業績摘要
2025 年第一季度，公司實現總營收 1113 億元（人民幣，下同），同比增長 47.4%；
盈利能力方面，經營利潤為 131 億元，同比增長 256.4%，經調整淨利潤為 107 億
元，創歷史新高，同比增長 64.5%。分部收入方面，1Q25 手機×AIoT 收入 927 億
元，同比增長 22.8%，主要由於智慧手機出貨量的提升；智能電動汽車等創新業務收
入 186 億元，毛利率達 23.2%。
業績點評
手機×AIoT
2025 年第一季度，智慧手機業務收入為 506 億元，同比增長 8.9%，主要由於於 ASP
較高的出貨量佔比增加推動整體 ASP 創歷史新高。Canalys 發佈的資料顯示，2025
年第一季度，公司全球智慧手機出貨量達到 42 百萬台，同比增長 3.0%，排名前三，
市場份額為 14.1%，同比提升 0.3 個百分點，連續 19 個季度排名全球前三。分地區來
看，公司在中國大陸地區重回出貨量第一，市場份額同比提升 4.7 個百分點至
18.8%。2025 年 5 月，公司推出旗艦手機 Xiaomi 15S Pro，搭載首款自研旗艦處理
器玄戒 O1。
2025 年第一季度， IoT 與生活消費產品業務收入為 323 億元，同比增長 58.7%，毛
利率達到 25.2%，均創歷史新高，主要由於產業能力及品牌影響力的提升、零售管道
的拓展，以及中國大陸國家補貼。同時，用戶生態持續擴大。截至 2025 年 3 月 31
日， AIoT 平臺已連接的 IoT 設備數（不包括智慧手機、平板及筆記本電腦）增長至
944 百萬，同比增長 20.1%。
2025 年第一季度，互聯網服務業務收入為 91 億元，同比增長 12.8%，主要由於廣告
業務收入增加，毛利率達到 76.9%，同比提升 2.7 個百分點。互聯網用戶規模持續擴
大，2025 年 3 月，全球月活躍用戶數達到 719 百萬，同比增長 9.2%，再創歷史新
高。
智能電動汽車及 AI 等創新業務
2025 年第一季度，智慧電動汽車及 AI 等創新業務分部總收入為 186 億元，其中，智
慧電動汽車收入 181 億元，其他相關業務收入 5 億元。分部毛利率為 23.2%，分部經
營虧損為 5 億元。2025 年第一季度，Xiaomi SU7 系列交付新車達 75869 輛。

Financial summary
In the first quarter of 2025, the company achieved total revenue of 111.3 billion yuan (RMB,
same below), representing a 47.4% year-on-year increase; in terms of profitability, operating
profit reached 13.1 billion yuan, up 256.4% year-on-year, while adjusted net profit hit 10.7
billion yuan, reaching a historic high with a 64.5% year-on-year growth. For segment
revenue, 1Q25 smartphone × AIoT revenue amounted to 92.7 billion yuan, growing 22.8%
year-on-year, primarily driven by increased smartphone shipments; innovative businesses
including smart electric vehicles generated revenue of 18.6 billion yuan, with a gross margin
of 23.2%.
Financial performance
Smartphone × AIoT
In the first quarter of 2025, smartphone revenue reached RMB 50.6 billion, up 8.9% year-onyear, primarily driven by increased shipments of higher ASP models, pushing the overall ASP
to a historic high. According to Canalys data, global smartphone shipments reached 42
million units in Q1 2025, growing 3.0% year-on-year, ranking among the top three globally
with a market share of 14.1% (up 0.3 percentage points year-on-year) for the 19th
consecutive quarter. Regionally, the company reclaimed the top position in smartphone
shipments in the Chinese mainland, with market share rising 4.7 percentage points year-onyear to 18.8%. In May 2025, the company launched its flagship Xiaomi 15S Pro, equipped
with its first self-developed flagship processor, the Xuanjie O1.
In Q1 2025, IoT and lifestyle products revenue reached RMB 32.3 billion, surging 58.7% yearon-year, with gross margin hitting 25.2%, both setting new historical highs. This growth was
primarily fueled by enhanced industrial capabilities, elevated brand influence, expanded
retail channels, and government subsidies in the Chinese mainland. Meanwhile, the user
ecosystem continued to expand. As of March 31, 2025, the number of connected IoT devices
(excluding smartphones, tablets, and laptops) on the AIoT platform grew to 944 million, up
20.1% year-on-year.
Internet services revenue reached RMB 9.1 billion in Q1 2025, rising 12.8% year-on-year,
mainly driven by increased advertising revenue, with gross margin reaching 76.9% (up 2.7
percentage points year-on-year). The internet user base continued to grow, with global
monthly active users reaching 719 million in March 2025, a 9.2% year-on-year increase,
setting another historic high.

投資概要
小米集團發佈 2022 年一季報，公司營業收入 734 億元（人民幣．下同），同比減少
4.6%；毛利為 127 億元, 同比減少 10.2%；經調整淨利潤為 29 億元，同比減少 52.9%。
2022 年第一季度，智能手機業務由於核心零部件供應短缺、疫情導致國內封控及全球
經濟環境影響，出貨量大幅下降，但受益於智能手機高端化策略，出貨量的下降部分
被平均售價(ASP)的上升所抵銷；IoT 與生活消費產品業務方面，智能電視、平板電
腦、家用電器和可穿戴產品保持快速增長。互聯網服務方面收入維持穩健，全球和中
國大陸 MIUI 月活躍用戶數延續增長趨勢。總體來說，2022 年一季度智能手機需求疲
弱，IoT 與生活消費產品業務受負面影響，互聯網服務業務維持平穩增長，同時，公司
未來 1-2 年會持續加大電動汽車的研發投入，這可能對公司整體的利潤水平造成負面
影響。

Investment highlights
Xiaomi Corporation released its first quarterly report that the company's revenue was
RMB73.4 billion, a decrease of 4.6% YoY; The gross profit was RMB12.7 billion, a decrease of
10.2% YoY; Adjusted net profit was RMB2.9 billion, a decrease of 52.9% YoY. In the first
quarter of 2022, due to the supply shortage of key components, the domestic lockdown
caused by the epidemic and the impact of the global economic environment, the shipments
of smartphone business dropped sharply. However, thanks to the premiumization strategy of
smartphones, the decline in shipments was partially offset by the increase in average selling
price (ASP); As for the IoT and lifestyle products business, smart TVs, laptops, smart home and
smart wearables all maintained rapid growth. Revenue from Internet services remained stable
and the global and mainland China MAU of MIUI continued to grow. In general, the demand
for smartphones in the first quarter of 2022 was weak. IoT and lifestyle products business was
negatively affected. Internet service business maintained steady growth. At the same time,
the company will continue to increase investment in research and development of electric
vehicle in the next 1-2 years which may cause a negative impact on the company's overall
profitability.

投資概要
小米集團(1810.HK)是一家以手機、智能硬件和 IoT 平台為核心的互聯網公司。經過十年
的發展，公司的年收入突破兩千四百億元人民幣，產品在全球銷住 100 多個國家和地
區。在 2021 年第二季，根據 Canalys 的數據，公司首次成為全球第二大的智能手機製
造商。同時，公司亦創造出眾多智能硬件產品，其中多個品類銷量第一；並建成了全
球最大消費類 IoT 物聯網平台。截至 2021 年 6 月，MIUI 的月活躍用戶達到 4.54 億，並
為他們提供一系列創新的互聯網服務。
智能手機海外市佔率不斷提升 並進軍高端手機市場
小米從 2014 年開始全球擴張，2020 年第四季，公司在全球 54 國家和地區的智能手機
出貨量排在前五名。目前，小米手機海外市場主要依賴全球三大市場，分別為歐洲市
場、印度市場和其他新興市場。在2021年第二季，根據Canalys的數據，小米在拉美、
非洲和西歐這三個市場的出貨量分別增加 300%、150%、50%。小米為搶奪各價格層的
市佔率，採用了品牌分拆戰略，並開始沖擊高端市場以及在高端市場上爭奪更多的市
場份額。受益於中高端產品銷量持續上升，公司的智能手機ASP穩步提升，2020年ASP
為約 1040 元人民幣，同比增長 6.1%。在 2021 年上半年，公司在中國大陸地區人民幣
3,000 元或以上及境外定價在 300 歐元及以上的智能手機全球出貨量超過 12 百萬台，
超過 2020 年全年的約 10 百萬台。

Investment Summary
Xiaomi (1810.HK) is an internet company with smartphones and smart hardware connected
by an IoT platform at its core. After ten years of development, the company’s annual
revenue has exceed RMB 240 billion, and its products were sold in more than 100 countries
and regions around the world. In the second quarter of 2021, according to Canalys, the
company became the world’s second largest smartphone manufacturer for the first time.
Besides, the company has also created many smart hardware products, many of which have
the largest sales volume and built the world’s largest consumer IoT platform. As of June 2021,
MIUI’s monthly active users have reached 454 million and it provides them with a series of
innovative internet services.
Continuous increasing overseas market share, Entering the high-end market
Xiaomi began its global expansion in 2014 and has accelerated its pace since 2016. In the
fourth quarter of 2020, the company’s smartphone shipments in 54 countries and regions
around the world ranked in the top five. In the second quarter of 2021, accounting to Canalys
data, Xiaomi’s shipments in Latin America, Africa and Western Europe increased by 300%,
150% and 50% respectively. It is favorable for Xiaomi to hit the high-end market in the longterm and compete for more market share in the high-end market. Benefiting from the
continuous increase in sales of mid-to-high-end products, the company’s smartphone ASP has
steadily increased. In 2020, the ASP will be approximately RMB 1,040 (+6.1% yoy). In the first
half of 2021, the company’s global shipments of smartphones with RMB 3,000 or above in
mainland China and priced at 300 euros and above overseas exceed 12 million units,
surpassing approximately 10 million units in 2020.