雷军不再温和，仍有两场硬仗要打

Core Viewpoint - Xiaomi's founder Lei Jun has recently expressed anger over safety concerns regarding Xiaomi's electric vehicles, emphasizing that aesthetics do not compromise safety [6][8][9] Financial Performance - In Q3 2025, Xiaomi reported revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion yuan [9] - Adjusted net profit reached 11.3 billion yuan, a historical high with an 80.9% year-on-year growth [9] - Xiaomi's electric vehicle and AI businesses achieved their first quarterly profit of 700 million yuan [9] Automotive Business - Xiaomi delivered 108,796 vehicles in Q3 2025, setting a new record, with monthly deliveries exceeding 40,000 units in September and October [11] - The gross margin for Xiaomi's electric vehicle division reached 25.5%, with an average after-tax price of around 260,000 yuan [11] - Challenges for the automotive sector include a reduction in purchase tax subsidies and intense competition in the market [14] IoT and Home Appliances - Xiaomi's IoT and consumer products business generated 27.6 billion yuan in revenue in Q3 2025, a 5.6% year-on-year increase, with a gross margin of 23.9% [16] - The company aims to become one of the top three players in China's home appliance market within three years [16] - Xiaomi's air conditioning market share reached 16.71%, ranking second after Midea [16] Competitive Landscape - The home appliance market is experiencing intense competition, with Xiaomi facing established players like Midea and Gree [17] - Midea has been selling off its shares in Xiaomi, indicating a shift in the competitive dynamics [17] - Xiaomi's strategy includes enhancing its manufacturing capabilities and leveraging AI for production efficiency [19] Brand Trust and Challenges - Xiaomi has faced significant challenges in regaining consumer trust following several incidents involving its vehicles, including accidents and recalls [21] - The company is navigating a transition from a smartphone-centric business to a diversified technology company, which requires rebuilding trust with consumers [22][23] - Xiaomi's future success hinges on its ability to integrate its automotive and home appliance strategies while addressing safety and quality concerns [22][23]