Huan Qiu Lao Hu Cai Jing·2025-11-19 02:33Core Insights - Xiaomi Group reported a total revenue of 113.12 billion yuan for Q3 2025, marking a year-on-year increase of 22.3% but a quarter-on-quarter decrease of 2.4% [1] - The adjusted net profit reached a record high of 11.31 billion yuan, reflecting an 80.9% year-on-year growth and a 4.4% quarter-on-quarter increase [1] Revenue Breakdown - The smartphone and AIoT segment generated revenue of 84.11 billion yuan, a year-on-year increase of 1.6%, accounting for 74.4% of total revenue [2] - The innovative business segment, including smart electric vehicles and AI, reported revenue of 29.01 billion yuan, a significant year-on-year increase of 199.2%, making up 25.6% of total revenue [2] Smartphone Performance - Xiaomi's smartphone revenue declined to 45.97 billion yuan, a year-on-year decrease of 3.1% [2] - Global smartphone shipments reached 4.33 million units, showing a slight year-on-year increase of 0.5% [2] - The gross margin for smartphones was 11.1%, down from 11.7% in the same period last year, attributed to a decrease in average selling price (ASP) from 1,102.2 yuan to 1,062.8 yuan [2][3] Automotive Business Highlights - The automotive segment achieved revenue of 28.3 billion yuan, with an operating profit of 700 million yuan, marking the first quarter of profitability for this business [3] - Cumulative deliveries of Xiaomi vehicles exceeded 260,000 units in the first three quarters of the year [3] - The ASP for smart electric vehicles increased by 9.0% from 238,600 yuan to 260,100 yuan, driven by the delivery of higher-priced models [3] Other Business Segments - Revenue from IoT and lifestyle consumer products reached 27.55 billion yuan, a year-on-year increase of 5.6%, with a gross margin of 23.9%, up by 3.1 percentage points [3] - As of September 30, the number of connected IoT devices on Xiaomi's AIoT platform surpassed 1 billion, reaching 1.036 billion, a year-on-year growth of 20.2% [3]