Core Insights - Xiaomi's transformation by 2025 is driven by three key factors: the density of its engineering team, long-term R&D investment capability, and the will to continue betting on uncertain directions [1][53][102] - The focus is not merely on the success of individual products but on the formation of a cohesive structure within the larger AI wave, where the competition is about having complex, real, and continuous application scenarios [1][53] Smartphone Business - Xiaomi's smartphone shipments in Q3 2025 reached 43.4 million units, maintaining a global market share of 13.6%, and showing a 1.3% year-on-year increase [3][54] - In the Chinese market, Xiaomi's sales in the 4000 yuan and above price segment rose to about 25%, indicating a shift from occasional high-end hits to a structural component of its offerings [5][56] - The smartphone has evolved from a high-cost-performance terminal to an ecological entry point, serving as a personal identity credential and a control hub for the interconnected ecosystem of vehicles and home appliances [5][56] Automotive Business - Xiaomi's electric vehicle deliveries reached a record high of 108,800 units in Q3 2025, with total deliveries exceeding 250,000 units in the first three quarters, and an annual target of over 400,000 units [8][59] - The automotive business transitioned from loss-making to operational profitability, with Q3 2025 revenue of approximately 28.3 billion yuan, nearly tripling year-on-year, and a gross margin of around 25% [11][62] - Xiaomi's self-developed intelligent driving technology has received multiple high-level driving licenses, showcasing its commitment to full-stack self-research in smart driving [13][64] AIoT Ecosystem - By Q3 2025, Xiaomi's AIoT platform connected over 1 billion devices, marking a significant increase from 624 million devices at the end of 2023 [22][73] - The AIoT ecosystem has evolved from "connecting everything" to "intelligent interconnection," with the voice assistant, Xiao Ai, upgraded to serve as a smart home hub capable of executing complex cross-device commands [23][74] - Xiaomi's AIoT devices are now part of a dynamic system that integrates user intent, cloud-based models, and home devices, enhancing the overall user experience [22][73] R&D and Manufacturing - Xiaomi's R&D investment in 2025 is projected to exceed 30 billion yuan, with a focus on building long-term capabilities rather than just optimizing functions and experiences [34][96] - The establishment of the Wuhan smart home appliance factory, with a planned annual capacity of 7 million air conditioners, represents a significant step in achieving a complete closed-loop from R&D to mass production [18][69] - Manufacturing capabilities have been enhanced through automation and digitalization, with the Beijing smartphone factory achieving high production efficiency and the automotive factory implementing advanced manufacturing techniques [41][94] Future Outlook - Xiaomi's strategy is to integrate all dispersed devices, scenarios, data, and capabilities into a cohesive system, positioning itself uniquely in the AI landscape [99][101] - The company is seen as an "ecological empire," with a complete structure that connects smartphones, vehicles, home appliances, and IoT, continuously expanding its boundaries and capabilities [50][101] - Xiaomi's long-term vision emphasizes patience in building foundational capabilities, which will support the expansion of its interconnected ecosystem [102]

小米辟谣"变焦环造假"。 1月2日晚间，小米公司发言人发文，对小米17 Ultra徕卡版变焦环结构原理进行说明。 小米表示，近日大量社交媒体账号发布视频，对某拆机博主的小米17 Ultra徕卡版拆机内容断章取义、 歪曲解读，称"变焦环造假，是软件调控"。这一说法，与事实严重不符。针对相关恶意歪曲、误导性传 播，原拆机博主本人已发布澄清内容。 小米创始人、董事长兼CEO雷军此前曾转发了一个 小米 17 Ultra 徕卡 版的测评视频，并表示这款产 品"是Ultra系列的一次新的突破，而对整个行业而言，这也是一种新的参考答案"。 高盛最新研报认为，小米最新发布的17 Ultra智能手机系列，使得公司产品线更丰富，反映小米持续推 进高端化策略；预期进入2026年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透价位在 6000元以上的市场，并将加速发展海外高端产品市场。 高盛亦提到，小米今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大语言模型整合到一个 可能于2026年发布的AI原生消费终端当中，继续看好集团在其人车家全生态战略下，仍处于多年生态 扩张的早期阶段，又指稳健的资产负债表、强大的生态整 ...

智通财经APP获悉，高盛发布研报称，小米集团-W(01810)今年加快AI发展，相信未来会将自研芯片 组、澎湃OS及MiMo大语言模型整合到一个可能于2026年发布的AI原生消费终端当中，继续看好集团在 其"人车家全生态"战略下，仍处于多年生态扩张的早期阶段，又指稳健的资产负债表、强大的生态整合 能力，以及因深入参与供应链而具备的成本优势，将提升其在电动车领域的竞争力，予以"买入"评级， 目标价53.5港元。 高盛日前参与了小米2025冬季新品发布会，集团最新发布了17 Ultra智能手机系列，产品线更丰富，反 映其持续推进高端化策略，预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透 价位在6,000元人民币以上的市场，并将加速发展海外高端产品市场。 ...

高盛日前参与了小米2025冬季新品发布会，集团最新发布了17Ultra智能手机系列，产品线更丰富，反 映其持续推进高端化策略，预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透 价位在6,000元人民币以上的市场，并将加速发展海外高端产品市场。 高盛发布研报称，小米集团-W(01810)今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大 语言模型整合到一个可能于2026年发布的AI原生消费终端当中，继续看好集团在其"人车家全生态"战略 下，仍处于多年生态扩张的早期阶段，又指稳健的资产负债表、强大的生态整合能力，以及因深入参与 供应链而具备的成本优势，将提升其在电动车领域的竞争力，予以"买入"评级，目标价53.5港元。 ...

该行予以小米"买入"评级，目标价53.5港元。 高盛发表研究报告指，小米最新发布17 Ultra智能手机系列，产品线更丰富，反映其持续推进高端化策 略；预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透价位在6000元以上的市 场，并将加速发展海外高端产品市场。 高盛亦提到，小米今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大语言模型整合到一个 可能于2026年发布的AI原生消费终端当中，继续看好集团在其人车家全生态战略下，仍处于多年生态 扩张的早期阶段，又指稳健的资产负债表、强大的生态整合能力，以及因深入参与供应链而具备的成本 优势，将提升其在电动车领域的竞争力。 ...

央视专题纪录片镜头前，雷军侃侃而谈玄戒芯片、小米汽车与智能制造突破，一句"实现苹果都没做到 的人车家全生态"，让所有人看清：那个敢想敢干的小米，早已凭硬核科技站稳全球科技第一梯队。 曾经有人质疑小米"只会组装"，嘲讽造车是"门外汉凑热闹"，可雷军偏要以行践言。做芯片，就砸百亿 熬四年；造汽车，就躬身入局啃最难的骨头；建生态，就一步步打通人、车、家每一个场景。没有捷 径，唯有死磕，这才是小米最动人的底色。 谁能想到，当年靠性价比出圈的小米，如今能在核心科技赛道接连破局。玄戒芯片就是最好的底气，历 时四年研发、砸下135亿，这颗3nm旗舰芯片集成190亿晶体管，能效比肩苹果A18 Pro，自研ISP让影像 算力拉满，更补上了小米"缺芯"的短板，成为全球唯四拥有自研旗舰芯片的手机厂商。从澎湃S1试水到 玄戒O1落地，小米用11年磨一剑，把"芯片梦"照进现实，彻底摆脱对供应链的依赖。 小米汽车的崛起，更是雷军"生死看淡不服就干"的最好诠释。从官宣造车到SU7交付超20万台，订单排 期半年，小米只用两年就站稳新能源赛道，成为最快跻身主流的新势力。更关键是汽车与生态深度绑 定，澎湃OS让手机、汽车、家电无缝联动，上车自动 ...

从年初曝出与雷军接触、离职，到上个月官宣加入小米，再到本月出席小米"人车家全生态大会"，被冠以"天才少女"名号的罗福莉，站在台前拿出了新模 型MiMo-V2-Flash。 刚刚在这个领域开始起跑的小米，交出了一份看起来不错的成绩单。 作为一个参数309B、激活参数15B的"大"模型（罗福莉本人也提到，这个尺寸小到不愿意称之为大模型），在小米团队的构想中，这个模型是为了给 Agent当基座来训练的。 为此，这个模型的优化更加侧重一些特定的方向，核心是高性价比、快速： 比如能够达到每秒150 tokens的生成速度、极低的成本，在保持高性价比的同时，它还保证了模型的性能。 "它的代码能力和 Agent 能力在世界级公开公正的评估榜单上，已经进入了全球开源模型 Top 1-2 的行列。"罗福莉说，"大部分评估基准已经超过或者和 DeepSeek-V3、Kimi K2- Thinking、Qwen等模型相当，但它的参数是后者们的1/2-1/3。" 发布的小米模型，也面临了两极分化的口碑，有人盛赞模型代码能力领先，有人则认为这是一个"刷分"之作。 无论如何，小米需要AI。 选在12月18日的人车家全生态大会，更说明了A ...

Core Viewpoint - Xiaomi is undergoing significant personnel adjustments in its China operations, focusing on enhancing performance across its core business areas: smartphones, automotive, and home appliances. This restructuring aims to improve operational efficiency and resource allocation to growth sectors, particularly the automotive business, amidst performance pressures in the smartphone segment [3][5][6]. Personnel Adjustments - The position of General Manager for Sales Operations I has been taken over by Wang Xiaoyan, Senior Vice President and President of Xiaomi China. Guo Jinbao, General Manager of the Jiangsu branch, will now serve as General Manager for Sales Operations II, reporting to Wang. Zhang Jian, previously General Manager of the Automotive Sales and Service Department, has been appointed as General Manager of the New Retail Department [5][6]. - The restructuring is seen as a response to performance pressures in Xiaomi's China operations, with Wang Xiaoyan personally stepping in to drive performance improvements [5][6]. Business Performance Insights - In the smartphone sector, rising component prices are expected to create challenges for manufacturers in the coming year. Xiaomi's President Lu Weibing indicated that the market pressures in 2024 will be greater than in 2023, leading to anticipated price increases for related products [5][6]. - The automotive business has shown promising results, with Xiaomi's smart electric vehicle revenue reaching 28.3 billion yuan in Q3, marking the first quarter of operational profitability with earnings of 700 million yuan. However, a reduction in purchase tax subsidies next year may lead to a decline in gross margins for Xiaomi's automotive segment [6][7]. - The home appliance segment has faced challenges, with a 15.7% year-on-year decrease in revenue for smart home appliances in Q3, attributed to ongoing price wars in the home appliance industry [6][7]. Ecosystem Integration - The personnel changes are aimed at breaking down the existing silos between the smartphone, automotive, and home appliance sectors, which have previously operated independently. The goal is to enhance synergy and resource sharing among these business units [6][8]. - There is a focus on improving the efficiency of offline stores, with potential plans to close underperforming locations and concentrate resources on high-potential stores. As of Q3, Xiaomi had over 18,000 offline stores in China, with approximately 210 large stores exceeding 500 square meters [9]. - The restructuring is expected to facilitate user flow integration, allowing mobile stores to handle automotive inquiries and share channels for home appliances, ultimately enhancing customer experience [8][9].

每经记者｜杨卉 每经编辑｜程鹏 魏文艺 12月9日，有市场消息称，小米中国区近期开启了一系列人事调整，涉及手机、汽车、大家电等核心运营类岗位。当日中午，《每日经济新闻》记者（以 下简称"每经记者"）从接近小米的相关人士处确认了这一消息。 每经记者注意到，此次人事调整后，原销售运营一部总经理一职由小米集团高级副总裁、中国区总裁王晓雁兼任，江苏分公司总经理郭金保担任销售运营 二部总经理，原小米汽车部销交服部总经理张健任新零售部总经理。 在福建华策品牌定位咨询创始人詹军豪看来，此前小米"人车家"三者仅在技术层面浅度融合，靠澎湃OS实现部分设备互联，但线下割裂明显。其中，手 机、大家电分属不同零售体系，汽车更多是独立体验店，门店未形成协同，甚至存在低效门店拖累整体效能的问题。此次小米进行人事调整，除了基 于"业绩压力"外，也可以理解为向汽车等增长性业务的资源倾斜，同时实现用户流量的互通，如推动手机门店承接汽车咨询、大家电网点复用渠道、集中 采购摊薄成本等。 图片来源：视觉中国 线下各门店有望实现"互通" 中国区总裁亲自下场"抓业绩" 具体来看，此次调整后，原销售运营一部总经理一职由小米集团高级副总裁、中国区总裁王晓雁 ...

Core Viewpoint - The Q3 financial report of Xiaomi serves as a preview of the company's next growth phase rather than just a performance summary [1][7]. Group 1: Financial Performance - In Q3, Xiaomi's total revenue reached 113.1 billion RMB, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion RMB [3][4]. - The overall gross margin for Q3 was 22.9%, up 2.5 percentage points year-on-year, setting a new historical record. Adjusted net profit surged 81% year-on-year to 11.3 billion RMB, exceeding major investment banks' expectations [4][5]. - For the first three quarters of 2025, total revenue reached 340.4 billion RMB, nearing last year's total, with adjusted net profit of 32.8 billion RMB, surpassing the total for 2024 [5]. Group 2: Business Segments - Xiaomi's growth is supported by three main business lines: smartphones, automotive, and IoT, all showing strong growth potential [10][20]. - The smartphone and AIoT business combined generated revenue of 84.1 billion RMB in Q3, with a gross margin of 22.1%, an increase from 20.8% year-on-year [10][11]. - The automotive segment saw revenue of 29 billion RMB in Q3, a year-on-year increase of over 199%, with the automotive business achieving profitability for the first time [12][15]. Group 3: Strategic Developments - Xiaomi's high-end smartphone strategy is yielding results, with Q3 smartphone shipments reaching 43.3 million units, maintaining a top-three global market position [23][24]. - The automotive business has rapidly become a new growth engine, with Q3 deliveries reaching 108,799 units, setting a new record for the quarter [30][32]. - The IoT business reported revenue of 27.6 billion RMB in Q3, with a gross margin of 23.9%, continuing a trend of revenue growth for seven consecutive quarters [38][40]. Group 4: Innovation and R&D - Xiaomi's R&D investment in Q3 reached 9.1 billion RMB, a 52.1% year-on-year increase, with total R&D personnel reaching 24,871 [47]. - The company is focusing on high-quality growth in its IoT business, with plans to enhance its product offerings and expand into overseas markets [39][40]. - The establishment of a new smart appliance factory marks a significant milestone for Xiaomi's home appliance business, supporting future growth [40][41].