of its international food delivery brand Keeta launching operations in Brazil [5] - Sanofi Pharmaceutical (01530) saw a net inflow of 754.6 million HKD, following the registration of a new cancer treatment in clinical trials [5] Group 3: Notable Sell-offs - Tencent (00700) experienced a net outflow of 12.19 billion HKD, amid increased short-selling activities in the market [7] - SMIC (00981) faced a net outflow of 7.11 billion HKD, as the semiconductor sector reacted to potential changes in AI chip export policies [8] - Hua Hong Semiconductor (01347) had a net outflow of 4.73 billion HKD, reflecting broader trends in the chip industry [8]

Core Points - Tmall's "Double 11" event is offering significant discounts, including a base 15% off and additional no-threshold 10% coupons, industry-specific coupons, and shopping credits [1] - Multiple promotional rights will be released at midnight, creating an optimal shopping opportunity for consumers [1] Discounts and Promotions - 88VIP coupons are being issued with a no-threshold 10% discount, which can be combined with other platform discounts [18] - Consumers can receive up to 10,000 yuan in category coupons across over 15 popular categories, including beauty, apparel, and food [19] - A new "Beauty Brand Sale" is introduced, offering discounts as low as 20%, with specific products significantly reduced in price [20] - Over 180 outdoor sports brands are participating, offering store-wide coupons that can be combined with platform discounts for up to 50% off [21] - New smartphone models, such as the iPhone 17 Pro, come with surprise coupons worth 300 yuan, while Huawei offers discounts up to 1,500 yuan [22] - Home appliances and furnishings can be purchased at 50% off after applying multiple discounts, including a base 15% off, 10% coupons, and up to 20% in national and brand subsidies [23] - Pet brands are also offering discounts, with some products available for as low as 54% off after applying various coupons and shopping credits [24] Event Duration - The Tmall "Double 11" event will run until November 14 at midnight, encouraging consumers to take advantage of the best deals of the year [25]

Core Viewpoint - The article discusses the controversy surrounding Xiaomi's marketing practices, particularly the use of small print disclaimers that often accompany bold claims in their advertisements, leading to consumer skepticism and criticism [2][20][30]. Group 1: Xiaomi's Marketing Practices - Xiaomi's recent announcement of the YU7's performance in a winter endurance test was overshadowed by a comment questioning the presence of small print disclaimers, which received significant attention in the comments section [2][3]. - The term "small print" has become synonymous with Xiaomi's marketing, as consumers have learned to scrutinize advertisements for hidden disclaimers following previous controversies [3][10]. - The article highlights that Xiaomi's marketing tactics, such as claiming to be the "king of endurance," often come with disclaimers that dilute the impact of the claims, leading to public mockery and distrust [20][22][30]. Group 2: Industry Context - The use of small print disclaimers is not unique to Xiaomi; it is a common practice across various industries, where companies use bold claims to attract attention while hiding critical information in fine print [8][9]. - The article cites examples from other sectors, such as food and skincare, where misleading marketing practices are prevalent, indicating a broader industry issue [8][9]. - The criticism of Xiaomi's marketing reflects a growing consumer awareness and demand for transparency, as consumers are now more inclined to verify claims rather than take them at face value [26][30]. Group 3: Consumer Trust and Brand Reputation - The article emphasizes that while bold marketing can generate initial interest, long-term consumer trust is built on product quality and transparency rather than clever advertising [27][30]. - The backlash against Xiaomi's marketing strategies could lead to a decline in brand loyalty, as consumers feel misled by exaggerated claims that are later qualified by small print [24][30]. - The article concludes that for Xiaomi to maintain its market position, it must shift its focus from short-term marketing gimmicks to delivering genuine product value and fostering customer trust [30].

Core Viewpoint - 招银国际 expects Xiaomi Group-W (01810) to achieve a year-on-year adjusted net profit growth of 60% to 10.01 billion RMB in Q3, aligning with market expectations [1] Group 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 target price for Xiaomi has been adjusted from 62.96 HKD to 61.3 HKD, while maintaining a "buy" rating [1] Group 2: Future Outlook - The outlook for Q4 remains positive, 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 improvements in profitability and potential capacity expansion [1] - The internet business is projected to grow steadily, with an expected gross margin of 75% [1] Group 3: Adjustments to Profit Forecasts - The adjusted net profit forecasts for fiscal years 2025 to 2027 have been slightly reduced by 3% to 4% to account for weak smartphone performance, electric vehicle breakeven in Q3, and rising BOM costs [1]

Core Viewpoint - The article discusses the decline of Xiaomi's brand appeal and consumer trust, highlighting a recent incident involving the Xiaomi SU7 vehicle that exposed serious safety flaws, leading to a significant backlash against the company and its marketing strategies [3][21][28]. Group 1: Marketing and Consumer Perception - Xiaomi's marketing narrative, once captivating, has lost its effectiveness as consumers are now more critical and less willing to buy into emotional stories [3][21]. - The recent presentation by Lei Jun, Xiaomi's CEO, was met with indifference from the audience, contrasting sharply with previous years where such events were celebrated by fans [6][9]. - Consumers are increasingly frustrated with Xiaomi's product delivery and service issues, as evidenced by numerous complaints during the presentation [8][21]. Group 2: Safety and Product Issues - A serious incident involving the Xiaomi SU7, where a vehicle caught fire due to a design flaw in the hidden door handle, has raised significant safety concerns [11][12]. - Industry experts criticized Xiaomi for prioritizing aesthetics over safety, highlighting the absence of physical door handles as a dangerous cost-cutting measure [14][16]. - The SU7's advanced driver-assistance system has also been flagged for reliability issues, leading to a recall of over 110,000 vehicles [16][18]. Group 3: Trust and Brand Reputation - The safety crisis has resulted in a breakdown of trust between consumers and Xiaomi, as reflected in the negative reception of Lei Jun's speech [21][30]. - Xiaomi's attempts to replicate its successful smartphone marketing strategies in the automotive sector have backfired, revealing a lack of understanding of the complexities involved in car manufacturing [23][26]. - The company faces a critical challenge in restoring consumer trust, which requires a focus on delivering safe, reliable products and transparent communication [30].

Core Viewpoint - Lei Jun's sixth annual personal speech, themed "Change," received a significant amount of negative feedback, contrasting with the positive reception of his previous speeches [1][2][5] Group 1: Audience Reaction - The comments on the speech were largely negative, focusing on product quality issues, excessive marketing, and a general fatigue with Lei Jun's narrative of hard work and struggle [7][8] - Many viewers expressed confusion over Lei Jun's sudden decline in popularity, especially after a successful year with the launch of the Xiaomi Su7 and the fulfillment of the car manufacturing promise [9][19] - The audience's sentiment reflects a shift from admiration to skepticism regarding Lei Jun's storytelling and the company's direction [21][35] Group 2: Narrative Challenges - Xiaomi's corporate narrative faces significant challenges, as effective storytelling is crucial for organizational cohesion and customer engagement [22][23] - Lei Jun's previous "weakness" narrative, which resonated with audiences during difficult times, is becoming less effective as the company grows and faces new challenges [30][34] - The current technological landscape has shifted towards a demand for more robust and innovative products, leading to criticism of Xiaomi's technological capabilities [39][42] Group 3: Market Context - The automotive industry is becoming increasingly competitive, with higher consumer expectations for safety, design, and experience in electric vehicles [41][42] - As new hard-tech companies emerge, there is a growing public expectation for Xiaomi to demonstrate stronger technological advancements [39][40] - Xiaomi is perceived as needing a significant breakthrough in its product offerings to meet these evolving market demands [43]

Group 1 - Pop Mart's revenue surpasses Disney for the first time, with the price of blind boxes skyrocketing to 1499 yuan, indicating strong market demand [4][1] - The secondary market price for the hidden "Little Bear Biscuit" pendant has surged to 929 yuan, a 16-fold increase from the official price of 59 yuan [4] - The overall price for a complete box has increased from 354 yuan to 1499 yuan, with over 3000 clicks on the platform indicating consumer interest [4] Group 2 - Gold prices have surged, with spot gold breaking the 3850 USD mark, reaching a record high of 3851.879 USD per ounce [3][4] - This price increase has been ongoing for seven consecutive days, surpassing the previous high of 3834.12 USD per ounce [4] Group 3 - Xiaomi's 17 Pro model has gained popularity due to its unique "back screen" feature, which has sparked discussions on social media [3][4] - The concept of "pain machines" is derived from Japanese "otaku culture," where items are customized with anime and game elements [4] Group 4 - Yu Chengdong has been appointed to lead Huawei's IRB, with the appointment personally signed off by Ren Zhengfei [5] - Jensen Huang has sold 225,000 shares of NVIDIA, cashing out over 40 million USD [6] - Apple had plans to launch an 8GB budget iPad, with a prototype recently exposed [6]