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 Viewpoint - Xiaomi Group reported a significant increase in net profit of 80.9% for the third quarter, despite a decline in stock price, raising concerns among investors about the company's future prospects [2][4]. Financial Performance - Xiaomi Group's third-quarter revenue reached 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion yuan [2]. - Adjusted net profit for the quarter was 11.3 billion yuan, surpassing previous estimates and setting a historical record [2]. - The gross margin improved from 20.4% in Q3 2024 to 22.9% in Q3 2025, an increase of 2.5 percentage points [3]. - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products revenue at 27.6 billion yuan, reflecting a 5.6% year-on-year growth [3]. - Internet services revenue was 9.4 billion yuan, up 10.8% year-on-year, with overseas internet revenue reaching 3.3 billion yuan, accounting for 34.9% of the total [3]. - The innovative business segment, including smart electric vehicles and AI, achieved a revenue of 29 billion yuan, with a notable operating profit of 700 million yuan for the first time in a single quarter [3]. Stock Market Reaction - Following the earnings report, Xiaomi's stock price fell by 2.81%, reaching a seven-month low and a market capitalization of approximately 1 trillion HKD, down nearly 30% from its peak in September [4]. - Despite the strong financial results, the stock has faced ongoing pressure, making it one of the largest decliners in the Hang Seng Tech Index [4]. Investor Sentiment - Public fund managers significantly reduced their holdings in Xiaomi during the third quarter, with a reported decrease of 45.9% in the number of shares held by active equity funds [7]. - Xiaomi was removed from the top ten holdings of active equity funds, with a total reduction in market value of 10.834 billion yuan, making it the most reduced stock among public funds [7]. - Some fund managers, however, chose to maintain or increase their positions in Xiaomi, indicating mixed sentiment in the market [8].

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 [2] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, setting a new historical high [2] - The smart electric vehicle and AI innovation business segment generated revenue of 29 billion yuan, with a year-on-year increase of over 199% [2] Financial Performance - 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 showed steady growth with global shipments of 43.3 million units, achieving year-on-year growth for nine consecutive quarters [3] - Internet services revenue in Q3 was 9.4 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [5] Business Segments - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan [3] - The IoT and lifestyle consumer products segment grew steadily, with Q3 revenue of 27.6 billion yuan, a year-on-year increase of 5.6% [3] - 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% [3] Electric Vehicle Development - Xiaomi's electric vehicle segment achieved significant breakthroughs, with Q3 revenue reaching 29 billion yuan [6] - The first SUV model, Xiaomi YU7, launched on June 26, received over 200,000 pre-orders within three minutes [6] - In Q3, Xiaomi delivered over 100,000 vehicles, setting a new quarterly record, with total deliveries exceeding 260,000 units for the year [7] R&D Investment - Xiaomi's R&D investment for the first three quarters reached 23.5 billion yuan, with Q3 investment at 9.1 billion yuan, a year-on-year increase of 52.1% [8] - The company aims to invest over 30 billion yuan in R&D this year, focusing on core technologies such as chips and systems to build competitive barriers [8]

Core Viewpoint - Xiaomi Group reported significant growth in revenue and profit for the first nine months of 2025, indicating strong operational performance and strategic investments in AI and IoT sectors [2][19]. Financial Performance - For the first nine months of 2025, Xiaomi's revenue reached 340.37 billion RMB, a 32.5% increase from 256.9 billion RMB in the same period last year [2]. - Operating profit for the same period was 41.672 billion RMB, up 166.9% from 15.613 billion RMB year-on-year [2]. - Adjusted net profit was 32.817 billion RMB, reflecting a 73.5% increase compared to 18.918 billion RMB in the previous year [2]. Quarterly Performance - In Q3 2025, Xiaomi's revenue was 1131.21 billion RMB, a 22.3% increase from 925 billion RMB year-on-year, but a slight decline of 2.4% from the previous quarter [4]. - Gross profit for Q3 2025 was 25.936 billion RMB, up 37.4% from 18.881 billion RMB year-on-year [4]. - The operating profit for Q3 2025 was 15.110 billion RMB, a 150.1% increase from 6.041 billion RMB year-on-year [6]. R&D and Innovation - Xiaomi's R&D expenditure reached 91 billion RMB in Q3 2025, a 52.1% increase year-on-year, with total R&D spending for the first nine months at 235 billion RMB [7][11]. - The number of R&D personnel reached a record high of 24,871 [7]. Business Segments - The smartphone and AIoT segment generated 841 billion RMB in Q3 2025, with smartphone revenue at 460 billion RMB and global smartphone shipments of 43.3 million units, a 0.5% increase year-on-year [12]. - IoT and lifestyle products revenue was 276 billion RMB in Q3 2025, a 5.6% increase year-on-year, with a gross margin of 23.9% [13]. - Internet services revenue for Q3 2025 was 94 billion RMB, up 10.8% year-on-year, with advertising revenue at 72 billion RMB, a 17.4% increase [16]. Automotive and AI Innovations - The smart electric vehicle and AI segment reported revenue of 290 billion RMB in Q3 2025, with a significant year-on-year growth of over 199% [19]. - Xiaomi's automotive division delivered over 100,000 vehicles in Q3 2025, with total deliveries exceeding 260,000 units for the year [19].

小米前三季总营收3404亿元，接近去年全年，经调净利润328亿元，已超去年总额。 最受关注汽车业务方面，智能电动汽车及AI等创新业务分部收入290亿元，同比劲增超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。 在今晚的业绩会上，小米集团合伙人、集团总裁卢伟冰透露，小米汽车预计将于本周完成全年35万台的 年度交付目标。 财报数据显示，第三季度小米汽车新车交付超10万台，前三季度累计交付已突破26万台。 基本盘业务方面，手机×AIoT分部收入841亿元。其中智能手机业务收入460亿元，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。 小米汽车首次季度盈利，盈利规模约为7亿元。 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，同比大增80.9%，创历史新高。 IoT与生活消费产品业务稳步增长，智能生态 ...

Financial Performance - Group revenue reached RMB 113.1 billion, a YoY increase of 22.3%[11] - Gross profit margin increased to 22.9%, up 2.5 percentage points YoY[11] - Adjusted net profit reached RMB 11.3 billion, a significant YoY increase of 80.9%[11] - Smart EV, AI and other new initiatives revenue reached RMB 29.0 billion, a substantial YoY increase of 199.2%[11] Smartphone and AIoT Business - Global smartphone shipments ranked among the top 3 for 21 consecutive quarters, with a market share of 13.6%[14] - Premium smartphone sales in Chinese Mainland increased to 24.1% of total smartphone units sold, a YoY increase of 4.1 percentage points[14] - IoT and lifestyle products revenue reached RMB 27.6 billion, up 5.6% YoY[85] Smart EV Initiatives - Delivered 108,796 Smart Electric Vehicles, representing a YoY increase of 173.4%[18] - Smart EV sales revenue reached RMB 28.3 billion, up 197.9% YoY[89] User Growth and AI - Global MAU reached 741.7 million[21] - Number of connected devices reached 1,035.5 million[26] R&D Investment - R&D expenses reached RMB 9.1 billion in Q3 2025[31]

Core Viewpoint - Xiaomi Group has successfully implemented its high-end strategy across various product categories, achieving significant revenue growth and profitability in its automotive segment for the first time in a single quarter [1][3]. Financial Performance - In Q3 2025, Xiaomi reported total revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, up 80.9% [1]. - The company's R&D investment reached 23.5 billion yuan in the first three quarters of the year, nearing the total for the entire year of 2024 [1]. Business Segments - The smartphone segment saw a slight revenue decline from 47.5 billion yuan to 46 billion yuan, a decrease of 3.1%, primarily due to a drop in average selling price (ASP) [2]. - The IoT and lifestyle products segment grew from 26.1 billion yuan to 27.6 billion yuan, a 5.6% increase, driven by global sales of wearable devices [2]. - Internet services revenue increased from 8.5 billion yuan to 9.4 billion yuan, a growth of 10.8%, largely due to strong performance in advertising [3]. - The smart electric vehicle segment experienced a remarkable revenue increase of 197.9%, rising from 9.5 billion yuan to 28.3 billion yuan, with vehicle deliveries increasing by 173.4% [3]. Cost and Investment - Sales and marketing expenses rose to 8.3 billion yuan, a 32.3% increase, reflecting expansion efforts in retail and advertising [3]. - R&D spending in Q3 reached 9.1 billion yuan, a 52.1% increase, with total R&D investment expected to exceed 30 billion yuan for the year [3]. Workforce and Market Position - As of September 30, 2025, Xiaomi's R&D personnel count reached a record high of 24,871 [4]. - Xiaomi's stock price closed at 40.78 HKD per share on November 18, 2025, with a total market capitalization of 1.06 trillion HKD [4].

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]

Group 1 - The core viewpoint of the article highlights Xiaomi Group's significant revenue and profit growth in Q3 2025, with a revenue of 113.12 billion RMB, representing a year-on-year increase of 22.3%, and an adjusted net profit of 11.31 billion RMB, up 80.9% [1] - For the first three quarters of 2025, Xiaomi's total revenue reached 340.37 billion RMB, marking a 32.5% year-on-year growth, while the adjusted net profit was 32.82 billion RMB, reflecting a 73.5% increase [1] - In terms of business segments, the revenue from the mobile and AIoT segment in Q3 2025 was 84.1 billion RMB, showing a slight growth of 1.6%, while the revenue from the smart electric vehicle and AI innovation segment reached a record high of 29 billion RMB, with a remarkable growth of 199.2% [1] - The smart electric vehicle and AI innovation segment achieved its first quarterly operating profit in Q3 2025, with an operating income of 700 million RMB [1] - Xiaomi's automotive division is on track to meet its annual delivery target of 350,000 vehicles, with over 100,000 new car deliveries in Q3 and a total of more than 260,000 deliveries 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]