Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Insights - The company achieved a revenue of 113.12 billion yuan in Q3 2025, representing a year-on-year increase of 22.3% and a quarter-on-quarter decrease of 2.4% [7] - Adjusted net profit for Q3 2025 was 11.31 billion yuan, up 80.9% year-on-year and 4.4% quarter-on-quarter [7] - The automotive segment turned profitable for the first time, with revenue from automotive and AI-related businesses reaching 29.01 billion yuan, a year-on-year increase of 199.2% [7] - High-end smartphone sales showed strong performance, with Q3 2025 smartphone revenue at 45.97 billion yuan, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 1.0% [7] - The IoT segment generated revenue of 27.55 billion yuan, up 5.6% year-on-year, although it saw a quarter-on-quarter decline of 28.8% [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 270.97 billion yuan, 365.91 billion yuan, 474.58 billion yuan, 591.85 billion yuan, and 669.07 billion yuan respectively [1] - Net profit projections for the same years are 17.48 billion yuan, 23.66 billion yuan, 45.32 billion yuan, 52.96 billion yuan, and 65.61 billion yuan respectively [1] - The report adjusts the net profit forecast for 2025-2027 to 45.3 billion yuan, 53.0 billion yuan, and 65.6 billion yuan, reflecting a positive outlook on the company's performance [7] Market Position - The company has expanded its automotive sales network to 402 stores and 209 service points, covering 119 and 125 cities respectively [7] - The market share for smartphones priced above 3,000 yuan in mainland China increased by 4.1 percentage points to 24.1% [7] - The report highlights the company's ongoing efforts in high-end product development, with the new Xiaomi 17 series achieving a 30% increase in sales compared to the previous generation [7]

11月19日，小米公关部总经理王化发布日程表，称2025小米人车家全生态合作伙伴大会将于12月17日举办，现已开启线上报名。 日程表显示，小米集团合伙人、集团总裁卢伟冰等人将在主论坛发言。 此外，刚刚加入小米的罗福莉将以MiMo大模型负责人身份进行首秀。 图：议程安排 事实上，罗福莉加盟小米的消息早有铺垫。据红星新闻、证券时报等报道，去年年末，雷军在直播时就曾表示，希望用千万年薪挖角罗福莉，请她到小米 带领团队从事AI大模型研究。 11月12日，据澎湃新闻、蓝鲸新闻等多家媒体报道，罗福莉发布朋友圈表示，"智能终将从语言迈向物理世界。我正在Xiaomi MiMo，和一群富有创造 力、才华横溢且真诚热爱的研究员，致力于构建这样的未来，全力奔赴我们心目中的 AGI。" 这是罗福莉正式宣布自己加入小米，亦是对此前传言的回 应。 图：罗福莉发布朋友圈 罗福莉能被雷军力邀，与其亮眼的履历密不可分。据悉，她高中就读于四川省宜宾市第一中学校"清北班"，2013年考上北京师范大学后保研北大。身上集 齐了保研北大、在顶会顶刊发文章、毕业进入阿里达摩院、转行跳槽知名私募公司、在DeepSeek从事人工智能研究、知乎"一夜爆红"等多 ...

每经编辑｜许绍航 11月19日，小米公关部总经理王化发布日程表，称2025小米人车家全生态合作伙伴大会将于12月17日举办，现已开启线上报名。 图：王化发布日程表 日程表显示，小米集团合伙人、集团总裁卢伟冰等人将在主论坛发言。此外，刚刚加入小米的罗福莉将以MiMo大模型负责人身份进行首秀。 图：议程安排 事实上，罗福莉加盟小米的消息早有铺垫。据红星新闻、证券时报等报道，去年年末，雷军在直播时就曾表示，希望用千万年薪挖角罗福莉，请她到小米 带领团队从事AI大模型研究。 11月12日，据智通财经、蓝鲸新闻等多家媒体报道，罗福莉发布朋友圈表示，"智能终将从语言迈向物理世界。我正在Xiaomi MiMo，和一群富有创造 力、才华横溢且真诚热爱的研究员，致力于构建这样的未来，全力奔赴我们心目中的 AGI。" 这是罗福莉正式宣布自己加入小米，亦是对此前传言的回 应。 图：罗福莉发布朋友圈 罗福莉能被雷军力邀，与其亮眼的履历密不可分。据悉，她高中就读于四川省宜宾市第一中学校"清北班"，2013年考上北京师范大学后保研北大。身上集 齐了保研北大、在顶会顶刊发文章、毕业进入阿里达摩院、转行跳槽知名私募公司、在DeepSeek从 ...

AI大模型领域，小米推出的Xiaomi-MiMo-Audio语音开源大模型，该模型与此前发布的语言大模 型、多模态（VL）大模型形成完整的全系列模型矩阵，实现了对基座模型主要模态的完整战略布局。 11月，小米正式发布智能家居未来探索方案Xiaomi Miloco，在行业率先探索大模型驱动全屋智能生 活，重构家庭智能生活交互。 本季度小米智能手机业务全球出货量4330万台，连续9个季度实现同比增长。小米集团合伙人、集 团总裁卢伟冰回应了关于全球手机市场回暖及小米手机全年出货量预期的相关问题。他表示，今年全球 手机市场出货量与去年呈现整体持平趋势，但由于近期供应链成本上涨压力及各家库存储备情况，预计 明年市场压力将增大，相关产品零售价格预计也将迎来上涨。卢伟冰指出，区别于以往手机行业波动周 期内影响内存价格，本次内存价格上涨会是偏长周期过程，其主要原因是AI所带来的HBM（高宽带内 存）需求的强力上涨带动全球内存价格上浮。卢伟冰还强调，小米将同友商一起通过保证供应链稳定、 优化改善产品结构来应对成本及零售价格上升。卢伟冰同时还表示，小米手机2025年出货量目标预计为 1.7亿台。 智能家电领域，小米高端化产业闭环 ...

电子行业点评 Xiaomi Miloco 亮相，定义全屋智能新未来 2025 年 11 月 19 日 ➢ 事件：11 月 14 日，小米发布智能家居未来探索方案 Xiaomi Miloco（全称 Xiaomi Local Copilot），率先探索由大模型驱动的全屋智能生活。 ➢ 探索大模型+智能家居，用自然语言定义全屋智能。基于大模型独特的开发 范式，Miloco 能让智能家居具备"理解生活"的能力，用户可以和智能家居系 统进行对话沟通，经过大模型的推理计算，自动完成家庭生活中的各类智能需求 和规则，实现更广泛、更具创意的智能联动。 相比而言，由于传统智能家居具备"规则预设固化"+"生态协同不足"的双重 制约，用户不得不手动配置繁琐的自动化规则，且不同品牌设备间缺乏统一联动 标准。而 Miloco 则能为家庭系统赋予一个能理解生活细节的大脑，既可保存"雨 天关窗"、"睡前调温"等场景偏好，还能读懂"想睡个好觉"的语言背后对温度、 光线、噪音等方面的综合需求，支持跨生态设备协作，并在交互中持续优化体验。 与此同时，Miloco 方案还坚持隐私安全优先原则，通过自研大模型+端侧部署， 所有视觉数据都将直接在端侧 ...

2025年11月18日，小米集团发布三季度财报，一组亮眼的数据迅速成为市场焦点。财报公布 后不久，多家投资机构发布了分析结论。有的机构对Q3财报的数据表示赞赏，也有的机构对小米 集团后市的发展表示担忧。 小米集团Q3财报最大的看点是汽车板块等扭亏了，首次实现单季度经营收益转正。然而，这份堪 称"漂亮"的财报发布后，摩根大通、瑞银等国际投行下调或维持小米评级为"中性"，目标股价也同步调 低。这种财报数据与投行评级的强烈反差，折射出资本市场对小米未来发展的复杂态度。 多业务协同驱动增长引擎 中信建投海外团队发布的分析时间比较早，分析也比较全面，引起许多人的关注。 产能瓶颈是首要风险。尽管小米汽车交付量持续攀升，但当前产能仍难以满足订单需求。瑞银指 出，若产能扩张速度不及预期，可能错失市场窗口期，尤其在中国新能源汽车竞争白热化的背景下，延 迟交付可能导致用户流失。此外，小米汽车业务仍处于大投入期，尽管单季盈利转正，但全年来看仍需 承担工厂建设、技术研发等固定成本分摊压力，盈利可持续性有待观察。 小米集团的手机业务比较成熟，大家更关心汽车板块的表现。中信建投海外团队分析了各个板块的 情况，包括大家关心的汽车业务。 I ...

Core Viewpoint - Xiaomi Group reported a strong Q3 2025 financial performance, with 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 80.9%, marking the highest quarterly profit in history [2] Financial Performance - Revenue breakdown: - Mobile and AIoT business contributed 84.1 billion yuan - Smartphone revenue was 46 billion yuan with global shipments of 43.3 million units, a 0.5% year-on-year increase, achieving nine consecutive quarters of growth [2] - IoT and consumer products revenue reached 27.6 billion yuan, up 5.6% year-on-year - Internet services revenue was 9.4 billion yuan, a 10.8% increase year-on-year [2] Market Outlook - Xiaomi's management indicated a "slight recovery" in the global smartphone market, primarily driven by low-end demand in emerging markets [2] - The company set its smartphone shipment target for the year at approximately 170 million units, with a cautious outlook for Q4 [2] Automotive Business - The automotive segment saw significant growth, with revenue reaching 29 billion yuan, a year-on-year increase of over 199%, and a quarterly delivery of over 100,000 electric vehicles, marking a new high since its launch [3] - Cumulative deliveries for the first three quarters exceeded 260,000 units, with a target of 350,000 units for the year [3] Product Strategy - Xiaomi is focusing on high-end product strategies, with a market share of 18.9% in the 4,000 to 6,000 yuan smartphone segment, an increase of 5.6 percentage points year-on-year [3] - The recently launched Xiaomi 17 series saw a 30% increase in sales compared to the previous generation, with over 80% of sales coming from high-end models [3] R&D Investment - R&D expenses for the first three quarters reached 23.5 billion yuan, nearing the total for the entire year of 2024, with expectations to exceed 30 billion yuan for the year [5] - The third quarter saw R&D investment of 9.1 billion yuan, a year-on-year increase of over 50% [5] Competitive Strategy - Xiaomi aims to avoid price wars and instead focus on enhancing average selling prices (ASP) through product line expansions [5] - The company is expanding its high-end home appliance business into Southeast Asia and Europe, with plans to accelerate overseas growth next year [5]

专题：聚焦2025年第三季度美股财报 小米集团（HKEX： 1810）今日发布了2025年第三季度财报：总收入达到1131亿元，同比增长22.3%； 净利润为123亿元，同比增长129.5%。非国际财务报告准则计量，经调整净利润为113亿元，同比增长 80.9%。 详见： 小米第三季度营收1131亿元 经调净利润113亿元 财报发布后，小米集团合伙人兼总裁卢伟冰，副总裁、CFO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：首先恭喜小米能在本季度创造历史新高的盈利。我有两个问题，第一 个问题是关于手机的。近期我们看到，资本市场关注到内存价格有大幅上涨，大家都非常关心成本要素 对于手机毛利率的影响。能否请管理层与我们分享一下，您对内存价格的变化趋势和手机毛利率有哪些 预判？ 我的第二个问题是关于小米汽车的。我们关注到最近这两个月，小米汽车的交付量在持续增长。同时， 我们也看到小米SU7 Pro和小米SU7 Pro Max的交货周期出现了大幅的提前。能否请管理层与我们分享一 下出现这些变化的原因？以 ...

Core Viewpoint - Xiaomi's automotive division has finally turned profitable after more than a year of selling cars, achieving a significant milestone in its business development [1][6]. Financial Performance - In Q3 2025, Xiaomi reported total revenue of RMB 113.1 billion, a year-on-year increase of 22.3% but a quarter-on-quarter decrease of 2.4% [2][4]. - Adjusted net profit for the same period was RMB 11.3 billion, reflecting an 80.9% year-on-year growth and a 4.4% quarter-on-quarter increase [2][3]. - The gross profit margin for the overall business was 22.9%, with a notable increase in operating profit by 150.1% year-on-year [2][3]. Automotive Business - The automotive segment generated RMB 29 billion in revenue, marking a historical high with a year-on-year growth of 199.2%, and accounted for 25.6% of total revenue [6][8]. - For the first time, the automotive division achieved an operating profit of RMB 700 million in Q3 [1][6]. - Xiaomi delivered 108,796 vehicles in Q3, and is on track to meet its annual delivery target of 350,000 vehicles [1][8]. Smartphone and AIoT Business - The smartphone and AIoT segment generated RMB 84.1 billion in revenue, representing 74.4% of total revenue, with a slight year-on-year increase of 1.6% [3][4]. - The gross margin for the smartphone and AIoT business was 22.1%, up 1.3% year-on-year [3][4]. - Xiaomi's smartphone sales ranked second in the domestic market, with a market share of 18.9% in the RMB 4,000-6,000 price range, an increase of 5.6% year-on-year [4][5]. Research and Development - Xiaomi's R&D investment reached RMB 235 billion in the first three quarters, with a record high of 24,871 R&D personnel [8][10]. - The company is focusing on AI development, with significant outputs from its AI team within a year of formation [8][10]. Future Outlook - The company anticipates challenges in 2026, particularly regarding automotive gross margins due to potential changes in tax policies and increased competition in the automotive sector [1][8]. - Xiaomi aims to expand its presence in the high-end smartphone market, particularly in the RMB 6,000+ segment, leveraging the success of its Xiaomi 17 series [5][8].

11月18日，小米集团（HK01810）发布三季度业绩公告显示，公司单季营收1131亿元，同比增长 22.3%，连续4个季度突破千亿；经调净利润113亿元，同比大增80.9%，创历史新高。 智能电动汽车及AI等创新业务分部收入290亿元，同比劲增超199%。其中智能电动汽车收入283亿元， 其他相关收入7亿元，并且本季度小米汽车及AI等创新业务分部首次实现单季度经营收益转正，实现单 季经营收益7亿元。 高盛研报认为，从长远来看，小米稳健的资产负债表、强大的生态整合能力以及因规模和深度参与电动 汽车供应链而产生的成本优势，将提升其在电动汽车领域的竞争力和吸引力。 武汉智能家电工厂一期竣工投产 小米集团前三季总营收已达3404亿元，接近去年全年，经调净利润328亿元，已超去年总额。本季度小 米智能手机业务稳中有进，全球出货量4330万台，连续9个季度实现同比增长。国内方面，小米智能手 机销量连续6个季度稳居中国内地前二；国际市场方面，在57个国家和地区排名前三，68个国家和地区 排名前五。 具体来看，手机×AIoT分部收入841亿元。其中智能手机业务收入460亿元，出货量连续9个季度同比增 长，连续21个季度稳居 ...