XIAOMI(01810)2025-05-27 09:25Financial Performance - Xiaomi Corporation reported a total revenue of RMB 111.3 billion for Q1 2025, a year-on-year increase of 47.4%[5] - The adjusted net profit for Q1 2025 reached RMB 10.7 billion, marking a 64.5% increase compared to the same period last year[5] - Revenue for Q1 2025 reached RMB 111,293.3 million, a 47.4% increase from RMB 75,506.8 million in Q1 2024[31] - Gross profit for Q1 2025 was RMB 25,405.9 million, up 51.0% from RMB 16,829.7 million in Q1 2024[31] - Operating profit for Q1 2025 was RMB 13,125.4 million, compared to RMB 3,683.0 million in Q1 2024, marking a 256.5% increase[31] - The net profit for the first quarter of 2025 was RMB 109 billion, reflecting a 161.0% increase from RMB 42 billion in the first quarter of 2024[68] - The adjusted net profit increased by 64.5% to RMB 107 billion in the first quarter of 2025, compared to RMB 65 billion in the same period of 2024[69] - Basic earnings per share for Q1 2025 were RMB 0.44, compared to RMB 0.17 in Q1 2024[134] - The total comprehensive income for Q1 2025 was RMB 10.91 billion, up from RMB 4.26 billion in Q1 2024, reflecting a strong performance[136] Revenue Segmentation - The smartphone and AIoT segment generated revenue of RMB 92.7 billion, reflecting a year-on-year growth of 22.8%[13] - In Q1 2025, the company's smartphone business revenue reached RMB 50.6 billion, a year-on-year increase of 8.9%, with a gross margin of 12.4%[15] - The IoT and lifestyle products segment generated revenue of RMB 32.3 billion in Q1 2025, a 58.7% year-on-year increase, with a gross margin of 25.2%[17] - The smart electric vehicle and AI segment reported total revenue of RMB 18.6 billion in Q1 2025, with smart electric vehicle revenue at RMB 18.1 billion[24] - Internet services revenue reached RMB 9.1 billion in Q1 2025, a year-on-year increase of 12.8%, with a gross margin of 76.9%[21] Market Performance - Xiaomi's global smartphone shipments reached 41.8 million units in Q1 2025, a 3.0% increase year-on-year, maintaining a market share of 14.1%[8] - In mainland China, the smartphone market share increased by 4.7 percentage points year-on-year to 18.8%, reclaiming the top position in shipments after ten years[15] - The number of active users on Xiaomi's platform reached 718.8 million, a 9.2% increase year-on-year[8] - The AIoT platform connected devices reached 943.7 million units as of March 31, 2025, a 20.1% year-on-year growth[19] Research and Development - Research and development expenditure for Q1 2025 was RMB 6.7 billion, up 30.1% year-on-year, with R&D personnel reaching 21,731, accounting for 47.7% of total employees[9] - The company launched its first self-developed flagship processor, the Xuanjie O1, in May 2025, showcasing its commitment to core technology development[9] Cash Flow and Capital Management - Cash and cash equivalents as of March 31, 2025, amounted to RMB 86.17 billion, significantly up from RMB 33.66 billion at the beginning of the period[119] - Operating cash flow for the three months ended March 31, 2025, was RMB 4,509.5 million, compared to RMB 23,906.8 million for the same period in 2024[119] - The company reported a net cash inflow from financing activities of RMB 38,077.4 million for the three months ended March 31, 2025[119] - The company’s investment activities resulted in a net cash outflow of RMB 9,920.8 million for the same period[119] Cost Management - The total sales cost for Q1 2025 was RMB 85,887.4 million, a 46.4% increase from RMB 58,677.1 million in Q1 2024[43] - The cost of sales for the mobile × AIoT segment increased by 22.1% to RMB 71,612.7 million in the first quarter of 2025, compared to RMB 58,654.3 million in the first quarter of 2024[45] - Sales cost decreased by 0.8% from RMB 86,550.3 million in Q4 2024 to RMB 85,887.4 million in Q1 2025, reflecting improved cost management[81] Future Outlook and Strategy - Xiaomi plans to expand its retail presence in mainland China, aiming for approximately 20,000 offline stores by the end of 2025[12] - The company is focusing on expanding its smart electric vehicle and AI-related innovative businesses as part of its growth strategy[143] Compliance and Governance - The audit committee reviewed the unaudited interim results for the three months ended March 31, 2025, ensuring compliance with accounting policies and internal controls[164] - The company has ongoing investigations by Indian authorities regarding compliance with tax and foreign exchange regulations, with potential financial implications yet to be determined[160]