Core Viewpoint - The company, Huqin Technology, anticipates significant growth in overall operations by 2025, driven by its 3+N+3 strategic layout and balanced development across multiple business segments [2] Business Performance - By 2025, the revenue structure across various business segments is expected to be relatively balanced, with a healthy customer structure where the top 5 customers account for just over 50% and the top customer represents around 15% [2] - The data center business is projected to see revenue nearly double year-on-year, while mobile, wearable, and AIoT segments are expected to exceed 50% year-on-year growth; the PC business is also anticipated to grow over 20% year-on-year [2] Profitability - Despite slight variations in gross margin levels due to industry factors, the net profit margins across different business segments are expected to be very close, showing no significant differences [2]

作为全球领先的智能科技生态企业，小米集团核心业务覆盖智能手机、AIoT、互联网服务及新能源汽 车四大板块，构建了全球最大的消费级AIoT平台。 实际上，这并非小米首次通过回购稳定股价，自2025年下半年以来，回购已成为公司维护市场估值的常 规手段。同花顺数据显示，2025年9月29日至2026年1月22日，小米累计开展44次股份回购，合计回购约 2.06亿股，占公司总股本的0.79%，累计投入资金约74.64亿元人民币。 仅2026年开年以来，小米就已实施13次股份回购，合计回购约6056.38万股，占公司总股本的比例为 0.23%，累计投入资金约22.5亿港元，这一规模约占2025年全年回购总额的三成。 值得一提的是，在公司持续大规模回购以支撑股价的同时，其公司高管却抛出了一项长期巨额减持计 划。2025年12月28日，小米披露集团联合创始人、执行董事、副董事长林斌拟实施一项长期减持计划， 自2026年12月起，每12个月出售不超过5亿美元的公司B类普通股，累计减持总额上限为20亿美元，减 持所得款项将主要用于设立投资基金公司。 1月22日晚，小米集团在港交所发布公告，宣布启动一项规模不超过25亿港元的自动 ...

Core Viewpoint - The company, Yongxi Electronics, reports that AIoT revenue accounts for nearly 70% of its total revenue, indicating a strong focus on innovation-driven growth in this sector [1] Group 1: Revenue Breakdown - AIoT revenue constitutes approximately 70% of total revenue, with expectations for continued growth driven by increased penetration of new application scenarios under AI [1] - PA revenue accounts for about 10%, with future focus on PAMiF and PAMiD module products [1] - Security revenue also represents around 10%, showing stable overall growth [1] - Revenue from computing and automotive-grade products combined accounts for about 10%, with anticipated rapid growth in these areas due to the development of domestic automotive design companies and localization strategies of overseas automotive giants [1]

Core Insights - Chinese enterprises are accelerating their globalization efforts, transitioning in foreign trade towards quality, efficiency, and innovation-driven models [1] - Beijing is emerging as an international technology innovation center, enhancing competitiveness in smart technology, green trade, and digital services through institutional innovation and reform [1][2] - The number of unicorn companies in China has reached 409, accounting for nearly 30% of the global total, with Beijing housing 115 of these, valued at $594.9 billion [1] Group 1: Globalization Strategies - Beijing enterprises are shifting from "product output" to "ecosystem output," exemplified by Xiaomi's integration of hardware, software, and services in overseas markets [1] - JD Group is exporting its mature supply chain and logistics solutions to assist in the digital transformation of local businesses in Southeast Asia, showcasing the global empowerment value of the "Chinese supply chain ecosystem" [1] - Liard has expanded its overseas business significantly, with a 40% year-on-year growth in its overseas smart display business in the first half of 2022 [5][6] Group 2: Ecosystem Development - Liard's global strategy has evolved from "China screen" to "world window," with a focus on project, brand, and ecosystem exports [6] - Kunlun Wanwei has successfully entered overseas markets through a matrix of gaming and social applications, now focusing on artificial intelligence to build a global AI ecosystem [6] - Fourth Paradigm is establishing an industry AI application ecosystem globally, following a path of technology validation and benchmark establishment [7] Group 3: Policy and Future Outlook - The Beijing Municipal Economic and Information Bureau aims to establish a comprehensive service system for enterprises going abroad by 2028, linking over 100 international organizations and establishing 20 overseas service stations [9] - The dual drive of policy support and platform ecosystem will enable Beijing enterprises to expand into global markets more robustly and efficiently, enhancing both the quantity and quality of outbound enterprises [10] - The evolution of Beijing enterprises' globalization strategies reflects a transition from "borrowing boats to go to sea" to "building ships for long voyages," embedding technology standards and business models into the global value chain [10]

Core Insights - Personal AI is identified as a key direction for innovation and inclusivity, requiring collaboration across the entire industry chain for scalable, trustworthy, and sustainable evolution [2][3] - The current AI product and service architecture is primarily based on cloud-based large models, which lack capabilities for continuous perception, long-term memory, and autonomous decision-making, thus failing to create a truly personalized service loop [2] - The white paper released by Lenovo and IDC defines the current AI form as "Public AI," which significantly lowers the usage threshold and enhances efficiency, but still provides average services rather than personalized support [2] Industry Trends - Personal AI will adopt a hybrid architecture of edge and cloud to address user trust, cost control, response speed, and continuous companionship issues [3] - The rise of personal AI is reshaping the industry structure into a distributed three-layer architecture centered around individuals, consisting of integration, service, and capability layers [3] - Major companies like Intel, AMD, Qualcomm, MediaTek, Apple, and NVIDIA are launching next-generation chips optimized for AI inference, providing the necessary computational power for multimodal, continuous memory, and personalized services [3] Company Developments - Lenovo is actively developing and iterating its Tianxi personal super intelligent system (Tianxi AI) and various smart terminals embedded with Tianxi AI to enhance user experience [4] - The Tianxi AI has been upgraded to version 3.5 and is rapidly iterating, contributing to significant growth in Lenovo's AI mobile phones and tablets, with growth rates exceeding 90% and 100% respectively [4] - The AIoT product line is expanding with new categories such as AI glasses, AI headphones, and AI home products being introduced [4]

Group 1 - The core announcement from the company is that approximately 26.44 million restricted shares will be unlocked and available for trading on January 7, 2026, which represents 6.59% of the total share capital [1] - The revenue composition for the company in 2024 is as follows: AIoT accounts for 52.82%, biometric recognition for 40.93%, industrial 3D measurement for 4.69%, and other businesses for 1.56% [1] - As of the latest update, the company's market capitalization stands at 34.7 billion yuan [1]

Company Overview - Aobi Zhongguang (SH 688322) announced its second board meeting on December 11, 2025, to discuss amendments to the company's articles of association [1] - As of the report, Aobi Zhongguang has a market capitalization of 32.9 billion yuan [1] Revenue Composition - For the 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]

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.