首次单季度交付破10万，小米汽车开始挣钱了

Core Insights - Xiaomi's electric vehicle division is set to achieve its annual sales target of 360,000 units one month ahead of schedule, although a decline in automotive gross margin is anticipated for next year [1][8]. Financial Performance - Xiaomi reported a record high revenue of 113.1 billion yuan and an adjusted net profit of 11.3 billion yuan for Q3 2025, marking three consecutive quarters of profits exceeding 10 billion yuan [2]. - The sales revenue from smart electric vehicles reached 28.3 billion yuan with a gross margin of 25.5% [2][8]. - This quarter marks the first profitable quarter for Xiaomi's automotive business, with a turnaround from a 300 million yuan operating loss in Q2 to a 700 million yuan operating profit, averaging a net profit of 6,434 yuan per vehicle sold [4]. Sales and Delivery Metrics - Year-on-year, revenue from Xiaomi's automotive segment surged by 197.9%, up from 9.5 billion yuan last year, attributed to increased vehicle deliveries and average selling price (ASP) [5]. - In Q3, Xiaomi delivered 108,796 new vehicles, surpassing the 100,000 mark for the first time in a quarter, representing a 33.8% increase from the previous quarter's delivery of 81,300 vehicles [5]. - The average selling price of Xiaomi vehicles rose to 260,000 yuan, compared to 238,700 yuan in the same quarter last year and 253,700 yuan in the previous quarter [5]. Market Position and Future Outlook - The SU7 electric sedan has been the best-selling mid-to-large sedan for ten consecutive months, while the YU7 electric SUV has topped the sales charts for mid-to-large SUVs for three months and was the best-selling SUV overall in October [5]. - Xiaomi's management expects to meet the annual delivery target this week and anticipates continued growth in delivery scale for the next year [5]. - Despite the strong performance, the automotive gross margin is projected to face challenges in 2026 due to reduced purchase tax subsidies and increased competition in the industry [8][9].