小米集团 20250527 摘要 小米 2025 年第一季度总收入达 1,006 亿元，同比增长 27%，净利润 89 亿元，同比增长 63.7%。毛利率为 22.8%，同比增长 0.5 个百分点。 智能手机业务收入 506 亿元，同比增长 9%，全球出货量 4,180 万台， 市场份额 14.1%，稳居全球前三。 小米在中国大陆智能手机市场重返第一，市场份额达 18.8%，同比增长 4.7 个百分点。高端手机出货量占比提升至 25%。IoT 及生活消费产品 收入 323 亿元，同比增长 59%，大家电业务收入同比翻倍增长，空调、 冰箱、洗衣机等产品出货量均实现 65%以上的高速增长。 小米汽车业务一季度交付 796 万台，其中 SU7 系列累计交付超 25.8 万 台，4 月交付超 2.8 万台，是 20 万元以上价格段销量冠军。小米 17 定 位豪华高性能 SUV，将于 7 月上市。汽车业务毛利率超过 23%，得益 于产品力、规模经济和高效渠道。 小米计划在 2026 年至 2030 年投入 2000 亿元用于研发，重点发展 AI 和芯片等底层核心技术。过去四年已累计投入 135 亿人民币用于芯片研 发， ...

Core Insights - Xiaomi Group reported a revenue of 111.3 billion yuan for Q1 2025, marking a year-on-year increase of 47.4%, with adjusted net profit surpassing 10.7 billion yuan, up 64.5% year-on-year [1][4] Business Performance - Xiaomi's core business revenue from smartphones and AIoT reached 92.7 billion yuan, a year-on-year growth of 22.8%, with smartphone revenue at 50.6 billion yuan, up 8.9% [4] - IoT and lifestyle product revenue hit 32.3 billion yuan, showing a significant year-on-year increase of 58.7% [5] - The company achieved a remarkable 40% growth in smartphone shipments in mainland China, reclaiming the top position in market share with 18.8%, an increase of 4.7 percentage points year-on-year [4] Product Launches and Innovations - The launch of the Xiaomi SU7 Ultra has initiated the luxury vehicle segment, with the first SUV model, YU7, expected to be a positive catalyst for 2025 [1][6] - The SU7 series has seen robust delivery growth, with over 25.8 million units delivered as of May 21, 2025, and a target of 350,000 units for the year [7][8] Strategic Goals - Xiaomi aims to rank among the top three in the air conditioning market by 2030, with a target revenue of over 50 billion yuan for its air conditioning business [5] - The company plans to expand its offline retail presence to approximately 20,000 stores by the end of the year, enhancing its sales capabilities [8] R&D and Technological Advancements - Xiaomi's R&D investment reached 6.7 billion yuan in Q1 2025, a 30.1% increase year-on-year, with an expected total of 30 billion yuan for the year [10] - The introduction of the self-developed 3nm chip,玄戒O1, positions Xiaomi among the top four companies globally to release such technology, aimed at enhancing the performance of high-end products [9][10]

Financial Data and Key Metrics Changes - In Q1 2025, Xiaomi achieved total revenue of RMB111.3 billion, up 47.4% year on year, marking a record high [25] - Adjusted net profit exceeded RMB10 billion for the first time, reaching RMB10.7 billion, up 64.5% year on year [36] - Gross margin reached 22.8%, up 0.5 percentage points year on year, also a historical high [25] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB50.6 billion, accounting for 45.5% of total revenue, up 8.9% year on year [26] - IoT revenue reached RMB32.3 billion, up 59% year on year, marking a record high [17] - Internet service revenue was RMB9.1 billion, up 12.8% year on year, with gross margin improving to 76.9% [30][31] Market Data and Key Metrics Changes - Xiaomi returned to number one in smartphone shipments in Mainland China, increasing market share by 4.7 percentage points year on year to 18.8% [14] - Global smartphone shipments reached 41.8 million units, with a market share of 14.1% [27] - In the high-end smartphone segment in Mainland China, Xiaomi's market share increased from 21% to 25% year on year [15] Company Strategy and Development Direction - Xiaomi aims to invest RMB200 billion in R&D from 2026 to 2030, focusing on core technologies like AI and chips [8] - The company is committed to premiumization, with strategies to enhance product capabilities and expand into high-end markets [71][72] - Xiaomi plans to enhance its smart manufacturing capabilities and expand its product offerings in the IoT and EV sectors [51][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth despite increased competition in the IoT space, emphasizing the importance of product strength and user experience [41][44] - The company acknowledged challenges in the smartphone market but remains focused on improving product structure rather than just sales volume [61] - Management believes that the EV business will continue to grow, with a strong product lineup and efficient production capabilities [21][66] Other Important Information - Xiaomi's R&D expenses reached RMB6.7 billion in Q1 2025, up 30% year on year, with a record number of R&D personnel [34] - The company has been recognized for its efforts in ESG, achieving significant milestones in sustainability and green transformation [37][38] Q&A Session Summary Question: Strategies for AIoT business amidst increased competition - Management noted that Xiaomi is still in a high growth stage and has not felt significant competitive pressure yet, focusing on production capacity [42][44] Question: Impact of EV sales on smartphone sales and pricing strategy - Management reassured that they do not anticipate a negative impact on Su-seven sales and emphasized strong product demand [48][66] Question: Efficiency and profitability of smart factories - Management highlighted the importance of supply chain integration and shared resources among different product lines to enhance efficiency [51][53] Question: Future use of self-developed chips in products - Management confirmed that the focus is currently on flagship chips, with plans to explore their use in other product categories in the future [86][88] Question: Competitive landscape in overseas markets - Management acknowledged challenges in India but sees significant growth potential in Africa, emphasizing the need for tailored strategies in different markets [102][104]

Financial Data and Key Metrics Changes - In Q1 2025, Xiaomi achieved total revenue of RMB111.3 billion, up 47.4% year on year, marking a record high [11][22] - Adjusted net profit exceeded RMB10 billion for the first time, reaching RMB10.7 billion, up 64.5% year on year [12][32] - Gross margin reached 22.8%, up 0.5 percentage points year on year, also a historical high [22] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB50.6 billion, accounting for 45.5% of total revenue, up 8.9% year on year [23] - IoT revenue reached RMB32.3 billion, up 59% year on year, marking a record high [15][26] - Internet service revenue was RMB9.1 billion, up 12.8% year on year, with gross margin improving to 76.9% [27][32] Market Data and Key Metrics Changes - Xiaomi returned to number one in smartphone shipments in Mainland China with a market share of 18.8%, up 4.7 percentage points year on year [12][25] - Global smartphone shipments reached 41.8 million units, with a growth rate of 40% year on year, significantly outperforming the broader market [13][24] - In the high-end smartphone segment, Xiaomi's market share increased from 21% to 25% year on year [13][77] Company Strategy and Development Direction - Xiaomi aims to invest RMB30 billion in R&D in 2025, with a total investment exceeding RMB102 billion from 2021 to 2025 [5][6] - The company is focusing on becoming a global leader in hardcore technology, particularly in AI and chip development [6][10] - Xiaomi plans to enhance its premiumization strategy across various product lines, including smartphones and home appliances [66][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth despite increased competition in the IoT sector, emphasizing the importance of product strength and user experience [39][40] - The company acknowledged challenges in the EV market but remains optimistic about its product capabilities and market position [92][93] - Management highlighted the importance of adapting strategies to different regional markets, particularly in India and Africa [99][100] Other Important Information - Xiaomi's R&D team reached a historical record of 21,731 employees, with R&D expenses in Q1 2025 amounting to RMB6.7 billion, up 30% year on year [30][31] - The company has been recognized for its efforts in ESG, completing 95.94% of its electronic waste recovery target [33][34] Q&A Session All Questions and Answers Question: What strategies will Xiaomi implement to face increased competition in the IoT sector? - Management noted that Xiaomi is still in a high growth stage and has not felt significant competitive pressure, emphasizing the importance of production capacity [38][39] Question: How will Xiaomi ensure the success of its EV business amidst potential price competition? - Management expressed confidence in the Su-seven model's strong performance and stated that production capacity is currently inadequate, alleviating concerns about price reductions [44][92] Question: Can you elaborate on the efficiency and profitability enhancements from the smart appliance and EV factories? - Management explained that the smart manufacturing platform will enhance supply chain efficiency across different product categories [48][49] Question: How will the introduction of the X Ring chip impact pricing and gross margin in the smartphone business? - Management indicated that the focus is currently on flagship chips, and while the self-developed chip usage rate won't significantly impact gross margin yet, they are optimistic about future growth [81][96] Question: What is the outlook for Xiaomi's smartphone market share in overseas markets, particularly in India and Africa? - Management acknowledged a decline in India due to unresolved issues but sees significant growth potential in Africa, focusing on mid to high-end products [98][99]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached RMB111.3 billion, up 47.4% year on year, marking a record high for the company [25][13] - Adjusted net profit exceeded RMB10 billion for the first time, reaching RMB10.7 billion, up 64.5% year on year [36][25] - Gross margin was 22.8%, a historical high, up 0.5 percentage points year on year [25][26] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB50.6 billion, accounting for 45.5% of total revenue, up 8.9% year on year [26] - IoT revenue reached RMB32.3 billion, up 59% year on year, marking a record high [17][29] - Internet service revenue was RMB9.1 billion, up 12.8% year on year, with a gross margin of 76.9% [30][31] Market Data and Key Metrics Changes - Xiaomi regained the number one position in smartphone shipments in Mainland China with a market share of 18.8%, up 4.7 percentage points year on year [14][28] - Global smartphone shipments reached 41.8 million units, with a market share of 14.1% [27][28] - In the high-end smartphone segment in Mainland China, Xiaomi's market share increased from 21% to 25% year on year [15][81] Company Strategy and Development Direction - The company aims to invest RMB30 billion in R&D in 2025, with a total investment exceeding RMB102 billion from 2021 to 2025 [7][8] - Xiaomi is focusing on becoming a global leader in hardcore technology, particularly in AI and chip development [5][8] - The company plans to enhance its premiumization strategy across various product lines, including smartphones and home appliances [72][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite increasing competition in the IoT space [41][42] - The company is optimistic about its EV business, with plans to deliver 76,000 new EVs in Q1 2025 [21][22] - Management acknowledged challenges in the smartphone market but emphasized a focus on improving product structure rather than just sales volume [61][62] Other Important Information - Xiaomi's R&D team reached a historical record of 21,731 employees, with R&D expenses totaling RMB6.7 billion in Q1 2025 [34][35] - The company has been recognized for its efforts in ESG, completing 95.94% of its electronic waste recovery target [36][38] Q&A Session Summary Question: What strategies will Xiaomi implement to face increased competition in the IoT market? - Management noted that Xiaomi is still in a high growth stage and has not felt significant competitive pressure yet, emphasizing the importance of maintaining product availability and quality [42][43] Question: How will Xiaomi ensure the success of its EV business amidst potential price competition? - Management expressed confidence in the Su-seven model's strong sales and indicated that production capacity is currently a greater concern than pricing [48][49] Question: Can you elaborate on the efficiency and profitability enhancements expected from the smart appliance and EV factories? - Management highlighted the importance of building a smart manufacturing platform that enhances supply chain efficiency across different product categories [50][52] Question: What is the outlook for smartphone shipments and pricing strategies in light of market conditions? - Management indicated that while there may be some adjustments in growth expectations, the focus will be on improving product structure rather than just increasing sales volume [60][61] Question: How does Xiaomi plan to utilize its self-developed chips in future products? - Management clarified that the focus is currently on flagship chips, with plans to explore their use in other product categories as capabilities develop [86][88] Question: What is the competitive landscape in overseas markets, particularly in India and Africa? - Management acknowledged challenges in India but sees significant growth potential in Africa, emphasizing the need for tailored strategies in different markets [102][104]

Core Insights - Xiaomi has become the world's third-largest phone maker and is now entering the electric vehicle market, launching the YU7 crossover, which is seen as a potential competitor to Tesla's Model Y [1] - The YU7 is anticipated to significantly impact Model Y sales in China, with comparisons drawn to luxury brands like Ferrari [2] - Xiaomi's previous vehicle, the SU7, has been compared to the Porsche Taycan and has shown strong performance on the Nurburgring racetrack [3] Market Challenges - Xiaomi faces challenges following a fatal crash involving its vehicle, leading to increased scrutiny from the Chinese government on self-driving vehicle marketing and testing [3] - Analysts emphasize the importance of monitoring Xiaomi's sales over the next year to assess the impact of safety perceptions on consumer confidence [4] - The competitive landscape in China's EV market is described as brutal, necessitating Xiaomi to expand its product portfolio and seek international growth to avoid intense domestic competition [5]

Xiaomi Corporation Q1 2025 Results Announcement Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of Xiaomi Corporation (the "Company", and together with its subsidiaries, the "Group") for use in presentations by the Group and does not constitute a recommendation regarding the securities of the Group. No part of this presen ...

Group 1 - The company reported a revenue of 111.29 billion RMB for the first quarter of 2025, a year-on-year increase of 47.4% [1] - Gross profit reached 25.41 billion RMB, up 50.96% year-on-year, while net profit attributable to shareholders was 10.92 billion RMB, marking a 161.22% increase [1] - The adjusted net profit for the quarter was 10.7 billion RMB, a historical high with a year-on-year growth of 64.5% [1] Group 2 - The company’s global smartphone shipments reached 41.8 million units in the first quarter of 2025, a 3.0% year-on-year increase, maintaining a top-three global ranking with a market share of 14.1% [2] - The number of active users globally reached 719 million, a 9.2% increase year-on-year, while the number of connected IoT devices grew to 944 million, up 20.1% [2] - The company delivered 75,869 units of the Xiaomi SU7 series vehicles in the first quarter of 2025 [2] Group 3 - The company invested 6.7 billion RMB in R&D during the first quarter of 2025, a 30.1% year-on-year increase, with R&D personnel reaching a record high of 21,731, accounting for 47.7% of total employees [3] - The company’s high-end smartphone sales in mainland China accounted for 25.0% of total smartphone sales, a 3.3 percentage point increase year-on-year [3] - The market share for smartphones priced at 4,000 RMB and above in mainland China reached 9.6%, up 2.9 percentage points year-on-year, with the Xiaomi 15 Ultra achieving over 90% year-on-year growth in its first month of sales compared to the Xiaomi 14 Ultra [3]

Group 1 - The core viewpoint of the article highlights that Xiaomi Group has achieved record highs in both revenue and profit for the first quarter of 2025, with total revenue reaching RMB 111.3 billion, a year-on-year increase of 47.4% [1] - The overall gross margin for the group reached 22.8%, marking a year-on-year increase of 0.5 percentage points, also a historical high [1] - The revenue from the mobile and AIoT segment was RMB 92.7 billion, reflecting a year-on-year growth of 22.8%, while the revenue from innovative businesses such as smart electric vehicles and AI was RMB 18.6 billion [1] Group 2 - The adjusted net profit for the quarter was RMB 10.7 billion, representing a year-on-year increase of 64.5%, also a record high [1] - The financial data indicates significant growth across various segments, with notable increases in revenue and profit margins compared to the previous year [4]

小米集团(01810.HK)：我们的互联网用户规模持续扩大，全球及中国大陆的月活跃用户数再创历史新 高。 2025年3月，我们的全球月活跃用户数达到718.8百万，同比增长9.2%。其中，中国大 陆月活跃用 户数达到181.1百万，同比增长12.9%。 ...