一季度“成绩单”发布！小米营收再破千亿，净利润首超百亿

Core Insights - Xiaomi Group reported a remarkable quarterly performance for Q1 2025, with revenue soaring 47.4% year-on-year to 111.3 billion RMB, marking a historical peak. Adjusted net profit also surpassed 10 billion RMB for the first time, reaching 10.7 billion RMB, a 64.5% increase year-on-year [1][4]. Financial Performance - The operating profit for Q1 reached 13.125 billion RMB, reflecting a staggering 256.4% year-on-year growth. Gross profit was 25.406 billion RMB, up 51.0% year-on-year, with an overall gross margin of 22.8%, an increase of 0.5 percentage points [4][5]. - The breakdown of revenue sources shows that the smartphone and AIoT business generated 92.7 billion RMB, a 22.8% increase year-on-year, with smartphone revenue at 50.6 billion RMB (up 8.9%) and IoT and lifestyle products at 32.3 billion RMB (up 58.7%) [5][6]. Business Segments - Xiaomi's global smartphone shipments reached 41.8 million units in Q1, a 3.0% year-on-year increase, maintaining a market share of 14.1% and ranking among the top three globally for 19 consecutive quarters [6][7]. - The smart home appliance segment showed exceptional growth, with revenue increasing by 113.8% year-on-year. Notable product performance included air conditioners, refrigerators, and washing machines, all achieving significant shipment increases [7]. - Internet services revenue reached 9.1 billion RMB, a 12.8% year-on-year growth, driven by increased advertising revenue, with a gross margin of 76.9% [7]. R&D and Innovation - Xiaomi's R&D expenditure for Q1 was 6.7 billion RMB, a 30.1% increase year-on-year, with R&D personnel constituting 47.7% of the total workforce. The company holds over 43,000 patents globally [7][8]. - The company plans to exceed 30 billion RMB in R&D spending for 2025, with a five-year investment target of 200 billion RMB, focusing significantly on AI [8][10]. - Xiaomi recently launched its first self-developed flagship processor, the Xuanjie 01, utilizing advanced 3nm technology, and is prioritizing the development of flagship chips and modem technology [11][12].