Investment Rating - The report assigns an "Accumulate" rating to Xiaomi Group [1][9]. Core Insights - Xiaomi's FY25Q1 revenue reached 111.3 billion RMB, marking a 47.7% year-on-year increase, with adjusted net profit surpassing 10.7 billion RMB, a 64.5% growth [3][7]. - The company has launched its self-developed 3nm mobile SoC chip, Xuanjie O1, and plans to invest 200 billion RMB in R&D over the next five years [7][9]. - Xiaomi's smartphone revenue in FY25Q1 was 50.6 billion RMB, up 8.9% year-on-year, regaining the top market share in mainland China at 18.8% [7][9]. Financial Summary - Revenue projections for FY2025E-FY2027E are adjusted to 483.5 billion, 602.3 billion, and 715.9 billion RMB respectively, with adjusted net profit forecasts of 42.2 billion, 55.2 billion, and 68.6 billion RMB [3][9]. - The company reported a gross profit of 25.4 billion RMB in FY25Q1, with a gross profit margin of 22.8% [10]. - The adjusted PE ratio for FY2025 is projected at 28.7, reflecting a premium valuation due to Xiaomi's hardware synergy and AI positioning [9][14].

16000家小米之家并不是终点。 作者丨 雪银 编辑丨 相辉 今年618还没落幕，国补却提前下线了。 近期多地国补陆续按下"暂停键"。以率先调整的江苏省为例，自6月1日起，其线上国补取消，线下国补以 每日限额的方式发放，消费者需提前在相关平台领补贴资格券，且补贴仅适用于家电及3C产品。同样取消 线上国补的还有河北、甘肃及广东的大部分地区，山西省实行每日限量领券补贴，重庆国补已于6月4日零 点停止，成为全国第一个国补资金使用完毕下线的地区。 今年年初，本轮国补政策正式落地，个人消费者在购买手机、平板、智能手表（手环）等三类数码产品 时，若产品单价不超过6000元，则可享受产品销售价格15%的补贴，每位消费者每类产品限购1件，补贴 上限为500元。 Counterpoint数据显示，1月20日至1月26日，国补落地仅一周，国内智能手机销量同比增长约65%，出 货量超950万部，其中2000-5000元价位段的智能手机销量增长尤为显著。 在国补政策推动下，2025年第一季度中国智能手机市场延续了自2024年以来的复苏态势，总出货量达 7090万部，同比增长5%。值得注意的是，小米凭借其越来越硬核的产品实力和政策红利 ...

Core Insights - The Latin American smartphone market experienced a 4% year-on-year decline in Q1 2025, ending six consecutive quarters of growth, with total shipments reaching 33.7 million units [1][3][5] Group 1: Market Performance - Samsung maintained its leading position with 11.9 million units shipped, a 7% increase year-on-year, driven by strong demand for entry-level models A06 and A16 [1][5] - Xiaomi ranked second with 5.9 million units shipped, a 10% increase, supported by the continued popularity of the Redmi 14C4G and Note14 series [1][5] - Motorola fell to third place with 5.2 million units shipped, a 13% decline, due to its reliance on low-end products like G15 and G05 [1][5] - Honor rose to fourth place with 2.6 million units shipped, a 2% increase, thanks to strong performance from the X series [1][5] - Transsion ranked fifth with 2.1 million units shipped, experiencing a significant 38% decline, marking its first drop in the region [1][5] Group 2: Market Trends and Challenges - Economic uncertainty, particularly concerns over tariff increases, has severely impacted the smartphone market in Latin America, leading manufacturers to tighten aggressive sales strategies and retailers to reduce inventory [3][7] - The market showed a clear polarization, with growth concentrated in entry-level and high-end segments, while the mid-range market, which accounts for 78% of total shipments, remains a key battleground [3][7] - Brazil was the only major market in the region to see a year-on-year increase in shipments, growing by 3% to 9.5 million units, driven by increased investment from Chinese brands like Honor and Xiaomi [5][7] - Mexico, the second-largest market, saw an 18% decline in shipments, attributed to intense local competition and increased inventory levels [5][7] - Central America experienced its first decline in seven quarters, down 7%, due to inventory buildup and slowing market demand [5][7] Group 3: Future Outlook - Canalys predicts a slight decline of 1% in the Latin American smartphone market for 2025, influenced by global economic uncertainties and potential inflation [7][8] - Manufacturers are expected to focus on maintaining lean and flexible inventory management, optimizing product portfolios, and enhancing consumer experience to remain competitive in a redefined growth environment [8]

Group 1 - The core viewpoint of the article is that CounterPoint Research predicts Huawei's smartphone shipments will increase by 11% year-on-year in 2025 [1] - The uncertainty surrounding US tariff policies has led to a downward revision of the global smartphone shipment growth forecast from 4.2% to 1.9% for 2025 [1]

Core Viewpoint - The introduction of dedicated camera control buttons in smartphones, particularly in the iPhone 16 series, has sparked debate regarding their practicality and usability, with many users finding them cumbersome and ineffective compared to existing touchscreen controls [3][5][25]. Group 1: iPhone 16 Camera Control Button - The iPhone 16 series features a new camera control button that allows various functions such as launching the camera, locking focus, and adjusting parameters through pressure sensitivity [3][7]. - Users have reported that the button's functionality is overly complex, making it difficult to switch between focal lengths and adjust settings accurately compared to touchscreen controls [7][8]. - The button's design has led to frequent accidental activations, particularly when the phone is held in different orientations, which diminishes its usability [12][14]. Group 2: Comparison with Competitors - Competitors like OPPO and vivo have also introduced similar camera buttons, but their implementations are criticized for being too limited in functionality, lacking the comprehensive features found in the iPhone [10][15]. - Sony's Xperia series maintains a more traditional approach with a dedicated shutter button that focuses solely on basic camera functions, contrasting with the multifunctional but cumbersome designs of Apple and other brands [18][20][23]. - The article suggests that the design philosophy of camera buttons should prioritize simplicity and efficiency, as seen in Sony's approach, rather than trying to replicate touchscreen functionalities [23][28]. Group 3: Market Implications - The trend of incorporating physical camera buttons may not align with user needs, as many users prefer the efficiency of touchscreen controls that have been optimized over years [28][30]. - The effectiveness of camera buttons may depend on user preferences and the specific design choices made by product managers, rather than being a universally beneficial feature [32].

● 本报记者张兴旺 日前，在荣耀400系列新品发布会上，荣耀首席执行官李健分享了公司员工研发机器人的故事。中国证 券报记者了解到，除荣耀外，目前苹果、小米、vivo等手机厂商均已布局机器人业务。 业内人士认为，机器人业务前景广阔，未来市场空间大。当前，在智能手机市场存量竞争的背景下，手 机厂商纷纷布局机器人业务，寻找新的增长曲线。 发力机器人业务 在荣耀400系列新品发布会上，荣耀公司展示了荣耀员工与一款机器人一起跑步的情景。据介绍，这款 机器人跑步速度达到4米/秒，打破了之前的机器人行业纪录。 "我们的机器人跑起来更快，这体现了荣耀算法领先的优势，也证明了公司的AI技术实力强。"李健表 示。 李健认为，手机存量市场呈现"红海"与"蓝海"并存态势。"红海"是指智能手机市场呈现高强度竞争态 势；"蓝海"是指AI正在重构终端产业，带来了新机会。 2025年3月，李健发布荣耀阿尔法战略，宣布荣耀将从智能手机制造商向全球领先的AI终端生态公司转 型。未来五年，荣耀将投入超100亿美元助力AI生态建设。 李健表示，任何公司在不同阶段都会有不同的增长曲线，荣耀作为AI终端生态公司，也将会打造第 二、第三乃至更多增长曲线。 ...

Core Insights - The report highlights a significant shift in mobile photography, with 77.2% of photography enthusiasts using smartphones as their primary shooting device, indicating a deep integration of mobile photography into daily life [1][22][23] - The mobile photography market is experiencing a "arms race" among manufacturers, with 95% of consumers considering imaging capabilities as essential for high-end smartphones, driving continuous technological advancements [2][4] - User behavior is evolving, with 71.8% of users engaging in daily mobile photography, and 61.3% actively exploring professional shooting modes, reflecting a democratization of photography [3][22][24] Market Trends and User Behavior - The global smartphone market saw a 3.049% year-on-year increase in Q1 2025, with the domestic market growing by 3.3% to 71.6 million units, driven by policy and consumer stimulus [2][14] - On the Zhihu platform, mobile photography discussions account for one-third of professional photography content, with a single article on mobile camera selection receiving over 2,900 approvals, showcasing the high consumer interest [2][16][18] - The report indicates that mobile photography has become a fundamental part of life, with users increasingly sharing their images on social media [3][22] Technological Advancements - The report identifies key technological trends, such as the introduction of 1-inch sensors and floating telephoto modules, which are now common in flagship models, reflecting the industry's response to consumer demands [2][4] - AI is emerging as a critical factor in enhancing the mobile photography experience, with 58.6% of users expecting AI to optimize the entire imaging process, from shooting to post-processing [5][6][7] - The demand for advanced features like RAW processing and efficient cross-device transfer is growing among professional users, indicating a need for manufacturers to redefine "professional" in the mobile context [7][10] User Pain Points and Expectations - Despite advancements, professional photographers face challenges when transitioning to mobile, with 53.3% citing exposure adjustments as a hindrance to efficiency, and 28.3% finding mobile controls complex [4][6] - The report highlights a gap in user expectations, with professional users desiring camera-like controls while general users prefer simplified operations [4][10] - Users express a strong desire for improved color accuracy and faster focusing capabilities, with 53% prioritizing light sensitivity as a key improvement area [8][9][10] Future Outlook - The next generation of imaging smartphones is expected to focus on addressing specific user pain points, such as long-range capabilities and multi-spectral sensors to tackle traditional challenges like backlighting [5][6] - The report suggests that the future of mobile photography will involve a balance between portability and professional features, with 40% of professional photographers considering high-end imaging smartphones as backup devices under certain conditions [7][10] - The establishment of dedicated categories for mobile photography in international competitions could help bridge the gap between traditional and mobile photography, enhancing credibility and acceptance [7][10]

扫码订阅 智能制造 产业日报， 精选行业新闻，帮你省时间！ � 睿兽分析 睿 兽 分 析 产 业 日 报 把 握 商 机 ! 先 人 一 步 ▶涵盖五大赛道 *AIGC *智能制造 ゃ企业服务 «医疗健康 « 交通出行 JOIN and ■ 9元/月 扫码 订阅 O AIGC 产业动态日报 谷歌宣布在医疗保健领域推出人工智能计划 并致力于打造/ Stability Al发布3D视频生成工具SV3D! 可 同时输出多个新视角 这款新模型基于Stable Video Diff on模型的改讲,留 移根据单一辑入图像创建和转换多视图3D网格。 3.【机构：全球智能手机市场增速已连续三个季度回落】Canalys最新研究显示，2025年第一季度， 全球智能手机市场仅实现0.2%的增长，出货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商 寻求更健康的库存水位，全球智能手机市场增速已经连续三个季度回落。三星位列第一，出货量达 6050万台；苹果位列第二，出货量达5500万台，份额达19%；小米稳居第三，出货量达4180万 台，市场份额为14%。vivo和OPPO位列第四及第五位，出货量分别为2290万台和2270万 ...

Core Viewpoint - Xiaomi's Investor Day revealed optimistic growth projections for 2025, including over 30% revenue growth and over 40% net profit growth year-on-year, supported by multiple business segments [2][3]. Group 1: Financial Performance - Xiaomi expects its 2025 revenue to grow by more than 30% year-on-year, with adjusted net profit anticipated to exceed 40% growth [2]. - The smartphone segment is projected to see an average selling price (ASP) increase of 3-5% and maintain a gross margin of 12-12.5% [2]. - The AIoT business is also expected to grow over 30% year-on-year, with a gross margin expansion of 2.0-2.5 percentage points [2]. Group 2: Electric Vehicle Business - Xiaomi's smart electric vehicle (EV) business is expected to achieve profitability starting in Q3 2025, aligning with Deutsche Bank's previous expectations [3]. - The company anticipates a net loss of 69 million RMB in Q2 2025, followed by net profits of 400 million RMB and 2.63 billion RMB in Q3 and Q4, respectively [3]. - Projected delivery volumes for 2025 are 86,600 units in Q2, 100,000 units in Q3, and 137,500 units in Q4, totaling 400,000 units for the year, surpassing the previous guidance of 350,000 units [3][4]. Group 3: Global Expansion Plans - Xiaomi plans to enter overseas markets for smart electric vehicles starting in 2027, significantly expanding its retail network [5]. - The number of Xiaomi Mi stores is expected to grow from approximately 500 in 2025 to 3,000 in 2026, aiming for a total of 10,000 stores by 2030 [5]. Group 4: Semiconductor Development - Xiaomi is accelerating its self-research in automotive semiconductors, with plans to begin production of automotive semiconductor products soon [6]. - The company has committed to investing 50 billion RMB in chip development over ten years, with 13.5 billion RMB already invested by February 2025 and an expected 6 billion RMB in R&D for 2025 [6][7].

Core Viewpoint - Xiaomi has recently gained significant attention due to various controversies, but its latest financial report reveals strong performance, with record revenue and profit growth in Q1 2025 [1]. Group 1: Financial Performance - In Q1 2025, Xiaomi's total revenue reached 111.3 billion yuan, marking a historical peak for a single quarter, equivalent to daily earnings of 1.23 billion yuan [1]. - Adjusted net profit for the same period was 10.7 billion yuan, representing a remarkable increase of 64.5% [1]. Group 2: Business Segments - Revenue from the smart electric vehicle segment surged from 1.84 million yuan in the same period last year to 18.1 billion yuan, with gross margin rising from 12.6% to 23.2% [2]. - The first model, the SU7 series, has delivered over 258,000 units in its first year, with 75,900 new cars delivered in Q1 2025, indicating strong market momentum [2]. - Xiaomi's smartphone business remains foundational, with Q1 2025 shipments reaching 41.8 million units, a 3% year-on-year increase, reclaiming the top position in China with an 18.8% market share [4]. - The share of high-end smartphone models has increased to 25%, with the Xiaomi 15 Ultra flagship model seeing a 90% year-on-year sales surge in its first month [4]. Group 3: Chip Development - The self-developed chip, Xuanjie O1, was unveiled at the Xiaomi 15 Pro launch, utilizing TSMC's 3nm process and featuring 19 billion transistors, positioning it against Qualcomm's Snapdragon 8 Gen3 [8]. - Despite facing skepticism regarding its development, Xiaomi's leadership has publicly defended its chip design as independent [8]. - Xiaomi plans to integrate self-developed 5G baseband technology and increase R&D funding to 200 billion yuan, emphasizing its commitment to chip development as a core strategy [18].