据数码博主透露，明年将有多个手机品牌加入"四杯"产品布局，旗舰系列将在原有的标准版、Pro、 Ultra三档基础上，进一步细化为标准版、Pro、Pro Max、Ultra四个层级。按照当前规划，前三款机型预 计将于9至10月集中发布，而Ultra版本则会延后单独推出，以此突出其顶级配置的市场定位。 消息称，高通下一代骁龙8系旗舰平台将划分为高低两个版本。其中，明年的标准版旗舰机型大多将搭 载基础版芯片，而Pro及以上型号则会采用性能更强的骁龙8系Pro版本。随着芯片策略逐步分层，旗舰 产品线内部的差异化也将更为明确。 据数码博主透露，明年将有多个手机品牌加入"四杯"产品布局，旗舰系列将在原有的标准版、Pro、 Ultra三档基础上，进一步细化为标准版、Pro、Pro Max、Ultra四个层级。按照当前规划，前三款机型预 计将于9至10月集中发布，而Ultra版本则会延后单独推出，以此突出其顶级配置的市场定位。 消息称，高通下一代骁龙8系旗舰平台将划分为高低两个版本。其中，明年的标准版旗舰机型大多将搭 载基础版芯片，而Pro及以上型号则会采用性能更强的骁龙8系Pro版本。随着芯片策略逐步分层，旗舰 产品线内部 ...

（图源：小米） 然而这只是一个开始，据博主数码闲聊站透露，接下来各家面板大厂都在研发全RGB-OLED面板，2026将进入爆发期，更多手机新品或将搭载。作为一 项即将爆发的技术，RGB-OLED到底有什么优势？它能否改写手机显示面板的格局？ RGB-OLED，「真」在哪？ 很多人看到「RGB-OLED」这个词，可能很难联想到它是新技术，毕竟OLED面板本身也有R、G、B、子像素，称不上新奇。 RGB-OLED和常见的Pentile钻石排列（P排）有着明显的区别，这种结构确实是 RGB发光，但每个像素并不是独立完整的红、绿、蓝三色，更多时候是两 个像素共用一个蓝色，或者让绿色数量比红蓝多。 雷科技AI硬件组 | 编辑：kkknei | 监制：罗超 2025年，手机屏幕还能怎么卷？ 回顾刚刚结束的旗舰手机大乱斗，我们看到了不同厂商的不同方案：iQOO 15首发三星M14基材，主打高亮度和自然光显示；一加15主打165Hz超高刷新 率。而小米则是带来了「超级像素」。 何为「超级像素」？其实就是由华星光电提供的RGB-OLED面板技术。这块面板在小米17 Pro Max上首发，REDMI K90、REDMI K90 ...

然而这只是一个开始，据博主数码闲聊站透露，接下来各家面板大厂都在研发全RGB-OLED面板，2026将进入爆发期，更多手机新品或将搭载。作为一项 即将爆发的技术，RGB-OLED到底有什么优势？它能否改写手机显示面板的格局？ RGB-OLED，「真」在哪？ 很多人看到「RGB-OLED」这个词，可能很难联想到它是新技术，毕竟OLED面板本身也有R、G、B、子像素，称不上新奇。 RGB-OLED和常见的Pentile钻石排列（P排）有着明显的区别，这种结构确实是 RGB发光，但每个像素并不是独立完整的红、绿、蓝三色，更多时候是两个 像素共用一个蓝色，或者让绿色数量比红蓝多。 2025年，手机屏幕还能怎么卷？ 回顾刚刚结束的旗舰手机大乱斗，我们看到了不同厂商的不同方案： iQOO 15首发三星M14基材，主打高亮度和自然光显示；一加15主打165Hz超高刷新率。而小米则是带来了「超级像素」。 何为「超级像素」？其实就是由华星光电提供的RGB-OLED面板技术。这块面板在小米17 Pro Max上首发，REDMI K90、REDMI K90 Pro Max两款旗舰紧随 其后。 （图源：小米） 这是因为红、绿、蓝三色 ...

Core Insights - The core message emphasizes the importance of maintaining quality during challenging times, as articulated by Lei Jun, the founder of Xiaomi, suggesting that quality is essential for survival and innovation is crucial for growth [1] Group 1: Company Strategy and Adjustments - Xiaomi is shifting its focus from aggressive store expansion to optimizing existing stores, with a new initiative led by Vice President Wang Xiaoyan to enhance the performance of Xiaomi Home stores in China [2][3] - The company aims to improve the quality of its store locations and reduce rental costs, indicating a strategic pivot in response to the diminishing returns from rapid expansion [2][3] Group 2: Automotive Business Impact - Xiaomi's automotive venture has significantly contributed to its offline store expansion, achieving 20,000 stores in just two years, with plans to stabilize operations after this rapid growth [3][4] - The automotive business has also enhanced Xiaomi's brand image, particularly in the high-end smartphone market, with a reported 5.6 percentage point increase in market share for smartphones priced between 4,000-6,000 yuan, reaching 18.9% [4][6] Group 3: Financial Performance and Market Position - Xiaomi's automotive division has achieved profitability within a year and a half, with a quarterly operating profit of 700 million yuan and a production capacity exceeding 600,000 vehicles per week [4][5] - Despite a decline in the average selling price (ASP) of smartphones to 1,062.8 yuan, the automotive business is expected to bolster Xiaomi's high-end market presence, although the global brand perception has yet to fully align with this growth [6][7] Group 4: Future Directions and Challenges - The company recognizes the need for a significant breakthrough product to redefine its market narrative, similar to the impact of the Mi MIX smartphone, which set a precedent for innovation [12][14] - Xiaomi's future success hinges on its ability to create products that resonate with consumers and establish a strong technological identity, moving beyond mere price competitiveness [14][15]

Core Insights - In October, Xiaomi and OPPO topped the list of activated devices for new flagship smartphones in China, indicating strong market performance for these brands [1] - The top three activated devices were the Xiaomi 17 Pro Max, Xiaomi 17 Pro, and OPPO Find X9 Pro, showcasing the popularity of these models [1] - The overall smartphone shipment in China from January to September 2025 reached 220 million units, with an average monthly shipment of 24.4 million units, reflecting a robust market demand [1] - AI capabilities are becoming a key driver for consumers when upgrading their devices, suggesting a shift in consumer preferences and a new growth cycle for the market [1]

Core Insights - Xiaomi Group reported a total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year growth of 22.3%, with adjusted net profit reaching 11.3 billion yuan, up 81%, marking a historical high [1][4] - The company successfully transitioned between old and new growth engines, with innovative businesses like smart electric vehicles and AI achieving profitability for the first time in a single quarter, while the traditional smartphone business faced pressure due to rising memory costs [1][4] Financial Performance - The automotive business delivered 108,796 vehicles in Q3, with a total of 265,967 vehicles delivered in the first three quarters, and a monthly delivery of over 40,000 units in October, achieving profitability with a net profit of 6,434 yuan per vehicle sold [4][6] - The smartphone business faced challenges, with global shipments of 43.3 million units and revenue of 45.969 billion yuan, leading to a decline in gross margin to 11.1% due to rising costs of core components [6][5] Business Segmentation - Internet services generated revenue of 9.4 billion yuan in Q3, a 10.8% increase, primarily driven by strong advertising performance [7] - IoT business revenue reached 27.6 billion yuan, maintaining year-on-year growth for seven consecutive quarters, with a gross margin of 23.9% [9][8] R&D and Long-term Strategy - R&D expenditure in Q3 amounted to 9.1 billion yuan, a 52.1% increase, with total R&D investment for the first three quarters nearing last year's total, expected to exceed 30 billion yuan for the year [11][12] - The company is focusing on core technologies and frontier fields, with capital expenditure for the first three quarters at 13 billion yuan, reflecting long-term strategic investments [12][10] Market Outlook and Challenges - Despite achieving profitability in the automotive sector, the company anticipates challenges in 2026 due to reduced purchase tax subsidies and intensified competition [12] - The smartphone business continues to face long-term pressure from rising memory costs, while the IoT sector is experiencing a transitional phase in the domestic appliance market [12][6]

Core Viewpoint - The article discusses the rapid rise and subsequent challenges faced by Xiaomi's automotive division, highlighting the impact of CEO Lei Jun's personal brand on consumer trust and the company's market performance [1][23]. Group 1: Xiaomi Automotive Controversy - Xiaomi's SU7 Ultra model faced backlash from owners who claimed the vehicle did not match its promotional materials, leading to demands for refunds [2][4]. - The company acknowledged the lack of clarity in its communications and offered compensation options, which further angered customers, resulting in legal action against Xiaomi [5][10]. - Xiaomi's legal defense included claims that Lei Jun had warned consumers about pricing and that the promotional content was not part of the purchase contract [7][9]. Group 2: Financial Performance - Xiaomi reported a total revenue of 113.1 billion yuan for Q3, a year-on-year increase of 22.3%, with an adjusted net profit of 11.3 billion yuan, up 80.9% year-on-year [10][12]. - The smart electric vehicle segment showed significant growth, with revenues reaching 29 billion yuan, a 199.2% increase year-on-year, and the division achieved its first quarterly profit [12][16]. - Xiaomi's automotive division delivered over 100,000 vehicles in Q3, with total deliveries surpassing 260,000 units for the year, aiming for a target of 350,000 units by year-end [16][22]. Group 3: Market Position and Future Outlook - Despite impressive financial results, Xiaomi's stock price fell, indicating market skepticism about the sustainability of its automotive success [22]. - The article emphasizes the need for Xiaomi to shift consumer trust from Lei Jun to the brand itself as the automotive market matures, focusing on product quality and customer experience [23]. - Xiaomi's ongoing investment in R&D, with a budget of 30 billion yuan for the year, is seen as crucial for maintaining competitive advantage in the automotive and AIoT sectors [19].

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]

Core Viewpoint - Xiaomi's recent performance shows significant growth in smartphone sales and IoT revenue, while also highlighting challenges in the automotive sector due to market competition and policy changes [1] Smartphone Sales - Xiaomi's 17 series achieved over 1 million units sold within 5 days of launch, with cumulative sales exceeding 2 million by early November, indicating a faster sales pace compared to the previous generation [1] - During the Double Eleven shopping festival, the Xiaomi 17 Pro Max became the best-selling smartphone in both sales volume and revenue in the price segment above 6000 yuan, being the only domestic model competing with the iPhone [1] IoT Business - In Q3, Xiaomi's IoT revenue reached 27.6 billion yuan, marking a year-on-year growth of 5.6%, with a gross margin increase to 23.9%, maintaining growth for seven consecutive quarters [1] - The gross margin and average selling price of the home appliance segment have both improved, with the company focusing on innovation rather than price wars to drive demand [1] - Xiaomi's home appliance business has significant overseas potential, having entered Southeast Asia and Europe this year, with plans for further expansion next year [1] AI Initiatives - Over the past year, Xiaomi has released various AI models, including language, multimodal, and voice models, and has open-sourced the smart home exploration project Xiaomi Miloco in November [1] - The total R&D investment for the year has reached 23.5 billion yuan, with one-quarter allocated to AI, exceeding initial expectations [1] Automotive Business - Xiaomi's automotive business is expected to maintain stability in Q4, with a projected annual delivery target of 350,000 vehicles [1] - However, challenges are anticipated in 2026 due to changes in vehicle purchase tax policies and increased market competition, with expectations of a decline in automotive gross margins next year compared to this year [1]

Core Insights - Xiaomi Group reported strong growth in Q3 2025, with total revenue reaching 113.1 billion RMB, marking a 22.3% year-on-year increase, and adjusted net profit of 11.3 billion RMB, up 80.9% [1][5][6] Group Performance - The automotive segment delivered over 100,000 units in the quarter, achieving profitability for the first time, with revenue from electric vehicles and AI-related innovations reaching 29 billion RMB, a year-on-year increase of over 199% [1][6][10] - The company opened 402 automotive sales outlets across 119 cities in mainland China, enhancing its sales service network [10] Smartphone Business - Smartphone revenue amounted to 46 billion RMB, with a shipment of 43.3 million units, continuing a nine-quarter streak of year-on-year growth [1][11] - Xiaomi ranked second in domestic smartphone sales, with an 18.9% market share in the 4000-6000 RMB price range, an increase of 5.6 percentage points year-on-year [12][11] - The Xiaomi 17 series achieved record sales, with first-month sales up approximately 30% compared to the previous generation, and the Pro models accounting for over 80% of sales [13][11] AIoT and Internet Services - The AIoT platform connected over 1 billion devices, with revenue from IoT and consumer products reaching 27.6 billion RMB, a year-on-year increase of 5.6% [2][17] - The company’s internet services revenue hit a historical high of 9.47 billion RMB, with global monthly active users reaching 742 million, an 8.2% year-on-year increase [17][2] Research and Development - Xiaomi invested 23.5 billion RMB in R&D in the first three quarters, with a record number of 24,871 R&D personnel [17][18][19] - The company plans to exceed 30 billion RMB in total R&D investment for the year [21] Sustainability and ESG - Xiaomi has seen continuous improvement in its ESG ratings, being included in Forbes China's "2025 ESG 50" list and achieving an upgrade in MSCI ESG rating from BBB to A [22]