2025年11月19日，小米集團在港股市場的股價出現明顯下跌，收盤價跌破40港元，觸及38.22港元，較6月底的年內高點61.45港元累計下跌超過30%，市值大幅縮水。此次股價下跌發生在小米公布第三季度財報的次日，即便財報顯示業績亮眼，市場情緒仍未因而改善，投資者對未來展望保持謹慎。

從財報數據來看，小米第三季度總營收達到1131.2億元人民幣，同比增長22.3%；經調整淨利潤113.1億元，同比大幅增長80.9%，創下歷史新高。尤其是智能電動汽車及AI創新業務收入達到290億元，同比大增199.2%，首次實現單季度經營盈利，盈利額為7億元，並成功交付新車10.88萬輛，顯示新業務增長潛力強勁。

然而，市場對股價表現仍保持謹慎態度。儘管汽車業務表現突出，管理層也警告2026年的毛利率可能下滑，主要原因包括購置稅補貼減半以及行業競爭加劇。手機業務方面，全球出貨量達4330萬台，同比僅微增0.5%，同時面臨存儲芯片成本上升的壓力，雖然公司已提前布局供應鏈以應對，但短期盈利壓力仍存在。

分析師觀點方面，高盛等金融機構指出，對沖基金的做空情緒正在加劇，主要擔憂集中在芯片成本、電動車需求及整體業務增速可能放緩。儘管如此，部分券商依然看好小米的長期生態布局，認為其在智能電動汽車和AI業務上的發展潛力巨大，因此維持對小米的“買入”評級，但短期股價仍面臨波動壓力。

整體而言，這次股價下跌反映出市場在面對亮眼業績的同時，對未來成本上升、競爭加劇及宏觀環境的不確定性保持謹慎，投資者情緒明顯受到短期利空因素影響。

On November 19, 2025, Xiaomi Group saw a significant drop in its Hong Kong-listed share price, falling below HK$40 to reach a low of HK$38.22. This represents a cumulative decline of over 30% from the year-to-date high of HK$61.45 recorded at the end of June, resulting in a substantial shrinkage of the company’s market value. The decline occurred the day after Xiaomi released its third-quarter earnings report. Despite the strong financial results, market sentiment remained cautious, with investors skeptical about the near-term outlook.

The third-quarter earnings report showed total revenue of RMB 113.12 billion, up 22.3% year-on-year, while adjusted net profit reached RMB 11.31 billion, marking a sharp 80.9% increase and setting a new record high. Notably, revenue from the smart electric vehicle (EV) and AI innovation business surged 199.2% year-on-year to RMB 29 billion, achieving positive quarterly operating profit for the first time at RMB 700 million and delivering 108,800 new vehicles, highlighting the strong growth potential of Xiaomi’s emerging businesses.

However, the market remains cautious about the stock. Although the EV segment performed well, the management warned that gross margins for 2026 could decline due to the halving of purchase tax subsidies and intensified industry competition. The global smartphone shipment reached 43.3 million units, up only 0.5% year-on-year, while rising storage chip costs pose pressure on profitability. Xiaomi has proactively adjusted its supply chain to mitigate these challenges, but short-term profit pressures persist.

From an analyst perspective, institutions such as Goldman Sachs noted that hedge fund short-selling sentiment has intensified, driven by concerns over chip costs, EV demand, and potential slowdown in overall business growth. Nevertheless, some brokerage firms remain optimistic about Xiaomi’s long-term ecosystem strategy, particularly in smart EVs and AI, maintaining a “Buy” rating, though acknowledging that near-term stock volatility may continue.

Overall, the share price decline reflects market caution in the face of strong earnings, as investors weigh rising costs, heightened competition, and macroeconomic uncertainties, indicating that sentiment remains sensitive to short-term negative factors.