小米：补贴退了，汽车真撑得起门面？

Overall Performance - Xiaomi Group reported total revenue of 113.1 billion, a year-on-year increase of 22.3%, primarily driven by the automotive business, while traditional business (smartphones and AIoT) revenue grew only 1.6% [1][21] - Gross margin improved to 22.9%, supported by the increased contribution from the automotive sector, although smartphone margins declined due to intensified competition [1][24] Automotive Business - The automotive segment generated revenue of 29 billion, with a shipment of 109,000 units and an average selling price of 260,000 [1][26] - Automotive gross margin rose to 25.5%, slightly below market expectations, primarily due to a decrease in the proportion of high-margin models [1][29] - The automotive business achieved a core operating profit of 6.8 billion, marking its first profitable quarter [1][5] Smartphone Business - Smartphone revenue was 46 billion, down 3.1% year-on-year, with a shipment volume increase of 0.5% but a decline in average selling price by 3.6% [2][31] - The smartphone gross margin fell to 11.1%, impacted by rising storage costs and increased market competition [2][37] - In the domestic market, smartphone shipments declined by 1.8%, while overseas shipments grew by 2.7% [2][33] IoT Business - IoT revenue reached 27.6 billion, a year-on-year increase of 5.6%, significantly lower than previous quarters due to a decline in demand for large appliances [3][39] - The slowdown in IoT growth was attributed to the tightening of subsidies, which previously boosted sales [12][14] Internet Services - Internet services revenue was 9.4 billion, up 10.8% year-on-year, primarily driven by advertising revenue [4][42] - Advertising services generated 7.2 billion, reflecting a 16.1% increase, while value-added services saw a slight decline [4][42] Profitability - Core operating profit was 6.7 billion, with adjusted net profit reported at 11.3 billion [5][51] - Traditional business core profit was approximately 60.3 billion, while the automotive segment contributed 6.8 billion to the overall profit [5][51] Market Outlook - The company faces challenges in both traditional and automotive sectors, with concerns over future demand and competition [7][30] - The automotive business is currently in a "supply exceeds demand" situation, with a significant backlog of orders expected to be consumed by mid-next year [10][30]