Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3%, exceeding the expected 112.5 billion yuan [2] - The group's operating profit for Q3 was 15.11 billion yuan, surpassing the forecast of 10.72 billion yuan, while net profit reached 12.27 billion yuan, exceeding the expected 9.62 billion yuan [2] - Adjusted net profit hit a record high of 11.3 billion yuan, marking an 80.9% year-on-year increase, against an expectation of 10.05 billion yuan [2] Revenue Breakdown - The "Mobile × AIoT" segment generated revenue of 84.1 billion yuan in Q3 2025, showing a year-on-year increase of 1.6% [2] - The "Smart Electric Vehicles and AI Innovation" segment achieved revenue of 29 billion yuan, a historical high with a year-on-year growth of 199.2% [2] - For the first time, the smart electric vehicle and AI innovation segment reported a quarterly operating profit of 700 million yuan, indicating a shift from loss to profit in Xiaomi's automotive business [2] Profitability Metrics - The gross margin for Q3 was 22.9%, an increase of 2.5 percentage points year-on-year, exceeding the forecast of 22.7% [2] - The gross margin for the automotive business rose to 25.5%, attributed to a decrease in core component costs, lower unit manufacturing costs due to economies of scale, and an increased delivery proportion of the Xiaomi YU7 series with a higher average selling price (ASP) [3] - The ASP for the automotive segment increased from 253,700 yuan to 260,100 yuan, reflecting the product structure upgrade [3]

Core Insights - Xiaomi Group reported a record-breaking Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter exceeding the 100 billion yuan threshold [2][3] - Adjusted net profit reached 11.3 billion yuan, surging 80.9% year-on-year, setting a historical high [2][3] - The company’s total revenue for the first three quarters reached 340.4 billion yuan, nearing last year's total, with adjusted net profit surpassing the entire previous year's figure [2][3] Financial Performance - Q3 revenue was 113.1 billion yuan, up 22.3% year-on-year, with adjusted net profit at 11.3 billion yuan, exceeding Bloomberg's consensus estimate [3][4] - For the first three quarters, total revenue was 340.4 billion yuan, with adjusted net profit of 32.8 billion yuan, indicating strong growth momentum [3][4] - Gross margin for Q3 reached 22.9%, reflecting a 2.5 percentage point increase year-on-year, showcasing the effectiveness of the company's product structure optimization [6] Business Segments - Revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, maintaining a top-three global position for 21 consecutive quarters [3][4] - IoT and lifestyle product revenue was 27.6 billion yuan, up 5.6% year-on-year, while internet services revenue reached 9.4 billion yuan, growing 10.8% [3][4] - The automotive and AI innovation segment generated 29 billion yuan, with electric vehicle revenue at 28.3 billion yuan, achieving a quarterly delivery record of 109,000 units [3][4] Strategic Initiatives - Xiaomi's R&D investment for Q3 was 9.1 billion yuan, a 52.1% increase year-on-year, with total investment for the first three quarters nearing 23.5 billion yuan [2][10] - The company aims to be a "contributor to industrial value" and "promoter of industrial progress," focusing on innovation rather than price competition [4][10] - The high-end strategy has shown results, with market share in the 4,000-6,000 yuan smartphone segment reaching 18.9%, a 5.6 percentage point increase year-on-year [7][11] Future Outlook - The automotive business, international expansion, and high-end strategy are expected to drive future growth [11][12] - Xiaomi has raised its 2025 delivery target for vehicles from 300,000 to 350,000 units, with some forecasts suggesting it could reach 400,000 [8][11] - The company maintains a strong cash reserve of 236.7 billion yuan, positioning itself for future growth opportunities [11][12]

| 公布日 | 投资方 | 交易金额 | 融资轮次 | | --- | --- | --- | --- | | 2025-11-16 | 滨湖产业集团 | 未披露 | 天使轮 | | | 锡创投 | | | | 2022-12-29 | 第四号 | 未披露 | 出资设立 | 证券之星消息，根据天眼查APP于11月16日公布的信息整理，无锡金云智联科技有限公司天使轮融资， 融资额未披露，参与投资的机构包括滨湖产业集团，锡创投。 金云智联成立于2023年，是金山云旗下国内较好的基于AIoT的物联网平台服务商，拥有发明专利60+， 具有覆盖地产、酒店、住宅、园区、楼宇、办公的全场景解决方案能力，致力于用设计+科技+生态综 合的解决方案，服务于企业客户。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

范式旗下消费电子业务Phancy与联想的战略合作近日取得可喜进展——双方联合推出的五款智能手表累 计出货量已突破50万台。此外，双方还计划于明年一季度推出多款新系列产品。Phancy与联想的战略合 作基于前期共同推进智能手表的场景化与智能化升级，依托Phancy在AI技术、操作系统定制、应用生态 及硬件一体化等方面的能力，持续赋能联想智能手表产品矩阵，助力提升其市场竞争力与用户价值。 深化AI能力，构建核心交互体验 在应用生态层面，Phancy配套开发了专属应用"联想健康助手"，支持设备与手机、平板及其他智能终端 的高效协同。用户可通过APP实现运动数据同步、消息即时提醒、设备固件升级及个性化表盘管理，构 建以手表为核心的全场景服务闭环。 一体化硬件方案，保障产品卓越性能 Phancy同时提供了覆盖硬件全链路的综合技术支持，包括关键元器件选型与适配、结构设计与工业ID优 化、低功耗连接方案、性能调校与可靠性测试等环节。通过整合硬件设计与制造资源，Phancy协助联想 实现从研发到量产的高效转化，确保产品在品质、成本与交付周期上具备综合优势。 以全栈技术能力重塑AI可穿戴体验 此次Phancy与联想的合作，不仅 ...

Core Viewpoint - Xiaomi's stock price has continued to decline, dropping over 30% since reaching a peak of HKD 61.45 on June 27, despite a strong Q3 earnings report released the following day [2][3]. Financial Performance - Xiaomi Group reported total revenue of RMB 113.12 billion for Q3 2025, a year-on-year increase of 22.3%, surpassing market expectations of RMB 112.5 billion [3][5]. - Adjusted net profit reached RMB 11.31 billion, marking an 80.9% increase year-on-year and setting a historical high [3][5]. - Gross profit rose by 37.4% to RMB 25.94 billion, with gross margin improving from 20.4% to 22.9% compared to the same period last year [8]. Business Segments - The smartphone and AIoT segment generated revenue of RMB 84.1 billion, reflecting a 1.6% year-on-year growth [5]. - The innovative business segment, including smart electric vehicles and AI, achieved a record revenue of RMB 29 billion, a remarkable 199.2% increase year-on-year, and recorded its first quarterly operating profit of RMB 700 million [6]. Challenges Ahead - Xiaomi Group's president, Lu Weibing, indicated that 2026 will present numerous challenges, including a reduction in purchase tax subsidies and increased competition in the automotive sector [9][10].

Core Viewpoint - Xiaomi Group's stock price has been on a downward trend, dropping over 30% since its peak in June, despite strong financial results reported for Q3 2025 [3][4]. Financial Performance - Xiaomi Group reported total revenue of RMB 113.12 billion for Q3 2025, a year-on-year increase of 22.3%, exceeding market expectations of RMB 112.5 billion [4][7]. - Adjusted net profit reached RMB 11.31 billion, marking an 80.9% increase year-on-year, achieving a historical high [4][7]. - Gross profit rose by 37.4% to RMB 25.94 billion, with a gross margin improvement from 20.4% to 22.9% compared to the same period last year [10]. Business Segments - The smartphone and AIoT segment generated revenue of RMB 84.1 billion, reflecting a 1.6% year-on-year growth [7]. - The smart electric vehicle and AI innovation segment saw significant growth, with revenue reaching RMB 29 billion, a remarkable 199.2% increase year-on-year, and achieving operational profitability for the first time with earnings of RMB 700 million [8]. Future Challenges - Xiaomi Group's president, Lu Weibing, highlighted potential challenges for 2026, including a reduction in purchase tax subsidies and increased competition in the automotive sector, which may lead to a decline in profit margins for Xiaomi's automotive business [11].

Core Insights - Xiaomi Group reported a total revenue of 113.12 billion yuan for Q3 2025, marking a year-on-year increase of 22.3% but a quarter-on-quarter decrease of 2.4% [1] - The adjusted net profit reached a record high of 11.31 billion yuan, reflecting an 80.9% year-on-year growth and a 4.4% quarter-on-quarter increase [1] Revenue Breakdown - The smartphone and AIoT segment generated revenue of 84.11 billion yuan, a year-on-year increase of 1.6%, accounting for 74.4% of total revenue [2] - The innovative business segment, including smart electric vehicles and AI, reported revenue of 29.01 billion yuan, a significant year-on-year increase of 199.2%, making up 25.6% of total revenue [2] Smartphone Performance - Xiaomi's smartphone revenue declined to 45.97 billion yuan, a year-on-year decrease of 3.1% [2] - Global smartphone shipments reached 4.33 million units, showing a slight year-on-year increase of 0.5% [2] - The gross margin for smartphones was 11.1%, down from 11.7% in the same period last year, attributed to a decrease in average selling price (ASP) from 1,102.2 yuan to 1,062.8 yuan [2][3] Automotive Business Highlights - The automotive segment achieved revenue of 28.3 billion yuan, with an operating profit of 700 million yuan, marking the first quarter of profitability for this business [3] - Cumulative deliveries of Xiaomi vehicles exceeded 260,000 units in the first three quarters of the year [3] - The ASP for smart electric vehicles increased by 9.0% from 238,600 yuan to 260,100 yuan, driven by the delivery of higher-priced models [3] Other Business Segments - Revenue from IoT and lifestyle consumer products reached 27.55 billion yuan, a year-on-year increase of 5.6%, with a gross margin of 23.9%, up by 3.1 percentage points [3] - As of September 30, the number of connected IoT devices on Xiaomi's AIoT platform surpassed 1 billion, reaching 1.036 billion, a year-on-year growth of 20.2% [3]

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Financial Performance - Xiaomi Group reported Q3 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 [1] - Adjusted net profit reached 11.3 billion yuan, a significant increase of 80.9%, setting a new historical high [1] Business Segments - The mobile and AIoT segment generated revenue of 84.1 billion yuan, with a year-on-year growth of 1.6%, including smartphone, IoT, consumer products, and internet services [1] - Smartphone revenue was 46 billion yuan, with global smartphone shipments reaching 43.3 million units, achieving year-on-year growth for nine consecutive quarters [1] - IoT and consumer products revenue was 27.6 billion yuan, up 5.6% year-on-year, with a high approval rating for the newly launched washing machine [2] - Internet services revenue was 9.4 billion yuan, a year-on-year increase of 10.8%, with overseas internet revenue reaching 3.3 billion yuan, a historical high [2] Strategic Initiatives - Xiaomi is adopting a high-end strategy in response to rising memory costs, with the Xiaomi 17 series achieving approximately 30% higher sales compared to the previous generation [1][2] - The company has signed supply agreements with partners for the entire year of 2026 to mitigate supply issues related to rising memory prices [2] - Xiaomi's electric vehicle and AI innovation segment reported revenue of 29 billion yuan, with a year-on-year increase of over 199%, and the segment achieved operational profitability for the first time [3] R&D Investment - Xiaomi increased its R&D investment to 9.1 billion yuan in Q3, a year-on-year growth of 52.1%, setting a new historical high [3] - Cumulative R&D investment for the first three quarters reached 23.5 billion yuan, nearing the total planned for the entire year of 2024 [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Insights - The company is a leader in low-power Bluetooth SoC, focusing on wearable devices and AIoT applications, with significant market share in TWS earphones and smartwatches [7][8]. - Revenue projections for 2025-2027 are estimated at 42.53 billion, 54.41 billion, and 67.11 billion yuan, with corresponding growth rates of 30%, 28%, and 23% [8]. - The company has a strong competitive position due to its advanced technology and established relationships with major brands like Samsung, OPPO, and Xiaomi [7][8]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 3,263 million yuan, with a year-on-year growth rate of 49.9% [6]. - The net profit attributable to the parent company is expected to reach 798 million yuan in 2025, reflecting a growth rate of 73.2% [6]. - The company maintains a low asset-liability ratio of 7.59% and a high return on equity (ROE) of 10.9% in 2025 [6]. Market Position and Growth Drivers - The company holds approximately 10% of the global TWS main control chip market, ranking fourth in terms of shipment volume [7]. - The smart wearable chip segment is expected to see significant growth, with revenue projected to reach 10.45 billion yuan in 2024, a 116% increase year-on-year [7]. - The introduction of AI glasses and the development of proprietary ISP technology position the company for future growth in high-performance wearable SoCs [7]. Product Development and Technology - The company has developed a unified software and algorithm framework that enhances customer stickiness and supports multiple product lines [7]. - The BES2800 chip, built on a 6nm process, integrates advanced features such as dual-core Cortex-M55 and self-developed NPU, catering to the needs of AI and low-power applications [7][8]. - The company’s strategy of "one chip for multiple uses" allows for a versatile application of its chips across various devices, enhancing platform reuse [31]. Competitive Landscape - The company is positioned against both domestic and international competitors, with a focus on high-end markets and a strategy to maintain technological leadership [10][38]. - The competitive advantage is bolstered by a strong customer base, with the top five clients accounting for 74% of sales in 2024 [38]. Valuation Metrics - As of November 17, 2025, the company's price-to-earnings (PE) ratio is projected at 45 times for 2025 and 34 times for 2026, indicating a potential upside of 29% compared to comparable companies [8].