小米汽车，遭遇“滑铁卢”?

Core Viewpoint - Xiaomi Group reported a record Q3 2025 financial performance with revenue of 113.1 billion yuan and adjusted net profit of 11.3 billion yuan, a year-on-year increase of 80.9% [4][5] - Despite the strong financial results, Xiaomi's stock price fell by 4.81% the day after the earnings report, reflecting concerns about the long-term growth potential of its automotive business [7][8] Financial Performance - Xiaomi's Q3 2025 revenue reached 113.1 billion yuan, marking the fourth consecutive quarter of revenue exceeding 100 billion yuan [4] - The adjusted net profit for the quarter was 11.3 billion yuan, representing an 80.9% increase year-on-year [4] Automotive Business Insights - The automotive segment generated 28.3 billion yuan in revenue for the quarter, a 197.9% year-on-year increase, and achieved a positive operating profit of 700 million yuan with a gross margin of 25.5% [5] - However, there has been a significant decline in order growth for Xiaomi's vehicles, with a nearly 70% drop in new orders since October compared to the first half of the year [8][10] - Weekly new orders for Xiaomi vehicles have decreased from 12,000 in Q2 to 4,000-5,000, with monthly new orders now below 20,000 [10] Market Dynamics - The initial excitement around Xiaomi's vehicle orders has shifted, with reports of speculative order trading leading to a perception of decreased demand [11] - The introduction of "immediate purchase" options and discounts on certain models indicates a shift in supply-demand dynamics, revealing a change in market sentiment [15][18] Brand and Reputation Challenges - Xiaomi's automotive brand has faced scrutiny due to safety concerns following two high-profile accidents, which have negatively impacted consumer trust and stock performance [24][28] - The company's marketing strategies have been criticized for lacking transparency, leading to public backlash and a decline in brand reputation [26][30] Strategic Adjustments - Xiaomi has begun restructuring its automotive sales and service operations to address current challenges, including personnel changes aimed at improving channel resource allocation [29][35] - The company plans to launch three new vehicle models in 2026, which will test its product development and market adaptability [37] Future Outlook - Xiaomi anticipates increased competition and pressure on automotive margins due to upcoming policy changes, including a reduction in purchase tax subsidies [39] - The company must adapt its approach to align with the automotive industry's longer production cycles and safety standards, moving away from its previous consumer electronics strategies [39]