文｜时代周报

11yue18ri，xiaomijituan（01810.hk）fabu2024niandisanjiducaibao。caibaoxianshi，gaijidugongsishixianyingyeshouru925.1yiyuan，tongbizengzhang30.5%；gongsijingdiaozhengjinglirunweirenminbi63yiyuan，tongbizengzhang4.4%。jiezhijinriganggushoupan，xiaomijituanbao28.8gangyuan/gu，zhang2.86%。

zhinengshoujiyuaiotyewushixiaomijituanbenjidushixianyejiyueshengdeyinqing。caibaoxianshi，qineixiaomishouji×aiotfenbushixianyingyeshouru828yiyuan，tongbizengzhang16.8%，maolilvwei20.8%。jinnian，xiaomizaigaoduanhuazhinengshoujiyuaiotfangmiandongzuopinpin，xiaomiyezaibenjiducaibaozhongfupan，“jituangaoduanhuazhanlvequdexianzhuchengxiao”。

ciwai，xiaomiqicheyewuzai2024niansanjidukuisunshouzhai，yingshouwei97yiyuan，jingdiaozhengjingkuisun15yiyuan，maolilvwei17.1%；zhinengdiandongqicheyingshou95yiyuan，dingweihaohuajiaochedexiaomisu7xiliejidujiaofuliangwei39790liang。

2023nian8yue，xiaomijituandongshizhangleijunzaiqidisicinianduyanjiangzhongcheng，zuoweiyijiakuaisuchengzhangdekejigongsi，xiaomichengzhangdezuidafannaohezuidadezhanlvenantiyeshiweilaizuizhongyaodegongkedian，shigaoduanhua。duiyugaoduantansuo，leijunxingrongwei“zheishijinshinianlaiwozuitongku，yeshishouhuozuidadeyici。”tabiaoshi：“gaoduanshixiaomifazhandebiyouzhilu，yeshishengsizhizhan。”

shiyuxingjiabidexiaomi，weishenmeyaosikegaoduanhua？

汽车业务单季营收冲向百亿

niannei，shangshibudao8geyuexiaomisu7yijingweixiaomijituandailailechao160yiyuanyingshou。

jiangshijiandaohuizhijinnian3yue28ri，xiaomiqicheqixiashoukuanchexingxiaomisu7zhongyugongbushoujia。xinchegongtuichubiaozhunban、probanjimaxbansangebanben，shoujiafenbiewei21.59wanyuan、24.59wanyuanji29.99wanyuan。

dingdanliang4fenzhongpowan、7fenzhongpoliangwan、shangshi24xiaoshidadingliangjidadao88898liang…… jinguanxiaomisu7fuyishangshibianyindingdanliangbaozhangerxianru“channengbuzu”defengbo，danyinxiaofeizhegouchereqingbujian，xiaomiqichebuduandapoyouqizishenchuangzaodexiaoshoujilu，yiyuechengweizuizhishoukeredezaochexinshili。

suihou，yishidaowentidexiaomiqichebuduantishengchanneng，zaisanjiduleijijiaofuxiaomisu7xiliechexing39790liang，daidongdanchekuisunjinyibushouzhai。10yue，xiaomiqichegongchangdanyuechanliangjijiaofuliangjuntupo2wanliang。jiezhi11yue18ri，xiaomisu7tiqianwanchengyuandingde10wanliangniandujiaofumubiao，kaishixiangquannian13wanliangjiaofumubiaofaqichongji。

yucitongshi，yinsanjidujiaofudexiaomisu7 projixiaomisu7 maxzhanbizengjia，zhinengdiandongqichedeasp（danchepingjunshoujia）youjinnianerjidude22.86wanyuan/liangtishengzhisanjidude23.87wanyuan/liang，huanbitisheng4.4%。

deyiyuguimoxiaoyingkuozhangjichanpinjiegouyouhua，sanjidu，xiaomijituanzhinengdiandongqichedengchuangxinyewu（baohanzhinengdiandongqichejiqitaxiangguanyewu）shixianshouru97.0yiyuan，zhanjituanzongyingshoudebilitishengzhi10.5%，duiyingdemaolilvyuewei17.1%，huanbierjidutisheng1.7gebaifendian；jingdiaozhengjingkuisun15yiyuan，huanbiyiyousuoshouzhai。

jinnianqiansanjidu，xiaomijituanzhinengdiandongqichedengchuangxinyewuleijihuodeyingshou160.9yiyuan，zhanjituanzongyingshoude6.3%，qineigaixiangyewumaolilvdadao16.4%，lvediyujituan21.1%dezhengtimaolilv。

jinguanxincheyijingqudelelingrenyanxiandexiaoshouchengji，danzaixiaomijituanhehuorenjianzongcailuweibingkanlai，xiaomiqicherengranchuyuzaoqifazhanjieduan，guimorengdaitisheng。

qizaisanjiduyejihuidianhuahuishangtanyan，yinzijiangongchang、ziyanhexinjishutourujiaoduo，qianqixiaomiqichezanweishixianyingli，buguozheiyefuhezhenggediandongqichexingyedefazhanguilv。yiyanfachengbenweili，xiaomijituanzaicaibaozhongtiji，youyuyuzhinengdiandongqichedengchuangxinyewuxiangguandeyanfakaizhizengjia，jituanyanfakaizhiyou2023niansanjidude50yiyuantishengzhi2024niansanjidude60yiyuan。

buguoguanlicengduixiaomiqichedefazhanchongmanxinxin。zhengruluweibingsuoyan，“womenjiaofuguimohaizaichixutisheng，10yuededanyuejiaofuliangyijingchaoguo2wanliang，quannian10wanliangjiaofumubiaoyeyijingwancheng。weilaisuizhe（qiche）jiaofuliangzengjia，kuisunshouzhai，guimoxiaoyinghuigengjiatuxian。”

zaiyouhuachannengdetongshi，xiaomiqicheyezaijiakuaikuozengxiaoshoufuwuwangluo。jiezhijinnian9yue30ri，qiyizaizhongguodaludiqu38gechengshikaiye127jiaqichexiaoshoumendian，youwangtuidongqichegengkuaijiaofu。

zaisangeliangchanbanbendejichushang，xiaomiqichejixuxiangsaidaofaqichongji。

ciqianyu10yue29ri，xiaomijituanchuangshiren、dongshizhangjianceoleijunfawencheng，xiaomisu7 ultrayuanxingcheyi6fen46miao874dechengjichengwei“niubeisaidaoshishangzuikuaisimenche”。zaitongrijubandexinpinfabuhuishang，xiaomisu7 ultraliangchanbanzhengshiliangxiang。xinchexuanbuyi81.49wanyuandeyushoujiagongrutesilamodel shebbasuozaishichang，bingyujiyu2025nian3yuezhengshishangshi。muqian，xiaomisu7 ultrazhengzaiguangzhouchezhanjinxingshoucigongzhongliangxiang。

juxi，xiaomisu7 ultraliangchanbancaiyongyuyuanxingchexiangtongdeshuangv8s+v6sdesandianjiquanlunqudongxitong、saidaobandianchijireguanlixitongdenghexinjishu，0-100km/hjiasujinxu1.98miao，cltcxuhanglichengdadao620km，zaigaoyapingtaijiachixia11fenzhongkewancheng10%-80%kuaichong。

luweibingzaidianhuahuishangbiaoshi，suizhexiaomisu7 ultradeshangshiyujiaofu，xiaomiqichedeasphuijinyibutisheng。

传统业务高端化最新战报

xiaomichuantongyewudegaoduanhuaxingzhihechu？

zhinengshoujifangmian，xiaoliangshangzhangdaidongxiaomiyingshouxianzhutisheng。caibaoxianshi，2024niansanjiduxiaomizhinengshoujiyingshoutongbizengzhang13.9%zhi475yiyuan。jucanalysshuju，2024niandisanjidu，quanqiuzhinengshoujichuhuoliangtongbizengzhang5%，lianxusigejidushixianzengzhang。qizhong，xiaomiquanqiuzhinengshoujichuhuoliangdadao4310wantai，tongbizengzhang3.1%。

gaoduanshichangshentoulvdetishengyeshixiaomiyingshoushixianyueshengdeguanjian。caibaoxianshi，xiaomizaizhongguodaludiqu3000—4000yuanjiaweishoujishichangfeneda18.1%，tongbizengjia9.3gebaifendian，zai4000—5000yuanjiaweishichangfeneda22.6%，tongbizengjia9.7fenbaifendian，renminbi5000-6000yuanjiaweiduanshizhanlvtongbitisheng2.4gebaifendianzhi6.9%。caibaohaizhichu，xiaomideasp（pingjunmeitaishoujia）you2023niandisanjidumeiburenminbi997.0yuanzengjia10.6%zhi2024niandisanjidumeiburenminbi1102.2yuan。

jinnian10yue，xiaomifabulegaoduanqijianxiaomi15xilieshouji。xiaomi15xilieshoujiqishoujiawei4499yuan，jiaoxiaomi14xilieqishoujiatigaole500yuan。11yue9ri，xiaomijituanzongcailuweibingzaizhibozhongtoulu，xiaomi15xilieshoujidexiaoliangyijingtupo100wantai。luweibinghaibiaoshi，xiaomi15xiliepobaiwandesuduyaokuaiyuqiandaixiaomi14xilie。erxiaomi14xiliequnianzaikaishouyizhouneixiaoliangtupobaiwantai。

jinnian7yue，xiaomifabuleqixiashoukuanxiaozhediepingshoujimix flip。juidcshuju，jinniansanjiduxiaomizaiguoneizhediepingshichangfeneduancengdisan，da17.2%，xiangjiaoshanggejidu，xiaomizhediepingshoujixiaolianghuanbi1128.6%zengzhang。

aiotfangmian，sanjiduyingshoutongbizengzhang26.3%zhi261yiyuan，maolilvda20.8%，tongbitisheng2.9gebaifendian。

2024nian10yue，xiaomifabudingweigaoduandajiadiandeshuangquxishuangxihongxiyijiheshangchufengkoukongdiao。anchuhuoliangjisuan，2024niansanjiduxiaomikongdiaochuhuoliangchao170wantai，tongbizengzhangchao55%；xiyijichuhuoliangchao48wantai，tongbizengzhangchao50%。

xiaomihaizaitansuoxinlingyudegaoduanchanpin。jinri，youmeitichengxiaomizhengjihuatuichuxinyidaiaiyanjing，shuyueqianyiyugeergufenhezuo，gaichanpinyujiyu2025nianq2fabu。youzhiqingrenshibiaoshi，xiaomiaiyanjingjiang“quanmianduibiaometa ray-ban”，dazaiaigongneng、yinpinerjimokuai、shexiangtoumokuai，bingjiangyixiaomiziyoupinpaixingshifabu。

keyiyujiandeshi，xiaomimijituichugaoduanchanpin，jiangzhujiandapoxiaofeiquanceng，xinagengduofeiyuanshiyonghuchengweizijidexiaofeiqunti。

jinnian10yue，xiaomifabulepengpaios 2.0xitong，genjuxiaomijituanshoujibufuzongcaijinfandemiaoshu，xiaomihyperconnectgongnengjiangquanmianzhichipingguoshebei，zaipengpaios 2.0xitongshang，xiaomishoujikeyuiphone、ipad、maczhijianshixianwenjianhuchuan，tongshizhichizaixiaomideshebeishangchakankeynote、pagesdengpingguozhuanshugeshidewendang。

leijuncengyujinnian4yuezaibeijingchezhanshangbiaoshi，xiaomisu7shixianlepoquan，qizhongbbachezhuzhanbi29%，pingguoyonghuzhanbi51.9%。