小米昨日发布2023年第一季度财报。财报显示，该公司第一季度总收入达到595亿元，较2022年同期下 滑18.9%；经调整净利润为32亿元，较2022年同期增长13.1%。其中包含智能电动汽车等创新业务费用 11亿元。 财报发布后，小米集团合伙人、总裁兼国际业务部总裁卢伟冰，副总裁、CFO兼天星数科董事长林世 伟等高管出席了随后举行的财报电话会议，解读财报要点，并回答了数位分析师的提问。 以下即为本次电话会议分析师问答环节实录： 摩根士丹利分析师Andy Meng：我的问题有关小米最主要的手机板块。我们看到第一季度在手机市场 整体需求非常疲软的情况下，小米的毛利率取得大幅的改善，这是非常令人鼓舞的。 展望二季度，我们也看到公司最近已经正式启动了"618"的预售，在新闻稿当中我也看到了有16亿的大 礼包，热销机型包括小米13系列、红米K60系列都有不小的折扣。 作为投资人，我们应该如何解读这样的促销策略对二季度的出货量、手机的平均销售价格和毛利率这三 个核心指标的影响？促销的折扣是不是会在推高销量的同时对毛利率产生一些负面影响？或者说公司有 信心在促销提高出货量的同时，依然能够维持很好的毛利率水平？除此之外，能 ...

Core Insights - The Southeast Asian smartphone market experienced a 3% year-on-year decline in Q1 2025, marking the first drop after five consecutive quarters of growth [1][3] - Samsung regained the top position with 4.3 million units shipped, holding a 19% market share, while Xiaomi was the only top five vendor to achieve a year-on-year growth of 4%, reaching 4 million units and a 17% market share [1][7] - The average selling price (ASP) increased by 5% to the highest level since 2023, driven by a wave of high-end product launches in Q4 2024, which reduced disposable income for retailers [3][6] Market Performance - Samsung: 4.3 million units, 19% market share, down 3% year-on-year [7] - Xiaomi: 4.0 million units, 17% market share, up 4% year-on-year [7] - Transsion: 3.3 million units, 15% market share, down 20% year-on-year [7] - OPPO: 3.2 million units, 14% market share, down 16% year-on-year [7] - Vivo: 2.7 million units, 12% market share, down 3% year-on-year [7] Strategic Insights - Companies need to maintain flexible product portfolio strategies to quickly respond to changing market dynamics, as demonstrated by Xiaomi's rise to second place through strategic product launches [3][4] - Diversification of sales channels is crucial for mitigating risks associated with market volatility, particularly in the entry-level segment [3][6] - Vietnam is emerging as a key market for smartphone production due to its stable governance and improving infrastructure, providing opportunities for brands to expand their 5G product lines [6]

Core Insights - The Southeast Asian smartphone market experienced a 3% year-on-year decline in Q1 2025, marking the first drop after five consecutive quarters of growth [1][2] - Samsung regained the top position with a shipment of 4.3 million units, holding a 19% market share, while Xiaomi was the only top five vendor to achieve year-on-year growth, increasing shipments by 4% to 4 million units, capturing 17% market share [1][7] - The average selling price (ASP) rose by 5% to its highest level since 2023, driven by a wave of high-end product launches in Q4 2024, which reduced disposable income for retailers [2][4] Market Dynamics - The decline in the smartphone market is attributed to high inventory levels due to preemptive stocking by manufacturers in Q4 2024, coupled with inflationary pressures that weakened consumer demand, particularly in the entry-level and mid-range segments [2][4] - Manufacturers are advised to maintain flexible product portfolio strategies to adapt to changing market dynamics, as demonstrated by Xiaomi's strategic acceleration of Note series launches [2][5] Competitive Landscape - Honor achieved an impressive 88% year-on-year growth, with shipments reaching 893,000 units, attributed to a diverse product line that mitigated reliance on a single market segment [2][5] - Samsung's focus on enhancing product value and deepening partnerships with telecom operators has led to a 47% year-on-year increase in shipments of its 5G A series, aiding its transition towards a higher-end product line [2][5] Regional Insights - Vietnam is emerging as a key beneficiary of regional supply chain shifts, supported by stable governance and improved infrastructure, making it an attractive location for long-term smartphone production investments [5] - Other Southeast Asian countries like Malaysia, Indonesia, and Thailand are also enhancing their roles in the smartphone value chain, leveraging local advantages in semiconductor and battery production [5]