中国企业正加速全球化布局，外贸领域向质量效益与创新驱动转型。作为国际科技创新中心，北京以制度创新为 核心，深化要素改革、对接国际经贸规则，构建贯通研发至全球价值链的创新生态，为企业在智能科技、绿色贸 易、数字服务等前沿领域提升竞争力提供支撑。 路径揭秘：北京企业全球化背后的"京派"逻辑 在利亚德（300296）的展厅里，光的边界被悄然抹去，现实与数字在此交融。参观者的身影被实时捕捉，成为光 影画卷的一部分；历史场景在眼前重建，未来城市在指尖展开——真实与虚幻成了同一场沉浸叙事的两个维度。 作为产品总监，孙峥已在利亚德工作十余年。谈起产品与技术，他如数家珍。在集团总部，他不仅向记者清晰梳 理了显示技术的迭代脉络，更分享了利亚德在全球化布局中的实战经验与战略思考。 在此生态赋能下，北京新质外贸主体呈现出集群化出海、高端化布局的强劲态势。2025中关村论坛年会上，一组 数据吸引社会目光：当前，中国共有独角兽企业409家，占全球独角兽企业数量的近30%。其中，北京市独角兽企 业115家、总估值5949亿美元，数量和估值持续保持全国第一。这些独角兽企业里，有跨境业务或"出海"规划的企 业不在少数。 北京企业的出海模式正 ...

新华财经北京12月30日电（记者王艳刚）联想集团副总裁、中国首席战略官、中国技术管理委员会执行 主席阿不力克木·阿不力米提（简称"阿木"）近日在2025联想天禧AI生态伙伴大会上表示，个人AI是下 一个阶段创新和普惠的关键方向，个人AI要实现规模化、可信赖、可持续演进，需要全产业链协同共 建。 IDC数据显示，2025年，了解过智能体的中国用户占比提升了24个百分点，实际使用过智能体的用户占 比逼近50%。 阿木强调，个人AI的崛起正在重塑产业架构，正形成以个人为中心的、分布式的"整合层、服务层、能 力层"三层架构。整合层将个人超级智能体、AI终端和可信的个人云进行深度整合，并交付于用户；服 务层是围绕着学习、工作、出行、娱乐、生活等各类场景，由个人超级智能体调度后直接交付；能力层 则包括模型厂商、算力厂商、操作系统厂商、安全保障服务提供商，以及广泛的设备技术和感知组件创 新厂商，提升个人超级智能体及个人云的运行效率。 目前，Intel、AMD、高通、联发科、苹果、英伟达等厂商不断推出面向AI推理优化的新一代芯片，更 大算力支持多模态、连续记忆和个性化服务，为个人AI的落地提供坚实支撑。 基于对个人AI产业发 ...

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 截至发稿，奥比中光市值为347亿元。 每经AI快讯，奥比中光（SH 688322，收盘价：86.5元）12月26日晚间发布公告称，公司限售股份约 2643.61万股将于2026年1月7日解禁并上市流通，占公司总股本比例为6.59%。 2024年1至12月份，奥比中光的营业收入构成为：AIoT占比52.82%，生物识别占比40.93%，工业三维测 量占比4.69%，其他占比0.92%，其他业务占比0.64%。 ...

每经AI快讯，奥比中光（SH 688322，收盘价：82元）12月11日晚间发布公告称，公司第二届第二十二 次董事会会议于2025年12月11日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于修订 < 公司章程> 的议案》等文件。 2024年1至12月份，奥比中光的营业收入构成为：AIoT占比52.82%，生物识别占比40.93%，工业三维测 量占比4.69%，其他占比0.92%，其他业务占比0.64%。 （记者 曾健辉） 截至发稿，奥比中光市值为329亿元。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 ...

Core Insights - Dahua Technology is launching the "Dahua Pro Challenge 2025," aimed at showcasing innovations in AIoT (Artificial Intelligence of Things) [1] - The event emphasizes the themes "BUILD IT. SHOW IT. WIN IT." to encourage participation and innovation [1] - Fu Liquan, the founder of Dahua Technology, highlights the company's commitment to advancing technology and fostering collaboration within the industry [1] Group 1 - Dahua Technology is focusing on AIoT advancements through the Pro Challenge initiative [1] - The challenge aims to engage participants in demonstrating their innovative solutions [1] - The event is part of Dahua's broader strategy to enhance its market presence and technological leadership [1]

Company Overview - Aobi Zhongguang (SH 688322) announced the convening of its 2025 second board meeting on November 28, 2023, to discuss the proposal for the reappointment of the accounting firm for the 2025 fiscal year [1] - The current market capitalization of Aobi Zhongguang is 33.1 billion yuan [1] Revenue Composition - For the fiscal year 2024, Aobi Zhongguang's revenue composition is as follows: - AIoT accounts for 52.82% - Biometric recognition accounts for 40.93% - Industrial 3D measurement accounts for 4.69% - Other businesses account for 0.92% - Additional other business accounts for 0.64% [1]

Xiaomi Corp. (1810.HK) Earnings Call Summary Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Market Cap**: HK$1.1 trillion / $136.0 billion - **Enterprise Value**: HK$859.5 billion / $110.6 billion - **12-Month Target Price**: HK$53.50, current price HK$40.78, implying 31.2% upside potential [1][4][7] Key Financial Highlights - **3Q25 Revenue**: Grew by 22% year-over-year (yoy) to Rmb46.0 billion, exceeding expectations [1][2] - **Adjusted Net Profit**: Increased by 81% yoy, driven by higher AIoT gross profit margin (GPM) and investment gains [1][2] - **Smartphone Revenue**: Declined by 3% yoy, with total shipments of 43.3 million units [28] - **AIoT Revenue**: Grew by 6% yoy to Rmb27.6 billion, with GPM increasing by 3.2pp yoy to 23.9% [47] Core Themes from Management 1. **Smartphones**: Focus on increasing average selling price (ASP) and market share in 2026 amidst rising memory costs and declining industry shipments [2][3] 2. **AIoT**: Prioritizing profitability over growth, with overseas AIoT revenue expected to drive growth after reaching record levels in 3Q25 [2] 3. **Electric Vehicles (EV)**: Achieved an IFRS net profit of Rmb0.7 billion in 3Q25, on track to meet full-year delivery target of 350,000 units [2] 4. **Artificial Intelligence (AI)**: Released multiple multi-modal large language models (MLLMs) to enhance smart home positioning [2] 5. **New Retail Strategy**: Focus on operational efficiency and store optimization in China while expanding Mi Home stores overseas [2] Forecast Changes - **Revenue Forecasts**: 2025E revenue remains unchanged at Rmb365.9 billion, with net profit for 2025E raised by 3% post 3Q beat [3] - **Net Profit Projections**: 2026E-27E net profit lowered by 4-5% due to increased smartphone GPM pressure [3][18] Market Position and Competitive Landscape - **Smartphone Market Share**: Maintained No.3 global ranking with 13.6% market share in 3Q25, despite a slight decline [28] - **Regional Performance**: - China: +7% yoy revenue growth, with market share increasing to 14.9% [28] - Overseas: Market share gains in Latin America, Southeast Asia, Africa, and Europe, but a decline in India [28] Valuation Insights - **Valuation Scenarios**: - Bull Case: HK$63.9 per share (57% upside) - Base Case: HK$53.5 per share (31% upside) - Bear Case: HK$37.0 per share (-9% downside) [20][21] - **12-Month Target Price**: Updated to HK$53.5, reflecting favorable risk-reward for investors [19][20] Additional Insights - **AIoT Connectivity**: Over 1 billion active connected devices, with a 20% yoy increase in connected devices [47] - **New Retail Expansion**: Added 1,000 Mi Stores in China, totaling 18,000, and expanded to 300 stores overseas [28] - **Smartphone GPM**: Expected to decline to 10.1% in 4Q25E due to rising memory costs [37] Conclusion Xiaomi Corp. is navigating a challenging market landscape with strategic focuses on profitability, innovation, and expansion across its product lines. The company shows potential for growth in AIoT and EV segments, while maintaining a competitive position in the smartphone market. The updated valuation reflects a positive outlook, although short-term challenges may persist.

Group 1 - Xiaomi Group announced the grant of 29.3667 million shares to 3,334 selected participants under the 2023 share plan, representing approximately 0.11% of the company's issued share capital, valued at about HKD 1.14 billion based on the closing price of HKD 38.82 per share on November 19 [1] - Under the 2024 share plan, Xiaomi granted a total of 496,300 stock options to three employees of Xiaomi Hong Kong [2] - The share rewards cover not only group employees but also suppliers, with an average value of HKD 342,000 per person, and the shares will vest between November 20, 2025, and November 20, 2034 [6] Group 2 - Xiaomi has a remaining equity incentive pool of 577 million shares available for future grants, with specific limits for planned authorizations and service suppliers set at 527 million shares and 50 million shares, respectively [6] - The stock options granted to the three employees average 165,400 options per person, with a vesting period from November 20, 2026, to August 20, 2030 [6] - The company has significantly increased its R&D investment, with Q3 spending reaching HKD 9.1 billion, a year-on-year increase of 52.1%, and total R&D expenditure for the first three quarters amounting to HKD 23.5 billion, nearing last year's total [6] Group 3 - Xiaomi has repurchased approximately 15.4 million shares this year, totaling around HKD 1.54 billion, complementing the incentive program and conveying confidence in the company's value [7]

Core Points - Xiaomi Group announced a share incentive plan on November 19, rewarding 3,334 selected participants with a total of 29.3667 million shares, representing approximately 0.11% of the company's issued share capital, valued at around HKD 1.14 billion based on the closing price of HKD 38.82 per share on the same day [1][5] - The company also granted a total of 496,300 stock options to three employees under the 2024 share plan [2] - The share incentive program includes not only employees but also suppliers, with an average share value of approximately HKD 342,000 per person [5] - The stock awards will vest between November 20, 2025, and November 20, 2034, while the stock options will vest from November 20, 2026, to August 20, 2030 [5] - Xiaomi's equity incentive pool still has 577 million shares available for future grants, with specific limits for authorized shares and service suppliers set at 527 million shares and 50 million shares, respectively [5] - The company has significantly increased its R&D investment, with Q3 spending reaching CNY 9.1 billion, a year-on-year increase of 52.1%, and total R&D expenditure for the first three quarters nearing CNY 23.5 billion [5] - As of the end of Q3, Xiaomi employed 24,871 R&D personnel [5] - Xiaomi has repurchased approximately 15.4 million shares this year, totaling around HKD 1.54 billion, complementing the incentive plan and signaling confidence in the company's value [6]

Summary of Xiaomi Corp Earnings Call Company Overview - **Company**: Xiaomi Corp - **Industry**: Technology Hardware - **Market Cap**: US$133.79 billion - **Stock Rating**: Overweight - **Price Target**: HK$62.00, with a 52% upside from the current price of HK$40.78 Key Financial Highlights - **3Q25 Adjusted Net Profit**: Rmb11.311 billion, up 81% YoY and 4% QoQ, marking a historical high quarterly net profit [2][8] - **Revenue**: Rmb113.121 billion, 22% increase YoY, slightly above estimates [7] - **Gross Profit Margin**: Improved to 22.9%, up 2.5 percentage points YoY [7] - **Smartphone Revenue**: Decreased by 3% YoY to Rmb46.0 billion, slightly below forecasts [6][7] - **EV Revenue**: Increased 100% YoY to Rmb29.0 billion, exceeding forecasts by 2% [6] - **AIoT Revenue**: Grew by 6% YoY to Rmb27.6 billion, 1% above estimates [6] - **Internet Services Revenue**: Rose 11% YoY to Rmb9.4 billion, 2% above estimates, with overseas services reaching Rmb3.3 billion, up 19.1% YoY [6] Core Insights and Arguments - **Memory Cost Impact**: Management acknowledged that rising memory costs will be a significant headwind for smartphone margins in upcoming quarters. The company plans to implement mix adjustments and cost control measures to mitigate this impact [2][4] - **EV Growth Potential**: The accelerated delivery and shorter lead times for new EV models are expected to drive stock performance in the next 3-6 months [2][4] - **ASP Adjustments**: The company anticipates that the average selling price (ASP) increases will only partially offset the rising memory costs [2] Margins and Operating Metrics - **Smartphone Gross Margin**: Declined to 11.1%, down 0.6 percentage points YoY [6][7] - **AIoT Gross Margin**: Improved to 23.9%, up 3.2 percentage points YoY [6][7] - **EV Gross Margin**: Improved to 25.5%, although it declined 1 percentage point QoQ [6][7] - **Operating Income**: Reported at Rmb6.719 billion, a 28% increase YoY [7] Risks and Considerations - **Downside Risks**: Concerns regarding smartphone gross margin pressure due to inventory destocking and weak demand, as well as increased competition in the EV market [12] - **Upside Risks**: Better-than-expected orders and customer feedback for new EV models, and strong volume contributions from offline expansion in China [12] Conclusion Xiaomi Corp has demonstrated strong financial performance in 3Q25, with significant growth in adjusted net profit and revenue, particularly in the EV and Internet services segments. However, challenges from rising memory costs and smartphone margin pressures could impact future performance. The outlook remains cautiously optimistic, with potential growth driven by new EV models and strategic cost management measures.