SEED COMPANY RESEARCH · v2.6
小米集团（01810.HK）
研究截止 2026-08-26 · 状态 needs_human_review · 研究辅助，不是投资建议或交易指令。
状态图例
applicableunknownobservednot_disclosedprovisionalneeds_human_review
unknown 不等于零；TBA/区间不等于 confirmed 单日。
三道阅读入口
先看结论
2026Q2收入 RMB108.9bn，同比 -6.1%，环比 +9.9%。
H1 CFO RMB2.05bn；投资公允价值收益与SBC需桥接。
EV/AI/new Q2亏损 RMB2.6bn；回购、奖励与可转债同时存在。
HKD/RMB、维护capex、TTM/forward EPS与精确全摊薄股数未闭合，估值 inconclusive。
长期档案：四条经营主线
| 主线 | 2026Q2收入 | 毛利率/经营结果 | 关键KPI |
|---|---|---|---|
| smartphone | RMB42.119bn | GM 8.5% | 31.2m部；ASP RMB1,351 |
| IoT | RMB31.278bn | GM 20.1% | 1,160.8m设备；24.6m个5+设备用户 |
| internet services | RMB9.044bn | GM 76.8% | 全球MAU 766.5m |
| smart EV & AI/new | RMB24.896bn | GM 19.2%；经营亏损RMB2.6bn | 104,199辆交付 |
五年与最新中期财务
| 期间 | 收入 | 经营利润 | 归母利润 | CFO | 摊薄EPS |
|---|---|---|---|---|---|
| FY2021 | 328309.145 | 26028.664 | 19339.321 | not_disclosed in this pack | not_disclosed |
| FY2022 | 280044.016 | 2816.498 | 2474.03 | not_disclosed in this pack | not_disclosed |
| FY2023 | 270970.141 | 20008.67 | 17475.173 | not_disclosed in this pack | not_disclosed |
| FY2024 | 365906.35 | 24502.896 | 23658.126 | 39295.499 | 0.93 |
| FY2025 | 457286.687 | 47900.92 | 41643.389 | 34142.377 | 1.56 |
| 2026H1 | 208063.2 | 16182.8 | 14185.525 | 2050.234 | 0.53 |
单位：RMB million；2026H1未审计。较早年度未转录CFO/capex的空白不是零。
2026Q2 / H1：actual 与 variance
| 指标 | Q2 actual | 同比 | 环比 |
|---|---|---|---|
| Revenue | 108,921.6 | -6.1% | +9.9% |
| Gross profit | 21,608.9 | -17.2% | -0.9% |
| Operating profit | 10,870.2 | -19.1% | +104.6% |
| Adjusted net profit | 6,219.1 | -42.6% | +2.4% |
variance 只对同一主源披露的同比/环比基线，不冒充分析师共识 surprise。
利润质量桥
| 口径 | 2026H1 RMBm | 边界 |
|---|---|---|
| Reported period profit | 14,197.953 | 含投资与其他非经营变动 |
| Company adjusted net profit | 12,291.208 | 加回SBC，剔除净投资公允价值变动等 |
| Strict adjusted after SBC proxy | 9,970.106 | 12,291.208 − 2,321.102；不是owner earnings |
| Reported CFO | 2,050.234 | 不与“excluding fintech”管理账户口径混用 |
资本配置与每股桥
| 项目 | 数量 | 状态 |
|---|---|---|
| Class A（7月延用） | 4,443,616,133 | issued |
| Class B（8/24） | 21,329,769,259 | issued |
| 回购 | 22,205,600 | pending cancellation |
| Q2 RSU/options稀释代理 | 616,543,000 | period proxy |
| 可转债潜在股数 | 168,310,099 | potential |
| 8/19新奖励 | 41,831,437 | granted, not issued |
| 披露潜在全摊薄代理 | 26,577,864,328 | mixed-measure proxy |
未授予计划容量 1,879,619,846 只是 overhang，不计入实际全摊薄股数。
资产负债表与净现金
保守桥 RMB138.522bn；排除RMB106.849bn FVTPL投资，避免把投资资产与经营盈利重复计算。租赁负债未转录，仍是缺口。
市场定价边界
| 分母 | 状态 | 原因 |
|---|---|---|
| reported_fy | unavailable | Price is HKD while reported earnings are RMB; the relevant dated FX, exact TTM/forward denominator and fully diluted closing share bridge are not all frozen. |
| reported_ttm | unavailable | Price is HKD while reported earnings are RMB; the relevant dated FX, exact TTM/forward denominator and fully diluted closing share bridge are not all frozen. |
| adjusted | unavailable | Price is HKD while reported earnings are RMB; the relevant dated FX, exact TTM/forward denominator and fully diluted closing share bridge are not all frozen. |
| forward_fy1 | unavailable | Price is HKD while reported earnings are RMB; the relevant dated FX, exact TTM/forward denominator and fully diluted closing share bridge are not all frozen. |
| normalized_midcycle | unavailable | Price is HKD while reported earnings are RMB; the relevant dated FX, exact TTM/forward denominator and fully diluted closing share bridge are not all frozen. |
2026-08-25完整收市价 HK$27.76。owner earnings、PE和内在价值保持 unavailable/inconclusive，不用未冻结汇率或预测EPS制造精确感。
Buffett–Munger 解读
能力圈问题不是“会不会增长”，而是四条业务线的客户到现金机制、资本需求、竞争替代和每股结果能否被证伪。手机与EV是重竞争/重资本层，互联网是高毛利层；只有在严格调整后盈利、CFO、维护投入与完全摊薄每股结果共同改善时，生态规模才具备owner-oriented含义。
当前 v2.6 方法与证据边界
| 层 | 本包处理 |
|---|---|
| 事实 | HKEX财报、年报、股本、回购、奖励和规则 |
| 转述 | 调整利润、产品预期月份、管理账户现金流单列 |
| 解释 | 质量桥、全摊薄代理、保守净现金和风险机制 |
| 假设 | 未来日期全部TBA/区间；不猜单日、FX、EPS或维护capex |
| 未知 | 客户留存、供应替代、ROIC、owner earnings、点时估值 |
25 × 50 × 9 研究契约
25 个维度、50 个必需指标族、九道 gate；每一项都显式输出 applicable/unknown 与 observed/not_disclosed。
| # | dimension | status | 2 indicators | 摘要 |
|---|---|---|---|---|
| 1 | security_and_legal_subject | applicable | exact_security_issuer_share_class_and_rights — observeddated_price_share_count_currency_and_listing_status — observed | 01810 is the HKD-traded Class B share of a Cayman WVR issuer; the RMB counter is 81810 and is not a separate issuer. |
| 2 | control_and_beneficial_ownership | applicable | controller_voting_pledges_and_cross_holdings — observedvalue_transfers_nci_and_related_party_exposure — observed | WVR and contractual arrangements separate economic ownership, voting control and operating licences; both layers require continued monitoring. |
| 3 | business_model | applicable | payer_value_proposition_revenue_and_cash_mechanism — observedcapital_needs_and_business_failure_variables — observed | Hardware monetizes device demand; IoT expands ecosystem touchpoints; internet services monetize installed users; EV/AI is a capital-intensive new segment. |
| 4 | revenue_structure | applicable | segment_product_and_geography_reconciliation — observedvolume_price_mix_acquisition_and_scope_bridge — observed | FY and Q2 filings reconcile smartphone, IoT, internet services and smart EV/AI/new initiatives; Q2 smartphone×AIoT totaled RMB84.0bn and EV/AI/new RMB24.9bn. |
| 5 | industry_chain_position | unknown | upstream_process_customer_payer_and_substitute_map — observedprofit_pool_and_inventory_credit_technology_risk — not_disclosed | Component suppliers, distribution channels, app ecosystems, EV manufacturing, charging/service and substitutes are not independently mapped end to end. |
| 6 | product_and_unit_economics | applicable | price_volume_mix_and_incremental_economics — observedindustry_denominator_scope_and_comparability — observed | Q2 discloses smartphone shipments/ASP/margin, IoT user/device KPIs, internet MAU/revenue and EV deliveries/segment loss, but cohort economics remain limited. |
| 7 | customers | unknown | customer_channel_end_user_and_payer_separation — observedconcentration_retention_receivables_inventory_and_external_evidence — not_disclosed | Top-five customer concentration is disclosed, but channel/end-user separation, retention and independent customer evidence are incomplete. |
| 8 | suppliers | unknown | critical_inputs_concentration_related_parties_and_substitution — observedterms_prepayments_availability_and_cost_pass_through — not_disclosed | Top-five supplier concentration is disclosed, but critical-input identity, substitution time, terms and cost pass-through remain undisclosed. |
| 9 | competition_structure | unknown | entry_exit_capacity_price_and_substitution — observedcompetitor_customer_and_regulator_corroboration — not_disclosed | Company KPIs do not by themselves resolve competitor capacity, pricing, customer self-build, or substitution across a full cycle. |
| 10 | durable_moat | unknown | mechanism_economic_result_durability_and_direction — observedstrongest_falsifying_evidence — not_disclosed | Large installed device and user bases are observable, but persistence, switching costs and incremental returns are not yet independently established. |
| 11 | revenue_quality | unknown | revenue_receivables_contract_assets_returns_and_cash — observedacquisition_period_end_channel_and_recognition_distortion — not_disclosed | Revenue is diversified by segment, but repeat/contracted revenue, cohort retention and channel inventory evidence are incomplete. |
| 12 | earnings_quality | applicable | reported_to_normalized_parent_earnings_bridge — observedtax_attribution_scope_and_adjustment_disagreement — observed | The H1 non-IFRS bridge explicitly separates investment fair-value changes and SBC; fair-value gains materially affected reported profit. |
| 13 | cash_conversion | unknown | profit_operating_cash_and_distributable_cash_bridge — observedfactoring_payment_restricted_cash_and_sector_scope — not_disclosed | H1 reported CFO was RMB2.05bn versus adjusted profit RMB12.29bn; management also cited a non-statutory CFO measure excluding fintech, so definitions must not be blended. |
| 14 | working_capital | unknown | receivables_inventory_payables_prepayments_and_contract_balances — observedsustainable_financing_vs_temporary_cash_release — not_disclosed | A normalized working-capital bridge by segment, including fintech effects, has not been frozen. |
| 15 | capital_intensity | unknown | maintenance_vs_growth_investment_range — observedcapex_capacity_utilization_and_competitive_requirements — not_disclosed | Q2 capex was about RMB3.6bn, including RMB2.4bn for EV/AI/new initiatives, but maintenance versus growth capex is not disclosed. |
| 16 | returns_on_capital | unknown | multiperiod_roe_roic_and_incremental_returns — observedleverage_buyback_cycle_and_accounting_decomposition — not_disclosed | Segment invested capital and incremental ROIC are not disclosed; investment fair-value gains cannot substitute for operating returns. |
| 17 | balance_sheet_survival | applicable | debt_liquidity_covenants_guarantees_pledges_and_off_balance — observedadverse_scenario_financing_need — observed | At 2026-06-30 conservative cash and amortized-deposit assets less restricted cash and borrowings produced a positive RMB138.5bn bridge, excluding FVTPL investments. |
| 18 | capital_allocation | applicable | reinvestment_ma_dividend_buyback_issuance_debt_and_cash_ledger — observeddiluted_per_share_outcomes_and_opportunity_cost — observed | The HK$20bn repurchase programme coexists with large EV/AI reinvestment and SBC; per-share outcomes require a cancellation and dilution bridge. |
| 19 | management | unknown | dated_commitments_vs_outcomes — observedincentives_compensation_succession_insider_actions_and_candor — not_disclosed | Product and capital commitments are visible, but a multi-cycle candor and forecast-accuracy scorecard was not independently completed. |
| 20 | governance_and_related_parties | applicable | related_sales_purchases_loans_guarantees_and_asset_transfers — observedpricing_minority_fairness_oversight_and_dissent — observed | WVR, VIE/contractual arrangements and share schemes are explicit; minority-holder remedies and value-transfer risks remain structurally important. |
| 21 | accounting_and_audit | applicable | audit_kam_standard_policy_and_restatement — observedstatement_reproduction_and_conflict_preservation — observed | FY2025 is audited; 2026H1 is unaudited. Adjusted profit adds back SBC and removes net investment fair-value changes, so both reported and strict-after-SBC views are retained. |
| 22 | tax_and_legal | unknown | effective_deferred_and_uncertain_tax — observedlitigation_penalties_compliance_and_tail_exposure — not_disclosed | VIE enforceability is explicit, but current tax exposures, licence-level legal contingencies and jurisdictional stress tests were not fully transcribed. |
| 23 | per_share_economics | unknown | basic_diluted_and_fully_diluted_share_reconciliation — observedper_share_growth_distribution_issuance_and_repurchase_outcomes — not_disclosed | A disclosed-potential proxy is built, but pending cancellations, weighted-average dilution, awards, options and convertibles prevent a single exact closing diluted denominator. |
| 24 | valuation | unknown | currency_consistent_value_range_assumptions_and_dates — observedreverse_expectations_sensitivities_and_cross_check — not_disclosed | The frozen price is HKD while earnings are RMB; current, TTM, forward and normalized denominators plus a dated FX bridge are incomplete, so no precise PE or intrinsic value is asserted. |
| 25 | disconfirming_evidence | applicable | independent_strongest_counter_thesis — observedobservable_invalidation_next_evidence_and_review_date — observed | Smartphone revenue pressure, Q2 margin contraction, H1 cash conversion, EV/AI segment loss, WVR/VIE control risk and dilution are explicit counter-evidence. |
九道 gate
| # | gate | result | reason |
|---|---|---|---|
| 1 | identity_and_source_integrity | pass_with_scope | Issuer, Class B security, WVR/VIE structure, dated price and primary filings are resolved; the closing Class A count is carried from July pending the next monthly return. |
| 2 | circle_of_competence | provisional | Segment mechanics are understandable, but competitive and cohort evidence is incomplete. |
| 3 | business_economics | provisional | Segment revenue and operating KPIs are disclosed, but customer/supplier economics, working capital and returns on capital remain incomplete. |
| 4 | durable_moat | provisional | Installed-base scale is visible; persistence, switching cost and incremental return tests remain open. |
| 5 | management_and_capital_allocation | provisional | Buybacks, reinvestment and awards are disclosed, but a multi-cycle allocation and candor scorecard is incomplete. |
| 6 | owner_earnings | blocked | Maintenance capex, normalized working capital, attribution and exact dilution/FX bridges are not decision-grade. |
| 7 | survival_and_balance_sheet | provisional | A conservative positive net-cash bridge is available, but lease, commitments and segment stress detail remain incomplete. |
| 8 | intrinsic_value_and_margin_of_safety | inconclusive | Owner earnings, forward EPS, point-in-time peers, historical valuation and FX are unresolved. |
| 9 | decision_and_disconfirming_evidence | inconclusive | The package supports continued verification, not a transaction decision. |
时间轴：生命周期更新 + 范围扩展
覆盖 completed actual、未来至少12周、FY2026初步业绩/年报外层窗口，以及更远的2027可转债到期年。TBA/区间不是 confirmed 单日。
| 窗口 | 事件 | 状态 | 基线 | 指标 | actual | next check | source gap |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | earnings_release | completed / confirmed | Prior-period comparators disclosed in the same filing; no consensus estimate is used. | revenue、gross profit、operating profit、period profit、adjusted net profit、segment revenue and margins、CFO、capex | {"q2_revenue_rmb_m":108921.6,"q2_revenue_yoy_pct":-6.1,"q2_revenue_qoq_pct":9.9,"q2_gross_profit_rmb_m":21608.9,"q2_gross_profit_yoy_pct":-17.2,"q2_gross_profit_qoq_pct":-0.9,"q2_operating_profit_rmb_m":10870.2,"q2_period_profit_rmb_m":9463.4,"q2_adjusted_net_profit_rmb_m":6219.1,"h1_revenue_rmb_m":208063.2,"h1_period_profit_rmb_m":14198,"h1_adjusted_net_profit_rmb_m":12291.2} | 2026Q3 official results notice | Q2/H1 is unaudited; no external consensus baseline is asserted. |
| 2026-08-19 | share_scheme_event | completed / confirmed | No numerical forecast; monitor dilution and vesting. | awards granted、vesting period、remaining scheme capacity | {"awards_granted":41831437,"vesting_start":"2026-08-20","vesting_end":"2030-08-19","remaining_scheme_capacity":1879619846} | next monthly return and vesting/issuance filing | Grant count is not the same as issued or diluted weighted-average shares. |
| 2026-08-24 | share_capital_event | completed / confirmed | Reconcile issuance and repurchases before claiming net shrinkage. | Class B issued shares、scheme issuance、repurchases pending cancellation | {"class_B_issued_shares":21329769259,"new_scheme_shares_20260817_24":453720,"repurchases_pending_cancellation":22205600} | next complete monthly return | Class A count is carried from July and cancellation completion requires later confirmation. |
| 2026-09-01–2026-09-30 | product_launch | scheduled / tba | Company stated SkyNomad N90/N70 are expected to launch in September 2026; no single day is confirmed. | confirmed launch date、final pricing、order intake、delivery timing、capacity and margin commentary | actual_results: null | 2026-09-01 and each official product announcement through 2026-09-30 | Only the expected month and pre-sale prices were disclosed; launch day and actual orders are unknown. |
| 2026-09-01–2026-09-10 | filing_due | scheduled / tba | Update Class A/B shares, cancellations, awards/options and convertible overhang. | Class A shares、Class B shares、treasury shares、repurchase cancellations、options and awards、convertible shares | actual_results: null | 2026-09-10 or official filing, whichever is earlier | No company-confirmed publication date at cutoff. |
| 2026-11-01–2026-11-30 | earnings_release | scheduled / tba | No company-confirmed release date or quantified Q3 guidance frozen. | revenue、gross margin、strict-after-SBC earnings、CFO、smartphone shipments/ASP/margin、IoT revenue/margin、internet MAU/revenue/margin、EV deliveries/revenue/margin/loss、capex、fully diluted shares | actual_results: null | official board meeting or results notice | Window is a monitoring range, not a regulatory or company-confirmed single date. |
| 2027-01-01–2027-03-31 | earnings_release | scheduled / tba | No full-year company forecast is frozen; evaluate reported, adjusted and strict-after-SBC bridges. | FY revenue by segment、gross profit、reported and adjusted profit、SBC、investment fair-value returns、CFO、capex、diluted EPS、buyback cancellations | actual_results: null | official FY2026 board/results notice | Rule 13.49 provides an outer deadline, not a confirmed publication date. |
| 2027-01-01–2027-04-30 | filing_due | scheduled / tba | Use audited notes to close owner-earnings, investment, commitments, VIE, WVR and fully diluted share gaps. | audited cash flow、maintenance versus growth capex evidence、lease and debt commitments、investment-return ledger、VIE/WVR changes、fully diluted shares、incremental ROIC | actual_results: null | official annual-report publication notice | Rule 13.46 provides an outer deadline, not a confirmed date. |
| 2027-01-01–2027-12-31 | debt_maturity | scheduled / tba | Q2 and monthly disclosures identify zero-coupon convertible bonds due 2027 and a 168,310,099-share conversion potential; exact maturity terms are not inferred. | exact maturity date、principal outstanding、conversion price、conversion/cash settlement、refinancing or redemption、share dilution | actual_results: null | 2026-12-31 or earlier bond notice | Original bond terms were not retrieved; only due-year and disclosed conversion potential are frozen. |
近期事件监测
只冻结“预期9月”，不确认单日。看最终价格、订单、交付和毛利。
核验回购注销、Class A/B、奖励/期权与可转债。
监测窗口至11月30日；等官方董事会/业绩通知。
下一轮验证
| 优先级 | 问题 | 停止/升级条件 | 下一证据 |
|---|---|---|---|
| 1 | 现金转换 | CFO连续两期显著落后严格调整后盈利则降级 | Q3/FY2026现金流 |
| 2 | EV/AI资本吸收 | 亏损/capex上升且单位经济不改善则降级 | 分部毛利、亏损、capex、交付 |
| 3 | 每股经济 | 净全摊薄股数不降或快于盈利增长则降级 | 月报表与注销文件 |
| 4 | 护城河 | 无独立留存/替代/定价证据则保持provisional | 客户、供应商、竞品主源 |
反方与失效条件
- Ecosystem scale may not convert to per-share owner earnings.：Low-margin hardware, EV reinvestment, SBC and convertibles may absorb internet-service cash economics.；检验：Reconcile strict-after-SBC earnings, CFO, capex and fully diluted shares each period.
- Reported profit may overstate repeatable operating economics.：Q2 fair-value changes in profit or loss were RMB6.46bn and the company bridge removed net investment fair-value changes.；检验：Track reported-to-adjusted-to-strict-after-SBC-to-owner-earnings bridge.
- WVR and VIE control may weaken minority-holder remedies.：Voting control and contractual operating control are separated from Class B economic ownership.；检验：Monitor contractual arrangements, licence ownership, related-party transfers and governance changes.
证据抽屉
E01 · q2_revenue
Revenue was RMB108,921.6 million in 2026Q2, down 6.1% YoY and up 9.9% QoQ.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E02 · q2_profit_bridge
Q2 operating profit was RMB10,870.2 million, period profit RMB9,463.4 million and adjusted net profit RMB6,219.1 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E03 · h1_results
H1 revenue was RMB208,063.2 million, period profit RMB14,198.0 million and adjusted net profit RMB12,291.2 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E04 · q2_segment_revenue
Q2 smartphone×AIoT revenue was RMB84,025.8 million and smart EV/AI/new initiatives revenue RMB24,895.8 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E05 · q2_smartphone
Q2 smartphone revenue was RMB42,118.7 million; shipments were 31.2 million, ASP RMB1,351 and gross margin 8.5%.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E06 · q2_iot
Q2 IoT revenue was RMB31,278.0 million, gross margin 20.1%, and connected IoT devices reached 1,160.8 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E07 · q2_internet
Q2 internet-services revenue was RMB9,043.7 million, gross margin 76.8%, and global MAU 766.5 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E08 · q2_ev
Q2 smart EV/AI/new initiatives revenue was RMB24,895.8 million, gross margin 19.2%, operating loss RMB2.6 billion and deliveries 104,199.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E09 · h1_cash_conversion
H1 reported cash generated from operating activities was RMB2,050.234 million versus adjusted net profit RMB12,291.208 million.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E10 · h1_fair_value_sbc
The H1 non-IFRS bridge included RMB2,321.102 million SBC and a RMB5,959.689 million subtraction for net fair-value changes on investments.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E11 · net_cash_bridge
At 30 June 2026, cash, term deposits and amortized-cost investments less restricted cash and borrowings produce a conservative RMB138,522.495 million bridge, excluding FVTPL investments.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E12 · fy2025_financials
FY2025 revenue was RMB457,286.687 million, parent-attributable profit RMB41,643.389 million and operating cash flow RMB34,142.377 million.
AR2025 · SHA-256 b787f0290513e48a95078ed2a68dc1e240da68d204e5dd9aedc59b66a7c75ec2
E13 · wvr_control
At 31 December 2025 Lei Jun held 4,063,148,182 Class A shares and about 61.0% voting rights; Lin Bin held 448,404,962 Class A shares and about 6.7%.
AR2025 · SHA-256 b787f0290513e48a95078ed2a68dc1e240da68d204e5dd9aedc59b66a7c75ec2
E14 · customer_supplier_concentration
FY2025 top-five customers were 13.1% of revenue (largest 8.5%); top-five suppliers were 30.9% of purchases (largest 12.1%).
AR2025 · SHA-256 b787f0290513e48a95078ed2a68dc1e240da68d204e5dd9aedc59b66a7c75ec2
E15 · buyback_progress
From 1 January through 13 August 2026 Xiaomi reported repurchasing about 377.5 million shares for about HKD11.7 billion.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
E16 · new_awards
On 19 August 2026 Xiaomi granted 41,831,437 share awards with vesting from 20 August 2026 through 19 August 2030.
AWARD_20260819 · SHA-256 e6fe917707a68b419cebc86db167ff972b1bb9d4380b447b8ff3b4db28edeb5e
E17 · share_count_pending_buybacks
The 24 August return reported 21,329,769,259 issued Class B shares and 22,205,600 repurchased shares pending cancellation.
NDR_20260824 · SHA-256 597fbabfcc44ec1a0a652f711a731dcbc9a6df1a23bf4603cc31e4f2d12b266c
E18 · skynomad_expected_launch
The company said SkyNomad N90 and N70 are expected to launch in September 2026; no single launch date was confirmed.
Q2_2026 · SHA-256 b3270bb2e3e8e5a1c4aac485bb686b9ae97fc520414455e8fa557c3c9062ef45
来源目录
| ID | 层级 | 来源 | 日期/期间 | 审计 |
|---|---|---|---|---|
| Q2_2026 | A | Xiaomi Corporation: 2026 Second Quarter and Interim Results | 2026-08-18 | unaudited |
| AR2025 | A | Xiaomi Corporation Annual Report 2025 | 2026-04-28 | audited |
| AWARD_20260819 | A | Grant of Share Awards pursuant to 2023 Share Scheme | 2026-08-19 | not_applicable |
| NDR_20260824 | A | Next Day Disclosure Return dated 24 August 2026 | 2026-08-24 | not_applicable |
| MONTHLY_202607 | A | Monthly Return for July 2026 | 2026-08-06 | not_applicable |
| BUYBACK_20260526 | A | Share Repurchase Programme of up to HK$20 Billion | 2026-05-26 | not_applicable |
| VIE_20260402 | A | New Contractual Arrangements | 2026-04-02 | not_applicable |
| HKEX_RULE_13_49 | A | HKEX Main Board Listing Rule 13.49 | current at research date | not_applicable |
| HKEX_RULE_13_46 | A | HKEX Main Board Listing Rule 13.46 | current at research date | not_applicable |
| PRICE_20260825 | C | Yahoo Finance chart response for 1810.HK | 2026-08-25 complete close | not_applicable |
边界与声明
本报告保持 needs_human_review。它是公开信息研究辅助，不是投资建议、收益承诺或交易指令。价格数据来自二级市场数据源；公司事实优先绑定HKEX主源。所有未来日期在未获官方确认时均使用TBA或区间。