小米手机收入与均价下滑，高管回应内存涨价影响

Core Viewpoint - Xiaomi Group reported a strong performance in Q3 2025, with revenue of 113.12 billion RMB, a year-on-year increase of 22.3%, and an adjusted net profit of 11.31 billion RMB, up 80.9% [3]. Revenue Breakdown - The revenue from the smartphone and AIoT segment was 84.11 billion RMB, accounting for 74.4% of total revenue, with a year-on-year growth of 1.6% [4]. - The revenue from the smart electric vehicle and AI innovation segment reached 29.01 billion RMB, representing 25.6% of total revenue, with a significant year-on-year increase of 199.2% [4]. Smartphone Business Insights - The smartphone business generated 46 billion RMB in revenue, a decline of 3.1% year-on-year, primarily due to a decrease in average selling price (ASP) from 1102.2 RMB to 1062.8 RMB, a drop of 3.6% [5]. - Smartphone shipments increased slightly by 0.5% to 43.3 million units, driven by growth in overseas markets [5]. Memory Market Impact - The global memory market has experienced significant price increases across all categories since 2025, affecting the cost structure of the smartphone industry [5]. - The current memory price cycle, driven by AI and high-performance computing (HPC) demand, is expected to have a prolonged impact on industry costs and margins, particularly for products with high storage cost ratios [6]. Industry Dynamics - The memory price surge is anticipated to create volatility in the smartphone industry, with varying impacts on different manufacturers based on their ability to absorb costs [6]. - The domestic smartphone market remains competitive, with the current memory price increase likely to intensify competition among manufacturers, testing their financial strength and supply chain leverage [7].