【Today's Headlines】
Xiaomi Corporation-W (01810) Releases First Quarter Results, Shareholders' Profit Attributable to Shareholders Reaches 10.924 Billion Yuan, Up 161.22% Year-on-Year
According to Zhitong Finance APP, Xiaomi Corporation-W released its performance for the three months ending March 31, 2025. During the period, the group achieved revenue of 111.293 billion yuan (RMB, the same below), an increase of 47.4% year-on-year; gross profit of 25.406 billion yuan, an increase of 50.96% year-on-year; profit attributable to shareholders of 10.924 billion yuan, an increase of 161.22% year-on-year; basic earnings per share of 0.44 yuan.
Xiaomi Corporation: In the first quarter of 2025, the average selling price of Xiaomi smart electric vehicles was 238,301 yuan. The delivery of the Xiaomi SU 7 series reached 75,869 vehicles. The company will also expand production capacity, with cumulative deliveries of the Xiaomi SU 7 series exceeding 258,000 units.
In the first quarter of 2025, revenue from smart home appliances grew by 113.8% year-on-year. Among them, air conditioning product shipments exceeded 1.1 million units, with a year-on-year growth rate of over 65%; refrigerator shipments exceeded 880,000 units, with a year-on-year growth rate of over 65%; washing machine shipments exceeded 740,000 units, with a year-on-year growth rate of over 100%; both washing machines and refrigerators achieved record high shipments.
The number of monthly active users globally and in mainland China reached a new historical high. In March 2025, the global monthly active users reached 718.8 million, a year-on-year increase of 9.2%. Among them, the monthly active users in mainland China reached 181.1 million, a year-on-year increase of 12.9%.
【Market Outlook】
U.S. Stock Market Indices Surge, Tesla (TSLA.US) Rises Nearly 7%
Overnight, the Dow Jones Industrial Average rose by 740.58 points from the previous trading day, closing at 42,343.65 points, an increase of 1.78%; the S&amp;P 500 index rose by 118.72 points, closing at 5,921.54 points, an increase of 2.05%; the Nasdaq Composite Index rose by 461.95 points, closing at 19,199.16 points, an increase of 2.47%. Major tech stocks rose broadly, with Tesla rising nearly 7%, Nvidia up over 3%, and Apple, Microsoft, Amazon, Google, and Meta all up over 2%. The Nasdaq Golden Dragon China Index fell by 0.28%, with most popular Chinese concept stocks declining, while Bilibili rose over 2%. The Hang Seng Index ADR rose, closing at 23,425.96 points, up 43.97 points or 0.19% compared to the Hong Kong close.
【Hot Topics Ahead】
Hong Kong SAR Government Responds to S&amp;P and Moody's Confirmation of Hong Kong's Credit Rating
Zhitong Finance APP learned that rating agencies S&amp;P and Moody's released reports on May 27, maintaining Hong Kong's credit rating. In response, a spokesperson for the Hong Kong SAR government stated that the government noted S&amp;P's maintenance of Hong Kong's &#34;AA+&#34; credit rating and &#34;stable&#34; outlook, while Moody's maintained Hong Kong's &#34;Aa3&#34; credit rating and upgraded the outlook from &#34;negative&#34; to &#34;stable.&#34; Both S&amp;P and Moody's made quite positive evaluations of Hong Kong's credit fundamentals, including a large fiscal buffer and foreign exchange reserves, a strong external balance sheet, and a high per capita income level
Three Departments: Build Benchmark Applications for Advanced Computing, Artificial Intelligence, Virtual Reality, and Other Digital Intelligence Technologies
The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Data Bureau issued the &#34;Implementation Plan for the Digital Transformation of the Electronic Information Manufacturing Industry,&#34; which proposes to accelerate the promotion and application of advanced general technologies. It aims to drive the optimization and improvement of the industrial chain supporting system through innovation in complete machine products and systems, creating benchmark applications for advanced computing, artificial intelligence, virtual reality, and other digital intelligence technologies, and accelerating the digital transformation and intelligent upgrade of the entire industrial chain. It will leverage the policies for the first unit, first batch, and first version to accelerate the application of safe and reliable advanced industrial control equipment, intelligent equipment, and industrial software in the electronic information manufacturing industry. It encourages the application of technologies such as intelligent perception, virtual reality, augmented reality, and immersive audio to promote innovation in real-number integration applications, and accelerates the trial use and promotion of innovative products such as smart wearable devices and intelligent robots.
China's First Pile-Foundation Fixed Offshore Photovoltaic Project Fully Operational
On May 27, China's first pile-foundation fixed offshore photovoltaic project—the China General Nuclear Power Corporation (CGN) Zhaoyuan 400 MW offshore photovoltaic project—was fully operational. The project is located in the Laizhou Bay sea area of Zhaoyuan City, Shandong Province, covering a total sea area of 512.7 hectares. The project commenced construction on December 26, 2023, overcoming a series of construction difficulties such as high salt mist, high humidity, high wind load, and strong ocean currents. After the project is fully connected to the grid, the annual power generation can reach nearly 700 million kilowatt-hours, equivalent to a reduction in standard coal consumption of about 208,700 tons and a reduction in carbon dioxide emissions of about 535,800 tons, which can meet the annual electricity consumption of about 400,000 households, providing continuous green power for economic and social development. It involves China General Nuclear Power Corporation (01816).
HYBE Sells All Its Shares in SM Entertainment to Tencent (00700) for Approximately 1.29 Billion Yuan
According to news from the Financial Supervisory Service of Korea's electronic disclosure system on May 27, South Korean entertainment giant HYBE will sell all its shares in SM Entertainment to a Hong Kong entity under Tencent Music Entertainment Group through an off-market block trade after the market closes on the 30th of this month, with a transaction amount of approximately 243.3 billion Korean won. After this transaction is completed, HYBE will completely withdraw its investment in SM Entertainment, and Tencent Music Entertainment Group will become the second-largest shareholder of SM Entertainment, following Kakao.
Muyuan Foods: Company Has Submitted Application for Issuance and Listing of Overseas Listed Foreign Shares to Hong Kong Stock Exchange
Muyuan Foods announced that it has submitted an application for the issuance of overseas listed foreign shares and listing on the main board of the Hong Kong Stock Exchange on May 27, 2025, and published the application materials on the Hong Kong Stock Exchange website on the same day. The application materials were prepared and published by the company in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, and are in draft form, with the information contained therein subject to timely updates and revisions.
Meituan Clarifies: &#34;At All Costs&#34; Refers to Anti-Competition
On May 26, Meituan stated in its earnings call that it would &#34;take all necessary measures to win the competition,&#34; which was interpreted as Meituan being willing to participate in price competition for food delivery at all costs. In response, a relevant person from Meituan clarified that the &#34;all necessary measures&#34; mentioned by Meituan specifically refers to opposing &#34;low-price, low-quality 'involution' competition.&#34; Meituan will continue to increase its investment in the industry ecosystem, including rider welfare protection and merchant support funds, and promote the healthy development of the industry through a series of measures
At the earnings call, Meituan CEO Wang Xing mentioned &#34;opposing 'involutionary' competition&#34; four times. He stated that the subsidy levels of other platforms remain high, but Meituan &#34;will increase investment to respond to competition while adhering to the principles of fair and orderly competition,&#34; with the overall investment philosophy aimed at promoting healthy industry development. Public information shows that since 2024, &#34;anti-involution&#34; has been a major topic in the food delivery industry. Companies including Meituan and Ele.me launched multiple &#34;burden-reduction&#34; measures last year, including implementing a rider fatigue prevention mechanism, canceling overtime deductions, and providing support funds to merchants. Meituan has also continuously announced various measures to &#34;counter involution,&#34; including improving traffic tilt mechanisms and optimizing marketing products.
Moody's: Upgrades the issuer rating outlook of China Huaneng, Huaneng Power International (00902), and China Huadian to &#34;Stable&#34;
On May 27, Moody's adjusted the rating outlook of China Huaneng Group Co., Ltd. (referred to as &#34;China Huaneng&#34;), Huaneng Power International, Inc. (referred to as &#34;Huaneng Power International&#34; 00902.HK600011.SH), and China Huadian Corporation LTD. (referred to as &#34;China Huadian&#34;) and its guaranteed subsidiaries from negative to stable.
Geely to launch multiple satellites including &#34;Qianli Haohan&#34; soon
According to reports from Geely Automobile, Geely will soon launch multiple satellites, including the &#34;Qianli Haohan&#34; satellite. Within this year, Geely will also conduct intensive launches to complete the network deployment of the first phase of the satellite constellation. At that time, Geely will achieve global real-time satellite communication services.
Meizhong Jiahe (02453): Officially releases self-developed proton therapy vertical large language model
Zhitong Finance APP reported that Meizhong Jiahe (02453) announced that the company has made significant progress in the field of precise tumor diagnosis and treatment technology, officially releasing its self-developed proton therapy vertical large language model, which has been successfully deployed at Guangzhou Taihe Tumor Hospital. Since the proton therapy service opened at Guangzhou Taihe Tumor Hospital, multiple high-quality patient treatment cases have been completed, demonstrating outstanding advantages such as precise treatment, significant efficacy, and reduced side effects.
Kuaishou-W (01024) releases first-quarter results, adjusted net profit of 4.58 billion yuan, a year-on-year increase of 4.4%
Zhitong Finance APP reported that Kuaishou-W (01024) released its results for the three months ending March 31, 2025, with the group achieving revenue of 32.608 billion yuan (same unit), a year-on-year increase of 10.9%; gross profit of 17.792 billion yuan, a year-on-year increase of 10.37%; and adjusted net profit of 4.58 billion yuan, a year-on-year increase of 4.4%. Since its launch in June last year, Keling AI has maintained global technological leadership through continuous iterations while accelerating commercialization. The announcement shows that Keling AI's operating revenue exceeded 150 million yuan in Q1. Currently, Keling AI has been widely applied in various industries including advertising marketing, short dramas, and smart terminals
Rongchang Biologics (09995): The National Medical Products Administration approves Taitasip (brand name: Tai'ai®) for the treatment of generalized myasthenia gravis in China
According to Zhitong Finance APP, Rongchang Biologics (09995) announced that Taitasip (brand name: Tai'ai) has officially received approval from the National Medical Products Administration (&#34;NMPA&#34;) to be marketed in China for the treatment of adult patients with generalized myasthenia gravis (&#34;gMG&#34;) who are positive for acetylcholine receptor (AChR) antibodies.
【Stock Highlights】
Junshi Biosciences (01877): New indication application for Engreztinib injection approved
According to Zhitong Finance APP, Junshi Biosciences (01877) announced that the company recently received a &#34;Drug Registration Certificate&#34; issued by the National Medical Products Administration (hereinafter referred to as &#34;NMPA&#34;). The Engreztinib injection (recombinant humanized anti-PCSK9 monoclonal antibody injection, brand name: Junshida®) is approved for: 1) adult patients with heterozygous familial hypercholesterolemia (hereinafter referred to as &#34;HeFH&#34;); 2) in patients intolerant to statins or contraindicated for their use, the application for two new indications for the use of the drug alone or in combination with Ezetimibe for adult patients with non-familial hypercholesterolemia and mixed dyslipidemia has been approved. Engreztinib becomes the first domestically approved PCSK9-targeted drug for the statin-intolerant population

Meituan will announce its first quarter 2025 results after the Hong Kong stock market closes on May 26. According to analysts' expectations, Meituan's revenue in Q1 2025 is expected to increase by 17% year-on-year to 85.44 billion yuan; adjusted net profit is expected to increase by 30% year-on-year to 9.73 billion yuan; net earnings per share are expected to be 1.39 yuan, a year-on-year increase of 61%.

Recently, a total of 40 analysts have rated Meituan-W, of which 38 analysts have given a "buy" rating or above, with an average target price of HK$199.15.

Meituan will announce its first quarter 2025 results after the Hong Kong stock market closes on May 26. According to analysts' expectations, Meituan's revenue in Q1 2025 is expected to increase by 17% year-on-year to 85.44 billion yuan; adjusted net profit is expected to increase by 30% year-on-year to 9.73 billion yuan; net earnings per share are expected to be 1.39 yuan, a year-on-year increase of 61%. Recently, a total of 40 analysts have rated Meituan-W, of which 38 analysts have given a "buy" rating or above, with an average target price of HK$199.15.

Meituan earnings , understand it at a glance!

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Xiaomi Corporation-W released its Q1 2025 results, with a net profit attributable to shareholders of RMB 10.924 billion, a year-on-year increase of 161.22%. The revenue for the quarter was RMB 111.293 billion, and the gross profit was RMB 25.406 billion, representing year-on-year growth of 47.4% and 50.96%, respectively. Sales of smart electric vehicles and smart home appliances performed strongly, with monthly active users reaching a record high. Meanwhile, the three major U.S. stock indices rose collectively, and Tesla's stock price increased by nearly 7%

- Xiaomi Group reported a 161.22% year-on-year increase in net profit to 10.924 billion yuan for Q1 2025, with total revenue reaching 111.293 billion yuan, a 47.4% increase.  
- The company delivered 75,869 units of its Xiaomi SU 7 series electric vehicles, while smart home appliance revenue grew by 113.8%.  
- Global monthly active users reached a record 718.8 million, reflecting a 9.2% increase year-on-year.

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Zhitong Hong Kong Stocks Early Insights | Xiaomi Corporation Q1 Shareholder Profit Attributable Soars 161% Major US Indices Surge Together