Ge Long Hui A P P·2025-11-18 09:45Core Insights - Xiaomi Group reported a total revenue of RMB 113.1 billion for Q3 2025, representing a year-on-year growth of 22.3% [1] - The "Smartphone × AIoT" segment generated RMB 84.1 billion, a 1.6% increase year-on-year, while the "Smart Electric Vehicles and AI Innovation" segment reached a record high of RMB 29 billion, growing by 199.2% [1] - Adjusted net profit for the quarter was RMB 11.3 billion, marking an 80.9% year-on-year increase [1] Business Performance - Xiaomi's smartphone shipments reached 43.3 million units in Q3 2025, a 0.5% increase year-on-year, maintaining a position among the top three global smartphone vendors with a market share of 13.6% [2] - The number of active users globally reached 741.7 million, an 8.2% increase year-on-year, and the number of connected IoT devices surpassed 1 billion, reaching 1,035.5 million, a 20.2% increase [2] - The company delivered 108,796 new vehicles in Q3 2025, setting a new record [2] Research and Development - Xiaomi's R&D expenditure for Q3 2025 was RMB 9.1 billion, a 52.1% increase year-on-year, with total R&D spending for the first three quarters reaching RMB 23.5 billion [2] - The number of R&D personnel reached a historical high of 24,871 [2] AI and Technology Innovations - Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model in September 2025, achieving significant advancements in voice interaction and natural language processing [3] - The company introduced the Xiaomi Miloco smart home exploration plan, enabling natural language interaction with smart home systems [3] - The new Xiaomi Surge OS 3 was released, enhancing user experience and privacy features [4] Market Strategy and Sales - Xiaomi's high-end smartphone sales in mainland China accounted for 24.1% of total smartphone sales, a 4.1 percentage point increase year-on-year [4] - The company launched a customization service for Xiaomi cars, offering various personalized options [4] - Xiaomi's retail strategy expanded with over 18,000 stores in mainland China and approximately 300 overseas [5] - During the 2025 Double Eleven shopping festival, Xiaomi achieved over RMB 29 billion in total payment amounts, with its smartphones ranking first in sales [5] - Capital expenditure for the first three quarters reached approximately RMB 13 billion, an 86.7% increase year-on-year [5]