小米集團 (01810.HK) 核心業務業績再創新高 June 25, 2025 9

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD60

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。

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Megan Tao

Megan Tao
Analyst
Research

She graduated from the University of New South Wales with a bachelor's degree in accounting and finance and from the University of Hong Kong with a master's degree in finance. He is currently a licensed analyst at Phillip Securities, mainly responsible for research in the TMT and semiconductor sectors, and has worked in securities companies and family offices.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!