小米手机收入与均价下滑，高管回应内存涨价影响

Core Insights - Xiaomi Group reported Q3 2025 revenue of 113.12 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.31 billion yuan, up 80.9% [2] - The smartphone and AIoT segment generated revenue of 84.11 billion yuan, a 1.6% increase, accounting for 74.4% of total revenue, while the innovative business segment, including smart electric vehicles and AI, saw revenue of 29.01 billion yuan, a 199.2% increase, making up 25.6% of total revenue [2] - Smartphone revenue decreased by 3.1% year-on-year to 46 billion yuan, primarily due to a 3.6% drop in average selling price (ASP) from 1,102.2 yuan to 1,062.8 yuan, despite a slight increase in shipment volume [2] Business Segment Analysis - The smartphone segment's shipment volume increased by 0.5% year-on-year to 43.3 million units, driven by growth in overseas markets [2] - The global memory market has experienced significant price increases across all categories since 2025, affecting the smartphone industry due to high storage costs [2][3] - The current memory price cycle is driven by AI-related high-performance computing (HPC) demand, leading to prolonged and substantial price increases, with expectations for further increases in Q4 [3] Market Dynamics - The memory price increases are expected to impact industry costs and gross margins, particularly for products with high storage cost components like smartphones, tablets, and laptops [3] - Xiaomi's president indicated that if retail prices for smartphones rise, the overall smartphone market will likely decline, although quantifying the exact impact is challenging [3] - The domestic smartphone market remains unsettled, with the current memory price increases intensifying competition among manufacturers, testing their financial strength and supply chain influence [4]