大利好！创新高

Core Insights - Xiaomi Group achieved record highs in quarterly revenue and adjusted net profit for Q1 2025 [1][3] Financial Performance - Total revenue for Q1 2025 reached over 100 billion yuan for the second consecutive quarter, marking a strong growth trend over six quarters [3] - Adjusted net profit exceeded 10 billion yuan for the first time [3] - Overall gross margin reached 22.8%, an increase of 0.5 percentage points year-on-year, also a record high [3] Market Position - Xiaomi regained the top position in smartphone shipments in mainland China after ten years, with a market share increase of 4.7 percentage points to 18.8% [3] - The shipment growth rate was 40%, significantly outpacing the mainland smartphone market's growth of 4.6% [3] - Globally, Xiaomi maintained a position among the top three smartphone manufacturers for 19 consecutive quarters, with a market share of 14.1% [3] Business Segments - The smart electric vehicle and AI innovation segment generated total revenue of 18.6 billion yuan, with an operating loss of 500 million yuan [2][4] - The home appliance business saw revenue double, with air conditioner shipments exceeding 1.1 million units, a year-on-year increase of over 65% [4] - The washing machine and refrigerator shipments also reached historical highs, with washing machine shipments more than doubling year-on-year [4] Electric Vehicle Performance - The Xiaomi SU7 series achieved high delivery levels, with 75,869 units delivered in Q1 2025, maintaining over 20,000 units delivered monthly for six consecutive months [5] - Cumulative deliveries of the SU7 series exceeded 258,000 units as of May 21, 2025 [5] - Xiaomi aims to expand production capacity to achieve a target of 350,000 units delivered for the entire year of 2025 [5] Stock Market Information - As of May 27, 2025, Xiaomi's stock closed at 51.55 HKD, with a market capitalization of 1.34 trillion HKD [6]