Core Viewpoint - The success of Xiaomi's automotive business is fundamentally rooted in the "Xiaomi Methodology," which has allowed it to "disrupt" the traditional automotive industry over the past 2-3 years. Unlike the product-driven logic of traditional automakers, Xiaomi employs a user-driven approach, leveraging big data to optimize product quality and expand its market presence [2][6]. Group 1: Product Strategy - Xiaomi aims for a comprehensive product layout, focusing on strengthening its presence in the market above 200,000 yuan with models like SU7 and YU7, while also targeting the market below 200,000 yuan, similar to its Redmi phone strategy [2][6]. - The company is committed to executing its "user-car-home ecosystem" strategy, emphasizing brand elevation and globalization, ensuring that its automotive business aligns with its overall strategic goals [2][3]. Group 2: Technology Strategy - Xiaomi positions itself as a "fast follower" in technology, with a focus on enhancing electric and intelligent driving capabilities. The company plans to allocate approximately 30% of its annual R&D budget, which is no less than 30 billion yuan, to automotive research and development [3][6]. Group 3: Market Performance - Since the official delivery of the SU7, Xiaomi's automotive revenue and gross margin have been on the rise, achieving a gross margin of 23.2% in Q1 2025. The average selling price (ASP) per vehicle remains around 240,000 yuan, with single-vehicle operating losses gradually narrowing [38][40]. - The SU7 has surpassed the Tesla Model 3 to become the best-selling electric sedan in its price range, with an average monthly sales of 26,500 units in the first five months of 2025 [49][52]. Group 4: User Demographics - The user demographic for the SU7 shows a higher proportion of female users compared to Xiaomi's smartphone users, with a significant focus on young consumers aged 25-35. The vehicle's design and performance appeal to this demographic, particularly in first- and second-tier cities [53][54]. Group 5: Sales and Distribution - Xiaomi's automotive sales strategy employs a "t+N" model, where "t" represents self-operated delivery centers and "N" includes partnerships with top automotive dealers. As of May 31, 2025, Xiaomi has established 298 brand stores across 82 cities, with plans to expand further into emerging markets [43][44].

机构：长江证券 研究员：杨洋/高伊楠/张永乾 事件描述 智能手机：时隔十年重回中国大陆销量第一，高端化成效凸显。2025Q1 小米集团手机业务营收506 亿 元，同比+8.9%，毛利率12.4%。销量角度看，2025Q1 小米智能手机全球总销量4180 万台，同比 +3.0%，连续7 个季度出货量同比增长。全球市占率14.1%，同比提升0.3pct；中国大陆销量1330 万台， 同比+40.0%，市占率18.8%，时隔十年重回第一。价格方面，25Q1 小米手机均价1210.5 元，同比提升 5.7%。在规模进一步扩张的同时，小米手机高端化取得卓越成效，25Q1 小米在中国大陆销售高端机型 占小米总销量25%，同比提升3.3pct；4000 元以上机型占中国大陆市场份额9.6%，同比提升2.9pct； 4000-5000 元机型份额达到24.4%位列第一，同比提升4.6pct。小米智能手机高端化取得卓越成效，一方 面来源于小米汽车持续出圈突出品牌效应，另一方面来源于线下新零售模式的发力，25Q1 中国大陆智 能手机线下份额达到12.1%，同比提升3.2pct。 IoT 业务：2025Q1 公司IoT 与生活消费 ...

点击注册小程序 特别申明： 1)出货量方面， 1Q25小米手机全球出货同比增长3%至4180万台，其中中国市场表现亮眼，1Q25小米在中 国大陆出货市占率18.8%，同比提升4.7pct、时隔十年重回第一，中国出货同比增速40%，远超行业增速 （1Q25中国智能手机市场出货yoy+5%）2)ASP方面， 1Q25小米手机ASP提升至 1211元， yoy+5.8%/qoq+0.7%，主要受益于国补+高ASP的国内出货占比提升。3)毛利率方面，1Q25手机业务毛利 率12.4%，较4Q24的12.0%环比提升0.4pct，核心受益于海外市场产品结构改善。 IoT收入&毛利率再创新高，广告带动互联网业务稳步增长 1)IoT业务: 1Q25 IoT收入323亿元，同比增速高达59%，其中科技家电收入同比增速113.8%，空调出货量 同比增长超65%至110+万台，冰箱出货量同比增长超65%至88+万台，洗衣机出货量同比增长超100%至 74+万台；此外，全球平板+可穿戴产品出货均有亮眼表现。我们认为，受益于小米品牌力提升+零售渠道 拓展+国补政策刺激，2Q25-4Q25 IoT业务营收有望延续增长趋势。2)互联网业 ...

小米集团（1810.HK）于北京时间 2025 年 5 月 27 日晚的港股盘后发布了 2025 年第一季度财报（截止 2025 年 3 月），要点如下： 1.整体业绩：收入 1113 亿，同比增长 47% ，超预期的增长主要来自于 IoT 的带动。毛利率是本季度最大亮点，其中 IoT 业务和汽车业务的毛利率分别达到了 25% 和 23%。 2.手机：506 亿，低于市场预期 513 亿，海外是拖累点。 在国补带动下，$小米集团-W.HK 在国内的手机销量同比增长 40%，然而海外市场的 "低迷"，使得公司本 季度在全球的销量仅仅增长 3%。 3.IoT：323 亿，国补拉动明显，连续两个季度增速达到 50% 。由于小米 IoT 产品矩阵中大家电、可穿戴和平板等产品都能享受补贴政策，IoT 业务延续超预期的 表现。 4.互联网服务：91 亿，符合预期。 增长主要来自于广告业务的带动，而增值服务持续不增长。量价拆分看，MIUI 用户数同比增长 9%，而 ARPU 值仅增 3%。 5.汽车业务： 一季度汽车相关合计收入 186 亿元，符合预期。其中出货量 7.6 万台，单车均价 23.9 万元。汽车业务毛利率提升 ...