小米总裁卢伟冰回应手机大盘变动

Core Viewpoint - Xiaomi Group reported strong financial results for Q1 2025, with significant year-on-year growth in revenue and adjusted net profit, indicating robust performance across its major business segments [1][2]. Financial Performance - Total revenue reached 111.29 billion RMB, a 47.4% increase year-on-year - Adjusted net profit was 10.68 billion RMB, up 64.5% year-on-year - Overall gross margin improved to 22.8%, an increase of 0.5% year-on-year [1] Business Segments - Revenue from the mobile and AIoT segments was 92.71 billion RMB, a 22.8% increase, accounting for 83.3% of total revenue - Smart electric vehicles and AI innovation business generated 18.6 billion RMB, with smart vehicle revenue at 18.1 billion RMB [1] - Mobile business revenue was 50.61 billion RMB, an 8.9% increase, with average selling price (ASP) rising 5.8% to 1211 RMB [1] Market Dynamics - The global smartphone market showed varied performance, with a projected growth of approximately 1.2% and some regions, like Western Europe, experiencing negative growth - The Chinese market is expected to grow by about 3% due to government subsidies [2] - Xiaomi plans to focus on improving product structure rather than solely on sales volume, particularly in Western Europe and emerging markets [2] High-End Strategy - Xiaomi's high-end product market share remains low, particularly for products priced above 6000 RMB - Future strategies will aim to expand high-end offerings from China to international markets across all product categories [2] IoT and Home Appliances - Revenue from IoT and consumer products reached 32.34 billion RMB, a 58.7% increase, with a gross margin of 25.2% - Major appliances revenue grew by 113.8%, with air conditioning products seeing over 65% growth and shipments exceeding 1.1 million units [2] Competitive Landscape - Increased competition in the AIoT sector, with some appliance manufacturers launching products targeting Xiaomi - Xiaomi's home appliance products are still facing supply shortages, and the company acknowledges the need for further development in this area [3] R&D Investment - R&D expenditure for the quarter was 6.7 billion RMB, a 30.1% increase, with the number of R&D personnel reaching a record high of 21,731, making up 47.7% of total employees - The company is in the early stages of developing its own high-end chips, with a long-term view of achieving a sustainable financial model [4]