XIAOMI(HK:01810) 晚点LatePost·2025-05-28 14:41Core Viewpoint - The company achieved its best quarterly report in history, driven by high sales of the SU7 model, with a total delivery of 76,000 vehicles in the first three months of the year, representing a quarter-on-quarter growth of 8.9% [3] Financial Performance - Automotive business revenue reached 18.1 billion yuan, a 10.8% increase compared to the previous quarter [3] - Losses in automotive and AI innovation businesses narrowed to 500 million yuan, a reduction of 200 million yuan from the previous quarter [4] - Gross margin increased to 23.2%, surpassing competitors like Li Auto (19.7%) and BYD (20.07%) [4] Product and Market Dynamics - The SU7 model has not seen a price drop since its launch, and the higher-priced SU7 Ultra has begun deliveries [9] - The company reported approximately 500 million yuan in revenue from automotive peripheral products in the first quarter [9] - The company’s internal management efficiency and channel efficiency are significantly higher than traditional automotive companies, potentially 2-3 times more efficient [9] Competitive Landscape - The company’s president stated that as long as product strength is sufficient, profitability is not a concern, emphasizing the lack of competitors for the SU7 model [5] - The upcoming YU7 model has generated three times the user inquiries compared to the SU7 at the same stage, indicating strong market interest [6] - The company has successfully converted market enthusiasm for the SU7 into sales, showcasing its ability to adapt in the automotive sector [6]