小米汽车开始挣钱，卖一台车净赚6434元，雷军最新发声

Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, a year-on-year increase of 22.3%, with adjusted net profit reaching 11.3 billion yuan, up 81%, marking a historical high [1] - The company successfully transitioned between old and new growth engines, with innovative businesses like smart electric vehicles and AI achieving profitability for the first time in a single quarter, while the traditional smartphone business faced pressure due to rising memory costs [1][4] - Xiaomi's President Lu Weibing emphasized the importance of resilience through continuous capability building in response to uncontrollable environmental factors [1] Revenue and Profitability - The innovative business segment, including smart electric vehicles, delivered a significant turnaround, achieving a profit of 700 million yuan in Q3 after a loss of 300 million yuan in Q2, with an average profit of 6,434 yuan per vehicle sold [4] - The smartphone business faced challenges, with global shipments of 43.3 million units and revenue of 45.969 billion yuan, leading to a decline in gross margin to 11.1% due to prolonged cost pressures from core components [6] Business Segmentation - Internet services generated revenue of 9.4 billion yuan in Q3, reflecting a 10.8% year-on-year growth, primarily driven by strong performance in advertising [7] - The IoT business reported revenue of 27.6 billion yuan, maintaining a growth streak for seven consecutive quarters, with a gross margin of 23.9% [9] Strategic Initiatives - Xiaomi is increasing its R&D investment, with Q3 spending reaching 9.1 billion yuan, a 52.1% increase year-on-year, and total R&D expenditure expected to exceed 30 billion yuan for the year [11] - The company is focusing on high-end product strategies to counteract cost pressures, achieving a market share increase in the 4,000-6,000 yuan price segment by 5.6 percentage points to 18.9% [6] Future Outlook - Despite achieving profitability in the automotive sector, challenges remain, including reduced purchase tax subsidies and intensified competition expected in 2026 [12] - Xiaomi aims to solidify its automotive profitability, further penetrate the high-end smartphone market, and leverage opportunities in AI and physical world integration for long-term strategic goals [12]