小米集团：2025年第一季度营收再创历史新高

Core Insights - Xiaomi Group reported record high revenue and profit for Q1 2025, with revenue reaching RMB 111.29 billion, a year-on-year increase of 47.4%, and adjusted net profit of RMB 10.68 billion, up 64.5% [1][2] Group 1: Financial Performance - In Q1 2025, Xiaomi's global smartphone shipments reached 41.8 million units, marking a 3.0% year-on-year growth, achieving seven consecutive quarters of growth [1] - The revenue from the smart electric vehicle and AI innovation business segment was RMB 18.6 billion, with smart electric vehicle revenue at RMB 18.1 billion and other related business revenue at RMB 0.5 billion [1] - The gross margin for the smart electric vehicle and AI innovation business segment was 23.2%, while the operating loss for this segment was RMB 0.5 billion [1] Group 2: Research and Development - R&D expenditure for Q1 2025 reached RMB 6.7 billion, reflecting a year-on-year increase of 30.1% [2] - The number of R&D personnel reached a record high of 21,731, accounting for 47.7% of the total workforce [2] - Xiaomi has obtained over 43,000 patents globally as of March 31, 2025 [2] Group 3: Smart Home Appliances - Revenue from smart home appliances grew by 113.8% year-on-year in Q1 2025 [2] - Air conditioner shipments exceeded 1.1 million units, with a growth rate of over 65% [2] - Refrigerator shipments surpassed 880,000 units, also with a growth rate exceeding 65%, while washing machine shipments exceeded 740,000 units, achieving a growth rate of over 100% [2]