---
title: "小米 2025 财报：分析最强财报下的腰斩股价"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39499531.md"
description: "昨天小米发布了史上最强年报，但与此同时，股价却从 61 回落到 32 港元左右，作为投资看财报主要希望了解，到底为什么跌，未来的投资策略和预期怎样。一、为什么最强财报，股价短期继续跌？1. 增收不增利的背离：手机主业务 “量价齐跌” 拉低小米 Q4 盈利底线财报充满了数字，但只要是数字就存在口径选择。在全年总收入同比增长 25.0% 的光鲜数据下，问题主要在 Q4 数据不理想及近期趋势..."
datetime: "2026-03-25T07:01:37.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39499531.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39499531.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39499531.md)
author: "[龟派投资](https://longbridge.com/en/profiles/16154980.md)"
---

# 小米 2025 财报：分析最强财报下的腰斩股价

The 2025 annual results announcement indeed showcased the company's strongest fundamentals in history: total revenue exceeded 457.3 billion yuan, a year-on-year increase of 25.0%.

### Related Stocks

- [IT.US](https://longbridge.com/en/quote/IT.US.md)
- [01810.HK](https://longbridge.com/en/quote/01810.HK.md)
- [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md)
- [81810.HK](https://longbridge.com/en/quote/81810.HK.md)
- [07709.HK](https://longbridge.com/en/quote/07709.HK.md)
- [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md)
- [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md)

## Comments (7)

- **菜花花花 · 2026-03-26T04:19:22.000Z**: Because there are too many retail investors
- **买什么多看三天 · 2026-03-25T09:55:45.000Z · 👍 1**: Why not spend this time thinking about super profitable and deeply entrenched American companies? It's not like you can't buy them🤣
- **天弢 · 2026-03-25T07:11:27.000Z**: What are you mumbling about? For this kind of problem, just build a chip factory, then build a memory factory, and all problems will be solved.
  - **a攀-高不可攀** (2026-03-25T07:19:40.000Z): Haha, you make it sound so easy. A chip fab, do you know how much investment a single factory requires? How long does it take to become operational?
  - **龟派投资** (2026-03-25T07:22:12.000Z): The research report says that the increase in mid-2026 production capacity still depends on the ramp-up speed of the factory in 2025. The production capacity cycle is very slow to improve, and it's ev
  - **空军吃我元气弹** (2026-03-25T07:56:23.000Z): Then don't blame your Brother Lei for cashing out to build factories again.