小米集团于北京时间 2025 年 11 月 18 日晚的港股盘后发布了 2025 年第三季度财报（截止 2025 年 9 月），要点如下： 1.整体业绩：小米集团收入 1131 亿，同比增长 22.3%，其中传统业务（手机 x AIoT）收入同比仅仅增长 1.6%，本季度的增长主要来自于汽车业务的带 动。 毛利率提升至 22.9% 的相对高位，主要是受到了汽车业务占比提升带来的结构性支撑，而手机业务的毛利率受竞争加剧影响有所下滑。 2.汽车业务：小米集团本季度汽车相关收入 290 亿元，基本符合预期。其中公司本季度汽车出货量 10.9 万台，单车均价进一步提升至 26 万元。主要是受 价格相对较高的 YU7 出货增加，结构性带动汽车均价的提升。 本季度汽车业务毛利率继续提升至 25.5%，市场预期（25.6%）。不过环比上季度小幅下滑，主要是高毛利率的 SU7 Ultra 占比减少。 海豚君测算本季度小米汽车业务核心经营利润为 6.8 亿元（财报中披露的 11 亿，剔除了 4 亿元的股权激励相关费用），首次实现盈利。 3.手机：460 亿，同比下滑 3.1%，符合市场预期 458 亿。其中小米手机本季度出货量 ...

Group 1 - Xiaomi's marketing prowess, led by Lei Jun, has generated significant attention for both Xiaomi smartphones and cars, but this attention can also lead to backlash [1] - Recently, Xiaomi's China market manager Wang Teng was dismissed for serious violations, marking one of the company's strictest internal disciplinary actions in recent years [3][5] - Wang Teng allegedly leaked confidential information, including pricing strategies and supply chain costs, for personal gain, although he denied selling company secrets [5] Group 2 - Negative feedback has emerged regarding the Xiaomi YU7 car, with owners discovering "test car" markings on their new vehicles, raising doubts about the authenticity of their purchases [7][9] - Xiaomi's customer service explained that these markings are from static stickers used during factory evaluations, but some customers remain skeptical, fearing their cars were used for dynamic testing [9] - The controversy surrounding the YU7 follows a series of public relations challenges for Xiaomi, including a tragic accident involving the SU7 model that has led to increased scrutiny of smart driving regulations [10][11] Group 3 - The company faced criticism for marketing a non-automotive-grade chip in its vehicles while promoting a car accessory as automotive-grade, leading to public outrage [11] - Reports of prepayment demands for vehicles still in production have drawn parallels to real estate practices, further complicating Xiaomi's reputation in the automotive sector [14] - The ongoing controversies highlight the challenges Xiaomi faces as it navigates the automotive market, with increasing scrutiny on its marketing strategies and product quality [14]

Core Insights - Xiaomi's founder and CEO Lei Jun announced limited-time purchase benefits for Xiaomi cars in September, including lifetime free use of assisted driving for models YU7, SU7, and SU7 Ultra [1] Group 1: Product Offerings - The Xiaomi Yu7 includes Nappa leather seats, an electric front trunk, and a HEPA high-efficiency air purification system, along with lifetime free use of Xiaomi HAD end-to-end assisted driving [3] - The Xiaomi SU7 offers Nappa leather seats valued at 8000 yuan and lifetime free use of assisted driving [3] - The Xiaomi SU7 Ultra features a carbon fiber sports steering wheel, carbon fiber center console trim, and carbon fiber front seat back panels, along with five years of free basic maintenance and lifetime free use of assisted driving [3] Group 2: Sales Performance - Xiaomi's official Weibo account reported that by August 2025, the delivery volume of Xiaomi cars is expected to exceed 30,000 units [3]

Core Viewpoint - Xiaomi Group reported a strong Q2 performance with record-high revenue and profit, showcasing significant growth across multiple business segments, particularly in smartphones, IoT, and innovative sectors like electric vehicles and AI [1][2][4]. Financial Performance - Revenue reached 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter exceeding 100 billion yuan [1]. - Adjusted net profit was 10.8 billion yuan, up 75.4% year-on-year, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [1]. Business Segments - The smartphone and AIoT segment generated 94.7 billion yuan, a 14.8% increase year-on-year, with smartphone revenue at 45.5 billion yuan and IoT products at 38.7 billion yuan, which grew by 44.7% [1][2]. - The innovative business segment, including electric vehicles and AI, reported revenue of 21.3 billion yuan, a staggering 234% increase year-on-year [1]. Market Position - Xiaomi maintained a strong position in the global smartphone market, ranking in the top three for 20 consecutive quarters, with a domestic market share of 16.8% [2][3]. - In Southeast Asia, Xiaomi's market share rose to 18.9%, while in Europe, it returned to second place with a 23.4% share [3]. Product Performance - Smart home appliances saw significant growth, with smart air conditioning units shipped exceeding 5.4 million, a growth rate of over 60% [3]. - The high-end smartphone segment saw Xiaomi's share in the 4000-5000 yuan price range increase to 24.7%, while the 5000-6000 yuan segment reached 15.4%, reflecting a shift towards premium products [5][6]. R&D and Innovation - R&D investment reached a record high of 7.8 billion yuan, a 41.2% increase year-on-year, with plans to invest 30 billion yuan this year [7]. - Xiaomi launched its first 3nm flagship chip, becoming the first in mainland China to develop such technology, and achieved significant milestones in the electric vehicle sector [7][8]. Brand Recognition - Xiaomi ranked second in the Kantar BrandZ Globalization Brand list and improved its position in the Fortune Global 500, moving up 100 places to rank 297 [4].