IT之家 12 月 20 日消息，据智通财经今日报道，小米公司最近向全国汽车经销商发放总额超 1 亿元资金补贴，主要覆盖其车融合店体系。小米官方确认该消 息属实。 根据补贴规则，2024 年建成的门店每店获 10 万元补助，2025 年 12 月 15 日前新建门店每店补贴 50 万元，无附加条件。 IT之家查询公开数据获悉，2025 年 11 月小米汽车新能源乘用车零售 46249 辆，其中 YU7 车型批发销量 33729 辆。小米汽车 11 月新增 17 家门店，全国 131 城已有 441 家门店；12 月计划新增 36 家门店，预计覆盖 衡阳、绵阳等 7 座城市；截至 11 月 30 日，全国已有 249 家服务网点，覆盖全国 144 城。 知情人士向智通财经透露，此次以"红包"形式发放的补贴中，部分经销商单家获超 400 万元，旨在答谢渠道 合作伙伴。此外，小米内部正筹备新一轮政策调整，拟于新年推出更灵活的门店考核管理规则与激励措施， 缓解线下运营压力。 ...

Investment Rating - The report rates the automotive industry as "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - The investment opportunities in the automotive sector over the next two to three months should focus on structural changes under the "anti-involution" context, with policies aimed at curbing vicious price competition and encouraging quality supply [4][5]. - Companies like Li Auto, Xiaomi, and JAC are highlighted as key players benefiting from the new demand creation capabilities in the mid-to-high-end market [4]. - The low-end market is under pressure, but structural opportunities can still be found, particularly with the expected recovery of fuel vehicle forecasts [4]. - The report suggests a pairing trading strategy between BYD and Geely due to their differing inventory health, and highlights the upcoming release of a Huawei-enabled SUV from SAIC as a potential investment opportunity [4][5]. Summary by Sections Automotive Sector - The report emphasizes the need to focus on mid-to-high-end companies that can create new demand, as the low-end market faces constraints due to previous reliance on low-price strategies [4]. - The potential for new market openings exists, especially with successful models like the YU7 [4]. Component Sector - Two main lines of focus are suggested: overseas growth despite tariff risks, with a recommendation to pay attention to Minth Group, and technology themes including opportunities in lidar and robotics, with a focus on Fuda [5]. Investment Recommendations - Strong alpha manufacturers such as BYD, Geely, and XPeng are recommended for investment [5]. - The report also suggests monitoring companies involved in smart technology and central enterprise reforms, including SAIC Group and Dongfeng Motor [5]. - Component companies with strong growth prospects and overseas expansion capabilities are highlighted, including Fuyao Glass and Xinquan [5].

Group 1: Core Strategy and Performance - Xiaomi's high-end strategy and new retail model were discussed at the 2025 Investor Day, emphasizing the importance of "chips, AI, and OS" as foundational technologies [1] - In 2024, Xiaomi is expected to gain over 13 million net new users in the Chinese smartphone market, with a market share increase of 5.3 percentage points from 2020 to 2024 [1] - In Q1 2025, Xiaomi's global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [1] Group 2: IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business generated revenue of 32.3 billion yuan, a year-on-year growth of 58.7%, with a gross margin of 25.2% [2] - Revenue from smart home appliances doubled, with significant growth in air conditioners, refrigerators, and washing machines, all showing over 65% year-on-year growth [2] Group 3: Automotive Business - Xiaomi's automotive business reported a loss of 500 million yuan in Q1 2025, a significant reduction of 50.2% from the previous quarter [3] - The new YU7 model is expected to launch in July, aiming to enhance the product lineup and profitability [3] - The automotive business is projected to achieve profitability in Q3 to Q4 of this year, supported by a growing product ecosystem [3] Group 4: Financial Projections - Xiaomi's projected net profits for 2025, 2026, and 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively [3]