小米集团 (01810.HK) 2025年第三季度业绩电话会
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会议摘要
Xiaomi Group's total revenue for the first three quarters of 2025 reached 113.1 billion, a year-on-year increase of 22.3%, with a gross profit margin of 22.9%, reaching a historical high. The market share of smartphones has increased, and the high-end strategy has achieved significant results; the IoT business has grown for seven consecutive quarters, with Xiaomi's car delivery volume exceeding expectations, and the full-year target is expected to be achieved ahead of schedule. Research and development investment reached 23.5 billion, a year-on-year increase of 52.1%, continuing to increase investment in underlying technology. ESG ratings have improved, and net profit has reached a historical high. Xiaomi is addressing the rise in memory prices through cost control optimization and improving supply chain efficiency, accelerating its overseas new retail layout, and planning to release an enhanced version of end-to-end assisted driving by the end of 2025 to further enhance the intelligent driving experience.
会议速览
Xiaomi Group's performance in Q3 2025 is impressive: both revenue and profits have reached record highs, and progress has been made in smart factories and the automotive business.In the third quarter of 2025, Xiaomi Group's total revenue reached 113.1 billion, a year-on-year increase of 22.3%, with adjusted net profit of 11.3 billion, a year-on-year increase of 81%, both hitting record highs. Sales of Xiaomi's 4G series saw significant growth, and new emerging businesses such as internet revenue and automotive AI achieved profitability. Xiaomi announced the start of construction of a smart factory, marking a major advancement in the field of intelligent manufacturing. In response to industry competition and rising costs, Xiaomi emphasized the continuous optimization of product features and gross profit margins. Detailed answers were also provided regarding the future planning of the company's IOT business and Xiaomi Automotive, demonstrating Xiaomi's firm layout in the fields of smart ecology and automotive.
Xiaomi's global market share has increased significantly and its high-end strategy has shown results.Xiaomi's global smartphone shipments ranked in the top three, with its market share continuing to grow, especially in the Chinese market. The company has achieved significant results in implementing a high-end strategy, with an increase in sales proportion in the 4000 to 6000 yuan price range, and the introduction of ultra-high-end products such as the Xiaomi 4G Pro Max, leading to product structure optimization. In terms of technological innovation, Xiaomi's surging OC3 system and interactive experience with Xiaomi Cars Island have been upgraded, with innovations in 2K display technology application. The supply chain management is stable, effectively addressing cost pressure.
IoT business and automotive AI dual engine drive, Xiaomi Technology leads industry innovation.The dialogue emphasizes the strong performance of the IoT business in the third quarter, achieving year-on-year growth in revenue and gross profit for seven consecutive quarters. Leading industry value creation through product and technological innovation, avoiding price wars, and focusing on enhancing product value and activating user demand. At the same time, Xiaomi's automotive AI business sector achieved overall profitability, delivering 108,799 new cars in the third quarter and a total of 265,967 in the first three quarters, continuously expanding sales and service network coverage, committed to enabling everyone around the world to enjoy a better life brought by technology. Xiaomi Technology promises to invest over 200 billion in research and development in the next five years, promoting the deep integration of AI with the physical world, and leading the next stage of intelligent technology.
Performance in the third quarter of 2025: Xiaomi Group has steady growth, and the smart electric vehicle business is profitable.Xiaomi Group achieved a total revenue of 113.1 billion yuan in the third quarter of 2025, a year-on-year increase of 22.3%, with the gross profit margin reaching a historic high. The shipment volume of smart phones has been growing for nine consecutive quarters, and the high-end strategy has achieved significant results. The overseas revenue of the IoT business reached a record high, and the smart electric vehicle business achieved profitability for the first time in a single quarter. Research and development investment increased by 52.1% year-on-year, and ESG ratings have improved for three consecutive years.
Fluctuations in memory prices and growth of Xiaomi cars: Challenges and strategies faced by Xiaomi.The impact of the significant increase in memory prices on mobile phone gross margin was discussed, pointing out that the surge in demand for high-performance computing driven by AI has led to a supply-demand imbalance. Xiaomi is responding to the decline in gross margin through product structure optimization and a high-end strategy. At the same time, Xiaomi's car deliveries are increasing, with delivery times shortened, indicating improved production efficiency. In the future, the focus will be on advancing intelligence and supply chain optimization.
Analysis of the Growth in Car Delivery Volume and the Impact of Mobile Strategy Adjustments and Subsidies.Discussed the continuous growth in car deliveries, with over 350,000 units delivered from the beginning of the year to now, and the expected target for the whole year can be achieved. Mentioned the improvement in delivery capacity through technological upgrades to shorten delivery cycles. In terms of mobile phone strategy, considering focusing more on profits next year, possibly adjusting shipment strategies, and potentially adjusting targets for high-end phones due to fluctuations in storage prices. Discussed the impact on next year's gross profit margin and the potential for efficiency improvement regarding subsidies for customers who have already purchased cars.
Retail prices in the mobile phone market are rising, along with Xiaomi's strategy to move towards higher-end products and maintaining a healthy profit margin in the automotive industry.Discussed the possibility that the increase in mobile phone retail prices may lead to a downturn in the overall market, Xiaomi has adjusted its business strategy to focus on both profit and scale, firmly advancing towards high-end products, with the goal of reaching 30 million high-end phones by 2030. Mentioned that the automotive gross profit margin is healthy, despite the impact of purchase tax incentives, maintaining a balance between delivery volume and healthy gross profit margin.
Xiaomi's AIoT strategy and outlook for home appliances business: breakthrough in number of connections and future layoutThe dialogue focuses on Xiaomi's latest advances in the AIoT field and the future strategies for its home appliance business. First, it discusses how Xiaomi is driving the application and popularization of edge AI technology and improving the smart home experience through a unified operating system and open-source smart home solutions. Secondly, in response to challenges facing the home appliance business such as changes in government subsidies, it emphasizes Xiaomi's strategies to address market changes by focusing on product innovation, increasing ASP and gross profit margins, and accelerating its international expansion strategy to maintain long-term growth goals. Finally, it introduces the construction of the intelligent factory in Wuhan, showcasing Xiaomi's advantages in high-end manufacturing and AI technology application.
Discussion on Xiaomi's automatic driving upgrade and overseas new retail layoutThe conversation revolves around the latest progress and future plans of Xiaomi's autonomous driving technology, as well as the strategy for overseas new retail store layout. In terms of autonomous driving, Xiaomi is committed to intelligent upgrades to enhance the driving experience, such as comfort and successful navigation rates, and plans to release a new version of end-to-end assisted driving. In the overseas new retail layout, Xiaomi is actively expanding its overseas markets while also focusing on balancing interests with local traditional distributors. Specific strategies were not detailed.
Overseas new retail layout and effectiveness: Discussion on high-density store opening and profit model.Discussed the expansion of the overseas new retail market, including the East Asian region, Europe, and Southeast Asia markets, emphasizing successful cases of high-density development and profitable models, such as the IC200 million revenue scale of Zhang Yiqiang's home appliances in Singapore, as well as the challenges of category access threshold in the Japanese market. At the same time, mentioned the advantage of Xiaomi's new retail in integrating product lines in physical space, as well as the multi-channel sales strategy on a global scale.
Long-term planning of Xiaomi's inventory management and the MILOKO solution.Discussed Xiaomi's inventory management strategy, emphasizing the need to flexibly adjust inventory levels in response to changes in cost cycles, while also highlighting the good cooperation with key suppliers to ensure supply chain adequacy and priority. Regarding the MILOKO plan, it was indicated that Xiaomi will continue to maintain an open ecological concept, with plans to share more content at future developer conferences, aiming to promote the development of intelligence and interactivity in the smart home sector.
The impact of storage cycle fluctuations on the industry landscape with the Xiaomi Wuhan factory.Discussed the impact of fluctuations in storage cycles on the mobile phone industry landscape, especially highlighting Xiaomi's adjustments in pricing strategy and the role of the Wuhan factory in enhancing the competitiveness of home appliances. It was pointed out that the rise in memory costs may trigger changes in the market landscape, and emphasized that the Wuhan factory has a high degree of intelligence and automation, which will empower OEM factories to upgrade and jointly promote the development of high-end products.
Analysis of Xiaomi's expansion strategy and overseas IoT revenue trends.The expansion strategy of Xiaomi's home in China was discussed, with the initial target of 10,000 stores accelerated to 20,000 by 2024, highlighting operational efficiency and optimization. Overseas IOT revenue is expected to continue growing, driven by product diversification. On the cost side, R&D and sales expenses have increased due to store openings and research and development investments, and future cost trends will be adjusted with operational optimization.
要点回答
Q：In the third quarter of 2025, we delivered 108,796 new cars. Can you please provide specific details regarding our new business achieving quarterly operational profitability for the first time?
A：The new business achieved profitability for the first time in a single quarter, with a profit of 700 million yuan in this quarter.
Q：The R&D expenditure for the first three quarters of this year has reached 23.5 billion RMB. May I ask, as of September 30th, 2025, what new record has been set for the number of R&D personnel?
A：As of September 30, 2025, the number of our research and development personnel reached a record high of 24,870, accounting for 44.2% of the total number of employees.
Q：We continue to return to shareholders through share repurchases. May I ask, what is the total amount of share repurchases we have made so far this year?
A：Since the beginning of this year, our cumulative repurchase amount has reached 1.54 billion Hong Kong dollars, approximately 34 million shares.
Q：In terms of car deliveries, the company has delivered over 400,000 units in a short period of time and continues to increase. How did the company achieve this achievement? What efforts have been made to improve delivery capabilities?
A：Through technological improvements, we have significantly increased delivery efficiency. Within 18 months, the total delivery volume has exceeded 400,000 units, and in July and August, the delivery volume was increased to over 30,000 units through technological improvements. By September and October, the monthly delivery volume exceeded 40,000 units. We are expected to achieve the delivery goal of over 350,000 units set at the beginning of this year.
Q：How do you view the challenges faced by the household appliance industry such as the phase-out of government subsidies?
A：Guoku is a phase-specific boost that cannot exist forever. We have contingency plans in place for predicting and responding to this issue. Even in the third quarter, our ASP is still growing, the product structure is good, innovative products are continuously being launched, and the gross profit margin is also maintained at a good level. At the same time, our exploration in overseas markets is also accelerating. These factors can effectively help us address challenges.
Q：In September and October, the company launched a new smart factory in Wuhan and started production. Can you share the characteristics and advantages of this smart factory?
A：Our smart factory in the Optics Valley district of Wuhan has been put into operation. It took one year to build and adopted more than thirty advanced technologies and AI technologies, achieving a high degree of intelligence and automation. This not only improves the level of craftsmanship, but also has a positive impact on our partners. The factory has a beautiful environment, advanced facilities, and is completely different from the traditional image of a factory.
Q：What is the company's opinion on the future development direction and the impact of partners?
A：Although changes in the market environment may have short-term impacts, we firmly believe that our long-term goals will not change. We will continue to push forward under the established goals and plan to further prove the feasibility of these goals by 2030.
Q：What kind of heights will our technology reach with the heavyweight upgrade of autonomous driving? And what are the company's layout plan in overseas new retail and how to balance with the interests of local traditional distributors? How is the progress of overseas new retail market? How to handle the relationship with local traditional distributors when expanding into new markets?
A：The upgrade of autonomous driving will greatly improve the driving experience, such as comfort, success rate of lane-changing, and entrance pass rate. In the future, we will release a new version of end-to-end assisted driving, the HAG Enhanced Edition, and continue to invest resources in the research and training of large models to ensure that there is enough computing power and data support to continuously improve the performance of assisted driving. In terms of overseas new retail layout, we have successfully implemented the new retail model in multiple markets such as Korea, Japan, Europe, and Southeast Asia, achieving efficient and high-quality store profitability. When entering emerging markets such as Latin America and the Middle East, we will work with local distributors to ensure the smooth progress of new retail stores in these markets. At the same time, Xiaomi's new retail model can bring together all products in physical spaces, providing a unified shopping experience that is not in conflict with traditional channels, but rather complementary.
Q：Regarding inventory management, where does the current inventory level stand compared to the beginning of this year and the same period last year? Regarding the MILOKO plan, can management share a bit about the medium to long-term planning?
A：In the period of declining costs, we will reduce inventory, while in the period of rising costs, we will try to maintain it. Currently, Xiaomi has strong capabilities in overall memory management, and has good cooperation with international partners such as Hynix, Samsung, Micron, as well as domestic companies such as Changxing and Changshu. Therefore, Xiaomi's inventory sufficiency rate and priority rate are excellent domestically, so there is no need to worry about inventory issues. As for the MILOKO plan, we will maintain its ecological openness, allowing it to create more imaginative space in the smart home field, and consider internalizing it as part of the Xiaomi ecosystem once it reaches a certain level of maturity.
Q：What is the impact of the positioning and production of the Wuhan factory on Xiaomi's major home appliance business?
A：After the factory in Wuhan starts production, it will enhance the overall strength of Xiaomi's home appliance products. Currently, Xiaomi has entered the top three in market share in various categories in the domestic market. The Wuhan factory will further strengthen the home appliance product line, driving Xiaomi's continuous progress in this field through improved product quality.
Q：How does Xiaomi view the relationship between contract manufacturing and self-built factories, and the role of the Wuhan factory's positioning?
A：Xiaomi adopts a development strategy that combines outsourcing and self-built factories, which is widely used in the fields of mobile phones and home appliances. The Wuhan factory will be upgraded and transformed to meet Xiaomi's standards, empowering the outsourcing factory to improve efficiency and quality, while ensuring the interests of partners are not affected. By implementing a full-process control mode, high-quality products are ensured to be supplied.
Q：What is the pace of expansion, overall strategy, and development trend of Xiaomi's stores in China as well as its overseas new retail business?
A：The number of domestic Xiaomi stores has reached 18,000, and the company will adjust its store-opening strategy in the future. It is expected to add approximately 5,000 new stores by 2024 and enter an accelerated opening stage in 2025. The goal of opening new stores is to improve the operational efficiency of existing stores, optimize store layout, and enhance personnel training. In terms of overseas retail business, Xiaomi is exploring replicating successful experiences. Despite the challenges in overseas markets, initial progress has been made, especially in the European market. The expansion of IoT products and the new retail network complement each other, and there is still significant room for growth in overseas revenue.
Q：How do you view the trend changes in future expense rates, especially for the overall expenses of the company, particularly in the mobile and IoT sectors?
A：The cost rate trend of the future mobile phone and IoT sector is mainly influenced by research and development investment and the opening of new stores. With the growth in the number of store openings, sales costs will increase accordingly; while the growth in research and development investment will be synchronized with revenue growth. Therefore, the main factors contributing to cost growth are the increase in sales costs brought about by store openings and continuous research and development investment.
