Zhi Tong Cai Jing·2025-11-18 10:00Core Insights - Xiaomi Group reported Q3 2025 revenue of approximately 113.12 billion RMB, a year-on-year increase of 22.3% [1] - The "Mobile × AIoT" segment generated revenue of 84.1 billion RMB, up 1.6% year-on-year, while the "Smart Electric Vehicles and AI Innovation" segment reached a record high of 29 billion RMB, growing 199.2% year-on-year [1] - Operating profit was 15.11 billion RMB, a 150.1% increase year-on-year, and adjusted net profit was approximately 11.31 billion RMB, marking an 80.9% year-on-year growth [1] - For the first nine months of 2025, revenue totaled approximately 340.37 billion RMB, up 32.5% year-on-year, with profit around 35.02 billion RMB, a 140.2% increase [1] Smartphone and User Growth - In Q3 2025, Xiaomi's smartphone shipments reached 43.3 million units, a 0.5% year-on-year increase, marking nine consecutive quarters of growth [2] - The company maintained a global smartphone market share of 13.6%, ranking among the top three for 21 consecutive quarters [2] - As of September 2025, the number of active users reached a record high of 741.7 million, up 8.2% year-on-year [2] - The AIoT platform connected over 1 billion devices, reaching 1,035.5 million, a 20.2% year-on-year increase [2] - The company delivered 108,796 new vehicles in Q3 2025, setting a new record [2] Research and Development - Xiaomi continues to invest heavily in AI, with R&D expenditure reaching 9.1 billion RMB in Q3 2025, a 52.1% year-on-year increase [2] - Cumulative R&D spending for the first three quarters of 2025 was 23.5 billion RMB [2] - The number of R&D personnel reached a historical high of 24,871 [2] AI Innovations - In September 2025, Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model, achieving significant advancements in voice interaction and natural language processing [3] - The company introduced the Xiaomi Miloco smart home exploration plan, enabling users to interact with smart home systems through natural language [3] - This initiative aims to enhance smart home capabilities with perception, understanding, and execution features [3] Retail Strategy - Xiaomi's retail strategy is progressing steadily, with over 18,000 Mi Home stores in mainland China as of Q3 2025 [4] - The number of large stores (over 500 square meters) reached approximately 210 [4] - The company has expanded its new retail model internationally, with around 300 stores in Southeast Asia, Europe, East Asia, and Latin America [4] - During the 2025 Double Eleven shopping festival, Xiaomi achieved over 29 billion RMB in total payment across all channels, with its smartphones ranking first in sales among domestic brands [4]