Xiaomi Group-W (01810.HK) 2025 Analysis: Growth Driven by Electric Vehicle Profitability and AI Strategy

The originally mentioned 01355.HK in the event is actually Ljun International; Xiaomi Group’s correct Hong Kong stock code is 01810.HK[0]. Since 2025, Xiaomi Group has performed strongly, with a year-to-date stock price increase of 40.32% and a 1-year increase of 106.02%, and its market capitalization has exceeded HK$1.265 trillion[0]. The company’s Q3 financial report shows that total revenue was 113.1 billion yuan, a year-on-year increase of 22.3%, and net profit was 11.3 billion yuan, a record high[6]. The core growth engine comes from the electric vehicle business: Q3 revenue was 29 billion yuan, a year-on-year increase of 199.2%, delivery volume was 108,800 units, a year-on-year increase of 173.4%, and it achieved a single-quarter profit of 700 million yuan for the first time[5,6].

1. Electric Vehicle Business Becomes Core Driver
   : Xiaomi Auto’s Q3 profit marks the business entering a mature stage; the rapid growth in delivery volume and revenue indicates increased market recognition[0,5].
2. AI Strategy Fully Implemented
   : The company released the Xiaomi Miloco smart home solution, the embodied large model MiMo-Embodied, and the end-to-end assisted driving HAD enhanced version. R&D expenditure increased by 52.1% year-on-year to 9.1 billion yuan, and the scale of R&D personnel reached a record high[0,3].
3. Strong Market Confidence
   : Southbound funds continue to have net inflows; on November 19, the single-day net inflow was HK$2.394 billion, reflecting investors’ confidence in the company’s future development[0,4].

• Risks
  : Stock price volatility is relatively high, with a 52-week price range of HK$22.50-HK$61.45[0,1]; intensified industry competition may affect market share.
• Opportunities
  : The policy environment is favorable for the development of new energy vehicles and AI industries; the 2025 new energy vehicle tax exemption catalog includes 4775 models[0,8]; analysts’ target price is HK$65.73, with an expected upside potential of approximately 35%[0,3].

Xiaomi Group-W (01810.HK) has demonstrated strong growth resilience through the breakthrough profit of its electric vehicle business and in-depth layout of its AI strategy. Although there are short-term fluctuations in stock prices, the company’s fundamentals are sound, R&D investment continues to increase, market confidence is sufficient, and long-term development potential is significant[0,6,9].