XIAOMI(HK:01810) Guan Cha Zhe Wang·2025-11-18 10:06Core Insights - Xiaomi Group reported a strong Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan in revenue [1] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, setting a new historical high [1] - Despite the impressive financial results, Xiaomi's stock price has significantly declined, dropping nearly 30% from its September peak, making it the largest decliner in the Hang Seng Tech Index [1] Financial Performance - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan, a decline of 3.2% year-on-year, although shipment volume has increased for nine consecutive quarters [1][2] - IoT and lifestyle products revenue was 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [1][2] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet revenue hitting a record high of 3.3 billion yuan [1][2] - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan, with smart electric vehicle revenue at 28.3 billion yuan, marking a year-on-year growth of over 199% [1][2] Market Position and User Engagement - Xiaomi's global smartphone shipments reached 43.3 million units in Q3, continuing a nine-quarter streak of year-on-year growth [2] - In the high-end price segment (4,000-6,000 yuan) in mainland China, Xiaomi's market share reached 18.9%, an increase of 5.6 percentage points year-on-year [2] - The AIoT platform has connected over 1 billion IoT devices as of September 30 [2] - Monthly active users reached 742 million globally, with 187 million in mainland China as of September 30 [2] R&D and Innovation - Xiaomi's R&D investment for the first three quarters totaled 23.5 billion yuan, nearing the total for the entire previous year, with an expected annual investment exceeding 30 billion yuan [2] - In Q3 alone, R&D spending was 9.1 billion yuan, a year-on-year increase of 52.1%, setting a new historical high [2] - The launch of the "Xiaomi-MiMo-Audio" voice open-source model in September marked a significant advancement in voice technology, achieving few-shot generalization based on In-Context Learning [3] - Xiaomi has established a comprehensive smart manufacturing capability system covering smartphones, vehicles, and smart home appliances [3]