Core Insights - Xiaomi Group reported a record-breaking Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter exceeding the 100 billion yuan threshold [2][3] - Adjusted net profit reached 11.3 billion yuan, surging 80.9% year-on-year, setting a historical high [2][3] - The company’s total revenue for the first three quarters reached 340.4 billion yuan, nearing last year's total, with adjusted net profit surpassing the entire previous year's figure [2][3] Financial Performance - Q3 revenue was 113.1 billion yuan, up 22.3% year-on-year, with adjusted net profit at 11.3 billion yuan, exceeding Bloomberg's consensus estimate [3][4] - For the first three quarters, total revenue was 340.4 billion yuan, with adjusted net profit of 32.8 billion yuan, indicating strong growth momentum [3][4] - Gross margin for Q3 reached 22.9%, reflecting a 2.5 percentage point increase year-on-year, showcasing the effectiveness of the company's product structure optimization [6] Business Segments - Revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, maintaining a top-three global position for 21 consecutive quarters [3][4] - IoT and lifestyle product revenue was 27.6 billion yuan, up 5.6% year-on-year, while internet services revenue reached 9.4 billion yuan, growing 10.8% [3][4] - The automotive and AI innovation segment generated 29 billion yuan, with electric vehicle revenue at 28.3 billion yuan, achieving a quarterly delivery record of 109,000 units [3][4] Strategic Initiatives - Xiaomi's R&D investment for Q3 was 9.1 billion yuan, a 52.1% increase year-on-year, with total investment for the first three quarters nearing 23.5 billion yuan [2][10] - The company aims to be a "contributor to industrial value" and "promoter of industrial progress," focusing on innovation rather than price competition [4][10] - The high-end strategy has shown results, with market share in the 4,000-6,000 yuan smartphone segment reaching 18.9%, a 5.6 percentage point increase year-on-year [7][11] Future Outlook - The automotive business, international expansion, and high-end strategy are expected to drive future growth [11][12] - Xiaomi has raised its 2025 delivery target for vehicles from 300,000 to 350,000 units, with some forecasts suggesting it could reach 400,000 [8][11] - The company maintains a strong cash reserve of 236.7 billion yuan, positioning itself for future growth opportunities [11][12]
汽车业务首度盈利、高端化创新业务全面兑现 小米Q3业绩打破增长天花板
Xin Lang Zheng Quan·2025-11-19 11:52