来源：新浪科技 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？以及未来小米汽车的发展战略 ...

Financial Performance - Xiaomi Group reported total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year increase of 22.3% [1] - The net profit reached 12.3 billion yuan, showing a significant year-on-year growth of 129.5% [1] - Adjusted net profit, based on non-IFRS measures, was 11.3 billion yuan, reflecting an 80.9% increase year-on-year [1] Mobile Business Insights - The management anticipates a prolonged cycle of rising memory costs, primarily driven by demand from AI high-performance computing [2][3] - The current memory cost increase is expected to significantly impact the gross margins of mobile devices, tablets, and laptops due to the high proportion of storage costs [3][4] - Xiaomi has been focusing on product structure optimization and high-end product development to mitigate the impact of rising costs [4][8] Automotive Business Developments - Xiaomi's automotive delivery volume has been steadily increasing, with over 400,000 units delivered in just 18 months since the product launch [5][6] - The company aims to exceed its initial delivery target of 350,000 units for the year, with recent improvements in delivery efficiency [6] - The management is optimistic about maintaining healthy gross margins despite potential impacts from subsidies and market competition [9] IoT and AI Strategy - Xiaomi's IoT connections have surpassed 1 billion, with a year-on-year growth rate exceeding 20% [10] - The company has unified its operating systems into a single platform, "Surge OS," to enhance connectivity across devices [10] - Xiaomi is focusing on integrating AI capabilities into its smart home ecosystem, aiming for a more interactive user experience [10][11] Home Appliance Sector - The company is adapting to the withdrawal of government subsidies by enhancing product quality and maintaining a healthy average selling price (ASP) [12][14] - Xiaomi has launched its first smart home appliance factory in Wuhan, which is equipped with advanced automation and AI technologies [13][14] - The long-term goal remains to position Xiaomi among the top players in the home appliance market by 2030 [14]

Core Insights - Nvidia announced a $5 billion investment in Intel, significantly benefiting Intel, which has been struggling since last year. Intel's stock surged nearly 30% at market open, closing up 22.77%, with a market capitalization exceeding $133 billion [2][4] - Nvidia's stock also rose, closing at $176.24, up 3.49% [2] - Nvidia will acquire 215 million shares of Intel at $23.28 per share, making it Intel's fourth-largest shareholder after the U.S. government, BlackRock, and Vanguard [2] Investment and Market Reaction - The investment is seen as a major positive for Intel, which has faced financial difficulties and significant stock price declines in recent years [6] - Intel's stock has increased over 50% this year, reflecting a strong market response to the investment [2] Strategic Collaboration - Nvidia and Intel will collaborate on three main areas: seamless integration of Nvidia's NVLink technology with Intel's CPU technology, custom x86 architecture processors for Nvidia's AI infrastructure, and a new x86 system-on-chip (SoC) featuring Nvidia's RTX GPU for consumer PCs [4][6] - This marks the first collaboration between Nvidia and Intel since their relationship soured in 2009, highlighting a significant shift in their partnership dynamics [4][5] Historical Context - Nvidia and Intel had a contentious history, including a lawsuit in 2009 over licensing agreements, which resulted in Intel paying Nvidia $1.5 billion [5] - Over the past 16 years, Nvidia has established itself as a leader in AI and GPU computing, while Intel has struggled to keep pace in the AI chip market [6] Future Prospects - Nvidia's CEO expressed optimism about the potential returns from this investment, targeting a market with nearly $500 billion in annual revenue, including $250 billion from data center CPUs and significant sales in the consumer PC market [13][14] - Both companies emphasized that their collaboration is product-focused, with no immediate plans to shift manufacturing to Intel, as they currently rely on TSMC for production [7][12]