2025年11月18日，小米集团发布三季度财报，一组亮眼的数据迅速成为市场焦点。财报公布 后不久，多家投资机构发布了分析结论。有的机构对Q3财报的数据表示赞赏，也有的机构对小米 集团后市的发展表示担忧。 小米集团Q3财报最大的看点是汽车板块等扭亏了，首次实现单季度经营收益转正。然而，这份堪 称"漂亮"的财报发布后，摩根大通、瑞银等国际投行下调或维持小米评级为"中性"，目标股价也同步调 低。这种财报数据与投行评级的强烈反差，折射出资本市场对小米未来发展的复杂态度。 多业务协同驱动增长引擎 中信建投海外团队发布的分析时间比较早，分析也比较全面，引起许多人的关注。 产能瓶颈是首要风险。尽管小米汽车交付量持续攀升，但当前产能仍难以满足订单需求。瑞银指 出，若产能扩张速度不及预期，可能错失市场窗口期，尤其在中国新能源汽车竞争白热化的背景下，延 迟交付可能导致用户流失。此外，小米汽车业务仍处于大投入期，尽管单季盈利转正，但全年来看仍需 承担工厂建设、技术研发等固定成本分摊压力，盈利可持续性有待观察。 小米集团的手机业务比较成熟，大家更关心汽车板块的表现。中信建投海外团队分析了各个板块的 情况，包括大家关心的汽车业务。 I ...

【环球网科技综合报道】11月18日，小米集团发布2025年第三季度业绩公告。公告数据显示，本季度小米集团业绩保持稳健增长态势： 单季营收1131亿元，同比增长22.3%；经调净利润113亿元，同比增长80.9%。前三季度，集团总营收3404亿元，接近去年全年水平；经 调净利润328亿元，超过2024年全年总额，整体经营韧性持续显现。 2025年Q3，小米多业务板块协同发力，推动整体业绩稳步提升。其中，手机×AIoT分部实现收入841亿元，仍是集团核心营收支柱；智能 电动汽车及AI等创新业务分部收入290亿元，同比增长超199%，成为重要增长引擎。 前三季度，小米研发投入累计达235亿元，接近2024年全年研发投入规模，预计2025年全年研发投入将超300亿元，技术创新对业务增长 的支撑作用持续增强。 Q3小米智能手机业务收入460亿元，全球出货量4330万台，连续9个季度实现同比增长。重点区域市场市占率稳步提升：拉美和中东地区 排名稳居第二，市占率分别为17.9%和16.9%；欧洲、东南亚和非洲地区排名第三，市占率分别同比提升0.5、1.2和0.9个百分点，达到 20.9%、16.7%和12.6%。Q3该板块 ...

专题：聚焦2025年第三季度美股财报 小米集团（HKEX： 1810）今日发布了2025年第三季度财报：总收入达到1131亿元，同比增长22.3%； 净利润为123亿元，同比增长129.5%。非国际财务报告准则计量，经调整净利润为113亿元，同比增长 80.9%。 详见： 小米第三季度营收1131亿元 经调净利润113亿元 财报发布后，小米集团合伙人兼总裁卢伟冰，副总裁、CFO林世伟等高管出席了随后举行的财报电话会 议，解读财报要点，并回答了数位分析师的提问。 以下即为本次电话会议分析师问答环节实录： 摩根士丹利分析师Andy Meng：首先恭喜小米能在本季度创造历史新高的盈利。我有两个问题，第一 个问题是关于手机的。近期我们看到，资本市场关注到内存价格有大幅上涨，大家都非常关心成本要素 对于手机毛利率的影响。能否请管理层与我们分享一下，您对内存价格的变化趋势和手机毛利率有哪些 预判？ 我的第二个问题是关于小米汽车的。我们关注到最近这两个月，小米汽车的交付量在持续增长。同时， 我们也看到小米SU7 Pro和小米SU7 Pro Max的交货周期出现了大幅的提前。能否请管理层与我们分享一 下出现这些变化的原因？以 ...

Core Viewpoint - Xiaomi Group reported significant growth in revenue and profit for the first nine months of 2025, indicating strong operational performance and strategic investments in AI and IoT sectors [2][19]. Financial Performance - For the first nine months of 2025, Xiaomi's revenue reached 340.37 billion RMB, a 32.5% increase from 256.9 billion RMB in the same period last year [2]. - Operating profit for the same period was 41.672 billion RMB, up 166.9% from 15.613 billion RMB year-on-year [2]. - Adjusted net profit was 32.817 billion RMB, reflecting a 73.5% increase compared to 18.918 billion RMB in the previous year [2]. Quarterly Performance - In Q3 2025, Xiaomi's revenue was 1131.21 billion RMB, a 22.3% increase from 925 billion RMB year-on-year, but a slight decline of 2.4% from the previous quarter [4]. - Gross profit for Q3 2025 was 25.936 billion RMB, up 37.4% from 18.881 billion RMB year-on-year [4]. - The operating profit for Q3 2025 was 15.110 billion RMB, a 150.1% increase from 6.041 billion RMB year-on-year [6]. R&D and Innovation - Xiaomi's R&D expenditure reached 91 billion RMB in Q3 2025, a 52.1% increase year-on-year, with total R&D spending for the first nine months at 235 billion RMB [7][11]. - The number of R&D personnel reached a record high of 24,871 [7]. Business Segments - The smartphone and AIoT segment generated 841 billion RMB in Q3 2025, with smartphone revenue at 460 billion RMB and global smartphone shipments of 43.3 million units, a 0.5% increase year-on-year [12]. - IoT and lifestyle products revenue was 276 billion RMB in Q3 2025, a 5.6% increase year-on-year, with a gross margin of 23.9% [13]. - Internet services revenue for Q3 2025 was 94 billion RMB, up 10.8% year-on-year, with advertising revenue at 72 billion RMB, a 17.4% increase [16]. Automotive and AI Innovations - The smart electric vehicle and AI segment reported revenue of 290 billion RMB in Q3 2025, with a significant year-on-year growth of over 199% [19]. - Xiaomi's automotive division delivered over 100,000 vehicles in Q3 2025, with total deliveries exceeding 260,000 units for the year [19].

财报显示，小米前三季总营收已达3404亿元，接近去年全年，经调净利润328亿元，已超去年总额。 小米透露，本季度小米手机全球出货量4330万台，连续9个季度同比增长。三季度，小米在中国大陆 4000元-6000元高端价位段销量市占率达18.9%，同比提升5.6个百分点。 11月18日，小米集团发布三季度业绩公告，单季营收1131亿元，同比增长22.3%，连续4个季度突破千 亿；经调净利润113亿元，同比增长80.9%，创历史新高。 具体来看，手机×AIoT分部收入841亿元。其中智能手机业务收入460亿元，同比下滑3.2%，但出货量连 续9个季度同比增长；IoT与生活消费产品业务收入276亿元，同比增长5.6%；互联网服务收入94亿元， 同比增长10.8%，其中境外互联网收入33亿元，创下历史新高。 智能电动汽车及AI等创新业务分部收入290亿元，同比增长超199%。其中智能电动汽车收入283亿元， 其他相关收入7亿元，并且本季度小米汽车及AI等创新业务分部首次实现单季度经营收益转正，实现单 季经营收益7亿元。 亮眼财报下，小米在资本市场却持续受挫。近期，小米的股价大幅回调，从9月高点累计下跌近三成， 成为恒 ...

小米透露，本季度小米手机全球出货量4330万台，连续9个季度同比增长。三季度，小米在中国大陆 4000元-6000元高端价位段销量市占率达18.9%，同比提升5.6个百分点。 IoT与生活消费产品业务板块收入276亿元，同比增长5.6%。截至9月30日，小米AIoT平台已连接IoT设 备数突破10亿台。 互联网服务业务收入达94亿元，同比增长10.8%，创历史新高，毛利率达到76.9%。截至2025年9月，小 米全球月活跃用户数达7.42亿、中国大陆月活跃用户达1.87亿。 智能电动汽车及AI等创新业务分部收入增至290亿元。第三季度，小米汽车单季交付量超10万台，创单 季度历史新高，推动汽车及AI等创新业务收入同比增长超199%。今年前三季度，小米汽车累计交付量 已超过26万台，9月、10月小米汽车连续2个月交付量超过4万台。 具体来看，手机×AIoT分部收入841亿元。其中智能手机业务收入460亿元，出货量连续9个季度同比增 长；IoT与生活消费产品业务收入276亿元，同比增长5.6%；互联网服务收入94亿元，同比增长10.8%， 其中境外互联网收入33亿元，创下历史新高。 智能电动汽车及AI等创新业务分 ...

Event Overview - The 2025 Guangdong Province Live Job Recruitment event will conduct 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2]. Live Event Details - The 34th session of the event is a special session for universities, scheduled for November 14, 2025, from 10:00 to 12:00 at Guangdong Science and Technology Vocational College (Zhuhai Campus) [4]. Company Profiles - **Dongguan Xingteng Technology Co., Ltd.**: Established in December 2019, the company aims to become China's largest new retail company in the "people, car, home" ecosystem, with over 130 offline stores and a cumulative investment of 160 million yuan. The company plans to achieve over 3 billion yuan in revenue within three years [5]. - **Zhuhai Guanyu Power Co., Ltd.**: A subsidiary of Guanyu Group, specializing in lithium battery R&D, production, and sales, with a focus on polymer lithium-ion batteries and expanding into power battery fields [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Founded in 1989, the company has evolved into a significant player in the daily chemical industry, focusing on oral care and personal care products [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Established in 2015, the company operates 18 branches in Shenzhen and 2 in Guangzhou, focusing on fresh seafood dining with a total operating area of approximately 54,179 square meters [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Founded in 2024, it is the first domestic company to integrate R&D, production, sales, and technical services in semiconductor packaging and precision probe manufacturing [9]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Established in 1984, the company has a registered capital of 100 million yuan and is expanding its warehousing network across multiple provinces, with plans for international market expansion [10]. Job Opportunities - **Dongguan Xingteng Technology Co., Ltd.**: Hiring for positions including Xiaomi Home Sales (30 positions), After-sales Service Specialist (8 positions), and Management Trainees (10 positions) with salaries ranging from 5,000 to 10,000 yuan [6]. - **Zhuhai Guanyu Power Co., Ltd.**: Seeking 100 skilled workers in smart manufacturing with salaries ranging from 2,440 to 7,500 yuan [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Open positions include Equipment Maintenance Workers, Quality Inspectors, R&D Staff, and Production Management Trainees, with salaries from 4,000 to 6,200 yuan [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Hiring Front Hall Reserve Cadres across various service roles, with salaries between 4,500 and 6,200 yuan [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Looking for Production Management Trainees with salaries from 5,000 to 6,000 yuan [10]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Recruiting Warehouse Managers with salaries ranging from 4,100 to 7,500 yuan [10].

Core Insights - Xiaomi achieved a total payment amount exceeding 29 billion RMB during the 2025 "Double 11" shopping festival, marking a significant sales milestone [1] - Xiaomi secured the title of "domestic smartphone sales champion" for the third consecutive year during the event, particularly excelling in the high-end market with the Xiaomi 17 ProMax [1] - The company's ecosystem products, including over 30 categories, also performed strongly, achieving top sales or revenue rankings on various e-commerce platforms [1] Sales Performance - Total payment amount reached over 29 billion RMB by November 11, 23:59:59 [1] - Xiaomi 17 ProMax was the best-selling model in the high-end segment (above 6000 RMB) [1] - Xiaomi's ecosystem products, such as Mi Band 10 and Mi Air Purifier 5S, led in sales across different platforms [1] Service and Logistics - Customer service team assisted over 20 million people during the shopping festival [1] - Delivery service covered 321 cities with an average delivery time of 32 minutes, and the fastest delivery took only 5 minutes [1] - Average installation time for large appliances was reduced by 17 hours and 50 minutes [1] Service Network Development - Xiaomi increased the number of service locations supporting IP68 local repair services to 600 [2] - The total number of sales and service integrated stores surpassed 2000 [2] - The sales of the MiCare service grew by 118% year-on-year [2]

Group 1 - Xiaomi reported a total payment amount exceeding 29 billion yuan during the "Double 11" shopping festival, marking a significant achievement for the company [1] - Xiaomi's mobile phones ranked first in sales among domestic brands across major e-commerce platforms, with the Xiaomi 17 Pro Max achieving both sales volume and revenue championships [1] - The company emphasized that this marks the third consecutive year of leading domestic smartphone sales, highlighting the success of the Xiaomi 17 series [1] Group 2 - The promotional theme for this year's sales event was "Tech Life, New Convenience," with a total subsidy of 2 billion yuan covering a wide range of products, allowing users to save up to 4,000 yuan on new purchases [2] - Xiaomi's ecosystem products also performed well, with multiple categories such as smart bands and air purifiers achieving top sales on e-commerce platforms [2] - Customer service support reached over 20 million users during the event, with coverage across 333 prefecture-level and 2,842 county-level administrative regions [2] Group 3 - Xiaomi's logistics operations were highly efficient, with delivery services covering 321 cities and an average delivery time of just 32 minutes [3] - The company has expanded its service network, increasing the number of local repair service stores to 600 and surpassing 2,000 integrated sales and service stores nationwide [3] - Financial services were also enhanced, offering various payment discounts and installment plans, with potential savings of up to 499 yuan [3]

11月12日，"AI才女"、前DeepSeek研究员罗福莉宣布加入小米公司。她在朋友圈发文："智能终将从语言迈向物理世界。我正在Xiaomi MiMo，和 一群富有创造力、才华横溢且真诚热爱的研究员，致力于构建这样的未来，全力奔赴我们心目中的AGI。" 不过，当时小米并未给出回应，罗福莉本人也未直接回应此事。 在今年10月举行的2025智能网联汽车大会上，小米集团创始人、董事长雷军表示，AI大模型是智能网联汽车的未来趋势，蕴藏巨大创新机遇。端 侧AI模型无需联网，可整合车内外摄像头、麦克风等多传感器信号，通过情绪识别与多模态交互技术，实现拟人化语音控车，还能自定义手势控 制车内设备，且本地算力调用可保障数据隐私安全。小米的核心战略是"人车家全生态"，汽车是重要节点。通过不同场景、终端的互联互通，汽 车可调用整个生态的AI算力，提供丰富场景应用，未来产业机会广阔。 今年10月，小米AI团队携手北京大学联合发布一篇聚焦MoE与强化学习的论文，其中已经出现罗福莉的名字。 公开资料显示，罗福莉本科毕业于北京师范大学计算机专业，硕士阶段进入北京大学计算语言学深造。硕士毕业后，罗福莉加入阿里巴巴达摩 院，担任机器智能实验 ...