XIAOMI(HK:01810) Sou Hu Cai Jing·2025-06-27 04:27Core Viewpoint - Xiaomi's CEO Lei Jun emphasized the company's commitment to safety and innovation during the recent product launch event, responding to competitive challenges from Tesla and addressing past controversies in the automotive sector [1][6][7]. Group 1: Automotive Developments - Xiaomi has entered the automotive industry with the launch of its first SUV, YU7, priced at 253,500 RMB, which is 10,000 RMB cheaper than Tesla's Model Y [6]. - The company has acquired a new land parcel in Beijing for 635 million RMB, intended for the development of high-end and new energy smart vehicles [2]. - Since the delivery of its first model, SU7, Xiaomi has faced production capacity challenges, with delivery times reaching 35-38 weeks and projected annual deliveries of over 136,000 units in 2024 [3][4]. Group 2: Financial Performance - In 2024, Xiaomi reported total revenue of 365.9 billion RMB, a 35% year-on-year increase, with adjusted net profit rising by 41.3% to 27.2 billion RMB [8]. - The "smartphone x AIoT" segment generated 333.2 billion RMB, a 22.9% increase, while the innovative automotive segment reported a revenue of 32.8 billion RMB [8]. - The company has seen a significant increase in its workforce, with over 10,000 new employees added in the past year, bringing the total to 43,688 by the end of 2024 [9][10]. Group 3: Inventory and Cash Flow - Xiaomi's inventory surged to 625.1 billion RMB by the end of 2023, a 40.7% increase from the previous year, with automotive inventory experiencing over 22 times growth [10][11]. - The company reported a cash and cash equivalents balance of 86.2 billion RMB at the end of the first quarter, with a significant decline in net cash from operating activities [12].