【小米集团（1810.HK）】智能手机出货份额重回国内第一，单季营收&经调整净利润再创新高——25Q1业绩点评（付天姿/黄铮）

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating improved profitability and operational efficiency [2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, marking a record high for a single quarter and surpassing 100 billion yuan for two consecutive quarters [2]. - The Non-IFRS net profit reached 10.7 billion yuan, up 64.5% year-on-year, with a net profit margin of 9.6%, reflecting a notable improvement in profitability [2]. Group 2: Smartphone Business - The company maintained its position among the top three global smartphone manufacturers for 19 consecutive quarters, with Q1 2025 smartphone shipments increasing by 3% year-on-year to 41.8 million units [3]. - In the domestic market, the high-end smartphone shipment proportion rose to 25%, with a market share of 18.8% in mainland China, a year-on-year increase of 4.7 percentage points, marking a return to the top position after ten years [3]. - The average selling price (ASP) of smartphones increased to 1,211 yuan, up 5.8% year-on-year and 0.7% quarter-on-quarter, driven by government subsidies and a higher proportion of high-ASP domestic shipments [3]. - The gross margin for the smartphone business was 12.4%, a slight increase from 12.0% in Q4 2024, primarily due to improvements in the product mix in overseas markets [3]. Group 3: IoT and Internet Business - The IoT business generated revenue of 32.3 billion yuan in Q1 2025, with a remarkable year-on-year growth rate of 59%, and the revenue from smart home appliances surged by 113.8% [4]. - Air conditioner shipments increased by over 65% to more than 1.1 million units, refrigerator shipments also rose by over 65% to more than 880,000 units, and washing machine shipments more than doubled to 740,000 units [4]. - The internet services revenue grew by 13% year-on-year to 9.1 billion yuan, with advertising revenue increasing by 20%, contributing to the overall growth of the internet business [4]. - The number of monthly active users (MAU) for the company's internet services reached 720 million globally and 180 million in mainland China, both hitting historical highs [4]. Group 4: Automotive and AI Business - In Q1 2025, the company rebranded its automotive business to include AI, generating revenue of 18.6 billion yuan, with a gross margin of 23.2% [5]. - The number of vehicle deliveries increased by 8.9% from Q4 2024 to 75,869 units, with the ASP rising from 234,000 yuan in Q4 2024 to 238,000 yuan in Q1 2025 [5]. - The company plans to launch the YU7 series, a luxury high-performance SUV, in July 2025, featuring advanced technology and long-range capabilities [5].