Core Insights - The company reported a significant increase in revenue and adjusted net profit for Q3 2025, with revenue reaching 113.1 billion yuan (up 22.3% year-on-year) and adjusted net profit at 11.3 billion yuan (up 80.9% year-on-year) [1] Automotive Business - The automotive segment achieved profitability in Q3, with vehicle deliveries reaching 108,796 units (up 173.4% year-on-year) [1] - Revenue from automotive and AI-related innovative businesses in Q3 was 29 billion yuan (up 199.2% year-on-year), with automotive revenue at 28.3 billion yuan (up 197.9% year-on-year) [1] - The average selling price (ASP) per vehicle was 260,000 yuan (up 9.0% year-on-year), driven by higher ASP from models SU7 Ultra and YU7 [1] - The gross margin for automotive-related businesses reached 25.5% in Q3, and the segment achieved a quarterly operating profit of 700 million yuan for the first time [1] Smartphone Business - The smartphone segment faced challenges due to rising storage costs, with Q3 shipments exceeding 43 million units (up 0.5% year-on-year) [2] - Revenue from the smartphone business was 46 billion yuan (down 3.1% year-on-year), primarily due to a decline in ASP, which was 1,062.8 yuan (down 3.6% year-on-year) [2] - The gross margin for the smartphone business was 11.1%, a decrease of approximately 0.6 percentage points year-on-year [2] - The company anticipates cost pressures in 2026 for smartphones, tablets, and laptops due to ongoing increases in the global memory market [2] IoT and Consumer Products - Revenue growth for IoT and consumer products slowed, with Q3 revenue at 27.6 billion yuan (up 5.6% year-on-year) [3] - Revenue from certain consumer products increased by 20.4%, while wearable products saw a 22.5% increase; however, revenue from smart home appliances decreased by 15.7% due to reduced shipments from subsidy cuts and increased competition [3] - The company’s smart appliance factory has commenced operations, with a planned peak annual capacity of 7 million units [3] Profit Forecast and Investment Recommendation - The company adjusted its net profit forecasts for 2025-2027 to 44.1 billion yuan, 52.4 billion yuan, and 65.3 billion yuan, respectively, from previous estimates of 43.1 billion yuan, 57.4 billion yuan, and 68.7 billion yuan [3] - Despite pressures on consumer electronics profitability from rising memory costs, the automotive segment's profitability is expected to offset some of these challenges, and the company maintains a "recommended" rating following recent valuation adjustments [3]

Core Viewpoint - Xiaomi's Q3 2025 performance shows a total revenue increase of 22% year-on-year to 113.1 billion RMB, exceeding Bloomberg consensus expectations, with adjusted net profit rising 80.9% year-on-year [1] Smartphone / IoT / Internet Business - Smartphone shipments reached 43.3 million units (+0.5% year-on-year), maintaining a global market share of 13.6% [2] - IoT business revenue increased by 5.6% year-on-year to 27.6 billion RMB, with a gross margin improvement of 1.4 percentage points to 23.9% [2] - Internet business revenue grew by 10.8% year-on-year to 9.4 billion RMB, maintaining a high gross margin of 76.9% [2] - The impact of storage price increases is expected to affect smartphone shipment volumes, product prices, and gross margins in the future [2] Automotive Business - The automotive business achieved a record delivery of 109,000 units in Q3 2025, with a revenue increase of 37% quarter-on-quarter to 25.9 billion RMB and a gross margin improvement of 8.4 percentage points to 25.5% [2] - The automotive segment is expected to continue its profitability trajectory, with a maintained forecast of 700,000 units for 2026 [2] Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted downwards by 0.3%/2.3%/1.9%, and Non-GAAP net profit forecasts have been reduced by 1.6%/7.6%/4.3% to 43.4 billion RMB, 48.2 billion RMB, and 62.4 billion RMB respectively [2] - The target price has been revised down to 53.8 HKD (previously 65.4 HKD), based on a sum-of-the-parts valuation method, corresponding to a 27 times PE for 2026 [2]

Core Insights - The company reported a 3Q25 adjusted net profit of 11.31 billion yuan, exceeding expectations by 7.1%, driven by better-than-expected gross margins in IoT, internet services, and automotive sectors [1][2] Revenue and Profitability - 3Q25 revenue reached 113.12 billion yuan, a year-on-year increase of 22.3%, slightly above the forecast by 0.7% [1] - The adjusted net profit for 3Q25 was 11.31 billion yuan, reflecting a year-on-year growth of 80.9% [1] - IoT revenue grew by 5.6% to 27.6 billion yuan, with notable growth in wearable and lifestyle products [2] - Internet business revenue increased by 11% to 9.4 billion yuan, with a gross margin of 76.9% [2] Smartphone and Market Performance - Global smartphone shipments in 3Q25 totaled 43.25 million units, a year-on-year increase of 0.5% [1] - The company's global smartphone market share rose to 13.6%, with increases in various regions including Latin America and Southeast Asia [1] - The average selling price (ASP) for smartphones decreased by 3.6% to 1,063 yuan, primarily due to lower ASPs overseas, although ASP in mainland China increased due to a shift towards high-end models [1] Automotive Sector - The company delivered 109,000 vehicles in 3Q25, achieving an ASP of 260,000 yuan, driven by increased deliveries of the SU7 Ultra and YU7 models [2] - The automotive and innovation business segment achieved a gross margin of 25.5% and recorded a quarterly operating profit of 700 million yuan for the first time [2] - The outlook for 2026 is positive, with expectations for continued growth in vehicle deliveries and profit acceleration [2] Adjustments and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 down by 7.5% and 9.8% to 40.49 billion yuan and 57.77 billion yuan, respectively [2] - The current stock price corresponds to a P/E ratio of 24x for 2025 and 17x for 2026, with a target price adjustment down by 10.9% to 53 yuan, indicating a potential upside of 30% [2]

Core Viewpoint - Xiaomi achieved its first profit in the automotive business in Q3 2025, while the smartphone business faced pressure from rising storage prices [1][2] Group 1: Financial Performance - Xiaomi's Q3 2025 revenue and adjusted net profit were 113.1 billion and 11.3 billion yuan respectively, with revenue meeting market expectations and adjusted net profit exceeding them [1] - Automotive and AI revenue reached 29 billion yuan, a year-on-year increase of 199%, with an average selling price (ASP) of 260,000 yuan, up 9% year-on-year [1] - The automotive gross margin was 25.5%, showing a slight decline due to reduced sales of the SU7 Ultra model, with operational profit from the automotive sector at 700 million yuan, marking its first profitable quarter [1] Group 2: Smartphone and AIoT Business - Smartphone revenue decreased by 3% year-on-year, primarily due to a decline in ASP in overseas markets, although this was partially offset by an increase in the proportion of high-end models in mainland China [1] - The smartphone gross margin was under pressure, declining by 0.4 percentage points to 11.1% due to rising storage prices [1][2] - AIoT revenue grew by 6% year-on-year, with a gross margin maintained at a high level of 23.9%, although growth rate slowed due to the reduction of national subsidies [1] Group 3: Future Outlook and Adjustments - The company anticipates competition in the automotive sector, leading to a downward revision of the 2026 sales target to 569,000 units from a previous estimate of 700,000 units [2] - The 2026 smartphone gross margin forecast has been lowered to 9.4% from 12.1%, while the overall gross margin for smartphone and AIoT combined is projected at 21.2% [2] - The target price for Xiaomi has been adjusted to 50 HKD, reflecting the impact of storage price increases on the smartphone business and competition in the automotive sector [3]

Group 1 - Xiaomi Auto will increase investment in the field of assisted driving, with over 7 billion yuan allocated to AI research and development by 2025 [1] - The Xiaomi intelligent driving team consists of over 1,800 members, including 108 PhD holders [1] - Key members of the team include Dr. Ye Hangjun, Dr. Chen Guang, Dr. Chen Long, and Dr. Wang Naiyan, each responsible for different aspects of the project [1]

格隆汇11月21日｜雷军在微博发文称：广州车展小米汽车发布会，上午9点正式开始。有网友评论"雷总 来嘛"，雷军回复：这次我没有参加。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

人民财讯11月21日电，港股小米集团低开高走，盘中涨超2%。 （原标题：港股小米集团低开高走，盘中涨超2%） ...

华泰证券表示，3Q25汽车交付量通过技改达到10.9万辆的新高，公司预计11月将完成超35万台年度交付 目标。汽车3Q收入环比+37%至259亿元，毛利率同比提升8.4pp至25.5%，表现亮眼。受益于汽车高端化 战略及产能逐步爬坡，3Q25汽车业务首次盈利。国金证券指出，公司本季度YU7开启大规模交付，交 付108796台环比+32.6%持续向上，规模效应下带动汽车业务扭亏为盈；毛利率虽有所下滑，高毛利的 YU7尚处于爬产阶段利润未能有充分释放，而公司的单车ASP环比仍是提升的，公司的新增长极正逐步 兑现。 消息面上，小米集团-W发布公告，于2025年11月20日，该公司斥资5.08亿港元回购1350万股股份，每股 回购价格为37.38-38.1港元。 业绩方面，近日，小米集团-W公布2025年第三季度业绩，收入约1131.21亿元，同比增长22.3%。业务 分部来看，2025年第三季度，"手机×AIoT"分部收入为841亿元，同比增长1.6%;"智能电动汽车及AI等创 新业务"分部收入为290亿元，创历史新高，同比增长199.2%。经营利润151.1亿元，同比增长150.1%； 经调整净利润约113.11 ...

Group 1 - Xiaomi Group-W's stock increased by nearly 3%, with a current price of 38.6 HKD and a trading volume of 5.049 billion HKD [1] - The company announced a share buyback of 135 million shares at a price range of 37.38-38.1 HKD, totaling 508 million HKD [1] - For Q3 2025, Xiaomi reported revenue of approximately 113.121 billion CNY, a year-on-year increase of 22.3% [1] Group 2 - In Q3 2025, the "Mobile × AIoT" segment generated revenue of 84.1 billion CNY, a year-on-year increase of 1.6% [1] - The "Smart Electric Vehicles and AI Innovation" segment achieved a record revenue of 29 billion CNY, with a year-on-year growth of 199.2% [1] - Operating profit reached 15.11 billion CNY, up 150.1% year-on-year, while adjusted net profit was approximately 11.311 billion CNY, marking an 80.9% increase [1] - The profit attributable to shareholders was about 12.271 billion CNY, reflecting a year-on-year growth of 129.26% [1] Group 3 - Huatai Securities reported that the automotive delivery volume reached a record high of 109,000 units in Q3 2025, with expectations to exceed 350,000 annual deliveries by November [2] - Automotive revenue in Q3 increased by 37% quarter-on-quarter to 25.9 billion CNY, with a gross margin improvement of 8.4 percentage points to 25.5% [2] - The automotive business turned profitable for the first time in Q3 2025, benefiting from a high-end strategy and increasing production capacity [2] Group 4 - Guojin Securities noted that the YU7 model began large-scale deliveries, with 108,796 units delivered, a quarter-on-quarter increase of 32.6% [2] - Despite a slight decline in gross margin, the high-margin YU7 is still in the ramp-up phase, limiting profit release [2] - The average selling price (ASP) per vehicle increased quarter-on-quarter, indicating that new growth drivers are gradually materializing [2]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 340.37 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 32.5%, with an adjusted net profit of 32.82 billion RMB, up 73.5% [2]. - The AIoT platform has connected over 1.035 billion IoT devices, marking a 20.2% increase year-on-year, surpassing major global competitors [2]. - The company is focusing on high-end smartphone positioning, with the Xiaomi 17 series seeing over 80% of its sales from Pro and Pro Max models, and a 24.1% share in the high-end smartphone market in mainland China [3]. - The IoT and consumer products segment achieved a revenue of 27.6 billion RMB in Q3 2025, with a gross margin of 23.9%, up 3.2 percentage points year-on-year [3]. - The internet services segment saw a revenue increase of 10.8% year-on-year, with overseas internet service revenue growing by 34.9% [4]. - The automotive business is showing positive trends, with the YU7 model delivering 108,796 units, a 32.6% increase quarter-on-quarter, contributing to profitability [4]. Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 113.12 billion RMB, a 22.3% increase year-on-year, and an adjusted net profit of 11.31 billion RMB, up 80.9% [2]. Business Analysis - The smartphone segment generated 46 billion RMB in revenue in Q3 2025, with a global shipment of 43.4 million units, maintaining a market share of 16.7% globally and 13.6% in China [3]. - The IoT and consumer products segment's revenue reached 27.6 billion RMB, with a focus on smart home appliances and a new factory for smart appliances [3]. Internet Services - The internet services segment's revenue was 9.4 billion RMB in Q3 2025, with a notable increase in overseas revenue [4]. Automotive Business - The automotive segment is on track with the YU7 model's deliveries, indicating a positive trend towards profitability despite some margin pressures [4]. Profit Forecast and Valuation - The adjusted EPS forecasts for 2025, 2026, and 2027 are 1.7, 2.0, and 2.6 RMB respectively, with corresponding PE ratios of 23.89, 20.53, and 15.03 [5].