炸锅！小米港元回购VS美元减持：高管巨量套现，文字游戏骗了多少投资者？

上海陆家嘴并购...02-04 23:49

2月3日，小米股价跌破35港元关键防线，收于34.6港元，连续三日下跌，市值持续缩水至9000亿港元以下。股吧里一片哀嚎，有投资者晒出亏损几十万、近百万的截图，一边哀求公司加大回购力度，一边痛斥高管减持“寒了人心”。这一切的矛盾焦点，都集中在小米近期两大看似对立的资本操作上——一边是密集的港元回购，高调宣称“维稳股价、彰显信心”；一边是核心高管的美元巨量减持，创下小米史上最大规模套现纪录。律师坦言...

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@小米公司

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Xiaomi Hong Kong dollar repurchase VS US dollar reduction: executives cashed out huge amounts, how many investors were cheated by word games?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"XIACY":1.98,"HXXD.SI":0.6,"01810":1.98,"MIUmain":0.6},"content_text":"2月3日，小米股价跌破35港元关键防线，收于34.6港元，连续三日下跌，市值持续缩水至9000亿港元以下。股吧里一片哀嚎，有投资者晒出亏损几十万、近百万的截图，一边哀求公司加大回购力度，一边痛斥高管减持“寒了人心”。这一切的矛盾焦点，都集中在小米近期两大看似对立的资本操作上——一边是密集的港元回购，高调宣称“维稳股价、彰显信心”；一边是核心高管的美元巨量减持，创下小米史上最大规模套现纪录。律师坦言，从法律层面看，两项操作均无瑕疵[综合公开律师解读]。但在市场层面，这场“左手回购、右手减持”的大戏，配上刻意切换的货币单位、冠冕堂皇的减持理由，更像一场精心设计的文字游戏，让专业人士看穿核心，让普通投资者陷入困惑。核心对决：25亿港元回购VS20亿美元减持，差距不止货币先把两组关键数据摆清楚，一眼看懂悬殊差距——回购端，2026年1月22日，小米公告启动不超过25亿港元的自动股份回购计划，标的为B类普通股，所有回购股份将注销，计划自1月23日启动，有效期至股东周年大会前一日或用完额度[来源：21世纪经济报道]。这并非小米首次出手，2025年9月29日至2026年1月22日，小米已累计回购44次，耗资约74.64亿元人民币；2026年开年至今，回购次数达14次，累计耗资23.9亿港元，仅1月26日一天就砸下1.4亿港元回购398.72万股[来源：21世纪经济报道、证券时报]。减持端，2025年12月28日，小米联合创始人、副董事长林斌（创业“七剑客”之一，曾是小米“二号人物”）公告，计划自2026年12月起，每12个月出售不超过5亿美元的B类股份，累计减持上限20亿美元[来源：经济导报]。按现行汇率换算，20亿美元约合156亿港元，是此次25亿港元回购额度的6.24倍[来源：经济导报]。更值得注意的是，林斌并非首次减持——2024年6月，他曾减持1000万股，套现约1.79亿港元，当时理由是“慈善公益捐赠”[来源：经济导报]。一边是“小额高频”的港元回购，高调释放利好；一边是“巨量分期”的美元减持，低调套现离场。这种强烈反差，难免让市场质疑：所谓的“维稳股价”，到底是真信心，还是掩人耳目的烟雾弹？法律无瑕疵，但市场逻辑说不通的三大疑点多位资本市场律师公开表示，小米的回购与林斌的减持，均符合港交所规则及上市公司监管要求，信息披露完整，从法律层面找不到任何瑕疵[综合公开律师解读]。但跳出法律框架，三个核心疑点始终无法回避。疑点一：减持理由“成立投资基金”，能否服众？林斌给出的减持理由是“减持所得主要用于成立投资基金公司”，同时表态“对集团业务前景充满信心，将长期服务于集团”[来源：21世纪经济报道]。但市场并不买账。有财经博主质疑，成立投资基金未必需要巨量套现——截至2025年三季度末，小米现金储备达2367亿元，若林斌真要布局关联投资，完全可通过公司层面合作，而非大规模减持个人持股[来源：公开财经博主观点]。更关键的是，高管减持向来被视为“用脚投票”的信号。作为陪伴雷军创业16年的核心成员，林斌比普通投资者更了解小米的真实经营状况——手机高端化进展、汽车业务盈利前景、IoT生态增长瓶颈，他都了如指掌。此时选择巨量减持，难免让市场联想“是不是内部看到了普通人看不到的风险”[来源：新浪财经评论]。疑点二：货币单位切换，是不是文字游戏？这是最受诟病的一点，也贴合用户提到的“小米喜欢玩文字游戏”的判断。小米披露回购时，刻意使用“港元”作为单位——25亿港元，对于普通投资者而言，直观感受是“数十亿级别的大手笔”；而披露林斌减持时，却改用“美元”作为单位——20亿美元，若不换算成港元，很难直观感受到其与回购的悬殊差距[来源：经济导报]。有网民吐槽，这种货币单位的刻意切换，本质是“误导投资者”：不明真相的散户可能只看到“回购利好”，却忽略了“减持利空远超利好”的核心事实[来源：经济导报]。虽有业内人士辩解，企业可自主选择披露货币单位，此举是为了稳定信心，但这种“避重就轻”的披露方式，无疑消耗了投资者的信任[来源：经济导报]。疑点三：回购“护盘”为何越护越跌？小米的回购初衷，被解读为“应对股价下跌、彰显价值认可”——截至2026年1月22日，小米股价较2025年6月的历史高点61.45港元下跌42.65%，几乎回吐全年涨幅，市盈率（TTM）约19.22倍，低于苹果、特斯拉，被认为“估值低估”[来源：21世纪经济报道]。但事实是，密集回购并未阻止股价下跌：2026年开年至今，小米股价从39港元左右跌至34港元区间，35、36、37等多道防线接连失守[来源：大白不白]。核心原因的在于，回购的“力度”远不及减持的“杀伤力”，且市场对小米的基本面存在担忧。一方面，25亿港元回购相对于156亿港元减持，更像“杯水车薪”；另一方面，全球存储芯片成本上涨，挤压手机业务毛利率，汽车业务虽有起色但尚未稳定盈利，高端化转型仍面临三星、苹果的挤压[来源：21世纪经济报道]。小米那些年的市场绯闻与辟谣，套路从未变过此次“回购vs减持”的文字游戏，并非小米首次引发市场争议。回顾近年，小米频繁被各类市场绯闻缠身，而其辟谣与公关操作，始终带着“模糊化、避重就轻”的特点，与此次的货币单位切换异曲同工。绯闻1：小米SU7被保险公司拒保？2025年4月，社交平台流传“小米SU7被多家保险公司拒保”“出险率是同价位车型数倍”的谣言，引发车主恐慌，也拖累小米股价短期下跌[来源：光明网]。小米紧急辟谣，联合人保、平安、太平洋等五大合作保险公司确认，从未出具过拒保通知，网传文件系伪造，且已向公安机关报案[来源：光明网]。保险公司也回应，保费上涨与车辆上年出险情况相关，无统一拒保政策[来源：光明网]。此次辟谣虽及时，但小米并未公开SU7的具体出险数据，仅以“谣言不实”回应，未能完全打消市场疑虑——直到后续多个季度的销量数据披露，SU7持续热销，这一争议才逐渐平息。绯闻2：海外业务受阻、高端化失败？近年，关于小米海外市场收缩、高端化转型停滞的传闻屡见不鲜，甚至有消息称“小米将退出欧洲高端市场”[综合公开传闻]。小米官方并未直接回应此类传闻，而是通过发布财报数据间接辟谣：2025年Q2，小米全球智能手机出货量同比增长12%，欧洲市场份额达23.4%，首次超越苹果，进入区域第二；海外高端手机（售价≥4000元）销量占比达27.6%，同比提升10个百分点[来源：金灵金融AI分析报告]。但传闻背后的隐忧并未消失：小米海外手机平均售价（ASP）仍低于国内，2024年海外ASP约639元，国内约890元，高端化仍面临“量价失衡”的问题；同时，欧洲反垄断调查、印度供应链本地化要求等，也给海外业务带来压力[来源：金灵金融AI分析报告]。绯闻3：现金流紧张，回购“拆东墙补西墙”？随着小米频繁回购、汽车业务持续投入，有传闻称“小米现金流紧张，回购资金来自融资，而非自有资金”[综合公开传闻]。小米通过财报回应，截至2025年三季度末，现金储备达2367亿元，足以支撑回购及业务投入，且回购资金均为自有资金[来源：21世纪经济报道]。但市场质疑的是，为何在现金流充足的情况下，回购额度仅为减持额度的1/6，难免让人怀疑“回购只是做样子”[来源：公开投资者讨论]。深度复盘：小米的“资本套路”，伤了谁？无论是此次的“港元回购+美元减持”，还是过往的绯闻与辟谣，小米的核心操作逻辑始终一致：用“表面利好”安抚市场，用“文字游戏”规避争议，却始终回避市场最关心的核心问题。对于专业投资者而言，一眼就能看穿本质：高管巨量减持，本质是对公司长期增长的谨慎预期；回购力度不足，说明管理层并非真的认为股价被严重低估，更多是为了缓解市场恐慌，维持估值体面。而对于普通投资者、米粉股东而言，这种套路最伤人。很多人因为“米粉情怀”买入小米股票，却被刻意切换的货币单位、冠冕堂皇的理由误导，最终面临亏损[来源：大白不白股吧评论]。正如有投资者吐槽：“我们信的是小米的初心，而不是管理层的套现套路。”[来源：公开投资者留言]更长远来看，这种“消耗信任”的操作，终将反噬小米自身。资本市场最看重的是“诚信”，高管减持与回购的失衡、信息披露的避重就轻，会逐渐降低机构投资者的认可度，也会让普通投资者失去信心。而小米想要实现“全球第一手机厂商”“AIoT生态领先”的目标，离不开资本市场的支持，失去信任，无疑会举步维艰[来源：金灵金融AI分析报告]。最后提醒：普通投资者该如何应对？抛开米粉情怀，单纯从投资角度出发，给大家两个核心建议，避免再被“文字游戏”套路：第一，不被“表面动作”迷惑。无论是回购还是减持，重点看“量级”而非“口号”——25亿港元回购vs156亿港元减持，利空远大于利好，这种情况下，务必保持谨慎，不要盲目抄底。第二，聚焦基本面，而非情怀。小米的核心看点的是手机高端化突破、汽车业务盈利、IoT生态协同效应，若这些业务没有实质性进展，仅凭回购很难支撑股价长期上涨[来源：21世纪经济报道]。后续可重点关注小米2025年年报、汽车业务销量及毛利率数据，再决定是否布局。说到底，资本市场没有“情怀”可言，只有“利益”与“诚信”。小米若继续沉迷于文字游戏、消耗投资者信任，即便短期能缓解股价压力，长期来看，终将被市场抛弃。希望每一位投资者都能理性投资——毕竟，赚钱才是最重要的，而非为“情怀”买单。转发这篇文章，提醒身边持有小米股票、关注小米的朋友，看清这场回购与减持背后的真相！关于我们：上海陆家嘴并购联盟一个覆盖全国的产业金融合作组织我们与多家上市公司、大型金融机构、投资银行、投资机构密切合作，致力于为全国优秀的企业与全球投资机构高质量的合作交流网络并为企业提供专业的兼并收购、投融资顾问、直接股权投资与产业投资的综合性金融服务。若企业有融资、并购的需求，也敬请通过以上的联系方式与我们联系，本联盟将会提供项目推介或是全程财务顾问服务。我们的优势：1.平台依托庞大的上市公司资源网络，广阔的国际视野、敏锐的市场嗅觉以及良好的业内关系，与国内三十多家上市公司、境内外一流金融机构深度合作，保障项目资金来源。2.联盟依托于相龙投资管理公司，及其旗下的会计师事务所与律师事务所，能够为企业融资并购项目提供全程专业的咨询、财务与法律服务。3.联盟多年与专业的财务咨询机构的深度合作，拥有丰富的项目经验。上海陆家嘴并购联盟是您值得托付信赖的合作伙伴！感谢对上海陆家嘴并购联盟的支持，我们联合国内多家上市公司、大型投行、并购基金、投资机构、银行、信托、律师、会计师等专业人士成立本联盟。如果您需要免费发布项目信息或联系我们请发邮件到LJZ8868XM@126.com审核。微信群请先扫描下方二维码进入群友通讯录，向群主发送验证信息后等待拉群(验证信息：城市、公司、职务）。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":529328900134456,"gmtCreate":1770252768054,"gmtModify":1770252771226,"author":{"id":"3563421686188310","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