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.