XIAOMI(HK:01810) Xin Hua Wang·2025-08-12 05:38Core Insights - Xiaomi Group reported a total revenue of RMB 92.5 billion for Q3 2024, marking a continuous growth for three consecutive quarters, with adjusted net profit at RMB 6.3 billion, maintaining a historical high [1] - The company’s cash reserves reached a new high of RMB 151.6 billion as of September 30, 2024, despite ongoing investments in automotive ventures [1] Group Performance - All business segments of Xiaomi achieved quality growth, including smartphones, tablets, wearables, TVs, and home appliances, with a global growth trend [6] - Xiaomi's high-end strategy has gained momentum, with significant increases in market share across various price segments for smartphones in China [7] Product Performance - In Q3 2024, Xiaomi's smartphone revenue reached RMB 47.5 billion, with a year-on-year growth of 13.9%, and global smartphone shipments increased to 43.1 million units [18] - The IoT and lifestyle products segment generated RMB 26.1 billion in revenue, a 26.3% year-on-year increase, with a record gross margin of 20.8% [9] - Xiaomi's wearable products saw over 50% year-on-year growth in shipments, with smartwatches and TWS earphones reaching new highs [12] Strategic Developments - Xiaomi's internet services revenue hit a record high of RMB 8.5 billion in Q3 2024, with a gross margin increase to 77.5% [13] - The launch of the Xiaomi SU7 Ultra prototype car marked a significant milestone in the company's automotive ambitions, achieving a notable lap time at the Nürburgring [13] Market Outlook - Analysts express optimism regarding Xiaomi's growth prospects from 2024 to 2026, highlighting the company's high-end strategy in smartphones and IoT as reshaping consumer perceptions [19] - The "human-vehicle-home ecosystem" is expanding, creating new growth opportunities and strengthening Xiaomi's competitive edge in the market [17][19]