Core Insights - Xiaomi's Q3 2025 financial report shows significant growth in electric vehicle deliveries and overall revenue, indicating a strong performance in the automotive sector and innovative business areas [4][6]. Financial Performance - Total revenue reached 113.1 billion yuan, exceeding 100 billion yuan for four consecutive quarters, with a year-on-year growth of 22.3% [6]. - Adjusted net profit was 11.3 billion yuan, reflecting a substantial year-on-year increase of 80.9% [6]. Electric Vehicle Segment - Revenue from smart electric vehicles and AI-related innovative businesses amounted to 29 billion yuan, with 108,796 new vehicles delivered in the quarter [6]. - Cumulative vehicle deliveries reached 265,967 units, with Q1, Q2, and Q3 deliveries recorded at 75,869, 81,302, and 108,796 units respectively [4]. Research and Development - R&D investment totaled 9.1 billion yuan, marking a year-on-year increase of 52.1%, with an expected total investment exceeding 30 billion yuan for the year [6]. - The total number of R&D personnel stands at 24,871 [6]. Product Launches - Xiaomi announced the upcoming release of the enhanced version of its end-to-end assisted driving system, Xiaomi HAD, at the Guangzhou Auto Show [4].

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 ...

Core Insights - Xiaomi Group reported strong growth in Q3 2025, with total revenue reaching 113.1 billion RMB, marking a 22.3% year-on-year increase, and adjusted net profit of 11.3 billion RMB, up 80.9% [1][5][6] Group Performance - The automotive segment delivered over 100,000 units in the quarter, achieving profitability for the first time, with revenue from electric vehicles and AI-related innovations reaching 29 billion RMB, a year-on-year increase of over 199% [1][6][10] - The company opened 402 automotive sales outlets across 119 cities in mainland China, enhancing its sales service network [10] Smartphone Business - Smartphone revenue amounted to 46 billion RMB, with a shipment of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [1][11] - Xiaomi ranked second in domestic smartphone sales, with an 18.9% market share in the 4000-6000 RMB price range, an increase of 5.6 percentage points year-on-year [12][11] - The Xiaomi 17 series achieved record sales, with first-month sales up approximately 30% compared to the previous generation, and the Pro models accounting for over 80% of sales [13][11] AIoT and Internet Services - The AIoT platform connected over 1 billion devices, with revenue from IoT and consumer products reaching 27.6 billion RMB, a year-on-year increase of 5.6% [2][17] - The company’s internet services revenue hit a historical high of 9.47 billion RMB, with global monthly active users reaching 742 million, an 8.2% year-on-year increase [17][2] Research and Development - Xiaomi invested 23.5 billion RMB in R&D in the first three quarters, with a record number of 24,871 R&D personnel [17][18][19] - The company plans to exceed 30 billion RMB in total R&D investment for the year [21] Sustainability and ESG - Xiaomi has seen continuous improvement in its ESG ratings, being included in Forbes China's "2025 ESG 50" list and achieving an upgrade in MSCI ESG rating from BBB to A [22]

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 亿元；经调净利润113亿元，同比大增80.9%，创历史新高。 智能电动汽车及AI等创新业务分部收入290亿元，同比增超199%。其中智能电动汽车收入283亿元，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。 校对：刘星莹 A股突发！000609，20连涨停！19连板大牛股，明日复牌！ 两只"大牛股"！300300，000592，停牌核查！ 综合自人民财讯等 '> ...

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 a total revenue of 113.1 billion yuan for Q3 2025, marking a 22.3% year-on-year growth and exceeding 100 billion yuan for four consecutive quarters [1] - Adjusted net profit reached 11.3 billion yuan, reflecting an impressive year-on-year increase of 80.9% [1] - Revenue from innovative businesses, including smart electric vehicles and AI, amounted to 29 billion yuan, achieving profitability for the first time in a single quarter [1] Smartphone Market Performance - In Q3, Xiaomi ranked second in domestic smartphone sales, with a market share of 18.9% in the 4000-6000 yuan price segment, an increase of 5.6 percentage points year-on-year [1] Electric Vehicle Sales - The company delivered 108,796 new vehicles in the quarter, with the Xiaomi YU7 ranking first in domestic SUV sales for October [1] Research and Development Investment - Cumulatively, Xiaomi invested 23.5 billion yuan in R&D over the first three quarters, with expectations to exceed 30 billion yuan for the entire year [1] - The total number of R&D personnel reached a record high of 24,871 [1]

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 [1] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, setting a new historical high [1] - Despite the impressive financial results, Xiaomi's stock price has significantly declined, dropping nearly 30% from its September peak, making it the largest decliner in the Hang Seng Tech Index [1] Financial Performance - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan, a decline of 3.2% year-on-year, although shipment volume has increased for nine consecutive quarters [1][2] - IoT and lifestyle products revenue was 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [1][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 [1][2] - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan, with smart electric vehicle revenue at 28.3 billion yuan, marking a year-on-year growth of over 199% [1][2] Market Position and User Engagement - Xiaomi's global smartphone shipments reached 43.3 million units in Q3, continuing a nine-quarter streak of year-on-year growth [2] - In the high-end price segment (4,000-6,000 yuan) in mainland China, Xiaomi's market share reached 18.9%, an increase of 5.6 percentage points year-on-year [2] - The AIoT platform has connected over 1 billion IoT devices as of September 30 [2] - Monthly active users reached 742 million globally, with 187 million in mainland China as of September 30 [2] R&D and Innovation - Xiaomi's R&D investment for the first three quarters totaled 23.5 billion yuan, nearing the total for the entire previous year, with an expected annual investment exceeding 30 billion yuan [2] - In Q3 alone, R&D spending was 9.1 billion yuan, a year-on-year increase of 52.1%, setting a new historical high [2] - The launch of the "Xiaomi-MiMo-Audio" voice open-source model in September marked a significant advancement in voice technology, achieving few-shot generalization based on In-Context Learning [3] - Xiaomi has established a comprehensive smart manufacturing capability system covering smartphones, vehicles, and smart home appliances [3]

Core Insights - Xiaomi Group reported Q3 revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, achieving a historical high [1] Group 1: Financial Performance - Revenue from the smartphone and AIoT segment was 84.1 billion yuan, with smartphone revenue at 46 billion yuan, showing continuous growth in shipment volume for nine consecutive quarters [1][2] - IoT and lifestyle products revenue was 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [1][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 [1][2] - Total revenue for the first three quarters reached 340.4 billion yuan, nearing last year's total, with adjusted net profit of 32.8 billion yuan, surpassing last year's total [1] Group 2: Innovation and Market Position - Revenue from the smart electric vehicle and AI innovation segment was 29 billion yuan, with smart electric vehicle revenue at 28.3 billion yuan, achieving over 199% year-on-year growth [1][2] - Xiaomi's global smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth [2] - In the high-end price segment (4,000-6,000 yuan) in mainland China, Xiaomi's market share reached 18.9%, an increase of 5.6 percentage points year-on-year [2] Group 3: Research and Development - Cumulative R&D investment for the first three quarters reached 23.5 billion yuan, nearing the total planned for 2024, with expectations to exceed 30 billion yuan for the year [2] - Q3 R&D investment was 9.1 billion yuan, a year-on-year increase of 52.1%, marking a historical high [2] Group 4: Product Development - Xiaomi launched the "Xiaomi-MiMo-Audio" voice open-source large model in September, achieving few-shot generalization in the voice field [3] - The company has established smart manufacturing capabilities across three major sectors: smartphones, vehicles, and smart home appliances, covering the entire "people, vehicles, home" ecosystem [3]

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]