小米高管解读Q3财报：本周应可提前完成“超35万台汽车交付”的目标

Financial Performance - Xiaomi Group reported total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year increase of 22.3% [1] - The net profit reached 12.3 billion yuan, showing a significant year-on-year growth of 129.5% [1] - Adjusted net profit, based on non-IFRS measures, was 11.3 billion yuan, reflecting an 80.9% increase year-on-year [1] Mobile Business Insights - The management anticipates a prolonged cycle of rising memory costs, primarily driven by demand from AI high-performance computing [2][3] - The current memory cost increase is expected to significantly impact the gross margins of mobile devices, tablets, and laptops due to the high proportion of storage costs [3][4] - Xiaomi has been focusing on product structure optimization and high-end product development to mitigate the impact of rising costs [4][8] Automotive Business Developments - Xiaomi's automotive delivery volume has been steadily increasing, with over 400,000 units delivered in just 18 months since the product launch [5][6] - The company aims to exceed its initial delivery target of 350,000 units for the year, with recent improvements in delivery efficiency [6] - The management is optimistic about maintaining healthy gross margins despite potential impacts from subsidies and market competition [9] IoT and AI Strategy - Xiaomi's IoT connections have surpassed 1 billion, with a year-on-year growth rate exceeding 20% [10] - The company has unified its operating systems into a single platform, "Surge OS," to enhance connectivity across devices [10] - Xiaomi is focusing on integrating AI capabilities into its smart home ecosystem, aiming for a more interactive user experience [10][11] Home Appliance Sector - The company is adapting to the withdrawal of government subsidies by enhancing product quality and maintaining a healthy average selling price (ASP) [12][14] - Xiaomi has launched its first smart home appliance factory in Wuhan, which is equipped with advanced automation and AI technologies [13][14] - The long-term goal remains to position Xiaomi among the top players in the home appliance market by 2030 [14]