"下一步，小米汽车将坚持不懈抓安全、抓交付，在保证安全和品质的基础上全力以赴加快生产。" 小米集团创始人、董事长兼CEO雷军20 日说。 20日，第50万辆小米汽车在位于北京经济技术开发区（北京亦庄）的小米汽车超级工厂下线。自2024年3月28日首款车型SU7正式发布， 小米汽车用602天刷新了全球新能源车企50万辆下线的最快纪录。 雷军表示，50万辆下线标志着小米汽车包括研发、制造、销售、交付和服务的完整体系能力得到了充分验证，也标志着小米汽车得到消费 者的广泛认可，进入了规模化的新阶段。 11月18日，小米集团发布三季度财报显示，该季度交付汽车超10万辆，创单季度历史新高，同比增长173.4%。今年前三季度，小米汽车 累计交付量超26万辆，9月、10月连续2月交付量超4万辆，预计本周将提前完成35万台的交付目标。值得注意的是，三季度，小米汽车业 务首次实现单季度盈利，智能电动汽车收入为283亿元。 · · · · · · · · l 往期推荐 雷军还透露， 2025年全年小米汽车预计将交付超过40万辆。 " 大家对于小米汽车有很多期待，言胜于行，以行践言，我们会用实际行动向大家交出更好的答卷。 "雷军说。 ...

Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3%, with adjusted net profit reaching 11.3 billion yuan, up 81%, marking a historical high [1][4] - The company successfully transitioned between old and new growth engines, with innovative businesses like smart electric vehicles and AI achieving profitability for the first time in a single quarter, while the traditional smartphone business faced pressure due to rising memory costs [1][4] Financial Performance - The automotive business delivered 108,796 vehicles in Q3, with a total of 265,967 vehicles delivered in the first three quarters, and a monthly delivery of over 40,000 units in October, achieving profitability with a net profit of 6,434 yuan per vehicle sold [4][6] - The smartphone business faced challenges, with global shipments of 43.3 million units and revenue of 45.969 billion yuan, leading to a decline in gross margin to 11.1% due to rising costs of core components [6][5] Business Segmentation - Internet services generated revenue of 9.4 billion yuan in Q3, a 10.8% increase, primarily driven by strong advertising performance [7] - IoT business revenue reached 27.6 billion yuan, maintaining year-on-year growth for seven consecutive quarters, with a gross margin of 23.9% [9][8] R&D and Long-term Strategy - R&D expenditure in Q3 amounted to 9.1 billion yuan, a 52.1% increase, with total R&D investment for the first three quarters nearing last year's total, expected to exceed 30 billion yuan for the year [11][12] - The company is focusing on core technologies and frontier fields, with capital expenditure for the first three quarters at 13 billion yuan, reflecting long-term strategic investments [12][10] Market Outlook and Challenges - Despite achieving profitability in the automotive sector, the company anticipates challenges in 2026 due to reduced purchase tax subsidies and intensified competition [12] - The smartphone business continues to face long-term pressure from rising memory costs, while the IoT sector is experiencing a transitional phase in the domestic appliance market [12][6]

记者丨雷晨 在新业务方面， 三季度小米汽车交付新车108796辆，前三季度累计交付265967辆。10月单月交付量突破4万辆，预计本周内可完成 全年35万辆的交付目标。 尤为关键的是， 这是小米汽车业务首次实现盈利。 财报显示，小米汽车智能电动汽车及AI等创新业务从 第二季度的3亿元的经营亏损成功扭亏，经营收益为7亿元， 平均每卖1台车净赚6434元。 卢伟冰强调："几个季度前我们还在探索 单月或单车型盈利，如今实现单季度盈利，超出预期，验证了小米汽车的产品力与商业模式可行性。" 编辑丨包芳鸣 11月18日晚，小米集团召开2025年第三季度业绩发布媒体电话会。财报显示，集团当期总营收为1131亿元，同比增长22.3%；经调 整净利润达113亿元，同比增长81%，创历史新高。 这份财报传递出小米集团新旧增长引擎成功交替的关键信号。本季度，以智能电动汽车和AI为代表的创新业务首次实现单季度盈 利，成为拉动增长的新核心引擎；而传统支柱智能手机业务，则因行业性内存成本的周期性上涨而承压。 面对这"一半海水，一半火焰"的复杂局面，小米集团合伙人兼总裁卢伟冰在业绩会上对21世纪经济报道记者表示："环境因素虽不可 控，但我 ...

Market Overview - The A-share market opened higher but experienced a decline, with the Shanghai Composite Index rising by 0.38% while the Shenzhen Component and ChiNext fell by 0.05% and 0.52% respectively [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion yuan, an increase of 23 billion yuan compared to the previous trading day [5]. Sector Performance - The banking sector showed strong performance, with all bank stocks rising. Notably, China Bank's stock price surged by 5.17%, reaching a historical high with a market capitalization of 186.78 billion yuan [11][10]. - The lithium mining sector continued its strong momentum, with significant gains in stocks such as Weiling Co. and Dazhong Mining, which recorded a limit-up increase of 10% [16][17]. - Conversely, the retail, soft drink, and tourism sectors experienced noticeable declines, with the water product and lithium battery electrolyte sectors also weakening [5][6]. Specific Stock Movements - Major banks such as Agricultural Bank, Industrial and Commercial Bank, and Construction Bank saw increases of 0.36%, 1.58%, and 4.73% respectively, contributing to a robust banking sector performance [14]. - In the lithium sector, the price of lithium carbonate futures surged past 100,000 yuan per ton, indicating strong demand from downstream manufacturers [18][19]. Brokerage Sector - A wave of mergers among brokerages has sparked market interest, with stocks like Shouchuang Securities rising over 5% following announcements of significant asset restructuring [22][23]. - The overall performance of brokerage stocks was mixed, with some stocks experiencing gains while others saw declines [22]. Fisheries Sector - The fisheries sector, particularly Zhongshui Fisheries, saw its stock price rise by 10.02% amid geopolitical tensions affecting Japanese seafood imports to China [25][26].

Core Insights - The top ten Chinese listed technology companies in terms of R&D investment for the first three quarters of 2025 have been identified, highlighting significant players in the industry [1] Group 1: R&D Investment Rankings - Tencent leads the list with a total R&D expenditure of 62 billion RMB [2] - BYD follows with 43.8 billion RMB in R&D spending [2] - Xiaomi ranks third with 23.5 billion RMB allocated for R&D [2] - CATL (宁德时代) is fourth with 15.1 billion RMB in R&D investment [2] - Midea (美的) and Gree (格力) have R&D expenditures of 12.9 billion RMB and 9.5 billion RMB, respectively [2] - Zeekr (极氪) invests 7.7 billion RMB in R&D [2] - XPeng (小鹏) has an R&D budget of 6.6 billion RMB [2] - Seres (赛力斯) spends 5.1 billion RMB on R&D [2] - Semiconductor Manufacturing International Corporation (中芯国际) rounds out the list with 3.8 billion RMB in R&D investment [2]

Group 1 - The core achievement of Xiaomi Auto is the production of its 500,000th vehicle, setting a record for the fastest time to reach this milestone among global new energy vehicle manufacturers, achieved in just 602 days since the launch of its first model, SU7, on March 28, 2024 [1] - Xiaomi Group's founder and CEO Lei Jun emphasized that this milestone validates the company's complete capabilities in research and development, manufacturing, sales, delivery, and service, indicating a new phase of scale for Xiaomi Auto [3] - Lei Jun announced that Xiaomi Auto expects to deliver over 400,000 vehicles in 2025, highlighting the company's commitment to safety, delivery, and technological innovation [5] Group 2 - The company plans to enhance its core technology research and integrate AI with smart manufacturing, aiming to meet consumer expectations through tangible actions [5]

11月20日，小米汽车宣布第50万辆整车下产线。对此，小米创办人、董事长兼CEO雷军在社交平台发文 称，从第1台到50万台，我们仅仅用了1年零7个多月的时间。这标志着小米汽车得到了广大消费者的认 可，到了一个新的规模化阶段。 来源：@雷军 ...

Core Insights - Xiaomi has achieved a significant milestone by rolling off its 500,000th vehicle from its production line in just 602 days, marking the fastest record for any global new energy vehicle company [1][2] - The achievement signifies the validation of Xiaomi's complete system capabilities in research, manufacturing, sales, delivery, and service, indicating broad consumer recognition and entry into a new phase of scale [1] Group 1 - The 500,000th vehicle marks a new starting point for Xiaomi's automotive division, emphasizing the importance of safety and delivery as foundational elements [2] - Xiaomi plans to accelerate production while ensuring safety and quality, highlighting a commitment to technological innovation and the integration of AI and smart manufacturing [2] Group 2 - Xiaomi's CEO Lei Jun stated that the company will focus on three main areas: ensuring safety and delivery, enhancing technological innovation, and deepening the integration of AI and smart manufacturing [2]

来源：雷军公众号 今天，我们迎来了小米汽车史上一个重要的里程碑：第50万辆汽车下线。 从第1台到50万台，我们仅仅用了1年零7个多月的时间。同事们告诉我，这是国内新能源汽车行业最快 的纪录。 今年年初我们提出了今年的交付目标是 30 万辆，今年 3 月，我们调高到 35 万辆，预计本周，我们就提 前完成全年任务。目前我们最新的预估：2025年全年预计交付将超过40万辆。 小米汽车能够取得今天的一系列成绩，离不开各方面的支持。 首先，要感谢所有用户朋友对小米汽车的信赖和支持。50万台小米汽车，背后是50万份车主朋友的信 任。尤其是，很多在发布会结束后第一时间盲订、锁单的车主朋友们。每一份信任，对我们来说，都弥 足珍贵，我们一定会持续不断地努力。 还有，要感谢所有合作伙伴。尤其是供应商伙伴的支持。产能爬坡，是一项极其浩瀚的工程，需要供应 链上下游共同努力才能完成。供应商伙伴凭实力，让中国汽车产业得以飞速发展，与产业链上最优秀的 供应商伙伴共事，也是小米汽车的荣幸。此外，还要感谢媒体、一直关注小米的各界朋友们的支持。 同时，还要感谢国家主管部门和北京市的大力支持。我在很多场合都说过："感谢北京这片沃土，正是 这片沃 ...

iPhone 17 与小米 17 系列这两款机型是各自上市的首月推动两家厂商增长的关键因素。 根据 Counterpoint Research 最新发布的《中国智能手机周度销量追踪》 报告，iPhone 17 与小米 17 系列首月销量显示，这两条产品线是各自品牌在上市首月实现增长的关键驱动力。苹果与小米的整 体销售量增长情况相似，分别同比增长 22% 与 21%。 苹果与小米各自 17 系列在中国首月销量表现 以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 数据来源：Counterpoint Research 中国智能手机周度销量追踪报告 *首月统计周期：iPhone 16：2024 年 9 月 20 日 – 10 月 20 日；iPhone 17：2025 年 9 月 19 日 – 10 月 19 日 在新冠疫情期间购买 iPhone 的用户如今进入集中 ...