2025-11-18 09:25Financial Performance - Xiaomi Corporation reported a total revenue of RMB 113.1 billion for Q3 2025, representing a year-on-year increase of 22.3%[9]. - The adjusted net profit for Q3 2025 reached RMB 11.3 billion, marking an 80.9% increase compared to the same period last year[5]. - Revenue increased by 22.3% from RMB 92.5 billion in Q3 2024 to RMB 113.1 billion in Q3 2025[31]. - Gross profit rose to RMB 25.9 billion in Q3 2025, up from RMB 18.9 billion in Q3 2024, reflecting a gross margin improvement[30]. - The company reported a net profit of RMB 12.3 billion in Q3 2025, up 3.2% from RMB 11.9 billion in Q2 2025[66]. - Adjusted net profit rose by 80.9% from RMB 6.3 billion in Q3 2024 to RMB 11.3 billion in Q3 2025[65]. - Operating profit increased significantly to RMB 15.1 billion in Q3 2025, compared to RMB 6.0 billion in Q3 2024[30]. Revenue Segmentation - The smartphone segment generated revenue of RMB 84.1 billion in Q3 2025, with a year-on-year growth of 1.6%[9]. - The revenue from the smart electric vehicle and AI innovation segment reached RMB 29 billion, achieving a historical high with a year-on-year growth of 199.2%[9]. - The IoT and lifestyle consumer products segment reported revenue of RMB 27.6 billion, a year-on-year growth of 5.6%, with a gross margin of 23.9%, up 3.2 percentage points[22]. - The internet services segment achieved a record revenue of RMB 9.4 billion, a year-on-year increase of 10.8%, with global monthly active users reaching 741.7 million, up 8.2%[25]. - The smart electric vehicle and AI innovation segment reported revenue of RMB 29 billion, with smart electric vehicle revenue at RMB 28.3 billion, marking a historic high[26]. Market and Sales Performance - Xiaomi's global smartphone shipments totaled 43.3 million units in Q3 2025, reflecting a 0.5% year-on-year increase, maintaining a global market share of 13.6%[10]. - Xiaomi's high-end smartphone sales accounted for 24.1% of total smartphone sales in mainland China, an increase of 4.1 percentage points year-on-year[14]. - The Xiaomi 17 series saw a 30% year-on-year increase in sales compared to the previous generation, with the Pro models accounting for over 80% of sales[19]. Research and Development - Research and development expenses for Q3 2025 amounted to RMB 9.1 billion, up 52.1% year-on-year, with total R&D spending for the first three quarters reaching RMB 23.5 billion[12]. - R&D expenses rose to RMB 9.1 billion in Q3 2025, up from RMB 6.0 billion in Q3 2024, indicating a focus on innovation[30]. - R&D expenses increased by 52.1% from RMB 6 billion in Q3 2024 to RMB 9.1 billion in Q3 2025, mainly due to higher R&D costs related to smart electric vehicles and AI[55]. Capital Expenditures and Investments - Capital expenditures for the first three quarters of 2025 reached approximately RMB 13 billion, representing an 86.7% year-on-year increase[16]. - Capital expenditures for Q3 2025 totaled RMB 5.38 billion, an increase from RMB 4.87 billion in Q2 2025, with significant investments in smart electric vehicles and AI-related innovations[116]. - The company held investments in approximately 420 companies, with a total book value of RMB 86.2 billion as of September 30, 2025, and recorded a net gain of RMB 1.8 billion from investment disposals in Q3 2025[118]. Cash Flow and Financing Activities - The net cash generated from operating activities for the third quarter of 2025 was RMB 5.4736 billion, after accounting for income tax payments of RMB 700 million[110]. - The net cash used in investment activities for the third quarter of 2025 was RMB 2.0925 billion, primarily due to purchases of property, plant, and equipment totaling RMB 3.1 billion[112]. - The net cash used in financing activities for the third quarter of 2025 was RMB 3.9162 billion[110]. - The company issued USD 600 million 3.375% senior notes due in 2030, guaranteed unconditionally by the company[107]. - The company issued USD 800 million 2.875% senior notes due in 2031 and USD 400 million 4.100% green bonds due in 2051, both guaranteed by the company[109]. Employee and Operational Metrics - The total number of full-time employees as of September 30, 2025, was 56,231, with 24,871 in R&D roles, emphasizing the focus on talent acquisition and retention[120]. - Sales and marketing expenses grew by 32.3% from RMB 6.3 billion in Q3 2024 to RMB 8.3 billion in Q3 2025, attributed to the expansion of Xiaomi stores and advertising costs[56]. Assets and Liabilities - Total assets reached RMB 502,766,504 thousand as of September 30, 2025, compared to RMB 403,155,289 thousand in 2024, marking an increase of about 24.7%[128]. - The company’s total liabilities increased to RMB 237,203,136 thousand in 2025 from RMB 213,950,170 thousand in 2024, reflecting a growth of approximately 10.9%[128]. - The company’s equity attributable to owners increased from RMB 188,737,777 thousand in 2024 to RMB 265,458,760 thousand in 2025, a rise of about 40.7%[128]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions except for the separation of the roles of Chairman and CEO, which are held by the same individual[155]. - The audit committee reviewed the unaudited interim results for the three and nine months ended September 30, 2025[156]. - As of September 30, 2025, the company was not involved in any significant litigation or arbitration[157].