Core Insights - Xiaomi achieved its first quarterly profit in the automotive sector, amounting to approximately 700 million yuan [1] - The company reported a third-quarter revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit for the third quarter reached 11.3 billion yuan, a significant year-on-year increase of 80.9%, setting a new historical high [1] Financial Performance - Total revenue for the first three quarters reached 340.4 billion yuan, nearing last year's total, with adjusted net profit of 32.8 billion yuan, surpassing last year's total [1] - The automotive and AI innovation segment generated revenue of 29 billion yuan, a year-on-year increase of over 199%, with smart electric vehicle revenue at 28.3 billion yuan [1] - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan, showing continuous growth for nine consecutive quarters [2] Automotive Business - Xiaomi's automotive division achieved a quarterly operating profit of 700 million yuan for the first time [1] - The company expects to meet its annual delivery target of 350,000 vehicles this week, with over 100,000 vehicles delivered in the third quarter and cumulative deliveries exceeding 260,000 for the year [1] Market Position - Xiaomi's global smartphone shipments reached 43.3 million units in the third quarter, marking nine consecutive quarters of year-on-year growth [2] - In the domestic market, Xiaomi maintained a top-two position in smartphone sales for six consecutive quarters, while ranking in the top three in 57 countries and regions internationally [2] IoT and AIoT Growth - The IoT and consumer products segment reported revenue of 27.6 billion yuan, a year-on-year increase of 5.6% [2] - As of September 30, the number of connected IoT devices on Xiaomi's AIoT platform surpassed 1 billion, a historical high, with users connecting five or more devices increasing by 26.1% year-on-year [2] High-End Strategy - Xiaomi is accelerating its high-end strategy across smartphones, automobiles, and major appliances, achieving market share growth even during traditional sales downturns [2] - In the high-end smartphone segment (priced between 4,000 and 6,000 yuan), Xiaomi's market share reached 18.9%, an increase of 5.6 percentage points year-on-year [2] R&D Investment - Xiaomi's R&D investment for the first three quarters totaled 23.5 billion yuan, nearing the full-year target of over 30 billion yuan, with third-quarter investment at 9.1 billion yuan, a year-on-year increase of 52.1% [3] - The company aims to transition from an "internet company" to a "hardcore technology company" through substantial investments in foundational technology [3]

Core Viewpoint - Xiaomi Group reported a strong performance in Q3, achieving revenue of 113.1 billion RMB, a year-on-year increase of 22.3%, and a record net profit of 11.3 billion RMB, up 80.9% [1][12]. Group 1: Financial Performance - In the first three quarters, Xiaomi's total revenue reached 340.4 billion RMB, nearing last year's total, with adjusted net profit of 32.8 billion RMB, exceeding last year's total [1]. - Internet services revenue in Q3 was 9.4 billion RMB, a year-on-year growth of 10.8%, with a gross margin of 76.9% [10]. - The automotive and AI innovation segment generated revenue of 29 billion RMB, a significant year-on-year increase of 199%, with 28.3 billion RMB from electric vehicles alone [12]. Group 2: Automotive Business - Xiaomi's automotive business achieved a milestone by turning a profit in Q3, with a single-quarter operating profit of 700 million RMB [12]. - The company delivered over 100,000 vehicles in Q3, bringing total deliveries for the first three quarters to over 265,000 [13][16]. - Xiaomi's electric vehicles ranked among the top three in the mid-to-large SUV market for several months, and in October, it became the best-selling SUV brand in China [16]. Group 3: Smartphone and IoT Business - Xiaomi's smartphone business showed steady growth, with global shipments of 43.3 million units, marking nine consecutive quarters of year-on-year growth [5]. - The IoT and lifestyle products segment generated revenue of 27.6 billion RMB, reflecting a year-on-year increase of 5.6%, with over 1 billion connected IoT devices [7][8]. - The number of users with five or more devices connected to the AIoT platform reached 21.6 million, a growth of 26.1% year-on-year [7].

Core Insights - Xiaomi Group reported record-high financial results for Q2 2025, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [2] - Adjusted net profit for the quarter was 10.8 billion yuan, a significant year-on-year increase of 75.4%, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [2] - Revenue from innovative businesses, including smart electric vehicles and AI, surpassed 20 billion yuan [2] Financial Performance - Xiaomi's automotive deliveries reached 81,302 units in Q2, with total deliveries exceeding 300,000 units as of July 10 [2] - The automotive business reported a reduced operating loss of 300 million yuan in Q2, with expectations of profitability in the second half of the year [2] - Revenue from smartphone and AIoT businesses was 94.7 billion yuan, a year-on-year increase of 14.8%, with smartphone revenue at 45.5 billion yuan [2][3] Market Position - Despite a challenging global smartphone market, Xiaomi achieved a market share of 16.8% in China, leading the domestic market with 11.5 million new device activations in Q2 [3] - Xiaomi's smartphone shipments have seen growth for eight consecutive quarters, ranking in the top five in 69 countries and regions [3] IoT and Consumer Products - Revenue from IoT and consumer products reached 38.7 billion yuan, with smart home appliances seeing a year-on-year revenue increase of 66.2% [2][3] - In Q2, Xiaomi's air conditioning product shipments exceeded 5.4 million units, marking a historical high with a growth rate of over 60% [3] - The company also reported significant growth in refrigerator and washing machine shipments, with increases of over 25% and 45%, respectively [3] High-End Market Strategy - Xiaomi's high-end smartphone sales accounted for 27.6% of total smartphone sales in mainland China, an increase of 5.5 percentage points year-on-year [4] - The company expanded its market share in the 4000-5000 yuan price segment to 24.7% and achieved a market share of 15.4% in the 5000-6000 yuan segment, a year-on-year increase of 6.5 percentage points [4] R&D Investment - R&D expenditure reached 7.8 billion yuan in Q2, a year-on-year increase of 41.2%, with an expected total investment of 30 billion yuan for the year [5] - Significant investments in foundational technologies are anticipated to drive breakthroughs in automotive, chip, and AI sectors [5]