Today $XIAOMI-W (01810.HK)$ Xiaomi released its Q3 2025 earnings report. This report was relatively lackluster compared to the previous two quarters, which were hailed as 'record-breaking,' due to the mediocre performance of its traditional businesses.
However, with an overall revenue growth rate of 22.3%, a net profit growth rate of 80.9%, quarterly revenue reaching RMB 113.1 billion, and a net profit of RMB 11.3 billion, this level of growth and scale is already among the top tier domestically. In the current environment, it is nearly impossible to find another large company with both revenue and net profit growth rates exceeding 20%. Well-known companies like Tencent, Alibaba, Kweichow Maotai, and previously high-performing PDD Holdings cannot match this growth rate.
I have written about Xiaomi's earnings reports many times, from 2022 to 2025. Last quarter, I did not write anything because there was little new information, and it was largely similar to previous reports. My view on Xiaomi has remained consistent over the past year or so, meaning last quarter’s report could be understood by reviewing earlier ones. This time, however, given that Xiaomi’s EV business is now facing new challenges after a period of success, and its share price has experienced one of the larger pullbacks among Chinese stocks listed overseas, I will provide an update on Xiaomi’s financials and my personal perspective on the company.
Key highlights:
1. Total revenue continued to surpass the 100 billion yuan mark, growing by 22.3%, primarily due to the contributions of su7 and yu7 orders. Electric vehicle (EV) business surged by 198%, with revenue reaching 28.3 billion yuan. Traditional business grew only by 1.3%, with smartphones showing negative growth. The growth rate of IoT declined from 45% in the previous quarter to...

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$Amazon (AMZN.US)$
📌 News Highlights
1. AI is not the next major catalyst for Amazon.
This year, most of the "Magnificent Seven" stocks have been driven by the AI concept, but Amazon's stock performance has been relatively modest.
New Growth Engine: Same-day Grocery Delivery.
2. Expansion Plan
Currently covers 1,000 small cities/towns (as of July 2025).
Target: Cover 4,000 small cities/towns by the end of 2025.
3. Market Potential
The U.S. online grocery market is projected to reach USD 2.2 trillion by the end of 2025, with continued growth at a CAGR of 7.5% through 2028.
Walmart holds a 32% market share (ranking first), followed by Amazon at 23% (second place), presenting potential opportunities for competition.
4. Investment bank perspectives
HSBC analyst Paul Rossington: Target price raised from $256 to $260, maintaining a 'Buy' rating, citing grocery delivery as the key catalyst.
Morgan Stanley analyst Brian Nowak: Listed AMZN as a 'Top Pick,' estimating that every 1% gain in U.S. grocery market share could boost the company’s GMV by approximately 120bps.
5. Cost advantage
Grocery delivery毛...

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