来源：券商中国 小米披露亮眼三季报。 11月18日晚，小米集团三季度业绩公告显示，实现了80.9%的净利润增幅。值得注意的是，该季度小米 汽车及AI等创新业务分部首次实现单季度经营收益转正，单季度经营收益为7亿元。 不过，这些亮眼数据与同期股价的持续疲软形成鲜明对比。当日，小米集团股价下跌2.81%，创下7个 月新低，总市值跌至1万亿港元附近，较今年9月的高位也已回调近30%。投资者普遍担忧，小米集团怎 么了？ 近期，小米集团股价持续回调。披露季报当日收盘，小米集团股价下跌2.81%，创下7个月新低，总市 值跌至1万亿港元附近，较今年9月的高位已回调超30%，也是恒生科技指数中跌幅最大的成份股之一。 三季度业绩出炉 11月18日晚，小米集团发布的三季度业绩公告显示，第三季度营收1131亿元，同比增长22.3%，连续4 个季度突破千亿元；经调净利润为113亿元，超出此前预估，同比增长80.9%，创历史新高。 小米集团毛利率由2024年第三季度的20.4%上升至2025年第三季度的22.9%，同比提升2.5个百分点。 具体业务来看，第三季度，公司手机×AIoT分部收入841亿元，同比微增。其中智能手机业务收入46 ...

Core Insights - Xiaomi reported a total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3% but a quarter-on-quarter decline of 2.4% [2] - The adjusted net profit reached 11.3 billion yuan, marking a historical high with a year-on-year increase of 80.9% [2] - Gross margin improved to 22.9%, up by 2.5 percentage points year-on-year [2] - Cumulative revenue for the first three quarters reached 340.4 billion yuan, reflecting a year-on-year growth of 32.5% [2] Revenue Breakdown - The revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, down 3.2% year-on-year, although shipment volume has increased for nine consecutive quarters [2] - AIoT and consumer products revenue was 27.6 billion yuan, showing a year-on-year growth of 5.6% [2] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet revenue hitting a record high of 3.3 billion yuan [2] Market Performance - Smartphone shipments totaled 43.3 million units, marking nine consecutive quarters of year-on-year growth [2] - Xiaomi maintained a global market share of 13.6%, ranking in the top three for 21 consecutive quarters [2] - The electric vehicle and AI innovation segment achieved operational profitability for the first time in a single quarter, with a profit of 700 million yuan and a record delivery volume of 108,800 units [2] R&D and Capital Expenditure - R&D investment for Q3 was 9.1 billion yuan, a year-on-year increase of 52.1%, with a total of 23.5 billion yuan invested in the first three quarters [3] - The number of R&D personnel reached a record high of 24,871 [3] - Capital expenditure amounted to 5.38 billion yuan, significantly exceeding the estimated 2 billion yuan [3] Manufacturing Capabilities - Xiaomi has established three major smart factories covering smartphones, automobiles, and smart home appliances, enhancing its smart manufacturing capabilities across the "people, vehicles, and home" ecosystem [3]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached RMB 113.1 billion, up 22.3% year-on-year, marking the fourth consecutive quarter exceeding RMB 100 billion [2][3] - Gross profit margin reached a record high of 22.9%, up 2.5 percentage points year-on-year [3][13] - Adjusted net profit reached RMB 11.3 billion, up 81% year-on-year, setting a new record high [3][18] Business Line Data and Key Metrics Changes - Revenue from the smartphone segment was RMB 46 billion, accounting for 40.6% of total revenue, with global smartphone shipments reaching 43.25 million units, marking a 0.5% year-on-year increase [13][14] - IoT business revenue was RMB 27.6 billion, with a gross margin of 23.9%, achieving seven consecutive quarters of year-on-year growth [8][15] - Revenue from the smart EV, AI, and other new initiatives segment reached RMB 29 billion, accounting for 25.6% of total revenue, with smart EV sales generating RMB 28.3 billion [16][17] Market Data and Key Metrics Changes - Xiaomi ranked among the top three in global smartphone shipments with a market share of 13.6%, and achieved year-on-year market share growth in all regions except India [4][14] - In mainland China, smartphone market share increased to 14.9%, while in Latin America and the Middle East, market shares increased to 17.9% and 16.9%, respectively [4][5] - The company ranked first in domestic smartphone sales during the Double 11 shopping festival for the third consecutive year [5] Company Strategy and Development Direction - The company aims to enhance its premiumization strategy, targeting the ultra-premium segment above RMB 6,000 as a new objective for the next five years [5][6] - Continuous investment in foundational core technologies is planned, with R&D expenses projected to exceed RMB 30 billion this year and RMB 200 billion over the next five years [11][18] - The launch of Xiaomi HyperOS 3 aims to improve user experience and system fluidity, supporting the company's strategy to drive innovation [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ensuring stable raw material supply despite rising memory costs and supply-demand dynamics [7][8] - The company anticipates a decline in smartphone gross margins due to increased memory costs but plans to mitigate this through product mix upgrades and ASP increases [21][24] - Management remains optimistic about the growth potential in the EV market, with expectations for steady growth in delivery volumes [10][29] Other Important Information - The company achieved a record high of 742 million global MAUs for internet services, with revenue reaching RMB 9.4 billion, up 10.8% year-on-year [16] - The smart home appliance factory commenced operations, designed for a peak annual capacity of 7 million units, enhancing the company's manufacturing capabilities [9][15] - The company was named to the Fortune Global 500 list for the seventh consecutive year, ranking 297th [11] Q&A Session Summary Question: Concerns about smartphone gross margin due to rising memory costs - Management acknowledged the long cycle of memory cost increases and its impact on gross margins, indicating that solutions include price increases and product structure optimization [21][23][24] Question: EV delivery schedule and future development strategy - Management highlighted the rising delivery volumes and improvements in delivery efficiency, emphasizing ongoing efforts to enhance delivery capabilities [25][26] Question: Adjustments to smartphone strategy and premiumization - Management confirmed that premiumization remains a key focus, with a target of 30 million premium units in the future [28][29] Question: Impact of subsidies on EV gross margin - Management indicated that while subsidies may impact gross margins, the current gross margin remains healthy, and efforts are being made to maintain delivery capabilities [29][30] Question: AIoT ecosystem and future plans - Management discussed the integration of AI with IoT devices and the commitment to maintaining an open ecosystem for collaboration [31][42] Question: Role of the new large appliance factory - Management emphasized the advanced technology and automation in the new factory, which is expected to enhance production efficiency and quality [48][49]

Core Insights - Xiaomi Group reported a revenue of 113.12 billion RMB for Q3 2025, representing a year-on-year growth of 22.3% [1] - The adjusted net profit for Q3 2025 was 11.31 billion RMB, showing a significant increase of 80.9% year-on-year [1] - For the first three quarters of 2025, the total revenue reached 340.37 billion RMB, up 32.5% compared to the same period last year, with an adjusted net profit of 32.82 billion RMB, reflecting a 73.5% increase [1] Business Segments - In Q3 2025, the revenue from the mobile and AIoT segment was 84.1 billion RMB, which is a slight increase of 1.6% year-on-year [1] - The revenue from the smart electric vehicle and AI innovation segment reached a record high of 29 billion RMB, marking a substantial growth of 199.2% year-on-year [1] - For the first time, the smart electric vehicle and AI innovation segment achieved operational profitability in a single quarter, with an operating income of 700 million RMB [1] Automotive Deliveries - Xiaomi's automotive division is on track to meet its annual delivery target of 350,000 units, with over 100,000 vehicles delivered in Q3 2025 [1] - Cumulatively, more than 260,000 vehicles have been delivered in the first three quarters of 2025 [1]

Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, marking a year-on-year increase of 22.3% and exceeding 100 billion yuan for four consecutive quarters [2] - Adjusted net profit reached 11.3 billion yuan, reflecting a significant year-on-year growth of 80.9% [2] Revenue Breakdown - The automotive segment achieved over 100,000 deliveries in the quarter, marking its first profitable quarter, with revenue from smart electric vehicles and AI-related innovations reaching 29 billion yuan, a year-on-year increase of over 199% [4] - Smartphone revenue amounted to 46 billion yuan, with a shipment volume of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [4] - The IoT and lifestyle products segment generated 27.6 billion yuan in revenue, with a gross margin of 23.9%, an increase of 3.2 percentage points year-on-year [4] R&D Investment - In the first three quarters, Xiaomi invested 23.5 billion yuan in research and development, with the number of R&D personnel reaching a historical high [4] - The company allocated 9.1 billion yuan for R&D in the latest quarter, with an expectation to exceed 30 billion yuan in total R&D investment for the year [4]

Core Viewpoint - Xiaomi's Q3 performance exceeded market expectations, with significant growth in revenue and net profit, marking a pivotal shift in its electric vehicle and AI business towards profitability [6][4]. Financial Performance - Total revenue for Q3 reached 1,131.2 billion RMB, a year-on-year increase of 22.3% but a slight quarter-on-quarter decline of 2.4% [2][4]. - Adjusted net profit was 113.1 billion RMB, a historical high, reflecting an 80.9% year-on-year growth [2][4]. - Gross margin improved to 22.9%, up 2.5 percentage points year-on-year [2]. - Cumulative revenue for the first three quarters was 3,404 billion RMB, representing a 32.5% year-on-year increase [2]. Automotive Business - Q3 revenue from the automotive sector was 283 billion RMB, showing a remarkable year-on-year growth of 197.9% and a 33.8% increase in delivery volume to 108,800 units, setting a new record [9][1]. - The automotive business achieved an operating profit of 7.00 billion RMB, marking its first profitable quarter [5][11]. - The gross margin for the automotive business rose to 25.5%, attributed to lower core component costs, reduced unit manufacturing costs due to scale effects, and an increased delivery share of the higher ASP Xiaomi YU7 series [12]. Research and Development - R&D expenditure in Q3 was 91 billion RMB, a 52.1% increase year-on-year, with a total of 235 billion RMB for the first three quarters [13]. - The number of R&D personnel reached a record high of 24,871 [13]. - Capital expenditure was 53.8 billion RMB, significantly exceeding the forecast of 20 billion RMB, indicating a strong commitment to innovation in electric vehicles and AI [14].

Core Insights - Xiaomi Group reported a strong Q3 performance with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan in revenue [3] - Adjusted net profit reached 11.3 billion yuan, a significant year-on-year increase of 80.9%, setting a new historical high [3] - For the first three quarters, total revenue reached 340.4 billion yuan, nearing last year's total, with adjusted net profit of 32.8 billion yuan, surpassing last year's total [3] Smartphone Business - Xiaomi's smartphone business showed steady growth with global shipments of 43.3 million units, achieving year-on-year growth for nine consecutive quarters [4] - Revenue from the smartphone segment was 46 billion yuan, maintaining a position among the top three globally for 21 consecutive quarters [4] IoT and Consumer Products - Revenue from IoT and consumer products in Q3 was 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [4] - As of September 30, Xiaomi's AIoT platform connected over 1 billion IoT devices, with users having five or more connected devices reaching 21.6 million, a year-on-year increase of 26.1% [4] Internet Services - Internet services revenue in Q3 reached 9.4 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [4] - Global monthly active users reached 742 million, with 187 million from mainland China; overseas internet service revenue grew by 19.1% to 3.3 billion yuan, accounting for 34.9% of total internet revenue [4] Innovative Business Segments - Revenue from the smart electric vehicle and AI-related innovative business segment was 29 billion yuan, with a year-on-year increase of over 199% [4] - Smart electric vehicle revenue was 28.3 billion yuan, and for the first time, this segment achieved a positive operating profit of 700 million yuan in a single quarter [4] R&D Investment - Xiaomi's R&D investment for the first three quarters reached 23.5 billion yuan, nearing the total planned for 2024, with an expected annual investment exceeding 30 billion yuan [5] - In Q3 alone, R&D investment was 9.1 billion yuan, reflecting a year-on-year increase of 52.1% [5] Market Outlook - Major international institutions like Goldman Sachs and Morgan Stanley remain optimistic about Xiaomi's long-term growth potential [5] - Goldman Sachs highlights Xiaomi's strong balance sheet and cost advantages in the electric vehicle supply chain as key competitive factors [5] - Morgan Stanley notes the synergistic effects of "smartphones + electric vehicles + AIoT" as a driver for strong long-term growth in Xiaomi's AIoT business [5]

Core Insights - Xiaomi Group reported Q3 2025 revenue of approximately 113.12 billion RMB, a year-on-year increase of 22.3% [1] - The "Mobile × AIoT" segment generated revenue of 84.1 billion RMB, up 1.6% year-on-year, while the "Smart Electric Vehicles and AI Innovation" segment reached a record high of 29 billion RMB, growing 199.2% year-on-year [1] - Operating profit was 15.11 billion RMB, a 150.1% increase year-on-year, and adjusted net profit was approximately 11.31 billion RMB, marking an 80.9% year-on-year growth [1] - For the first nine months of 2025, revenue totaled approximately 340.37 billion RMB, up 32.5% year-on-year, with profit around 35.02 billion RMB, a 140.2% increase [1] Smartphone and User Growth - In Q3 2025, Xiaomi's smartphone shipments reached 43.3 million units, a 0.5% year-on-year increase, marking nine consecutive quarters of growth [2] - The company maintained a global smartphone market share of 13.6%, ranking among the top three for 21 consecutive quarters [2] - As of September 2025, the number of active users reached a record high of 741.7 million, up 8.2% year-on-year [2] - The AIoT platform connected over 1 billion devices, reaching 1,035.5 million, a 20.2% year-on-year increase [2] - The company delivered 108,796 new vehicles in Q3 2025, setting a new record [2] Research and Development - Xiaomi continues to invest heavily in AI, with R&D expenditure reaching 9.1 billion RMB in Q3 2025, a 52.1% year-on-year increase [2] - Cumulative R&D spending for the first three quarters of 2025 was 23.5 billion RMB [2] - The number of R&D personnel reached a historical high of 24,871 [2] AI Innovations - In September 2025, Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model, achieving significant advancements in voice interaction and natural language processing [3] - The company introduced the Xiaomi Miloco smart home exploration plan, enabling users to interact with smart home systems through natural language [3] - This initiative aims to enhance smart home capabilities with perception, understanding, and execution features [3] Retail Strategy - Xiaomi's retail strategy is progressing steadily, with over 18,000 Mi Home stores in mainland China as of Q3 2025 [4] - The number of large stores (over 500 square meters) reached approximately 210 [4] - The company has expanded its new retail model internationally, with around 300 stores in Southeast Asia, Europe, East Asia, and Latin America [4] - During the 2025 Double Eleven shopping festival, Xiaomi achieved over 29 billion RMB in total payment across all channels, with its smartphones ranking first in sales among domestic brands [4]

小米集团第三季度业绩超出市场预期，净利润同比大幅增长，电动汽车及AI等创新业务首次实现单季经营盈 利。 财务表现： Q3总收入1,131亿元，同比增长22.3%，环比下降2.4%； 经调整净利润113亿元，创历史新高，同比增长80.9%； 毛利率22.9%，同比提升2.5个百分点； 前三季度累计收入3,404亿元，同比增长32.5%。 | | | | 未經審核 | | | | --- | --- | --- | --- | --- | --- | | | | | 截至以下日期止三個月 | | | | | 2025年 | 2024年 | | 2025年 | | | | 9月30日 | 9月30日 同比變動 | | 6月30日 環比變動 | | | | | | (人民幣(「人民幣」百萬元,除非另有説明) | | | | 收入 | 113.120.7 | 92.506.5 | 22.3% | 115.956.1 | -2.4% | | 毛利 | 25,936.2 | 18.881.4 | 37.4% | 26.101.0 | -0.6% | | 經營利潤 | 15,110,1 | 6.041.3 | 150.1% ...

Investment Rating - The report maintains an "Outperform" rating with a target price of RMB 75.85 [5][14]. Core Insights - The company reported a revenue of RMB 5.15 billion for the first three quarters of 2025, representing a year-over-year increase of 39.34%, and a net profit attributable to shareholders of RMB 229 million, up 50.72% year-over-year [5][15]. - The AIoT business has become the new core driver of growth, with revenue from this segment increasing by 136.14% year-over-year in the first half of 2025, surpassing the smart automotive sector as the largest revenue source [5][17]. - The company is shifting its strategy from "in-vehicle intelligence" to "all-scenario intelligent terminals," indicating a structural change in growth momentum [5][17]. Financial Summary - For 2025, the company is projected to achieve revenues of RMB 7.27 billion, with a year-over-year growth of 34.9% [3]. - The net profit attributable to shareholders is expected to be RMB 573 million in 2025, reflecting a growth of 40.6% [3]. - The gross profit margin (GPM) for the first three quarters of 2025 was 31.72%, while the net profit margin (NPM) was 4.46% [5][16]. - The company’s cash flow from operating activities was RMB 401 million, down 13.70% year-over-year, primarily due to increased inventory and accounts receivable [5][16]. Business Segment Performance - The revenue from the smart automotive segment is projected to grow at a compound annual growth rate (CAGR) of 10% from 2024 to 2027, while the IoT smart devices segment is expected to see a significant increase, with revenue projected to reach RMB 5.83 billion by 2027 [8]. - The gross profit margin for the IoT smart devices segment is expected to stabilize around 18% over the forecast period [8]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 50x for 2026, reflecting the company's strong growth prospects and strategic initiatives [5][14]. - The average PE for comparable companies in 2026 is projected to be 18.42x, indicating a significant valuation premium for the company [5][14].