小米集團(tuán)2023年第二季度業(yè)績公布

xiaomicorporation

Q22023ResultsAnnouncement

2

Byattendingthemeetingwherethispresentationismade,orbyreadingthepresentationmaterials,youagreetobeboundbythefollowinglimitations:

TheinformationinthispresentationhasbeenpreparedbyrepresentativesofXiaomiCorporation(the“Company”,andtogetherwithitssubsidiaries,the"Group")foruseinpresentationsbytheGroupanddoesnotconstitutearecommendationregardingthesecuritiesoftheGroup.Nopartofthispresentationshouldformthebasisof,orbereliedoninconnectionwith,anycontractorcommitmentorinvestmentdecisionwhatsoever.

Norepresentationorwarranty,expressorimplied,ismadeasto,andnorelianceshouldbeplacedon,thefairness,accuracy,completenessorcorrectnessoftheinformation,oropinionscontainedherein.NeithertheCompanynoranyoftheCompany'ssubsidiaries,affiliates,advisorsorrepresentativesshallhaveanyresponsibilityorliabilitywhatsoever(fornegligenceorotherwise)foranylosshowsoeverarisingfromanyuseofthispresentationoritscontentsorotherwisearisinginconnectionwiththispresentation.Theinformationsetouthereinmaybesubjecttoupdating,completion,revision,verificationandamendmentandsuchinformationmaychangematerially.

Thispresentationisbasedontheeconomic,regulatory,marketandotherconditionsineffectonthedatehereof.Itshouldbeunderstoodthatsubsequentdevelopmentsmayaffecttheinformationcontainedinthispresentation,whichneithertheCompanynoritssubsidiaries,affiliates,advisorsorrepresentativesareunderanobligationtoupdate,reviseoraffirm.

Theinformationcommunicatedinthispresentationmaycontaincertainstatementsthatareormaybeforwardlooking.Thesestatementstypicallycontainwordssuchas"will","may","expects","forecasts","plans"and"anticipates"andwordsofsimilarimport.Bytheirnatureforwardlookingstatementsinvolveriskanduncertaintybecausetheyrelatetoeventsanddependoncircumstancesthatwilloccurinthefuture.TheremaybeadditionalmaterialrisksthatarecurrentlynotconsideredtobematerialorofwhichtheCompanyanditsadvisorsorrepresentativesareunaware.Againstthebackgroundoftheseuncertainties,readersshouldnotrelyontheseforward-lookingstatements.NeithertheCompanynoritssubsidiaries,affiliates,advisorsorrepresentativesassumeanyresponsibilitytoupdateforward-lookingstatementsortoadaptthemtofutureeventsordevelopments.

ThispresentationandtheinformationcontainedhereindoesnotconstituteorformpartofanyofferforsaleorsubscriptionoforsolicitationorinvitationofanyoffertobuyorsubscribeforanysecuritiesoftheCompanyoranyofitssubsidiariesoraffiliatesinanyjurisdiction.ThesecuritiesoftheCompanyhavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActof1933,asamended(the"SecuritiesAct"),andmaynotbeoffered,soldordeliveredwithintheUnitedStatesortoU.S.personsabsentfromregistrationunderoranapplicableexemptionfromtheregistrationrequirementsoftheUnitedStatessecuritieslaws.

Inaddition,certaininformationrelatedtoothercompaniesandmarketingeneralpresentedinthispresentationhasbeenobtainedfrompubliclyavailableinformation.TheaccuracyandappropriatenessofthatinformationhasnotbeenverifiedbytheCompanyandcannotbeguaranteed.

Noinvitationismadebythispresentationortheinformationcontainedhereintoenterinto,oroffertoenterinto,anyagreementtopurchase,acquire,disposeof,subscribefororunderwriteanysecuritiesorstructuredproducts,andnoofferismadeofanysharesinordebenturesofacompanyforpurchaseorsubscriptionexceptaspermittedunderrelevantlaws.

Q22023OverallPerformance

FinancialPerformance

Revenue

RMB

67.4billion

AdjustedNetProfit1

RMB

5.1billion,up147.0%YoY

IncludingexpensesrelatedtosmartEVandothernewinitiatives2

RMB1.4billion

UserBase

606.0million

GlobalMIUIMAU4

10.8%YoY

149.3million

MainlandChinaMIUIMAU46.5%YoY

SmartphoneMarketPosition

#3

Global

MarketShareRanking3

12.9%

GlobalMarketShare3

51markets

RankedTop33

61markets

RankedTop53

AIoTPlatform

654.5million

AIoTConnectedDevices524.2%YoY

13.0million

Userswith5orMore

ConnectedDevices5

27.8%YoY

#1

TVShipmentsinMainlandChina6

#1

TWSBrandinMainlandChina3

#3

TabletBrandinMainlandChina3

1Definedasprofitfortheperiod,asadjustedbyaddingback(i)share-basedcompensation,(ii)netfairvaluechangesoninvestments,(iii)amortizationofintangibleassetsresultingfromacquisitions,(iv)changesofvalueoffinancialliabilitiestofundinvestors,and(v)incometaxeffectsofnon-IFRSadjustments

2ExpensesrelatedtosmartEVandothernewinitiativesdonotincludeshare-basedcompensationexpensesrelatedtosmartEVandothernewinitiatives

3AccordingtoCanalys,byshipmentsinQ22023

4InJune2023

3

5AsofJune30,2023,excludingsmartphones,tabletsandlaptops

6AccordingtoAVC,byshipmentsin1H2023

No.3

112.9%

Global

No.5

13.4%

MainlandChina

No.2

17.1%

MiddleEast

No.314.1%

SoutheastAsia

No.3

16.5%

LatinAmerica

No.4

15.0%

India

GlobalSmartphoneShipmentsRankedNo.3inQ22023AchievedLeadershipAcrossAllMajorMarketsGlobally

Q22023SmartphoneShipmentsRankingandMarketShare

No.2

21.2%

Europe

No.3

8.6%

Africa

RankingImprovedComparedwithQ12023

1MarketShareImprovedComparedwithQ12023

4

Source:Canalys,byshipments

RMB4,000-6,000SmartphoneMarketShare1inMainlandChina

6.5%

Q22023

Q22022

12.7%

SteadfastExecutionofSmartphonePremiumizationStrategy

ThreeDesignPrinciplesofPremiumSmartphones:

All-roundperformance,noshortcoming

Focusonuserexperience,notonspecifications

Deepintegrationbetweensoftwareandhardware

PremiumSmartphone

as%ofTotal

SmartphoneUnitsSoldin

MainlandChina1

24%+

3.3%20.1%

16.9%

Q22022Q22023

MainlandChinaSmartphoneASP(RMB)

Q22022Q22023

1ByunitssoldinmainlandChina,accordingtothird-partydata.PremiumsmartphonesinmainlandChinaaresmartphoneswithretailpricesatoraboveRMB3,000

5

6

XiaomiMIXFold3:CombiningSlim,Lightweight,andFlagshipExperiences

LaunchedinMainlandChinainAugust2023

SalesVolumeReached2.25timesofLastGenerationintheFirstFiveMinutesofSalesLaunch

5.26mmUnfolded255gLightweight

ProprietaryHinge

Technology

QuadCameraSystemwithLeicaOpticalLens

CoveringFiveFocalLengths

PowerfulSnapdragon

8Gen2LeadingVersion

Self-developedSurgeDualBatteries

Self-developedSurge

P2ChargingChipand

G1BatteryManagementChip

WirelessCharging

TwoExceptionalDisplayswithPeakBrightnessupto2,600Nits

PremiumSmartphonesContributedto

theGrowthofOfflineRetailPerformanceinMainlandChina

Averagesingle-storeGMVbyQuarter1

Q22022Q32022Q42022Q12023Q22023

%ofPremiumSmartphoneUnitsSoldviaOfflineRetailStores2

45.2%

37.6%

Q22022Q32022Q42022Q12023Q22023

46.6%

46.3%

45.8%

1Averagesingle-storeGMVbyquarteriscalculatedasthetotalGMVgeneratedfromofflineretailstoresinthequarterdividedbytheaverageofthenumberofofflineretailstoresatthebeginningandtheendofthequarter

2ByunitssoldinmainlandChina,accordingtothird-partydata.PremiumsmartphonesinmainlandChinaaresmartphoneswithretailpricesatoraboveRMB3,000

7

8

Long-termValue,Long-termInvestment

XiaomiTechnologyPhilosophy

Continuouslyinvestintechnologiesthatwillbenefithumanity

12technologyfieldswith99verticals

OverRMB100billioninvestmentduringthe5yearsbetween2022to2026

XiaomiTechnologyStrategy

(SoftwarexHardware)AI

Focusonfundamentaltechnologyandlong-termcommitmenttoinvestmentDeepintegrationbetweensoftwareandhardwareempoweredbyAI

Numberof

R&DEmployees1

~52%

ofTotalEmployees1

NumberofGrantedPatentsGlobally1

33,000+

R&DExpensesRMBBillions

20+

13.2

9.3

7.5

5.8

3.2

16.0

8.7

2017201820192020202120222023

R&DExpensesReachedRMB4.6billioninQ22023

Q22023

R&DExpenses

Up21.0%YoY

RankingofValidGlobalPatentFamiliesofDeclared5GStandardEssentialPatent2

Ranking

Top10PatentOwner

GlobalPatents

1

Huawei

14.59%

2

Qualcomm

10.04%

10

Xiaomi

4.10%

1AsofJune30,2023

2Global5GStandardEssentialPatentandStandardProposalResearchReport(2023)issuedbyChinaAcademyofInformationandCommunicationsTechnology

9

10

ContinuedtoExploreNewFrontierCutting-edgeTechnology

Second-generationBio-inspiredQuadrupedRobotCyberDog2

Moreintelligentandlifelike

Equippedwithourself-developed

CyberGearMicro-actuator,which

furtherenhancesmobilityandsupportshigh-difficultymaneuvers,suchas

continuousbackflips,andfallrecovery

Afusionsensinganddecision-makingsystem,offering19sensorsforvision,touchandhearing

Open-sourceecosystemthatattractsdifferentlevelsofuserstoparticipate

InvestmentsinAISince2016

2016.7

AICVTeam

2017.9

XiaomiAILab

2018.12

AICamera

AlgorithmTeam

2021.3

Autonomous

DrivingTeam

2021.8

XiaomiRobot

Team

2023.4

LLMTeam

CV

Machinelearning

MACE

MAGE

CloudML

Multi-media

CV

AcousticsVoice

NLP

Knowledge

graph

Machine

learning

LLM

MACE

CloudML

MiNLP

Graph

platform

Multi-mediaSearch

CV

Machinelearning

recommendation

MACE

MAGE

CloudML

CV

Machine

learning

MACE

CloudML

CV

AcousticsVoice

NLP

Knowledge

graph

Machine

learning

LLM

CloudML

NLP

CV

CloudML

MiNLP

3,000+AI-relatedemployees

Notes:CVdenotescomputervision.NLPdenotesnaturallanguageprocessing.LLMdenoteslargelanguagemodel.

11

XiaomiAIAssistant(MAUover110million)

empoweredbyLLMiscurrentlyavailableforinvitationtesting

FullyEmbraceLLM

GoalofXiaomiLLM

Lightandon-devicemodel

AI-dedicatedFundfocusingonLLM

Notes:LLMdenoteslargelanguagemodel.

12

OurSelf-developedLLMHas

ReceivedTopRankingsfromAuthoritativeBenchmarks

InC-EVALandCMMLUevaluation

benchmarks,ourLLM(MiLM-6B)ranked

No.1

amongthesamescale(<10billion)models

*ResultsasofAugust11,2023

*ResultsasofAugust11,2023

CMMLU

Deployedanon-deviceLLM(1.3billion)on

smartphone,withasimilarperformance

onsometasksasbigger(6billion)

cloud-basedmodels

CMMLUChinesemulti-taskingaudiocomprehensionassessment,dataasofAugust11,2023

Notes:LLMdenoteslargelanguagemodel.

13

14

Q22023RevenueAchievedQoQGrowthof13.2%

Revenue

RMBBillions

InQ22023

TotalrevenueRMB67.4billion,up13.2%QoQ

Smartphonerevenuegrew4.6%QoQ

IoTandlifestyleproductsrevenue

achievedYoYandQoQgrowth

Internetservicesrevenuereacheda

recordhigh

70.2

67.4

7.0

7.0

19.8

22.3

16.8

35.0

59.5

36.6

42.3

7.4

Q22022Q12023Q22023

SmartphonesIoTandlifestyleproducts

InternetservicesOthers

15

GrossProfitMarginsReachedRecordHighs

SmartphoneGrossProfitMargin

%

13.3%

11.2%

8.7%8.9%

8.2%

Q22022Q32022Q42022Q12023Q22023

AIoTGrossProfitMargin

%

17.6%

15.7%

14.3%

13.5%

Q22022Q32022Q42022Q12023Q22023

14.3%

OverallGrossProfitMargin

%

21.0%

19.5%

17.2%

16.8%16.6%

Q22022Q32022Q42022Q12023Q22023

16

OperatingExpenses1DecreasedbyRMB1.1billionYoY

OperatingExpenses

RMBBillions

11.9

1.2

1.4

10.6

9.4

8.2

1.1

0.8

0.6

10.4

10.2

10.2

9.4

9.8

8.7

Q22022Q32022Q42022Q12023Q22023

Operatingexpenses(excludingexpensesrelatedExpensesrelatedtosmartEVandothernewinitiatives2

tosmartEVandothernewinitiatives2)

1ExcludingexpensesrelatedtosmartEVandothernewinitiatives.ExpensesrelatedtosmartEVandothernewinitiativesdonotincludeshare-basedcompensationexpensesrelatedtosmartEVandothernewinitiatives

2ExpensesrelatedtosmartEVandothernewinitiativesdonotincludeshare-basedcompensationexpensesrelatedtosmartEVandothernewinitiatives

17

AdjustedNetProfitIncreased147.0%YoY

AdjustedNetProfit1

RMBBillions

7.6%

1.4

3.0%

1.2

2.1

1.5

0.8

0.6

3.0%

5.4%

2.2%

3.2

5.1

2.1

1.1

Q22022Q32022Q42022Q12023Q22023

AdjustedNetProfit1ExpensesrelatedtosmartEVandothernewinitiatives2AdjustedNetProfit1Margin

1Definedasprofitfortheperiod,asadjustedbyaddingback(i)share-basedcompensation,(ii)netfairvaluechangesoninvestments,(iii)amortizationofintangibleassetsresultingfromacquisitions,(iv)changesofvalueoffinancialliabilitiestofundinvestors,and(v)incometaxeffectsofnon-IFRSadjustments

2ExpensesrelatedtosmartEVandothernewinitiativesdonotincludeshare-basedcompensationexpensesrelatedtosmartEVandothernewinitiatives

LowestInventoryLevelsin10Quarters

Inventory

RMBBillions

57.8

10.4

32.5

17.2

53.0

9.0

27.3

19.6

50.4

42.6

8.1

7.3

28.7

22.0

17.1

16.9

38.5

7.7

22.7

11.4

(2.4)(2.9)(3.5)(3.7)(3.3)

Q22022Q32022Q42022Q12023Q22023

RawmaterialsFinishedgoodsOthers1Provisionforimpairment

1Includingworkinprogress,spareparts,andothers

18

StrongCashPosition

CashResources1

RMBBillions

Ourcashresourceswereapproximately

RMB113.2billion

113.2

94.6

Q12023Q22023

1Includingbutnotlimitedto(i)cashandcashequivalents,(ii)restrictedcash,(iii)short-termbankdeposits,(iv)short-terminvestmentsmeasuredatfairvaluethroughprofitorloss,(v)short-term

investmentsmeasuredatamortizedcost,(vi)long-termbankdepositsand(vii)otherinvestmentsincludedinlong-terminvestmentsmeasuredatfairvaluethroughprofitorloss19

20

ContinuetoInvestintheFuture

Smartphone

Premiumization

DualEmphasison

Scaleand

Profitability

ContinuedtoExecuteOur2023OperationStrategies

PrudentOperations

CostControland

Efficiency

Improvement

AchieveCarbonNeutralityby2040

By2040

Achievecarbonneutralityinourownoperationsof

ourexistingbusinesses1

100%renewableenergy

1Basedonourlatestearningsannouncement,ourexistingbusinessesincludesmartphones,IoTandlifestyleproducts,internetservices,andothers

22

Smartphones

24

ResilientPerformanceDespiteM

InQ22023,smartphonesrevenuewasRMB36.6billion

Smartphoneshipmentswere32.9millionunits

ASPincreasedtoRMB1,112,up2.8%YoY

Grossprofitmarginreached13.3%,arecordhigh

acroeconomicHeadwinds

SmartphonesRevenue

RMBBillions

42.3

35.0

36.6

Q22022Q12023Q22023

GlobalSmartphoneShipmentsRankedNo.3inQ22023

Vendor

Q22023Shipments

(MillionUnits)

Q22023MarketShare

QoQShipmentsChanges

Samsung

53.0

20.5%

-12.2%

Apple

43.0

16.7%

-25.8%

Xiaomi

33.2

12.9%

8.8%

OPPO

25.2

9.8%

-5.4%

Transsion

22.7

8.8%

47.8%

Others

81.0

31.4%

2.7%

Total

258.2

100.0%

-4.3%

Source:Canalys,byshipments

25

MainlandChinaSmartphoneShipmentsRankedNo.5inQ22023

Vendor

Q22023Shipments

(MillionUnits)

Q22023MarketShare

QoQShipmentsChanges

vivo

11.4

17.8%

0.6%

OPPO

11.4

17.7%

-9.8%

Apple

10.4

16.2%

-22.2%

HONOR

10.3

16.0%

5.6%

Xiaomi

8.6

13.4%

1.4%

Others

12.2

19.0%

0.7%

Total

64.3

100.0%

-5.0%

Source:Canalys,byshipments

26

27

SalesVolumeExceeded220,000UnitsintheFirstFiveMinutesofSalesLaunch

RedmiK60Ultra:Dual-chipUltraPerformance

LaunchedinMainlandChinainAugust2023

Performance

MediaTek

Dimensity9200+

Pixelworks

X7

Camera

SonyIMX800

FlagshipSensor

XiaomiAIImage

Solution2.0

Charging

120WWiredCharging

5,000mAh

AIoT

GlobalLeadingConsumerAIoTPlatform

NumberofConnectedDevices1

Millions

654.5

618.0

589.4

558.3

526.9

Q22022Q32022Q42022Q12023Q22023

Userswith5orMoreDevicesConnectedtoXiaomi’sAIoTPlatform1

Millions

13.0

12.3

11.6

10.9

Q22022Q32022Q42022Q12023Q22023

10.2

MiHomeAppMAU

Millions

82.9

78.1

75.8

70.872.4

Q22022Q32022Q42022Q12023Q22023

1Excludingsmartphones,tabletsandlaptops29

30

IncreasedIoTandLifestyleProductsRevenue

IoTandLifestyleProductsRevenueRMBBillions

22.3

InQ22023,IoTandlifestyleproducts

19.8

16.8

revenuereachedRMB22.3billion,up12.3%

YoY

Grossprofitmarginreached17.6%,a

recordhigh

Q22022Q12023Q22023

31

Washing

Machines

Refrigerators

SmartLargeHomeAppliances:SolidGrowth

RevenueReachedaRecordHigh,up70%+YoYinQ22023

Air

Conditioners

Airconditionershipmentsreacheda

recordhighofover2.3millionunitsin

Q22023,up90%+YoY

Refrigeratorshipmentsreachedarecordhigh

ofover500kunitsinQ22023

Washingmachineshipmentsexceeded

300kunitsinQ22023

、

SmartTV:No.1TVShipmentsinMainlandChinain1H2023

No.1TVShipments

inMainlandChinain1H20231

GlobalSmartTVShipmentsinQ22023

2.6million

RankedTop5Globally2

XiaomiTVSPro100"

LaunchedinMainlandChinainAugust2023

1AccordingtoAVC,byshipmentsin1H2023

2AccordingtoAVC,byshipmentsinQ2202332

Tablet:Fast-growingBrandinMainlandChina

XiaomiPad6Max14with14”Screen

LaunchedinMainlandChinainAugust2023

MainlandChinaShipments

inQ22023

up50%+YoY

RankedTop31

1AccordingtoCanalys,byshipmentsinQ22023

33

Wearables:LeadingPositioninMainlandChina

LeadingBrand

WearableBands

MainlandChinaShipments1

No.2

TWS

MainlandChinaShipments1

No.1

NewProductLaunch

XiaomiSmartBand8Pro

LaunchedinMainlandChinainAugust2023

Ahigh-resolution1.74”AMOLEDscreen

Avarietyofcompatibleaccessories

Powerfulhealthmanagementandsportsfunctions

1AccordingtoCanalys,byshipmentsinQ22023.Wearablebandsincludebasicbands,basicwatches,andsmartwatches34

InternetServices

GlobalMIUIMAU

Millions

6.5%

Millions

140.2

141.4

1.2

143.7

2.3

146.2

2.6

149.3

3.1

36

GlobalMIUIMAUReached606million

andMainlandChinaMIUIMAUReached149millioninQ22023

GlobalMIUIMAU1reached606.0million,YoYgrowthof59.1million(10.8%)

MainlandChinaMIUIMAU1reached149.3million,YoYgrowth