XIAOMI(HK:01810) 凤凰网财经·2025-11-20 09:00Core Viewpoint - Xiaomi Group reported a strong performance in Q3 2023, achieving revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, the highest in its history [2][4]. Group 1: Core Business Growth and Innovation Acceleration - The revenue from Xiaomi's mobile and AIoT segments reached 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, showing a year-on-year growth of 5.6% [7][10]. - Xiaomi's smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three global ranking for 21 quarters [8][10]. - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan in revenue, with a staggering year-on-year growth of over 199% [10][13]. Group 2: R&D Investment and Future Growth - Xiaomi's total revenue for the first three quarters of the year reached 340.4 billion yuan, nearing last year's total, with adjusted net profit exceeding last year's figure at 32.8 billion yuan [2][4]. - The company invested 23.5 billion yuan in R&D in the first three quarters, approaching the total planned investment for 2024, with expectations to exceed 30 billion yuan for the year [22][26]. - Xiaomi plans to invest 200 billion yuan in core technology R&D over the next five years, transitioning from an internet company to a hard-tech company [26][28]. Group 3: Market Position and Competitive Edge - Xiaomi's new flagship Xiaomi 17 series achieved over 1 million sales within five days of launch, indicating strong market acceptance and competitive positioning against rivals like Apple [14][16]. - The company has established a robust ecosystem with over 1 billion connected IoT devices, and the number of users with five or more connected devices reached 21.6 million, reflecting high user engagement [8][10]. - Xiaomi's smart electric vehicle business is positioned for significant growth, with plans to launch new models and expand into international markets, contributing to a projected 23% increase in vehicle shipments by 2027 [17][19].