Chang Jiang Shang Bao·2025-05-28 23:43Core Insights - Xiaomi Group reported record high revenue and net profit for Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%, and net profit of 108.93 billion yuan, up 161% [2][5][6] Financial Performance - The company achieved a quarterly revenue exceeding 1100 billion yuan and net profit surpassing 100 billion yuan for the first time in its history [3][5] - Q1 revenue of 1112.93 billion yuan represents a 2.1% increase from the previous quarter's revenue of 1090.05 billion yuan [5] - The adjusted net profit for Q1 was 106.76 billion yuan, marking a 64.5% year-on-year increase and a 28.4% quarter-on-quarter increase [6] Business Segments - Xiaomi's smartphone segment saw global shipments of 41.8 million units, maintaining a market share of 14.1%, ranking among the top three globally for 19 consecutive quarters [3][7] - The AIoT and consumer electronics segment generated revenue of 927 billion yuan, a 22.8% increase year-on-year, while the smart electric vehicle and AI segment contributed 186 billion yuan [6][11] R&D Investment - The company invested 67.12 billion yuan in R&D during Q1, a 30% increase year-on-year, with R&D personnel accounting for approximately 48% of total employees [3][12] - Xiaomi's cumulative R&D investment from 2021 to 2024 has shown a consistent increase, with plans to invest 200 billion yuan over the next five years [13] Product Development - Xiaomi launched its first self-developed flagship processor, the Xuanjie O1, in May [4] - The company reported a significant increase in high-end smartphone sales, with a 25% share in the high-end market segment in mainland China [8][9] Automotive Business - The smart electric vehicle segment delivered 75,869 units in Q1, with an annual target of 350,000 units [10][11] - The automotive segment reported a revenue of 181 billion yuan, with a gross margin of 23.2%, although it incurred an operating loss of 5 billion yuan [11]