Core Insights - Xiaomi recently held a celebration for the launch of the Xiaomi 17 series and the new Surge OS 3, emphasizing the theme of "soft and hard integration" [1] Group 1: Product Launch - The Xiaomi 17 series was launched in September this year, consisting of three versions: standard, Pro, and Pro Max [1] - Surge OS 3 was released in August, introducing the "Xiaomi Super Island" feature, which allows for two-way message synchronization between Xiaomi phones and Apple iPhones [1] Group 2: Celebration Event - The celebration featured a menu with 18 dishes, divided into four chapters: "Surge Initiation," "Vitality Launch," "Dynamic Transformation," and "Exquisite Integration," with each dish name reflecting key themes such as "original intention," "hope," and "exploration" [1][2] - The menu included various creative dishes, showcasing culinary innovation and aligning with the company's branding efforts [2][3]

Core Viewpoint - Xiaomi Group reported a strong performance in Q3 2023, achieving revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, the highest in its history [2][4]. Group 1: Core Business Growth and Innovation Acceleration - The revenue from Xiaomi's mobile and AIoT segments reached 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products at 27.6 billion yuan, showing a year-on-year growth of 5.6% [7][10]. - Xiaomi's smartphone shipments reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth, maintaining a top-three global ranking for 21 quarters [8][10]. - The innovative business segment, including smart electric vehicles and AI, generated 29 billion yuan in revenue, with a staggering year-on-year growth of over 199% [10][13]. Group 2: R&D Investment and Future Growth - Xiaomi's total revenue for the first three quarters of the year reached 340.4 billion yuan, nearing last year's total, with adjusted net profit exceeding last year's figure at 32.8 billion yuan [2][4]. - The company invested 23.5 billion yuan in R&D in the first three quarters, approaching the total planned investment for 2024, with expectations to exceed 30 billion yuan for the year [22][26]. - Xiaomi plans to invest 200 billion yuan in core technology R&D over the next five years, transitioning from an internet company to a hard-tech company [26][28]. Group 3: Market Position and Competitive Edge - Xiaomi's new flagship Xiaomi 17 series achieved over 1 million sales within five days of launch, indicating strong market acceptance and competitive positioning against rivals like Apple [14][16]. - The company has established a robust ecosystem with over 1 billion connected IoT devices, and the number of users with five or more connected devices reached 21.6 million, reflecting high user engagement [8][10]. - Xiaomi's smart electric vehicle business is positioned for significant growth, with plans to launch new models and expand into international markets, contributing to a projected 23% increase in vehicle shipments by 2027 [17][19].

摘要： 站在千亿营收的新起点，小米的加速度才刚开始。 11月18日，小米集团发布今年第三季度业绩公告。该季度，小米实现营收1131亿元，同比增长22.3%，连续4个季度实 现收入破千亿；经调整净利润为113亿元，同比增幅高达80.9%，为历史新高。 核心业务均表现亮眼。手机和AIoT分部的季度收入为841亿元，手机的出货量连续9个季度同比增长，连续21个季度位 列全球前三，境外互联网收入创造历史新高；智能电动汽车及AI等创新业务分部收入290亿元，同比增幅超199%，是 增长最快的业务板块，其中智能电动汽车实现盈利，距离首辆汽车交付仅过去1年7个月。 今年前三个季度，小米总营收达到3404亿元，接近去年全年，经调整净利润为328亿元，已超去年。这也成为小米超 高研发投入的底气所在，今年前三个季度，小米累计研发投入达235亿元，已接近2024年全年，预计今年将投入超300 亿元。其中第三季度研发投入91亿元，同比增长52.1%，同样是历史新高。 小米正在经历自己的"Hammer Time"（意为"锤子时间"，在赛车运动中表示在关键时刻全力冲刺）。传统的核心业务 稳健增长，创新业务不仅贡献度提升，而且还快速实现了 ...

Core Insights - Xiaomi Group reported a strong Q3 2025 financial performance with 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 over 80% year-on-year [1][5] - The company has achieved over 100 billion yuan in net profit for three consecutive quarters, indicating a solid transition into a phase of normalized high profitability [5] Revenue and Profit Growth - For the first three quarters of 2025, Xiaomi achieved total revenue of 340.37 billion yuan, a 32.5% increase year-on-year, and an adjusted net profit of 32.817 billion yuan, up 73.5% year-on-year [6] - The growth is attributed to the strong performance of its smartphone, automotive, and smart home appliance sectors, with innovative businesses like electric vehicles and AI contributing 29 billion yuan in revenue [6] Business Performance - In Q3, Xiaomi's smartphone shipments reached 43.3 million units, marking nine consecutive quarters of year-on-year growth, with a global market share of 13.6% [8] - The AIoT platform connected devices surpassed 1 billion, reaching 1.036 billion, with monthly active users at 742 million [8] - Internet services revenue hit a record high of 9.4 billion yuan, growing 10.8% year-on-year [8] Strategic Positioning - Xiaomi's unique business model integrates hardware, software, and services, creating a comprehensive smart living experience that is difficult for competitors to replicate [11] - The company has established a clear ecosystem synergy among its three growth curves: smartphones as the primary user interface, automotive as the second revenue engine, and smart appliances enhancing the overall ecosystem [11][20] Automotive Business - The automotive sector reported revenue of 28.3 billion yuan in Q3, a staggering 197.9% increase year-on-year, with a delivery volume of 108,800 units, marking a 33.8% increase from Q2 [15] - Xiaomi's first electric vehicle achieved profitability within a year and a half of its launch, a unique feat among new automotive entrants in China [15] Smart Home Appliances - Xiaomi's high-end smart appliance segment is gaining traction, with new product launches and the opening of a smart appliance factory in Wuhan, which will support large-scale production [17] - The company is positioned as a key player in driving the upgrade of home appliance products, leading trends in smart and scenario-based consumption [17] Research and Development - Xiaomi's R&D investment reached 23.5 billion yuan in the first three quarters of 2025, with a record high of 9.1 billion yuan in Q3, reflecting a 52.1% year-on-year increase [20][21] - The company is transitioning from an internet company to a hard-tech leader, with significant advancements in AI and self-developed chips [21] Market Outlook - Analysts view Xiaomi's long-term value positively, citing its robust balance sheet, strong ecosystem integration, and competitive advantages in the electric vehicle sector [23][24] - The synergy between smartphones, electric vehicles, and AIoT is expected to unlock substantial growth potential, bringing Xiaomi closer to its goal of reaching a trillion-dollar market valuation [24]

Core Insights - Xiaomi Group's Q3 2025 financial results show a 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 81%, marking a historical high [2][3] - The company successfully transitioned from traditional smartphone business to new growth engines, particularly in smart electric vehicles and AI, which achieved quarterly profitability for the first time [2][3] - The smartphone segment is under pressure due to rising memory costs, impacting gross margins, while the company is focusing on high-end strategies to enhance product structure and resilience [2][4] Financial Performance - Xiaomi's revenue from innovative businesses, including smart electric vehicles and AI, reached 29 billion yuan, accounting for 25.6% of total revenue, with a gross margin of 25.5% and a profit of 700 million yuan in the quarter [3][4] - The smartphone business saw a shipment of 43.3 million units, generating revenue of 45.969 billion yuan, with a gross margin dropping to 11.1% due to supply chain cost pressures [3][4] Strategic Initiatives - Xiaomi is implementing three core strategies to build long-term competitiveness: increasing R&D investment, advancing high-end strategies, and exploring new growth opportunities in global markets [2][3] - The company plans to enhance its R&D capabilities, with Q3 spending reaching 9.1 billion yuan, a 52.1% increase year-on-year, and total R&D investment expected to exceed 30 billion yuan for the year [8][9] Market Trends - The current memory price increase is driven by strong demand for HBM (High Bandwidth Memory) from AI applications, differing from previous cycles driven by mobile and laptop demand [4] - Xiaomi's IoT business generated 27.6 billion yuan in revenue, maintaining growth for seven consecutive quarters, with a gross margin of 23.9% [5][6] Operational Developments - Xiaomi has expanded its automotive sales network, with 402 stores in 119 cities in mainland China, and aims to deliver 350,000 vehicles by the end of the year [3][6] - The company has launched a new smart appliance factory in Wuhan, enhancing its production capabilities and supporting its high-end strategy [6][9] Challenges and Outlook - Despite achieving profitability in the automotive sector, challenges remain, including reduced purchase tax subsidies and increased competition expected in 2026 [9] - The smartphone segment faces ongoing pressure from rising memory costs, while the IoT business must navigate a competitive landscape and potential price wars [9]

AI大模型领域，小米推出的Xiaomi-MiMo-Audio语音开源大模型，该模型与此前发布的语言大模 型、多模态（VL）大模型形成完整的全系列模型矩阵，实现了对基座模型主要模态的完整战略布局。 11月，小米正式发布智能家居未来探索方案Xiaomi Miloco，在行业率先探索大模型驱动全屋智能生 活，重构家庭智能生活交互。 本季度小米智能手机业务全球出货量4330万台，连续9个季度实现同比增长。小米集团合伙人、集 团总裁卢伟冰回应了关于全球手机市场回暖及小米手机全年出货量预期的相关问题。他表示，今年全球 手机市场出货量与去年呈现整体持平趋势，但由于近期供应链成本上涨压力及各家库存储备情况，预计 明年市场压力将增大，相关产品零售价格预计也将迎来上涨。卢伟冰指出，区别于以往手机行业波动周 期内影响内存价格，本次内存价格上涨会是偏长周期过程，其主要原因是AI所带来的HBM（高宽带内 存）需求的强力上涨带动全球内存价格上浮。卢伟冰还强调，小米将同友商一起通过保证供应链稳定、 优化改善产品结构来应对成本及零售价格上升。卢伟冰同时还表示，小米手机2025年出货量目标预计为 1.7亿台。 智能家电领域，小米高端化产业闭环 ...

Core Insights - Xiaomi Group reported a total revenue of RMB 113.1 billion for Q3 2025, representing a year-on-year growth of 22.3% [1] - The "Smartphone × AIoT" segment generated RMB 84.1 billion, a 1.6% increase year-on-year, while the "Smart Electric Vehicles and AI Innovation" segment reached a record high of RMB 29 billion, growing by 199.2% [1] - Adjusted net profit for the quarter was RMB 11.3 billion, marking an 80.9% year-on-year increase [1] Business Performance - Xiaomi's smartphone shipments reached 43.3 million units in Q3 2025, a 0.5% increase year-on-year, maintaining a position among the top three global smartphone vendors with a market share of 13.6% [2] - The number of active users globally reached 741.7 million, an 8.2% increase year-on-year, and the number of connected IoT devices surpassed 1 billion, reaching 1,035.5 million, a 20.2% increase [2] - The company delivered 108,796 new vehicles in Q3 2025, setting a new record [2] Research and Development - Xiaomi's R&D expenditure for Q3 2025 was RMB 9.1 billion, a 52.1% increase year-on-year, with total R&D spending for the first three quarters reaching RMB 23.5 billion [2] - The number of R&D personnel reached a historical high of 24,871 [2] AI and Technology Innovations - Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model in September 2025, achieving significant advancements in voice interaction and natural language processing [3] - The company introduced the Xiaomi Miloco smart home exploration plan, enabling natural language interaction with smart home systems [3] - The new Xiaomi Surge OS 3 was released, enhancing user experience and privacy features [4] Market Strategy and Sales - Xiaomi's high-end smartphone sales in mainland China accounted for 24.1% of total smartphone sales, a 4.1 percentage point increase year-on-year [4] - The company launched a customization service for Xiaomi cars, offering various personalized options [4] - Xiaomi's retail strategy expanded with over 18,000 stores in mainland China and approximately 300 overseas [5] - During the 2025 Double Eleven shopping festival, Xiaomi achieved over RMB 29 billion in total payment amounts, with its smartphones ranking first in sales [5] - Capital expenditure for the first three quarters reached approximately RMB 13 billion, an 86.7% increase year-on-year [5]

Group 1: Apple Developments - Apple is expected to launch a fully functional web version of the App Store, which will include features such as homepage, search page, detail pages, categories, and rankings [1][3] - The new web App Store will allow users to switch between iPhone, iPad, Mac, Vision, Watch, and TV versions, displaying the corresponding apps available for each client [3] - In iOS 26.1, Apple has addressed a long-standing issue where the iPhone flashlight would unexpectedly turn off due to accidental screen touches in dark environments [6][7] - iOS 26.2 introduces "Enhanced Safety Alerts" to improve emergency alert capabilities, allowing users to receive timely notifications for earthquakes and imminent threats [7][8] - The AirDrop feature in iOS 26.2 is set to be upgraded to allow users to establish a 30-day pairing relationship between devices using a PIN code, enhancing file sharing convenience [8] Group 2: Apple Market Strategy - Apple has tightened its channel strategy in China, prohibiting offline distributors from selling products online to maintain price stability [9] - In Q4 of fiscal year 2025, Apple's revenue in Greater China was $14.493 billion, a 3.6% decline from $15.033 billion in the same period last year, making it the only region with a revenue drop [9] - CEO Tim Cook expressed confidence in the growth prospects for the Greater China market, anticipating a recovery in Q4 2025 due to strong momentum from the iPhone 17 series [9]

Core Points - Xiaomi is introducing a "read" button in the notification banner for SMS in the upcoming update of its Surge OS 3, which is being rolled out gradually [1] - The feature was previously available but removed in later updates, as noted by user discussions [1] - Users have also requested an automatic filling feature for SMS verification codes, to which Xiaomi's staff responded positively, indicating future support [1] - The official Xiaomi Surge OS Weibo account announced the "one-click read" feature for SMS in OS 3, allowing users to batch mark unimportant notifications, enhancing interface cleanliness [1]

Core Viewpoint - Xiaomi has launched multiple smart ecosystem products, including the new REDMI TV X 2026, enhancing its "home" offerings within the "people, vehicles, and home" ecosystem [1] Product Features - The REDMI TV X 2026 features an upgraded MiniLED backlight with 880 zones, achieving a brightness of 1300 nits, which is considered an entry-level standard for MiniLED configurations [3] - The TV incorporates self-developed picture quality algorithms, ensuring stable performance in color accuracy and light control, while enhancing overall picture quality [3] User Experience Enhancements - The updated Xiaomi Surge OS 3 improves system fluidity and speed, while introducing a new real-time interrupt feature with the Super Xiao Ai function [5] - The UI of Surge OS 3 has been redesigned for a more streamlined experience, with frequently used functions elevated to the main menu for easier access [5] - The TV includes a new wall art feature with multiple options, supporting photo walls and AI-generated images, which can be set up via a mobile scan [5] - The eye protection standards have been significantly upgraded, featuring a 20KHz+ mixed dimming frequency to eliminate screen flicker perception and automatic brightness adjustment based on ambient light [5] Pricing and Availability - The REDMI TV X 2026 is available in 85-inch and 98-inch models, with launch prices set at 4799 yuan for the 85-inch version and 7599 yuan for the 98-inch version, available through all Xiaomi sales channels [7]