" 三季度财报不是一份成绩单，更像是小米下一阶段增长曲线的预 告片。 " 作者丨王瑞昊 编辑丨李雨晨 11月18日，小米公布了2025年第三季度财报，整体表现全面超出市场预期。 三季度，小米总收入达到1131亿元人民币，同比增长22.3%，这是公司连续第四个季度收入突破千亿大关。 毛利率方面，三季度整体毛利率达到22.9%，同比提升2.5个百分点，刷新历史纪录。 净利润同样创下新高，经调整净利润同比大幅增长81%，达到113亿元，连续四个季度刷新纪录。值得一提的是，小米Q3净利润远超各大投行预期：高盛此 前预测约101亿元，同比增长约61%，摩根士丹利预计约101.14亿元，同比增长约61.8%。 | 营收人民币 | 季度经调净利持续增长 | | | --- | --- | --- | | 1131 77 | 单位:人民币(亿元),同比增长(%) | | | 同比增长 | 113 | | | | 108 107 | . | | 22.3% | | 80.9% | | | 75.4% 64.5% | | | 经调整净利润人民币 | | | | 113 77 | | | | 同比增长 | | | | 80.9% ...

Financial Performance - Xiaomi Group reported total revenue of 113.1 billion yuan for Q3 2025, representing a year-on-year increase of 22.3% [1] - The net profit reached 12.3 billion yuan, showing a significant year-on-year growth of 129.5% [1] - Adjusted net profit, based on non-IFRS measures, was 11.3 billion yuan, reflecting an 80.9% increase year-on-year [1] Mobile Business Insights - The management anticipates a prolonged cycle of rising memory costs, primarily driven by demand from AI high-performance computing [2][3] - The current memory cost increase is expected to significantly impact the gross margins of mobile devices, tablets, and laptops due to the high proportion of storage costs [3][4] - Xiaomi has been focusing on product structure optimization and high-end product development to mitigate the impact of rising costs [4][8] Automotive Business Developments - Xiaomi's automotive delivery volume has been steadily increasing, with over 400,000 units delivered in just 18 months since the product launch [5][6] - The company aims to exceed its initial delivery target of 350,000 units for the year, with recent improvements in delivery efficiency [6] - The management is optimistic about maintaining healthy gross margins despite potential impacts from subsidies and market competition [9] IoT and AI Strategy - Xiaomi's IoT connections have surpassed 1 billion, with a year-on-year growth rate exceeding 20% [10] - The company has unified its operating systems into a single platform, "Surge OS," to enhance connectivity across devices [10] - Xiaomi is focusing on integrating AI capabilities into its smart home ecosystem, aiming for a more interactive user experience [10][11] Home Appliance Sector - The company is adapting to the withdrawal of government subsidies by enhancing product quality and maintaining a healthy average selling price (ASP) [12][14] - Xiaomi has launched its first smart home appliance factory in Wuhan, which is equipped with advanced automation and AI technologies [13][14] - The long-term goal remains to position Xiaomi among the top players in the home appliance market by 2030 [14]

Core Insights - The article highlights the significant move of researcher Luo Fuli joining Xiaomi to lead its AI model team, indicating Xiaomi's aggressive strategy in the AI sector [1][4][6] Group 1: Luo Fuli's Background and Move to Xiaomi - Luo Fuli, a prominent figure in AI research, previously worked at Alibaba and DeepSeek, where she contributed to the development of the DeepSeek-V2 model [4][6] - Reports suggest that Xiaomi's founder Lei Jun offered Luo a substantial salary to lead the AI model team, reflecting the company's commitment to enhancing its AI capabilities [4][6] - Luo's transition to Xiaomi has been anticipated since early 2023, with her involvement in a collaborative paper between Peking University and Xiaomi's model team further fueling speculation [6] Group 2: Xiaomi's AI Strategy and Investments - Xiaomi has established its AI laboratory model team, led by Luan Jian, to focus on AI advancements, with a significant investment in GPU resources for model training [7] - The company has made strides in AI model development, including the open-sourcing of its inference model Xiaomi MiMo, which outperformed OpenAI's models in specific benchmarks [7] - Xiaomi plans to allocate a quarter of its 30 billion RMB R&D budget to AI by 2025, aiming to integrate AI technology across its product lines and evolve its operating system to an AI-centric platform [8]

【CNMO科技消息】近日，LVMH集团腕表部门首席执行官兼BVLGARI宝格丽首席执行官Jean- Christophe Babin通过社交平台发表了一段关于中国科技品牌小米的评论。 他在帖文中表示："小米既不是一部手机，也不是一个汽车制造商。它是一个生态系统革命，与史蒂夫· 乔布斯在苹果和iPhone上创造的革命相当。 Babin进一步阐释道，小米的独特之处在于"在现实世界中管理你的真实生活，连接和同步你所有的日常 节点与任务——从家庭自动化系统到商务会议，或是最迅捷的交通选择"。在他看来，小米已超越传统 硬件厂商的定位，构建起一个覆盖用户全场景生活的智能生态网络。这种以用户为中心、打通设备与服 务边界的模式，被其视为21世纪中国企业创新精神的集中体现。他总结称："一个品牌和一个愿景，象 征着21世纪的中国！而这仅仅是开始。" 近年来，小米持续扩展其"人车家全生态"战略，产品线已涵盖智能手机、智能家居、可穿戴设备、智能 电动汽车等多个维度。2024年小米SU7电动汽车的发布，标志着其正式进入智能出行领域；而依托米家 平台与澎湃OS的底层协同，小米实现了从家庭安防、环境控制到办公协作、出行规划的无缝衔接。 ...

Core Insights - AI is reshaping the terminal ecosystem, with smart agents being viewed as the next "super entry point" following operating systems [2][4] - Honor has invested over 10 billion yuan in AI research and development, indicating a strong commitment to AI technology [2] - A strategic partnership between Honor and BYD has been established to integrate AI smart agents into the automotive sector, marking a shift from functional connectivity to ecological integration [2][3] Group 1: Company Developments - Honor announced the upgrade of its interconnection platform to "HONOR AI Connect," launching AI solutions covering eight major scenarios, including "smart vehicle connectivity" [3] - The collaboration with BYD aims to create a seamless smart experience in transportation, focusing on technology co-research and ecosystem building [2][3] - Honor's CEO emphasized that the partnership represents a comprehensive strategic collaboration in the AI era, with smart mobility as a key focus [2] Group 2: Industry Trends - The automotive industry is evolving from traditional transportation to becoming a "mobile smart terminal," with AI applications becoming increasingly significant [3] - Major smartphone manufacturers are replicating their AI and operating system capabilities in vehicles, indicating a trend of "getting on the car" [3] - The competition is shifting from single-point technology to ecosystem-level battles, as the integration of AI smart agents enhances user interaction and service provision [4]

Core Insights - Xiaomi's recent annual speech by Lei Jun emphasized the company's innovative journey and breakthroughs in chip and automotive sectors, marking its 15th anniversary [2][3] - The success of Xiaomi's innovations is attributed to a well-rooted methodology that combines user-centricity, technology, cost-effectiveness, efficiency, and leadership [2][21] Group 1: Reflection and Methodology - The breakthroughs in chips and automotive sectors stem from a deep internal reflection initiated five years ago, addressing critical questions about past successes and failures [3][4] - This reflection led to a strategic shift towards becoming a hard-tech company, with a commitment to invest 100 billion yuan in core technologies over five years [6][19] Group 2: Chip Business Insights - Xiaomi's chip business began with the establishment of Pinecone Electronics in 2014, but initial attempts faced challenges due to a focus on low-end products [8][9] - The rebranding of the chip initiative to "Xuanjie" in 2021 involved aligning the chip team closely with the smartphone team, fostering a shared risk and goal environment [9][11] - The successful launch of the Xuanjie chip, utilizing a 3nm process, is expected to position Xiaomi among the top players in the market [9][19] Group 3: Automotive Business Insights - Xiaomi's automotive venture, initiated in 2021, aims to create the world's strongest pure electric performance vehicle, reflecting a long-term investment philosophy [12][14] - The SU7 Ultra's development faced challenges but ultimately achieved record-breaking performance, while the YU7 model was designed based on user insights, leading to significant pre-orders [14][18] Group 4: Leadership and Organizational Evolution - Leadership and organizational capabilities are crucial for Xiaomi's success, with Lei Jun's direct involvement in the automotive sector being a key factor [36][37] - The evolution of Xiaomi's leadership structure, with new executives joining, signifies a maturation of the company's management philosophy [36][42] Group 5: Broader Industry Impact - Xiaomi's innovative methodology serves as a benchmark for the transformation of China's manufacturing industry, demonstrating that high-end products can be achieved without high prices [44][46] - The company's approach to user co-creation and efficiency optimization has implications for various sectors, providing a replicable model for other businesses [50][49]

Core Insights - Vivo has launched an upgraded AI strategy and OriginOS 6, emphasizing the integration of AI and operating systems, marking a significant growth phase in AI value creation [1] - The competition among smartphone manufacturers is shifting from hardware specifications to ecosystem development, with a focus on establishing industry standards and ecological dominance [1] Group 1: AI and Technology Advancements - Vivo has made significant upgrades to its edge-side large models, enhancing functionalities such as emotional perception and long text rendering, aiming to lead globally in edge-side model capabilities [2] - The advancements in technology, particularly in emotional sensing and long text rendering, indicate a transition from "usable" to "user-friendly" in edge-side large models [2] - Vivo has over 200 patents in the operating system domain after eight years of development, with the new Blue River Smooth Engine achieving breakthroughs in system-level collaboration [3] Group 2: Ecosystem and Collaboration - The collaboration between Vivo and Xiaopeng Motors showcases the importance of car-machine interconnectivity, allowing seamless application flow from mobile to vehicle screens [4] - The trend of collaboration between smartphone manufacturers and automotive companies is growing, with examples including Huawei and Seres, and OPPO with Li Auto and SAIC [4] - The industry is witnessing a "warlord" scenario where companies like Huawei, Xiaomi, and OPPO are building their ecosystems, yet experts believe future development will focus on cooperative strategies [5]

Core Viewpoint - The article highlights Xiaomi's significant shift from being a follower in the smartphone industry to a leader, particularly with the launch of the Xiaomi 17 Pro series, which directly competes with Apple's iPhone Pro series, marking a pivotal moment for Chinese smartphone brands in the high-end market [3][4][21]. Group 1: Innovation and Market Position - Xiaomi's launch of the "Miao Xiang Back Screen" in the Xiaomi 17 Pro series represents a new era of innovation, redefining user interaction and addressing common user pain points [5][8]. - The Xiaomi 17 series achieved record sales, with the entire series selling out in just five minutes, and the Pro Max model accounting for over 50% of the series' sales [4][19]. - The introduction of dual-screen interaction signifies a shift in the definition of innovation, moving away from Western dominance in smartphone interaction [8][10]. Group 2: Technological Advancements - Xiaomi's advancements in screen technology, battery design, and imaging capabilities have enabled the dual-screen feature while overcoming industry challenges such as power consumption and structural integrity [9][10]. - The M10 light-emitting technology used in the Xiaomi 17 series has achieved an international leading position in luminous efficiency, reducing power consumption by 30% [9]. - The L-shaped battery design has improved space utilization by 15%, allowing for a two-day battery life under normal usage conditions [9][10]. Group 3: Strategic Transformation - Xiaomi's strategic shift from being an "internet company" to a "hardcore technology company" has led to a significant increase in R&D investment, with plans to invest 100 billion yuan over five years [11][13]. - The company has seen its R&D expenditure rise from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2025, with a cumulative investment exceeding 102 billion yuan over five years [13][14]. - The development of the self-designed 3nm flagship chip "Xuanjie O1" positions Xiaomi among the top players globally in chip design capabilities [14][16]. Group 4: Ecosystem Development - Xiaomi's strategy has evolved to encompass a "human-vehicle-home ecosystem," expanding beyond smartphones to include automotive and home appliance sectors [17][19]. - The company has established a strong presence in the high-end smartphone market, while also achieving significant sales in the automotive sector with the SU7 series [19]. - Xiaomi's extensive IoT platform, nearing 1 billion connected devices, creates a competitive barrier that integrates smartphones, vehicles, and home appliances seamlessly [19][20]. Group 5: Industry Impact - The transformation of Xiaomi reflects a broader trend in the Chinese technology industry, showcasing a shift from reliance on imports to achieving technological independence and leadership [21][23]. - The article emphasizes that innovation is not exclusive to any single company but is a result of sustained investment and commitment to breakthroughs [23][24].

Core Insights - The future of technology is moving towards a "seamless" experience driven by AI, where devices are interconnected and operate as a unified system rather than isolated entities [1][8] - Major tech companies like Apple, Huawei, and Xiaomi are focusing on creating integrated ecosystems that enhance user experience across multiple devices [2][3][6] Group 1: Industry Trends - The shift from PC to mobile internet and now to AI signifies a transformation in how technology interacts with users, emphasizing a seamless experience [1] - Apple's iOS 26 update represents a significant integration of its operating systems, allowing for fluid transitions between devices like iPhone, Mac, and Vision Pro [2] - Huawei's HarmonyOS NEXT aims to establish itself as a third major operating system, enhancing device connectivity and user experience [3] Group 2: Technological Innovations - Xiaomi's Pengpai OS focuses on IoT device integration, promoting features like automatic task continuation and proactive smart responses based on user habits [3] - The development of proprietary chips is crucial for reducing latency and power consumption, enabling a truly seamless experience across devices [6] - The integration of AI at the chip level allows for real-time processing, enhancing the overall user experience by making interactions faster and more intuitive [6] Group 3: Competitive Landscape - The competition in the tech industry is intensifying as companies strive to build comprehensive ecosystems, with many traditional hardware manufacturers venturing into software and chip development [7] - Smaller players may find opportunities in "vertical seamless" solutions, focusing on specific applications that enhance user convenience [8] - The ongoing "seamless war" is fundamentally about understanding user intent and adapting services to meet those needs, rather than merely competing on hardware specifications [8]

Core Viewpoint - The launch of the Xiaomi 17 series is positioned as a significant upgrade in product capability, aiming to compete directly with Apple's iPhone, as stated by company executives [3][4][8]. Group 1: Product Strategy - The naming of the Xiaomi 17 series is not intended to capitalize on Apple's popularity but reflects a substantial leap in product capabilities [3][4]. - The number "7" has a symbolic significance for Xiaomi, being associated with luck, despite its previous absence in the product lineup [3][4]. - The company aims to enhance the user experience for Apple users through its ecosystem, indicating a strategic focus on compatibility with iOS [5]. Group 2: Market Positioning - Xiaomi's strategy includes learning from Apple while striving to carve out its own unique path in the high-end market [8]. - The Xiaomi 17 series is designed to showcase innovative features, with a particular emphasis on the unique "Miao Xiang Back Screen," which represents a significant investment of 1 billion [10]. - The company faces scrutiny regarding whether its rebranding reflects genuine technological confidence or is merely a marketing tactic [7].