全文|小米Q3业绩会实录：本周应可提前完成“超35万台汽车交付”的目标

Core Viewpoint - Xiaomi Group reported a record high revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3%, and a net profit of 12.3 billion yuan, up 129.5% year-on-year [1] Financial Performance - Total revenue reached 113.1 billion yuan, a 22.3% increase year-on-year [1] - Net profit was 12.3 billion yuan, reflecting a 129.5% year-on-year growth [1] - Adjusted net profit was 11.3 billion yuan, with an 80.9% year-on-year increase [1] Mobile Business Insights - The rising memory prices are expected to have a long-term impact on mobile phone gross margins, driven by increased demand from AI high-performance computing [2][3] - The current memory cost cycle is characterized by a significant demand increase while supply remains insufficient, leading to a prolonged period of rising costs [3] - Xiaomi's strategy includes potential price increases, cost absorption, and product structure optimization to mitigate the impact of rising memory costs on gross margins [4] Automotive Business Developments - Xiaomi's automotive delivery volume has been steadily increasing, with over 400,000 units delivered in 18 months since product launch [5][6] - The delivery cycle for models like the SU7 Pro and SU7 Pro Max has been significantly shortened due to efficiency improvements [6] - The company aims to exceed its target of 350,000 vehicle deliveries for the year, indicating strong operational capabilities [6] IoT and AI Integration - Xiaomi's IoT connections have surpassed 1 billion, with a year-on-year growth rate of over 20% [10] - The introduction of the Pengpai OS aims to unify various systems and enhance the user experience through deep integration of AI and IoT devices [10] - The Miloco initiative represents a significant step towards integrating AI capabilities into smart home applications, moving away from traditional coding limitations [10][11] Supply Chain and Inventory Management - The company maintains a strong relationship with key memory suppliers, ensuring a good supply rate and prioritization in the domestic market [20] - Xiaomi's inventory management strategy involves reducing inventory during cost declines and increasing it during cost rises, indicating proactive supply chain management [20] Retail Expansion Strategy - Xiaomi aims to expand its retail presence, with a target of 30,000 stores in China, having already opened around 20,000 [27][28] - The company plans to focus on operational efficiency in existing stores before accelerating new store openings [28] - The overseas retail strategy is expected to replicate the success of domestic operations, with significant growth potential in various international markets [29]