XIAOMI(1810.HK)：KEY TAKEAWAYS FROM XIAOMI INVESTOR DAY 2025

Group 1: Smartphone Business - Target to gain 1 percentage point in market share, with a shipment goal of 175-180 million units and an average selling price (ASP) increase of 3-5% year-over-year (YoY) in 2025 [1][2] - Smartphone gross profit margin (GPM) target set at 12-12.5% for FY25E, supported by premiumization and new retail strategies [2][3] - Management expects the integration of online and offline retail to enhance user experience and operational efficiency, driving growth in the smartphone segment [2] Group 2: Smart EV Business - Aiming for profitability in the second half of 2025, with a delivery target of 350,000 units, maintaining strong sales performance with 76,000 units delivered in Q1 2025 [2] - Planned investment of RMB 3.5 billion in R&D for smart EVs, focusing on autonomous driving technologies and self-developed chips [2][3] - Management is optimistic about narrowing operating losses in the smart EV sector [2] Group 3: IoT and Chip Development - IoT business projected to achieve over 30% YoY sales growth, with GPM expected to rise by 2.0-2.5 percentage points in 2025, driven by product categories like air conditioners and washing machines [3] - Self-developed chips will be integrated into flagship smartphones, smart EVs, and home appliances, with a focus on larger LLM models and next-gen NPU chips [3] - Long-term goal to implement a New Retail strategy with plans to open 30,000 stores in China and 10,000 stores internationally [3] Group 4: Financial Targets - Revenue growth target of 30% YoY, aiming to reach RMB 480 billion, with adjusted net profit expected to grow by over 40% YoY in FY25E [3]