新京报贝壳财经讯（记者陈维城）12月17日，在2025小米"人车家全生态"合作伙伴大会上，小米集团合 伙人、集团总裁卢伟冰表示，"我们希望和所有合作伙伴一起成长，共同打造一个健康、共赢的'人车家 全生态'。" 2023年，小米集团战略正式升级为"人车家全生态"，随着2024年小米汽车上市实现人、车、家完整闭 环，小米成为拥有全球最完整科技生态的公司，覆盖了个人设备、出行设备、家庭设备三大场景。 AI能力上，今年4月以来，小米陆续推出了Xiaomi MiMo语言、多模态、语音系列基座大模型，并面向 全球开发者开源；11月，小米还发布了智能家居未来探索方案Xiaomi Miloco和具身大模型MiMo- Embodied，同样面向全球开发者全面开源。 12月16日晚，Xiaomi MiMo-V2-Flash宣布正式开源，它是专为极致推理效率自研的混合专家（MoE）大 语言模型，凭借代码与Agent能力强、生成速度快、推理成本低等实力表现，在多个Agent测评基准上跻 身"全球开源模型TOP2"。 本次大会卢伟冰再次重申，小米未来五年将在研发上投入2000亿元，长期目标是成为全球硬核科技的引 领者。具体到今年，预计 ...

Core Insights - Xiaomi's revenue reached 113.1 billion yuan in Q3, marking a 22.3% year-on-year increase, with adjusted net profit soaring by 80.9% to 11.3 billion yuan, a historical high [1][2] - The company is experiencing robust growth in its core business while its innovative sectors, particularly electric vehicles and AI, are rapidly gaining traction [2][8] - Xiaomi's R&D investment has reached 23.5 billion yuan in the first three quarters, with expectations to exceed 30 billion yuan for the entire year, laying a solid foundation for future growth [1][17][19] Revenue Breakdown - In Q3, revenue from the smartphone and AIoT segments was 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, reflecting a 5.6% year-on-year growth [4] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet service revenue hitting a record 3.3 billion yuan, contributing significantly to growth [5] Smartphone Performance - Xiaomi's global smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three position globally for 21 quarters [4] - The Xiaomi 17 series has gained significant traction in the high-end market, achieving over 1 million sales within five days of launch [9][10] Innovative Business Growth - Revenue from the electric vehicle and AI segments surged to 29 billion yuan, with a year-on-year increase exceeding 199%, and the automotive division achieving profitability [5][12] - The contribution of innovative business to overall revenue growth has increased from 15.32% to 25.64% in Q3, indicating a shift towards self-sustaining growth [5] R&D and Future Outlook - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, focusing on core technologies to transition from an internet company to a hard-tech company [19][20] - The company has launched new self-developed chips and operating systems, enhancing its ecosystem and user experience across devices [19][20] International Expansion - Xiaomi aims to increase the number of its retail stores overseas to 10,000 in the next five years, focusing on markets in Southeast Asia, Hong Kong, Taiwan, Japan, South Korea, and Europe [14][16] - The company has successfully established a presence in international markets, with significant interest in its electric vehicles and smart home products [13][14]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [6][8] Core Insights - Xiaomi Group's Q2 revenue and adjusted net profit reached new highs, with revenue of RMB 116 billion, a year-on-year increase of 30.5%, marking three consecutive quarters of over RMB 100 billion [8] - The adjusted profit was RMB 10.8 billion, exceeding Bloomberg's expectation of RMB 10.2 billion, and represented a year-on-year increase of 75% [8] - Key growth drivers include strong performance in IoT business, improved EV gross margins from the delivery of high-value models, and a slight offset from a decline in smartphone revenue [8] - The management reiterated the R&D expense guidance for 2025 at RMB 30 billion, with a quarter allocated to AI [8] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are revised to RMB 4,854 billion, RMB 5,972 billion, and RMB 7,258 billion respectively, with adjusted net profit forecasts of RMB 436 billion, RMB 512 billion, and RMB 649 billion [2][8] - The expected growth rates for revenue are 33% in 2025, 23% in 2026, and 22% in 2027 [2] - The expected earnings per share for 2025 is RMB 1.63, with a net asset return rate of 20.1% [2] Market Data - As of August 19, 2025, Xiaomi's closing price was HKD 52.40, with a market capitalization of HKD 136.37 billion [3] - The stock has a 52-week high of HKD 61.45 and a low of HKD 17.10 [3] Business Segments Performance - Smartphone revenue in Q2 was RMB 45.5 billion, a year-on-year decrease of 2%, with a gross margin of 11.5% [8] - IoT revenue grew by 45% year-on-year to RMB 38.7 billion, with a gross margin of 22.5% [8] - The electric vehicle segment reported revenue of RMB 21.3 billion with a gross margin of 26.4%, and a delivery of 81,300 units [8]

Core Insights - Xiaomi reported a strong performance in Q1 2025, with revenue reaching 1112.93 billion RMB, a year-on-year increase of 47.4%, exceeding market expectations [1] - Adjusted net profit for the same period was 106.76 billion RMB, marking a 64.5% increase and setting a historical record, with an overall gross margin of 22.8% [1] Business Segments - The "Mobile × AIoT" segment generated revenue of 927 billion RMB, up 22.8% year-on-year, with a gross margin of 22.8%. Smartphone revenue was 506 billion RMB, a growth of 8.9%, while IoT and lifestyle product revenue surged by 58.7% to 323 billion RMB [1] - Xiaomi's global smartphone shipments reached 41.8 million units in Q1 2025, with a market share of 18.8% in mainland China, ranking first in the market [1] - Internet services revenue was 91 billion RMB, reflecting a 12.8% year-on-year growth, with a gross margin of 76.9%. The global monthly active user count reached 719 million, a 9.2% increase, with 181 million users in mainland China, up 12.9% [1] Innovative Business Growth - Revenue from smart electric vehicles and AI-related businesses rose significantly from 2.6 million RMB in Q1 2024 to 18.6 billion RMB in Q1 2025, with a gross margin of 23.2% and an operating loss of approximately 500 million RMB [2] - The smart electric vehicle revenue was 18.1 billion RMB, with 76,000 units of the Xiaomi SU7 series delivered in Q1 2025, totaling over 258,000 units since launch [2] - Xiaomi plans to expand production capacity and has entered the luxury car market with the launch of the Xiaomi SU7 Ultra and the upcoming SUV model YU7 [2] Research and Development Investment - R&D expenditure for Q1 2025 was 6.7 billion RMB, a 30.1% increase year-on-year, with a commitment to invest 200 billion RMB over the next five years [2] - The total number of R&D personnel reached a record high of 21,731 by March 31, 2025 [2] - Xiaomi has made significant advancements in core areas such as chips, operating systems, and AI, including the release of its self-developed 3nm flagship SoC chip and the open-sourcing of its first inference model, Xiaomi MiMo [2]