Q3 2025 Xiaomi Corp Earnings Call Transcript
Key Points
- Xiaomi Corp (XIACF) achieved a total revenue of RMB113.1 billion in Q3 2025, marking a 22.3% year-on-year increase and the fourth consecutive quarter exceeding RMB100 billion.
- The company's adjusted net profit reached RMB11.3 billion, up 81% year-on-year, setting a new record high.
- Xiaomi's 17 series smartphones saw a 30% increase in sales compared to the previous generation, with the Pro Max model being particularly popular.
- The IoT business revenue reached RMB27.6 billion, marking seven consecutive quarters of year-on-year growth, with a gross margin of 23.9%.
- Xiaomi's Smart EV, AI, and other new initiatives segment achieved its first quarterly profitability, with a gross profit margin of 25.5%.
- The rising cost of internal memory is expected to impact the gross margin of Xiaomi's smartphones, tablets, and notebooks.
- Despite achieving record high profitability, the smartphone segment's gross margin stood at 11.1% due to intensified competition in Mainland China.
- The phasing out of national subsidies for large appliances is expected to create year-on-year pressure on Xiaomi's large appliance business.
- Xiaomi's EV delivery cycle is still subject to constraints due to material shortages, impacting delivery schedules.
- The company faces challenges in maintaining supply chain stability amidst rising memory costs and rapidly shifting supply-demand dynamics.
Welcome to Xiaomi Group's 2025 Q3 Results Presentation Investors Conference Call and Webcast. If there are any issues you may hang up now. (Operator Instructions)
May I ask General Manager of IR Department and PR department to host this call?
Good evening, everyone. Welcome to Q3 2025 earnings call for investors of Xiaomi Group and also the webcast. Before we begin, let me remind you, in this event, there may be forward-looking representations and statements, and they will be affected by different uncertainties and risks. And in the future, there will be various factors that may lead to the situation that the points made today may not happen. And when it comes to information about the market, they are outside of Xiaomi company channels. And there are information and financial metrics that are unaudited non-IFRS criteria-based.
And so, in attendance today, we have our Partner and Group President of Xiaomi, Mr. Lu Weibing; Xiaomi Group Vice President and CFO,
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