XIAOMI(HK:01810) 美股IPO·2025-11-18 10:16Core Viewpoint - Xiaomi's Q3 performance exceeded market expectations, with significant growth in revenue and net profit, marking a pivotal shift in its electric vehicle and AI business towards profitability [6][4]. Financial Performance - Total revenue for Q3 reached 1,131.2 billion RMB, a year-on-year increase of 22.3% but a slight quarter-on-quarter decline of 2.4% [2][4]. - Adjusted net profit was 113.1 billion RMB, a historical high, reflecting an 80.9% year-on-year growth [2][4]. - Gross margin improved to 22.9%, up 2.5 percentage points year-on-year [2]. - Cumulative revenue for the first three quarters was 3,404 billion RMB, representing a 32.5% year-on-year increase [2]. Automotive Business - Q3 revenue from the automotive sector was 283 billion RMB, showing a remarkable year-on-year growth of 197.9% and a 33.8% increase in delivery volume to 108,800 units, setting a new record [9][1]. - The automotive business achieved an operating profit of 7.00 billion RMB, marking its first profitable quarter [5][11]. - The gross margin for the automotive business rose to 25.5%, attributed to lower core component costs, reduced unit manufacturing costs due to scale effects, and an increased delivery share of the higher ASP Xiaomi YU7 series [12]. Research and Development - R&D expenditure in Q3 was 91 billion RMB, a 52.1% increase year-on-year, with a total of 235 billion RMB for the first three quarters [13]. - The number of R&D personnel reached a record high of 24,871 [13]. - Capital expenditure was 53.8 billion RMB, significantly exceeding the forecast of 20 billion RMB, indicating a strong commitment to innovation in electric vehicles and AI [14].