追觅方面表示，未来将持续加大在核心技术领域的研发投入，进一步完善协同高效的全屋智能生态系统，为全球用户打造一种智能生活和一个"懂你"的家。 （心月） 1月6日，追觅科技携"全屋智能生态"亮相2026 年国际消费电子展（CES 2026），呈现包括智能大家电、智能清洁、智能厨电、个护产品、智能庭院及智能 影音在内的全线核心产品，并首次展出具身智能扫地机、具身智能割草机等突破性创新成果。 追觅认为，随着智能算法能力与生态协同的持续迭代，AI将进一步成为全屋智能生态的关键驱动力，推动家庭生活在效率、体验与便捷性方面实现长期提 升。 在追觅的全屋智能生态背后，具身智能技术发挥着关键作用。作为当下行业关注的前沿方向，具身智能正在重塑智能设备与真实世界的交互方式。追觅持续 推进具身智能在家庭场景中的深度应用，不断强化感知、决策与执行等关键技术能力，推动扫地机器人、洗衣机、割草机等产品实现能力创新突破，具备自 主决策与动态执行能力。这一技术使产品不仅能够完成传统的清洁、洗涤等任务，还能在不断变化的环境中自主应对复杂情境，实现高度智能化操作。 追觅科技创始人兼CEO俞浩称："追觅希望以全屋智能生态产品为核心，为用户打造'主动 ...

Core Viewpoint - Xiaomi is undergoing significant personnel adjustments in its China operations, focusing on enhancing performance across its core business areas: smartphones, automotive, and home appliances. This restructuring aims to improve operational efficiency and resource allocation to growth sectors, particularly the automotive business, amidst performance pressures in the smartphone segment [3][5][6]. Personnel Adjustments - The position of General Manager for Sales Operations I has been taken over by Wang Xiaoyan, Senior Vice President and President of Xiaomi China. Guo Jinbao, General Manager of the Jiangsu branch, will now serve as General Manager for Sales Operations II, reporting to Wang. Zhang Jian, previously General Manager of the Automotive Sales and Service Department, has been appointed as General Manager of the New Retail Department [5][6]. - The restructuring is seen as a response to performance pressures in Xiaomi's China operations, with Wang Xiaoyan personally stepping in to drive performance improvements [5][6]. Business Performance Insights - In the smartphone sector, rising component prices are expected to create challenges for manufacturers in the coming year. Xiaomi's President Lu Weibing indicated that the market pressures in 2024 will be greater than in 2023, leading to anticipated price increases for related products [5][6]. - The automotive business has shown promising results, with Xiaomi's smart electric vehicle revenue reaching 28.3 billion yuan in Q3, marking the first quarter of operational profitability with earnings of 700 million yuan. However, a reduction in purchase tax subsidies next year may lead to a decline in gross margins for Xiaomi's automotive segment [6][7]. - The home appliance segment has faced challenges, with a 15.7% year-on-year decrease in revenue for smart home appliances in Q3, attributed to ongoing price wars in the home appliance industry [6][7]. Ecosystem Integration - The personnel changes are aimed at breaking down the existing silos between the smartphone, automotive, and home appliance sectors, which have previously operated independently. The goal is to enhance synergy and resource sharing among these business units [6][8]. - There is a focus on improving the efficiency of offline stores, with potential plans to close underperforming locations and concentrate resources on high-potential stores. As of Q3, Xiaomi had over 18,000 offline stores in China, with approximately 210 large stores exceeding 500 square meters [9]. - The restructuring is expected to facilitate user flow integration, allowing mobile stores to handle automotive inquiries and share channels for home appliances, ultimately enhancing customer experience [8][9].

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]

Core Insights - The company reported a significant increase in revenue and adjusted net profit for Q3 2025, with revenue reaching 113.1 billion yuan (up 22.3% year-on-year) and adjusted net profit at 11.3 billion yuan (up 80.9% year-on-year) [1] Automotive Business - The automotive segment achieved profitability in Q3, with vehicle deliveries reaching 108,796 units (up 173.4% year-on-year) [1] - Revenue from automotive and AI-related innovative businesses in Q3 was 29 billion yuan (up 199.2% year-on-year), with automotive revenue at 28.3 billion yuan (up 197.9% year-on-year) [1] - The average selling price (ASP) per vehicle was 260,000 yuan (up 9.0% year-on-year), driven by higher ASP from models SU7 Ultra and YU7 [1] - The gross margin for automotive-related businesses reached 25.5% in Q3, and the segment achieved a quarterly operating profit of 700 million yuan for the first time [1] Smartphone Business - The smartphone segment faced challenges due to rising storage costs, with Q3 shipments exceeding 43 million units (up 0.5% year-on-year) [2] - Revenue from the smartphone business was 46 billion yuan (down 3.1% year-on-year), primarily due to a decline in ASP, which was 1,062.8 yuan (down 3.6% year-on-year) [2] - The gross margin for the smartphone business was 11.1%, a decrease of approximately 0.6 percentage points year-on-year [2] - The company anticipates cost pressures in 2026 for smartphones, tablets, and laptops due to ongoing increases in the global memory market [2] IoT and Consumer Products - Revenue growth for IoT and consumer products slowed, with Q3 revenue at 27.6 billion yuan (up 5.6% year-on-year) [3] - Revenue from certain consumer products increased by 20.4%, while wearable products saw a 22.5% increase; however, revenue from smart home appliances decreased by 15.7% due to reduced shipments from subsidy cuts and increased competition [3] - The company’s smart appliance factory has commenced operations, with a planned peak annual capacity of 7 million units [3] Profit Forecast and Investment Recommendation - The company adjusted its net profit forecasts for 2025-2027 to 44.1 billion yuan, 52.4 billion yuan, and 65.3 billion yuan, respectively, from previous estimates of 43.1 billion yuan, 57.4 billion yuan, and 68.7 billion yuan [3] - Despite pressures on consumer electronics profitability from rising memory costs, the automotive segment's profitability is expected to offset some of these challenges, and the company maintains a "recommended" rating following recent valuation adjustments [3]

Group 1: Business Environment Optimization - The city has released a new batch of innovative application scenarios to optimize the business environment, focusing on 18 specific areas to enhance the operational experience of businesses [1] - The city aims to create a model business environment that fosters high-quality economic development through innovative thinking and practical methods [1][7] Group 2: Transportation and Logistics Solutions - The city has established a classification supervision mechanism based on "credit easy approval" to improve the efficiency of transporting large equipment, addressing the unique challenges faced by large-scale manufacturing enterprises [2] - A case study of Nanjing High Gear Manufacturing Co., Ltd. shows that by adopting a new transportation method, the company completed approximately 1850 transport tasks and saved nearly 2.5 million yuan in logistics costs [2] Group 3: Financial Services for Private Enterprises - The Nanjing Municipal Financial Service Center for private enterprises has been established to address financing difficulties, providing a platform for credit and investment matchmaking services [3] - The center collaborates with six financial institutions and offers comprehensive financial services, including regular business matching and roadshow events to support private enterprises [3] Group 4: Biopharmaceutical Industry Support - The city has introduced a "green channel" for the expedited customs clearance of special items in the biopharmaceutical sector, significantly reducing the approval time from a maximum of 20 working days to just 1-3 days [4] - This initiative aims to facilitate the rapid internationalization of biopharmaceutical companies, particularly in the fields of cell and gene therapy [4] Group 5: Streamlined Administrative Processes - The city has implemented a reform in the "one matter" process for enterprises going abroad, consolidating 16 required documents into a single set of 9, achieving a 75% material recognition and sharing rate [6] - This reform has led to a significant reduction in the preparation time for applications, with 41 companies receiving one-on-one guidance and a total investment amount of 238 million USD being involved [6] Group 6: Project Approval Efficiency - The Lishui District has optimized the project approval process, significantly reducing the time from signing to groundbreaking for major projects, exemplified by the rapid initiation of the Chasing Technology headquarters project [6] - The district has integrated multiple administrative functions to enhance the efficiency of project approvals, focusing on the three key stages of attracting, landing, and producing major projects [6]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with a revenue of 227.25 billion yuan, up 38.2% year-on-year, and a net profit of 21.51 billion yuan, up 69.8% year-on-year [1] - The automotive business achieved record revenue and sales, with Q2 revenue reaching 21.26 billion yuan, a year-on-year increase of 233.9%, and a narrowing operating loss [2] - The smartphone business showed strong performance in overseas markets despite a decline in domestic ASP, with Q2 revenue of 45.52 billion yuan, down 2.1% year-on-year [3] - The company maintained stable growth in R&D investment, with R&D expenses increasing by 35.8% year-on-year to 14.48 billion yuan in H1 2025 [4] Financial Performance - For H1 2025, the company achieved an operating profit of 26.56 billion yuan, up 177.5% year-on-year, and an EPS of 0.90 [1] - In Q2 2025, the company recorded an operating revenue of 115.96 billion yuan, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [1] Automotive Business - The automotive segment's Q2 revenue reached 21.26 billion yuan, with a record delivery of 81,300 vehicles, up 7.2% from Q1 [2] - The average selling price (ASP) of vehicles increased by 6.8% to 262,000 yuan, contributing to a Q2 automotive gross margin of 26.4%, up 11.0 percentage points year-on-year [2] - The company plans to enter the European market by 2027, leveraging high brand recognition to replicate its domestic success [2] Smartphone and IoT Business - The smartphone business saw a total shipment of 42.4 million units in Q2, with a 3.6% increase in domestic shipments [3] - The IoT and consumer products segment reported a revenue of 38.71 billion yuan, up 447% year-on-year, with major appliances achieving a 66.2% growth [3] R&D and Future Outlook - R&D expenses for H1 2025 were 14.48 billion yuan, with a focus on electric vehicles and AI technologies [4] - The company aims to achieve revenues of 497.73 billion yuan, 630.36 billion yuan, and 724.57 billion yuan from 2025 to 2027, with corresponding net profits projected at 41.72 billion yuan, 55.71 billion yuan, and 66.79 billion yuan [4]

Core Viewpoint - Cathay Securities reports that Xiaomi's Q2 performance shows significantly better-than-expected automotive profitability, with future capacity ramp-up needing observation [1] Group 1: Smartphone Performance - The smartphone segment remains resilient, outperforming the market, with notable success in high-end product offerings, leading to a positive long-term outlook on gross margins [1] Group 2: Home Appliances and Internet Revenue - Smart home appliances continue to reach new highs in innovation, while internet services contribute stable revenue [1] Group 3: Financial Forecasts - The company has revised its revenue forecasts for fiscal years 2025-2027 to 489.1 billion, 641.8 billion, and 758.4 billion yuan, up from previous estimates of 486.1 billion, 631.1 billion, and 756.9 billion yuan [1] - Adjusted net profit forecasts have also been increased to 45.4 billion, 68.1 billion, and 83.6 billion yuan, compared to prior predictions of 44.1 billion, 58.4 billion, and 72.8 billion yuan [1] - Target price has been raised to 77.5 HKD, maintaining a "buy" rating [1]

Core Insights - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking three consecutive quarters of over 100 billion yuan [1] - Adjusted net profit was 10.8 billion yuan, exceeding Bloomberg's expectation of 10.2 billion yuan, and representing a year-on-year increase of 75% [1] - The performance was driven by strong IoT business growth, improved EV gross margins, and a slight offset from a decline in smartphone revenue [1] Smartphone Segment - Q2 smartphone revenue was 45.5 billion yuan, down 2% year-on-year, with a gross margin of 11.5%, a decrease of 0.7 percentage points [1] - The average selling price (ASP) was 1,073 yuan, down 2.7% year-on-year [1] - The company adjusted its annual shipment target to 175 million units, emphasizing product structure over sales volume [2] IoT Segment - Q2 IoT revenue reached 38.7 billion yuan, a year-on-year increase of 45%, exceeding expectations [2] - The gross margin for IoT was 22.5%, down 2.7 percentage points quarter-on-quarter, primarily due to promotional activities [2] - Smart home appliances saw significant growth, with air conditioner shipments exceeding 5.4 million units, a year-on-year increase of over 60% [2] Electric Vehicle Segment - Q2 revenue from the electric vehicle (EV) segment was 21.3 billion yuan, with 81,300 units delivered and an ASP of 253,700 yuan [3] - The operating loss in this segment was reduced to 300 million yuan from 500 million yuan in Q1, with a gross margin of 26.4% [3] - The management maintained the annual delivery target of 350,000 units and expects to achieve operational profitability in the second half of 2025 [3] Future Outlook - The company has raised its revenue forecasts for 2025-2027 to 485.4 billion, 597.2 billion, and 725.8 billion yuan, respectively [3] - Adjusted net profit forecasts for the same period are now 43.6 billion, 51.2 billion, and 64.9 billion yuan [3] - The company aims to enter the European market by 2027 and plans to expand its sales and service network in Southeast Asia and Europe [2][3]

Core Viewpoint - DBS analysts believe that Xiaomi Group-W (1810.HK) is likely to see an increase in valuation due to its continuous market share growth across various business segments [1] Group 1: Business Performance - The company's profit margin expansion driven by the Internet of Things (IoT) business and steady growth in the electric vehicle (EV) sector is expected to offset the drag from the sluggish global smartphone growth in the long term [1] - IoT has become a structural profit driver for the company, showing widespread growth [1] - Xiaomi's market share in smart home appliances (air conditioners, refrigerators, washing machines, etc.) continues to increase [1] Group 2: Cost Management - The company is achieving cost savings through its own manufacturing and automation capabilities, which, combined with economies of scale, will continue to support structural improvements in its gross margin [1] Group 3: Analyst Rating - DBS maintains a "Buy" rating on Xiaomi [1]

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]