香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票股權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 截 至 2023 年 9 月 30 日 止 三 個 月 及 九 個 月 之 業 績 公 告 小米集团（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2023年9月30日止三個月及九個月的未經審核綜合業績。中期業績依據國際 會計準則第34號「中期財務報告」編製，已由本公司獨立核數師羅兵咸永道會計師事務所 根據國際審計及鑒證準則理事會頒佈的國際審閱準則第2410號「由實體的獨立核數師執 行中期財務資料審閱」審閱。中期業績亦由本公司審核委員會（「審核委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 摘要 未經審核 截至以下日期止三個月 2023年 2022年 2023年 9月30日 9 ...

股份代號：1810（港幣櫃台）及 81810（人民幣櫃台） l l l 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 2023年中期報告 㛮ᷯ㛡⟳␌灭劳㕉⎌ᷯ㕉䈊灮ⶴ㕾㛮℮⎺䵴䪛www.mi.com ⎌倱Ṧ㈂䵴䪛 www.hkexnews.hk 䘽廋˿↣怺㒉敳奿⛪᷌徲䵴䪛䘽廋ḍ℮⎺応姌灭⋇㊮Ἀ᷏ 昒㕾⸶⟳˾屣⊛⟳␌㐚奃灭⥄怫䓪灮˾ᷯ㛡⟳␌˾ᷯ㛡⟳␌㐚奃灭⥄怫䓪灮˾ 㛅嬲応␌˾᷌ⷄ㕉Ẹ˾応↿⎌ấ堪⦖ẽ堪㟾灮ầấ㛁ℸẽ㇘K悪⌲⇹㛮 ḍ偣㜳灱✉⎱奃㰄䳤⎘ᷯ㛡⟳␌ḍ⌲⇹㛮˿ ⶴ怺㒉㇘塭奘䁼ⶴ⏎パầ暽⬒㕻⻑㓸⎘℮⎺応姌㇘⛪㓸⎘㇘㿑奿㛮℮⎺䵴 䪛䘽廋ḍᷯ㛡⟳␌㘄怉⇲⚲暥䙆偣㜳灱⎱㕾㎒↼奃㰄⽎ℏ屽䌴䘾ᷯ㛡⟳␌ ⌲⇹㛮˿ 偣㜳⎱晪㘄⏓楛㷱嬋⇺䘽姚嘗灭悷 ⮆ ⛲ ✂ 䁼 楛 㷱 䀥 ẖ 䙉 ⏐ ⣩ 怕 㜳 183 嘡⏊ᷯ⾅ 17M㧕灮䘾 ↼ ⏊ 䏈 㚺 朤 応 䞧灱 ㇘ 忑 怐 暽 悷 ⛲ ✂ xiaomi.ecom@computershare.com.hk 䘾↼応䞧灱奃㰄㚶㓻㈂怺㒉㓸⎘㛮℮ ⎺㖧⽎㈂㛋℮⎺応姌䙆㕻⻑灭㓸⎘⌲⇹㛮㇘忑怐㛮℮⎺䵴䪛ầ暽⬒㕻⻑㓸 ⎘灮⎌婠姂䈊㛮灭₇㓸⎘劳㕉䈊 炀㇘₇㓸⎘ᷯ㕉䈊 炀㇘⏎㘄 ...

[0 -> 8] Ladies and gentlemen, thank you and welcome to Xiaomi's interim results announcement conference call. [8 -> 14] This conference will be recorded. If you have any objections, you may disconnect at this time. [14 -> 20] If you have any questions you would like to raise during the Q&A session, please press star 1. [20 -> 27] I would like to hand over to Ms. Anita Chen, Head of Investor Relations and Corporate Finance. [27 -> 38] Good evening, ladies and gentlemen. Welcome to the investor conference ca ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票股權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 截 至 2023 年 6 月 30 日 止 三 個 月 及 六 個 月 之 業 績 公 告 小米集團（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2023年6月30日止三個月及六個月的未經審核綜合業績。中期業績依據國際 會計準則第34號「中期財務報告」編製，已由本公司獨立核數師羅兵咸永道會計師事務所 根據國際審計及鑒證準則理事會頒佈的國際審閱準則第2410號「由實體的獨立核數師執 行中期財務資料審閱」審閱。中期業績亦由本公司審核委員會（「審核委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 摘要 未經審核 截至以下日期止三個月 2023年 2022年 2023年 6月30日 6 ...

[3 -> 32] 大家好,欢迎大家今天参加小米集团2023年第一季度业绩发布投资者电话会议,本次会议将会录音。如果您有任何问题,可以现在挂断。如果您想在问答环节进行提问,请按新一键。取消提问,请按新二键。现在有请小米集团投资者关系团队主管Anita Chen为我们主持本次电话会议。Anita有请。谢谢。 [32 -> 52] 大家好,欢迎大家今天参加小米集团2023年第一季度业绩发布投资者电话会议。会议开始前,我们想提醒大家,本次会议可能包含前瞻性的陈述,这些陈述受各种风险和不确定性因素的影响,可能在未来因为多种因素无法实现。 [52 -> 76] 另外,有关整体市场状况的信息来自小米公司以外的其他渠道。本次会议包含一些未经审计的非国际财务报告准则的财务指标应作为补充信息,而不能替代公司根据国际财务报告准则编制的财务指标。出席本次会议的有小米集团合伙人总裁兼国际业务部总裁卢伟斌先生。 [76 -> 82] 小米集团副总裁兼首席财务官、天星数科董事长林世伟先生。 [82 -> 97] 会议开始,卢总将先分享公司最近的战略、更新及业务情况,随后,林总将回顾2023年第一季度的财务表现,最后,我们将进入问答环节。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票股權控制的有限公司） （股份代號：1810） 截 至 2023 年 3 月 31 日 止 三 個 月 之 業 績 公 告 小米集團（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本 集團」）截至2023年3月31日止三個月的未經審核綜合業績。中期業績依據國際會計準則 第34號「中期財務報告」編製，已由本公司獨立核數師羅兵咸永道會計師事務所根據國際 審計及鑒證準則理事會頒佈的國際審閱準則第2410號「由實體的獨立核數師執行中期財 務資料審閱」審閱。中期業績亦由本公司審核委員會（「審核委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 摘要 未經審核 截至以下日期止三個月 2023年 2022年 2022年 3月31日 3月31日 同比變動 12月31日 環比變動 （人民幣百萬元 ...

Financial Performance - Total revenue for 2022 reached RMB 280.04 billion, with adjusted net profit of RMB 8.52 billion[9] - Gross profit for 2022 was RMB 47.58 billion, down from RMB 58.26 billion in 2021[9] - Operating profit for 2022 was RMB 2.82 billion, a significant decrease from RMB 26.03 billion in 2021[9] - Revenue decreased by 14.7% to RMB 280.04 billion in 2022 compared to RMB 328.31 billion in 2021[31] - Gross profit declined to RMB 47.58 billion in 2022 from RMB 58.26 billion in 2021[30] - Adjusted net profit for 2022 was RMB 8.52 billion, down from RMB 22.04 billion in 2021[30] - Adjusted net profit for 2022 was RMB 8,518,007 thousand, with a net profit margin of 3.0%[59] - Adjusted net profit for 2021 was RMB 22,039,474 thousand, with a net profit margin of 6.7%[59] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 273.51 billion, with non-current assets at RMB 113.09 billion[10] - Equity attributable to the company's owners stood at RMB 143.66 billion as of the end of 2022[10] - Total liabilities as of December 31, 2022, were RMB 129.58 billion, with current liabilities at RMB 89.63 billion[10] - The company's total equity and liabilities amounted to RMB 273.51 billion at the end of 2022[10] - Cash and cash equivalents increased from RMB 23.5 billion in 2021 to RMB 27.6 billion in 2022[62] - Total cash resources as of December 31, 2022, amounted to RMB 94.3 billion[62] - The debt-to-asset ratio improved from -31.1% in 2021 to -35.6% in 2022, reflecting a net cash position[63] - Total borrowings decreased to RMB 23.6 billion in 2022 from RMB 26.2 billion in 2021[65] Smartphone Business - Smartphone and IoT business remained stable despite global economic challenges, with global economic growth slowing from 6.2% in 2021 to 3.4% in 2022[13] - Global smartphone shipments in 2022 decreased by 11.7% year-on-year, reaching a nine-year low, while the company's global smartphone shipments reached 150.5 million units, maintaining the third position with a market share of 12.8%[14] - The company's smartphone business revenue in 2022 was RMB 167.2 billion, with an average selling price (ASP) of RMB 1,111, a record high[15] - Xiaomi 13 series achieved the top sales ranking in the RMB 4,000-6,000 price segment for seven consecutive weeks in mainland China after its launch[15] - Redmi K60 series sold over 300,000 units within the first five minutes of its launch in December 2022[16] - Smartphone segment revenue decreased by 19.9% to RMB 167.22 billion in 2022, with smartphone shipments dropping by 20.9% to 150.5 million units[33] - Smartphone ASP increased by 1.3% to RMB 1,111.3 per unit in 2022[33] - Smartphone division gross margin decreased from 11.9% in 2021 to 9.0% in the reporting period, primarily due to increased inventory clearance efforts, USD appreciation, and higher inventory impairment provisions[42] IoT and Lifestyle Products - IoT and lifestyle product revenue in 2022 was RMB 79.8 billion, a year-on-year decrease of 6.1%, while global smart TV shipments reached 12.4 million units, up 0.6% year-on-year[18] - Air conditioner shipments increased by over 50% year-on-year in 2022, with online market retail share rising by 1.3%, and refrigerator shipments nearly doubled year-on-year[18] - Tablet shipments in mainland China grew by over 160% year-on-year in 2022, with the company ranking third in market share and second in wearable wristbands and TWS earphone shipments[18] - IoT and lifestyle products revenue decreased by 6.1% to RMB 79.79 billion in 2022, driven by lower sales of smart TVs and other IoT products in overseas markets[34] - Global smart TV shipments grew by 0.6% to 12.4 million units in 2022, outperforming the market decline of 5.6%[34] - IoT and lifestyle product division gross margin increased from 13.1% in 2021 to 14.4% in the reporting period, driven by lower core component prices and improved gross margins in smart TVs and smart home appliances[42] - IoT and lifestyle product division sales cost decreased by 7.6% from RMB 73.9 billion in 2021 to RMB 68.3 billion in the reporting period, mainly due to a decrease in IoT and lifestyle product sales[40] Internet Services - Internet service revenue reached RMB 28.3 billion in 2022, a year-on-year increase of 0.4%[19] - Overseas internet business revenue reached RMB 6.8 billion in 2022, a year-on-year increase of 35.2%, accounting for 24.0% of total internet service revenue[19] - Advertising business revenue reached RMB 18.5 billion in 2022, a year-on-year increase of 2.1%[19] - Game business revenue reached RMB 4.1 billion in 2022, a year-on-year increase of 4.4%[19] - Smart TV global monthly active users exceeded 58 million in December 2022, with paying users increasing by 23.0% year-on-year to 6.0 million[19] - Internet services revenue increased by 0.4% to RMB 28.32 billion in 2022, with overseas internet services revenue growing by 35.2% to RMB 6.8 billion[36] - Internet services division gross margin decreased from 74.1% in 2021 to 71.8% in the reporting period, mainly due to a decline in advertising business gross margin[43] - Internet services division sales cost increased by 9.0% from RMB 7.3 billion in 2021 to RMB 8.0 billion in the reporting period, driven by increased costs in advertising, TV value-added services, and gaming, partially offset by reduced financial technology business costs[41] R&D and Innovation - The company incurred RMB 3.1 billion in expenses for innovative businesses, including smart electric vehicles, in 2022[13] - R&D expenditure in 2022 reached RMB 16 billion, with a compound annual growth rate of 38.4% from 2017 to 2022, and the company plans to invest over RMB 100 billion in R&D from 2022 to 2026[14] - R&D expenses increased to RMB 16.03 billion in 2022, up from RMB 13.17 billion in 2021[30] - R&D expenses increased by 21.7% from RMB 13.2 billion in 2021 to RMB 16.0 billion in the reporting period, primarily due to increased expenses in innovative businesses such as smart electric vehicles[44] Global Market Performance - Overseas market revenue in 2022 accounted for 49.2% of total revenue, reaching RMB 137.8 billion, with smartphone shipments ranking in the top three in 54 countries and regions globally[14] - Global MIUI monthly active users reached 582.1 million in December 2022, a year-on-year increase of 14.4%, and the number of connected IoT devices (excluding smartphones, tablets, and laptops) reached 589.4 million, up 35.8% year-on-year[14] - Global MIUI monthly active users reached 582.1 million in December 2022, a year-on-year increase of 14.4%[19] - AIoT platform connected devices reached 589.4 million by the end of 2022, a year-on-year increase of 35.8%[23] - MIUI 14 system fluency improved by 60%, AIoT product discovery speed increased by 50%, and transmission speed increased by 77%[24] - Offline channel AIoT product GMV increased by over 27% year-on-year in 2022[25] - Xiaomi 13 series offline channel sales contribution reached 55% by the end of February 2023[25] Investments and Financial Activities - The company invested in over 420 companies with a total book value of RMB 63.9 billion, a 5.9% year-over-year increase[66] - Total investment value, including fair value of listed and unlisted companies, reached RMB 65.2 billion as of December 31, 2022[66] - The company recorded a post-tax net gain of RMB 1.2 billion from the disposal of investments in 2022[66] - The company issued $600 million in 3.375% senior notes due 2030 and $855 million in zero-coupon convertible bonds due 2027[64] - In 2021, the company issued $800 million in 2.875% senior notes due 2031 and $400 million in 4.100% green bonds due 2051[64] - The net proceeds from the 2020 placement and subscription amounted to approximately $3.1 billion, fully utilized by the end of 2022 for business expansion, market share increase, strategic ecosystem investment, and general corporate purposes[168][169] - The net proceeds from the 2027 bond issuance were approximately $889.6 million, fully utilized by the end of 2022 for similar purposes as the 2020 placement[170][171] - The net proceeds from the 2031 bond issuance were approximately $789.0 million, fully utilized by the end of 2022 for general corporate purposes[172][173] - The net proceeds from the green bond issuance were approximately $392.8 million, fully utilized by the end of 2022 for financing or refinancing eligible green projects[174][175] Corporate Governance and Shareholder Structure - The company has 32,543 full-time employees, with 16,171 engaged in R&D as of December 31, 2022[67] - The company repurchased 235,248,000 Class B shares for a total consideration of HKD 2,756,518,651 during the reporting period[77] - A total of 24,341,769 Class A shares were converted into Class B shares on October 28, 2022, with 21,922,431 shares converted by Lei Jun through Smart Mobile Holdings Limited and 2,419,338 shares converted by Bin Lin through Bin Lin 2021 A Trust[80] - A total of 2,937,275 Class A shares were converted into Class B shares on March 22, 2023, with 2,645,338 shares converted by Lei Jun through Smart Mobile Holdings Limited and 291,937 shares converted by Bin Lin through Bin Lin 2021 A Trust[80] - The company plans to issue 363,148,688 new shares (approximately 1.8% of the weighted average number of issued Class B shares) under the Post-IPO Share Option Plan and Post-IPO Share Award Plan[81] - The maximum number of shares that can be issued under the Pre-IPO Employee Share Option Plan is 2,512,694,900 Class B shares[84] - As of the latest practicable date, the company has granted 267,673,823 unexercised share options and restricted share units (approximately 1.07% of the issued share capital) under the Pre-IPO Employee Share Option Plan[88] - The company has three share plans: Pre-IPO Employee Share Option Plan, Post-IPO Share Option Plan, and Post-IPO Share Award Plan[81] - The Pre-IPO Employee Share Option Plan expired on August 24, 2022, after a 10-year term, but unexercised awards remain valid[87] - The Post-IPO Share Option Plan aims to provide selected participants with proprietary interests to encourage them to work actively for the benefit of the company and its shareholders[91] - Eligible participants under the Post-IPO Share Option Plan include employees, directors, consultants, and other related parties of the group[92] - The total number of B shares that may be issued upon the exercise of all options granted under the post-IPO share option plan and any other share option plans is 1,568,094,311 shares, not exceeding 10% of the issued B shares as of the listing date[93] - As of December 31, 2022, the total number of shares available for grant under the post-IPO share option plan is 1,447,394,311 shares, representing approximately 5.8% of the company's issued share capital[98] - A total of 233,500,000 share options have been granted under the post-IPO share option plan as of December 31, 2022[98] - The post-IPO share option plan is valid and effective for ten years from the listing date[97] - The total number of B shares that may be issued under the post-IPO share incentive plan without shareholder approval is 1,118,806,541 shares, with an annual grant limit of 3% of the total issued shares[102] - As of December 31, 2022, 387,027,516 reward shares were available for grant under the post-IPO share incentive plan[102] - The total number of new B shares that may be issued under the post-IPO share incentive plan will not exceed 1,118,806,541 shares[103] - As of December 31, 2022, 956,637,549 new shares were available for issuance under the post-IPO share incentive plan, representing approximately 3.8% of the company's issued share capital[103] - No maximum quota set for participants under the share incentive plan[104] - No payment or purchase price required for awarded shares under the share incentive plan[105] - The share incentive plan will terminate 10 years after the listing date or earlier if decided by the board[107] - Total awarded shares under the share incentive plan as of December 31, 2022, amounted to 564,256,129[108] - The fair value of awarded shares is determined based on the market value at the grant date[108] - The remaining duration of the share incentive plan post-IPO is approximately over 5 years[107] - Awarded shares do not carry voting rights until vested[106] - The board may determine the vesting conditions and periods for awarded shares[105] - The share incentive plan prohibits granting awards during restricted periods before financial results announcements[104] - The plan ensures compliance with applicable securities laws and regulations[104] - Total unvested reward shares as of December 31, 2022, amounted to 566,410,221[109] - The fair value of reward shares granted in 2022 was determined based on the market price at the grant date[109] - The company granted a total of 1,799,732 reward shares in 2022[109] - The weighted average market price of shares before the grant date in 2022 was 13.94[109] - The company's reward shares granted on March 23, 2022, had a fair value of 14.20 at the grant date[110] - The total reward shares granted under the post-IPO share reward plan amounted to 3,179,543 as of December 31, 2022[110] - The company did not enter into any equity-linked agreements during the reporting period[111] Leadership and Management - Lei Jun, the company's CEO, is responsible for strategy, corporate culture, and key products[114] - Lin Bin, co-founder and Vice Chairman, responsible for international business expansion including India and Indonesia, and domestic market sales and after-sales services[115] - Liu De, co-founder and Senior Vice President, oversees recruitment, promotion, training, and evaluation of mid-to-senior management, and organizational structure design[115] - Liu Qin, non-executive director and member of the audit committee, co-founded 5Y Capital, an early investor in the company[116] - Chen Dongsheng, independent non-executive director, has extensive experience in corporate governance and led reforms at Taikang Insurance Group[117] - Wang Shunde, independent non-executive director and chairman of the audit committee, has a strong background in financial management and strategic planning[118] - Tang Weizhang, independent non-executive director and chairman of the nomination committee, brings over 30 years of academic and administrative experience[118] - Lei Jun, aged 53, serves as the founder, CEO, Chairman, and Executive Director of the company, as well as the CEO of the smart electric vehicle business[120] - Lin Bin, aged 55, is a co-founder, Vice Chairman, and Executive Director of the company[120] - Lu Weibing, aged 47, is a partner, President of the Group, and President of the International Business Department, responsible for the mobile phone division, ecosystem chain division, major appliances division, China region, and India region[120] - Zhang Feng, aged 53, is a partner and Senior Vice President, serving as the President of the Major Appliances Division, with over 20 years of experience in the mobile phone and communications industry[121] - Zeng Xuezhong, aged 49, is the Senior Vice President and President of the Mobile Phone Division, responsible for the R&D and production of mobile phone products, with extensive experience in corporate strategy and innovation[121] - Yan Kesheng, aged 52, is the Vice President and General Manager of the Intelligent Manufacturing Department, responsible for intelligent manufacturing system-level solutions[121] - Lin Shiwei, aged 49, is the Vice President and Chief Financial Officer of the Group, also serving as the Chairman of Tianxing Digital Technology[122] - Zhu Dan, aged 45, is the Vice President and Deputy President of the Mobile Phone Division R&D, with significant contributions to the development of the camera and display departments[122] - Wang Xiaoyan, aged 48, is the Vice President and President of the China Region, playing a key role in the construction of the new retail business in China[122] - Qu Heng, aged 41, is the Vice President, Chairman of the Group's Technology Committee, and Chairman of the Group's Information Security and Privacy Committee, responsible for the quality and procurement committees[123] Shareholder and Voting Rights - Lei Jun holds 4,132,

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Financial Performance - Xiaomi's total revenue for 2022 reached RMB 280 billion, with adjusted net profit of RMB 8.5 billion[3] - Total revenue decreased 14.7% YoY to RMB 280.0 billion in 2022[20] - Adjusted net profit for 2022 was RMB 8.5 billion, compared to RMB 22.0 billion in 2021[36] - Q4 2022 revenue decreased by 22.8% to RMB 66.0 billion from RMB 85.6 billion in Q4 2021[38] - Revenue decreased by 6.3% from RMB 70.5 billion in Q3 2022 to RMB 66.0 billion in Q4 2022[55] - Annual non-IFRS adjusted net profit for 2022 was RMB 8.52 billion, with a net profit margin of 3.0%[73] - Annual non-IFRS adjusted net profit for 2021 was RMB 22.04 billion, with a net profit margin of 6.7%[73] - Revenue for the year ended December 31, 2022, was RMB 280,044 million, a decrease of 14.7% compared to RMB 328,309 million in 2021[87] - Gross profit for 2022 was RMB 47,577 million, down 18.3% from RMB 58,261 million in 2021[87] - Net profit attributable to the company's owners for 2022 was RMB 2,474 million, a significant decrease of 87.2% from RMB 19,339 million in 2021[87] - Total revenue for 2022 decreased to RMB 280,044.02 million from RMB 328,309.15 million in 2021, with smartphone revenue dropping to RMB 167,217.18 million from RMB 208,868.94 million[96][97] - Gross profit for 2022 was RMB 47,577.19 million, down from RMB 58,260.94 million in 2021, with smartphone gross profit declining to RMB 14,968.76 million from RMB 24,861.09 million[96][97] - Net profit attributable to the company's owners decreased significantly to RMB 2,474,030 thousand in 2022 from RMB 19,339,321 thousand in 2021, representing a decline of 87.2%[103] - Diluted earnings per share dropped to RMB 0.10 in 2022 from RMB 0.76 in 2021, a decrease of 86.8%[103] Smartphone Business - Global smartphone shipments in 2022 were 150.5 million units, maintaining the third position globally with a market share of 12.8%[4] - Xiaomi's smartphone business revenue in 2022 was RMB 167.2 billion, with an average selling price (ASP) of RMB 1,111, a record high[6] - In Q4 2022, Xiaomi's smartphone revenue was RMB 36.7 billion, with shipments of 32.7 million units[6] - Xiaomi 13 series achieved the top sales ranking in the RMB 4,000-6,000 price segment in China for seven consecutive weeks post-launch[6] - Redmi K60 series achieved sales of 300,000 units within 5 minutes of its launch in December 2022[7] - Smartphone revenue decreased 19.9% YoY to RMB 167.2 billion, with shipments down 20.9%[22] - Smartphone segment revenue decreased by 27.3% YoY to RMB 36.7 billion in Q4 2022, with shipments dropping 25.9% to 32.7 million units and ASP declining 2.0% to RMB 1,121.0 per unit[40] - Smartphone revenue decreased by 13.7% from RMB 42.5 billion in Q3 2022 to RMB 36.7 billion in Q4 2022, with shipments dropping by 18.6% from 40.2 million units to 32.7 million units[57] - Smartphone segment gross margin declined to 8.2% in Q4 2022, impacted by a one-time cost of RMB 700 million related to updated after-sales service policies[48] - Smartphone segment sales cost decreased by 17.3% from RMB 184.0 billion in 2021 to RMB 152.2 billion in 2022, primarily due to reduced smartphone shipments, partially offset by increased inventory impairment provisions[27] IoT and Lifestyle Products - IoT and lifestyle products revenue in 2022 was RMB 79.8 billion, a year-on-year decrease of 6.1%, but Q4 revenue increased by 12.5% to RMB 21.4 billion[8] - Global smart TV shipments reached 12.4 million units in 2022, a year-on-year increase of 0.6%, despite a 5.6% decline in the global smart TV market[8] - Xiaomi's tablet shipments in China increased by over 160% year-on-year in 2022, with Q4 shipments hitting a record high[9] - IoT and lifestyle products revenue decreased 6.1% YoY to RMB 79.8 billion[23] - IoT and lifestyle products revenue in Q4 2022 accounted for 32.5% of total revenue, up from 29.3% in Q4 2021[39] - IoT and lifestyle products revenue decreased by 14.4% YoY to RMB 21.4 billion in Q4 2022, driven by lower demand for smart TVs and some lifestyle products, partially offset by growth in tablets and smart home appliances[41] - IoT and lifestyle products revenue increased by 12.5% from RMB 19.1 billion in Q3 2022 to RMB 21.4 billion in Q4 2022, driven by growth in smart TVs, laptops, and other consumer products[58] - IoT and lifestyle products gross margin improved to 14.3% in Q4 2022, driven by higher margins in smart home appliances and lower component costs for smart TVs[48] - IoT and lifestyle products segment sales cost decreased by 7.6% from RMB 73.9 billion in 2021 to RMB 68.3 billion in 2022, mainly due to reduced sales of IoT and lifestyle products[28] Internet Services - MIUI monthly active users reached 582.1 million in December 2022, a year-on-year increase of 14.4%[4] - Overseas internet service revenue in 2022 reached RMB 6.8 billion, a year-on-year increase of 35.2%, with Q4 revenue hitting a record high of RMB 1.9 billion[10] - Xiaomi's game business revenue in 2022 was RMB 4.1 billion, a year-on-year increase of 4.4%, with Q4 revenue up 8.7% to RMB 1 billion[11] - MIUI monthly active users globally reached 582.1 million in December 2022, a year-on-year increase of 14.4%, with 143.7 million in mainland China, up 10.7%[10] - Overseas internet service revenue increased 35.2% YoY to RMB 6.8 billion[24] - Internet services revenue in Q4 2022 accounted for 10.9% of total revenue, up from 8.5% in Q4 2021[39] - Internet services revenue decreased by 1.4% YoY to RMB 7.2 billion in Q4 2022, while MIUI MAUs increased by 14.4% YoY to 582.1 million in December 2022[42] - Internet services revenue increased by 1.5% from RMB 7.1 billion in Q3 2022 to RMB 7.2 billion in Q4 2022, primarily due to growth in advertising revenue[58] - Internet services segment sales cost increased by 9.0% from RMB 7.3 billion in 2021 to RMB 8.0 billion in 2022, driven by higher costs in advertising, TV value-added services, and gaming, partially offset by reduced financial technology costs[29] AIoT Platform - AIoT platform connected devices (excluding smartphones, tablets, and laptops) reached 589.4 million, up 35.8% year-on-year[4] - AIoT platform connected IoT devices reached 589.4 million, a 35.8% YoY increase[15] - Users with five or more connected IoT devices reached 11.6 million, a 32.5% YoY increase[15] - Monthly active users of "Xiao Ai" assistant grew 7.1% YoY to 114.6 million[15] - MIUI 14 improved system fluency by 60% and AIoT product discovery speed by 50%[15] - Offline channel AIoT product GMV increased over 27% YoY in 2022[16] - Monthly average GMV per store in Jan-Feb 2023 increased over 30% compared to Q4 2022[16] Overseas Market - Overseas market revenue accounted for 49.2% of total revenue, reaching RMB 137.8 billion in 2022[5] - Revenue from Mainland China accounted for 50.8% of total revenue in 2022, slightly up from 50.2% in 2021[98] R&D and Innovation - R&D expenditure in 2022 was RMB 16 billion, with a compound annual growth rate of 38.4% from 2017 to 2022[5] - Xiaomi's global patent portfolio exceeded 30,000 patents, covering over 60 countries and regions as of December 31, 2022[5] - Xiaomi's smart electric vehicle R&D team has grown to approximately 2,300 people, with a target for mass production in the first half of 2024[14] - R&D expenses increased by 21.7% from RMB 13.2 billion in 2021 to RMB 16.0 billion in 2022, primarily due to increased expenses in innovative businesses such as smart electric vehicles[30] - R&D expenses increased by 22.0% YoY to RMB 4.7 billion in Q4 2022, primarily due to higher costs in innovative businesses like smart electric vehicles[49] - Research and development expenses increased by 21.7% to RMB 16,028 million in 2022 compared to RMB 13,167 million in 2021[87] Brand and User Loyalty - Xiaomi's brand loyalty ranked first among Android smartphone manufacturers in China for two consecutive years, with 50.1% of users choosing Xiaomi again when replacing smartphones[7] Cash Flow and Financial Position - Cash and cash equivalents as of December 31, 2022, were RMB 27.607 billion, a decrease from RMB 28.071 billion as of September 30, 2022[77] - Total cash resources as of December 31, 2022, amounted to RMB 94.3 billion, including cash and cash equivalents, restricted cash, short-term and long-term bank deposits, and short-term and long-term investments[75] - Net cash generated from operating activities in Q4 2022 was RMB 4.112 billion, compared to a net cash used in operating activities of RMB 1.470 billion in Q3 2022[77] - Net cash used in investing activities in Q4 2022 was RMB 708.1 million, primarily due to changes in long-term bank deposits[79] - Net cash used in financing activities in Q4 2022 was RMB 3.617 billion, mainly due to changes in borrowings and credit facility payables[80] - Total borrowings as of December 31, 2022, were RMB 23.6 billion, down from RMB 25.8 billion as of September 30, 2022[80] - Capital expenditures in Q4 2022 were RMB 1.379 billion, a decrease from RMB 1.703 billion in Q3 2022[81] - The company invested in over 420 companies and other long-term investments, with a total book value of RMB 63.9 billion as of December 31, 2022, a 5.9% year-over-year increase[81] - The company's cash and cash equivalents increased by 17.4% to RMB 27,607 million as of December 31, 2022, from RMB 23,512 million at the end of 2021[89] - Operating cash flow for 2022 was negative at RMB 4,389.73 million, compared to a positive RMB 9,785.29 million in 2021[91] - Net cash from investing activities in 2022 was RMB 15,548.77 million, a significant improvement from the negative RMB 45,007.95 million in 2021[91] - Cash and cash equivalents at the end of 2022 increased to RMB 27,607.26 million from RMB 23,511.58 million at the end of 2021[91] Expenses and Costs - Gross profit decreased by 18.3% from RMB 58.3 billion in 2021 to RMB 47.6 billion in 2022, with gross margin dropping from 17.7% to 17.0%[29] - Gross profit decreased by 22.4% YoY to RMB 11.4 billion in Q4 2022, with gross margin slightly increasing to 17.2% from 17.1% in Q4 2021[48] - Total sales cost decreased by 22.9% YoY to RMB 54.7 billion in Q4 2022, with smartphone sales cost dropping 25.7% to RMB 33.7 billion[44][45] - Sales and marketing expenses increased by 19.9% from RMB 4.9 billion in Q3 2022 to RMB 5.9 billion in Q4 2022, driven by higher advertising and promotional spending[65] - Employee benefits expenses increased to RMB 16,607.99 million in 2022 from RMB 13,821.53 million in 2021[99] - Inventory impairment provisions rose significantly to RMB 7,794.47 million in 2022 from RMB 2,831.53 million in 2021[99] - Tax expenses decreased to RMB 1,431.39 million in 2022 from RMB 5,133.80 million in 2021[100] - Inventory impairment provisions increased significantly to RMB 3,470,360 thousand in 2022 from RMB 1,331,147 thousand in 2021, representing a 160.7% increase[106] Investments and Equity - The company invested in over 420 companies and other long-term investments, with a total book value of RMB 63.9 billion as of December 31, 2022, a 5.9% year-over-year increase[81] - Fair value changes of investments shifted from a loss of RMB 2.4 billion in Q3 2022 to a gain of RMB 3.8 billion in Q4 2022, primarily due to gains in preferred stock investments[65] - Share of profits from equity-accounted investments turned from a loss of RMB 265.0 million in Q3 2022 to a profit of RMB 3.6 million in Q4 2022, driven by improved performance of investee companies[66] - Short-term investments measured at fair value through profit or loss decreased to RMB 9,845,910 thousand in 2022 from RMB 29,311,848 thousand in 2021, a reduction of 66.4%[104] - Long-term investments in equity securities (ordinary shares) decreased to RMB 18,726,499 thousand in 2022 from RMB 22,755,228 thousand in 2021, a decline of 17.7%[104] Share Transactions and Capital - The company repurchased a total of 235,248,000 B-class shares during the reporting period, with a total consideration of approximately HKD 2,756,518,651[112] - A total of 6,392,324 Class A shares were converted into Class B shares on March 11, 2022, with 5,756,989 shares converted by Lei Jun through Smart Mobile Holdings Limited and 635,335 shares by Bin Lin through Bin Lin 2021 A Trust[113] - A total of 13,488,051 Class A shares were converted into Class B shares on June 10, 2022, with 12,147,469 shares converted by Lei Jun through Smart Mobile Holdings Limited and 1,340,582 shares by Bin Lin through Bin Lin 2021 A Trust[113] - A total of 24,341,769 Class A shares were converted into Class B shares on October 28, 2022, with 21,922,431 shares converted by Lei Jun through Smart Mobile Holdings Limited and 2,419,338 shares by Bin Lin through Bin Lin 2021 A Trust[113] - A total of 2,937,275 Class A shares were converted into Class B shares on March 22, 2023, with 2,645,338 shares converted by Lei Jun through Smart Mobile Holdings Limited and 291,937 shares by Bin Lin through Bin Lin 2021 A Trust[113] - The company received net proceeds of approximately $3.1 billion from the 2020 placement and subscription, intended for increasing working capital, expanding market share, investing in strategic ecosystems, and other general corporate purposes[118] - The company received net proceeds of approximately $889.6 million from the 2027 bonds, intended for increasing working capital, expanding market share, investing in strategic ecosystems, and other general corporate purposes[119] - The company received net proceeds of approximately $789.0 million from the 2031 bonds, intended for general corporate purposes[120] - The company received net proceeds of approximately $392.8 million from the green bonds, intended for financing or refinancing eligible projects under the company's green financing framework[121] Other Financial Metrics - Other income increased by 186.8% YoY to RMB 588.7 million in Q4 2022, mainly due to higher government subsidies[51] - Other income increased by 200.9% from RMB 195.7 million in Q3 2022 to RMB 588.7 million in Q4 2022, primarily due to increased government subsidies[67] - Other net losses increased by 27.3% from RMB 415.0 million in Q3 2022 to RMB 528.3 million in Q4 2022, mainly due to deemed disposal losses from equity-accounted investments[67] - Net financial income increased by 163.0% from RMB 170

Ladies and gentlemen, thank you for standing by and welcome to Xiaomi 2022 third quarter results announcement conference call. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. If you have any questions you would like to raise during the Q&A section later, please press star one on your telephone keypad to register your questions. Should you wish to cancel your questions, please press star two. I'd now like to hand the conference over to your host today, ...