Core Insights - Xiaomi Group reported a revenue of 113.12 billion yuan for Q3 2025, representing a year-on-year growth of 22.3%, and an adjusted net profit of 11.31 billion yuan, up 80.9% [1] Business Segments Summary - The revenue from the mobile and AIoT business segment was 84.1 billion yuan, showing a year-on-year increase of 1.6%, while the smart electric vehicle and AI innovation business segment generated 29 billion yuan, a significant growth of 199.2% [1] - The smart electric vehicle segment alone contributed 28.3 billion yuan, with other related businesses accounting for 700 million yuan [1] - For the first time, the smart electric vehicle and AI innovation segment achieved a quarterly operating profit of 700 million yuan, with a gross margin increase from 17.1% in Q3 2024 to 25.5% in Q3 2025, attributed to lower core component costs and improved manufacturing efficiency [1] Automotive Business Insights - In Q3, Xiaomi delivered 108,796 new vehicles, bringing the total deliveries for the first three quarters of the year to over 260,000 units, with September and October seeing monthly deliveries exceeding 40,000 units [2] - The gross margin level for Xiaomi's automotive business is considered normal within the industry, particularly following the launch of the higher-priced SUV model YU7, which has positively impacted profitability [2] - The automotive industry benefits from significant economies of scale, meaning that as production and sales increase, the per-vehicle costs decrease, which supports sustained profitability for Xiaomi's automotive segment [2] Smartphone Business Summary - In Q3, Xiaomi's smartphone shipments reached 43.3 million units, a slight increase of 0.5%, primarily driven by growth in overseas markets [3] - Smartphone revenue was 46 billion yuan, reflecting a year-on-year decline of 3.1%, mainly due to a decrease in average selling prices [3] - The gross margin for smartphones fell from 11.5% in Q2 to 11.1% in Q3, impacted by rising core component prices [3] - Xiaomi's R&D investment for the first three quarters reached 23.5 billion yuan, with an expectation to exceed 30 billion yuan for the entire year, and Q3 R&D spending was 9.1 billion yuan, up 52.1% year-on-year [3]

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].

Core Viewpoint - Xiaomi Group has successfully implemented its high-end strategy across various product categories, achieving significant revenue growth and profitability in its automotive segment for the first time in a single quarter [1][3]. Financial Performance - In Q3 2025, Xiaomi reported total 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% [1]. - The company's R&D investment reached 23.5 billion yuan in the first three quarters of the year, nearing the total for the entire year of 2024 [1]. Business Segments - The smartphone segment saw a slight revenue decline from 47.5 billion yuan to 46 billion yuan, a decrease of 3.1%, primarily due to a drop in average selling price (ASP) [2]. - The IoT and lifestyle products segment grew from 26.1 billion yuan to 27.6 billion yuan, a 5.6% increase, driven by global sales of wearable devices [2]. - Internet services revenue increased from 8.5 billion yuan to 9.4 billion yuan, a growth of 10.8%, largely due to strong performance in advertising [3]. - The smart electric vehicle segment experienced a remarkable revenue increase of 197.9%, rising from 9.5 billion yuan to 28.3 billion yuan, with vehicle deliveries increasing by 173.4% [3]. Cost and Investment - Sales and marketing expenses rose to 8.3 billion yuan, a 32.3% increase, reflecting expansion efforts in retail and advertising [3]. - R&D spending in Q3 reached 9.1 billion yuan, a 52.1% increase, with total R&D investment expected to exceed 30 billion yuan for the year [3]. Workforce and Market Position - As of September 30, 2025, Xiaomi's R&D personnel count reached a record high of 24,871 [4]. - Xiaomi's stock price closed at 40.78 HKD per share on November 18, 2025, with a total market capitalization of 1.06 trillion HKD [4].

2025 年第三季度，小米共交付 108,796 辆新车，创历史新高。 截至 2025 年 9 月 30 日，小米汽车已在中国大陆地区 119 个城市开业了 402 家汽车销售门店；在中国大陆地区已有 209 家服务网 点，覆盖 125 个城市。 2025 年第三季度，小米智能电动汽车及 AI 等创新业务分部毛利率由 2024 年第三季度的 17.1% 上升至 2025 年第三季度的 25.5%， 主要是由于核心零部件成本下降、单位制造成本降低、Xiaomi SU7 Ultra 从 2025 年 3 月开始交付，以及其他相关业务毛利率上升 所致。 | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至以下日期止三個月 | | | | | | 2025年9月30日 2024年9月30日 | | | | | | 毛利 | 主末图 | 主利 | 毛利率 | | | (人民幣百萬元,除非另有説明) | | | | | 手機×AIoT | 18.552.2 | 22.1% | 17.221.0 | 20.8% | | 智能電動汽車及AI等創新業務 | 7,384. ...

Group 1: Economic and Market Trends - The UK equity funds experienced significant outflows, with £3.6 billion withdrawn over the last three months, indicating investor concerns about a potential market correction driven by high valuations [7][67]. - The excitement surrounding AI technologies has led to record highs in stock markets, particularly in the US, with notable gains from companies like AMD following a partnership deal with OpenAI [6][68]. - Despite the turmoil in France's government, Europe saw modest net buying, contrasting with the negative sentiment surrounding the UK economy, which is facing fiscal challenges and rising credit spreads [3][65]. Group 2: Company Performance - Mercedes-Benz reported a 12% decline in vehicle deliveries year-over-year for Q3, with significant drops in sales in the US and China, attributed to US tariffs and increased competition from domestic brands [26][27]. - The stock market reaction to the resignation of France's prime minister has led to increased volatility, impacting the Cac 40 index, which is currently underperforming compared to other European markets [12][66]. - UK-focused equity funds saw £692 million pulled out, reflecting investor hesitance amid concerns over the economic outlook and high stock valuations [63][64]. Group 3: Trade and Tariff Implications - The US-Canada trade relationship is under scrutiny as President Trump expressed willingness to renegotiate the USMCA, which is crucial for Canada's economy [8][16]. - Trump's tariffs on Canadian goods, including a new 25% tariff on heavy trucks, are expected to further strain trade relations and impact Canada's economic performance [17][29]. - The World Trade Organization has warned that Trump's trade policies could significantly reduce global trade growth, revising its forecast for goods trade growth down to 0.5% for 2026 [29][30].

Core Points - Xiaomi launched the new Xiaomi 17 series smartphone at a starting price of 4499 yuan (12GB+256GB) during its autumn launch event on September 25 [2][4] - CEO Lei Jun emphasized that the craftsmanship of the Xiaomi 17 is comparable to that of the iPhone [2][4] - The Xiaomi 17 series features the world's first Snapdragon 8 Gen 2 mobile platform, utilizing a third-generation 3nm process with a peak frequency of 4.6GHz [6] - The device is equipped with a 7000mAh battery, boasting a silicon content of 16%, high energy density, and a lifespan of five years [8] Product Features - The Xiaomi 17 series comes in four color options: Snow Mountain Pink, Ice Melting Blue, and classic black and white [10] - It features a 6.3-inch Super Sunshine display with a new generation Xiaomi M10 screen technology, achieving a peak brightness of 3500 nits [10] - The device supports 100W wired and 50W wireless fast charging [8] Chip Development Strategy - Lei Jun shared insights on Xiaomi's self-developed chips, stating that the company plans to invest at least 50 billion yuan over the next 10 years, focusing on high-end products [12] - The decision to continue chip development was made after a critical meeting in 2022, where Lei Jun expressed strong support for the initiative despite previous setbacks [14] - Xiaomi's chip development began in 2014 with Pinecone Electronics, and the company aims to build a strong chip R&D team regardless of the outcome [14] Market Reaction - Following the announcement, Xiaomi's stock price surged over 4%, reaching 59.45 HKD, marking a new high since July [16] - The launch coincided with Qualcomm's release of the Snapdragon 8 Gen 2 platform, which is touted as the fastest mobile CPU globally [16] Future Plans - Xiaomi announced plans to enter the European electric vehicle market by 2027, with intentions to establish car showrooms and potentially build a local factory [21] - The company has already delivered 300,000 units of the Xiaomi SU7 within the first 15 months and received 200,000 orders for the Xiaomi YU7 within three minutes of its launch [21] - Xiaomi aims to open 10,000 self-operated stores globally by 2030, expanding its smart home ecosystem alongside its smartphone and electric vehicle offerings [21]

Group 1 - Xiaomi Group-W (1810.HK) saw a 4% increase in stock price, reaching HKD 59.2, marking the highest level since July 3 [1] - Xiaomi announced plans to sell electric vehicles in the European market by 2027 during an international conference held on September 24 [3] - The company is considering establishing car showrooms in Europe and may not design entirely new models for the market [3] Group 2 - Xiaomi has launched the Xiaomi SU7, the high-end SU7 Ultra, and the SUV model Xiaomi YU7, with the SU7 achieving 300,000 deliveries in the first 15 months [3] - The Xiaomi YU7 received 200,000 orders within 3 minutes of its launch [3] - By 2030, Xiaomi plans to open 10,000 self-operated Xiaomi Home stores globally and will increase sales of smart IoT appliances overseas [3] - The company aims to integrate its "Human x Car x Home" smart ecosystem for global customers [3]

Investment Opportunities - Identifying stocks that can rise 1,000% or more is essential for building significant wealth, as these investments can dramatically increase portfolio value [1][2] - Tronox Holdings Plc (TROX), a major producer of titanium dioxide, is highlighted as a potential investment with a projected return to the $20 range, representing a 4X return from current levels [3] - Intellia Therapeutics Inc. (NTLA) has seen its shares drop significantly but shows potential for a 1,000% upside due to promising drug trials and significant backing from Regeneron Pharmaceuticals Inc. [11][12] - WeRide Inc. (WRD), a leading robotaxi firm in China, is positioned for substantial growth with a potential 1,000% upside through 2030 as it expands into international markets [18] Market Trends - The Chinese auto market is evolving rapidly, with local manufacturers producing advanced vehicles that compete with Western models, particularly in the robotaxi sector [13][14] - The number of self-driving taxis in China is expected to grow significantly, with estimates suggesting up to 4 million robotaxis by 2030 [14] Investment Strategies - A quantitative system called Apogee has been developed to identify high-quality stocks that have fallen significantly but show signs of recovery, focusing on the "down a lot, up a little" strategy [3][21] - The system has already identified several companies with potential for substantial gains, emphasizing the importance of recognizing turnaround signals in stock performance [21]

Core Insights - Xiaomi Group achieved record high revenue and profit in Q2 2025, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [1] Business Segments - The "Mobile × AIoT" segment generated revenue of 94.7 billion yuan in Q2 2025, marking a historical high with a year-on-year growth of 14.8% [2] - Smartphone shipments reached 42.4 million units in Q2 2025, reflecting a 0.6% year-on-year increase, maintaining growth for eight consecutive quarters [2] - Xiaomi ranked among the top three global smartphone vendors with a market share of 14.7%, continuing a 20-quarter streak in the top three [2] - The number of active users reached a record high of 731.2 million globally, up 8.2% year-on-year, and the number of connected IoT devices grew to 989.1 million, a 20.3% increase [2] Innovative Business Growth - Revenue from smart electric vehicles and AI-related innovative businesses reached 21.3 billion yuan in Q2 2025, a significant increase of 233.9% from 6.4 billion yuan in Q2 2024 [3] - Smart electric vehicle revenue alone was 20.6 billion yuan, up 230.3% year-on-year, driven by increased delivery volumes and average selling prices (ASP) [3] - Vehicle deliveries surged to 81,302 units, a 197.7% increase from 27,307 units in Q2 2024, attributed to enhanced production capacity [3] - The ASP for smart electric vehicles rose to 253,700 yuan, a 10.9% increase, largely due to higher deliveries of the Xiaomi SU7 Ultra [3] Market Positioning - In the 4000-5000 yuan price segment, Xiaomi held the top market share in China, increasing by 4.5 percentage points to 24.7% year-on-year [4] - In the 5000-6000 yuan price segment, market share improved by 6.5 percentage points to 15.4% year-on-year [4]

Core Viewpoint - Xiaomi Group achieved record high revenue and profit in Q2 2025, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [2] Business Segments - The "Mobile × AIoT" segment generated revenue of 94.7 billion yuan in Q2 2025, marking a historical high with a year-on-year growth of 14.8% [5] - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, reflecting a 0.6% year-on-year increase, maintaining a position among the top three global smartphone vendors with a market share of 14.7% [6] - The number of active users on Xiaomi's ecosystem reached a record high of 731.2 million globally, growing 8.2% year-on-year, while the number of connected IoT devices (excluding smartphones, tablets, and laptops) increased to 989.1 million, up 20.3% [6] - Xiaomi added over 1,700 new retail stores in mainland China, bringing the total to over 17,000, and approximately 200 new retail stores overseas [6] Innovative Business Revenue - Revenue from smart electric vehicles and AI-related innovative businesses reached 21.3 billion yuan in Q2 2025, a significant increase of 233.9% from 6.4 billion yuan in Q2 2024 [8] - Smart electric vehicle revenue rose to 20.6 billion yuan, up 230.3% from 6.2 billion yuan in the previous year, driven by increased delivery volumes and average selling prices (ASP) [8] - The number of electric vehicles delivered surged to 81,302 units, a 197.7% increase from 27,307 units in Q2 2024, attributed to successful capacity enhancements [8] - The ASP for smart electric vehicles increased by 10.9% to 253,700 yuan per vehicle, primarily due to the delivery of higher ASP models like the Xiaomi SU7 Ultra [8] - Other related business revenues grew to 600 million yuan, up 411.1% from 200 million yuan, driven by increases in after-sales services, automotive financial services, and parts sales [8] High-End Strategy - In Q2 2025, Xiaomi ranked first in smartphone sales in mainland China, with high-end smartphone sales accounting for 27.6% of total smartphone sales, an increase of 5.5 percentage points year-on-year [9] - Xiaomi's market share in the 4,000-5,000 yuan price segment reached 24.7%, up 4.5 percentage points year-on-year, while the market share in the 5,000-6,000 yuan segment increased by 6.5 percentage points to 15.4% [9]