小米集团2023年Q3业绩PPT演示文稿.pdf

Xiaomi CorporationXiaomi CorporationQ3 2023 Results AnnouncementQ3 2023 Results AnnouncementDisclaimerDisclaimerBy attending the meeting where this presentation is made,or by reading the presentation materials,you agree to be bound by the following limitations:The information in this presentation has been prepared by representatives of Xiaomi Corporation(the“Company”,and together with its subsidiaries,the Group)for use inpresentations by the Group and does not constitute a recommendation regarding the securities of the Group.No part of this presentation should form the basis of,or be relied onin connection with,any contract or commitment or investment decision whatsoever.No representation or warranty,express or implied,is made as to,and no reliance should be placed on,the fairness,accuracy,completeness or correctness of the information,oropinions contained herein.Neither the Company nor any of the Companys subsidiaries,affiliates,advisors or representatives shall have any responsibility or liability whatsoever(for negligence or otherwise)for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.Theinformation set out herein may be subject to updating,completion,revision,verification and amendment and such information may change materially.This presentation is based on the economic,regulatory,market and other conditions in effect on the date hereof.It should be understood that subsequent developments mayaffect the information contained in this presentation,which neither the Company nor its subsidiaries,affiliates,advisors or representatives are under an obligation to update,reviseor affirm.The information communicated in this presentation may contain certain statements that are or may be forward looking.These statements typically contain words such as will,may,expects,forecasts,plans and anticipates and words of similar import.By their nature forward looking statements involve risk and uncertainty because they relate toevents and depend on circumstances that will occur in the future.There may be additional material risks that are currently not considered to be material or of which the Companyand its advisors or representatives are unaware.Against the background of these uncertainties,readers should not rely on these forward-looking statements.Neither theCompany nor its subsidiaries,affiliates,advisors or representatives assume any responsibility to update forward-looking statements or to adapt them to future events ordevelopments.This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy orsubscribe for any securities of the Company or any of its subsidiaries or affiliates in any jurisdiction.The securities of the Company have not been and will not be registered underthe U.S.Securities Act of 1933,as amended(the Securities Act),and may not be offered,sold or delivered within the United States or to U.S.persons absent from registrationunder or an applicable exemption from the registration requirements of the United States securities laws.In addition,certain information related to other companies and market in general presented in this presentation has been obtained from publicly available information.Theaccuracy and appropriateness of that information has not been verified by the Company and cannot be guaranteed.No invitation is made by this presentation or the information contained herein to enter into,or offer to enter into,any agreement to purchase,acquire,dispose of,subscribe for orunderwrite any securities or structured products,and no offer is made of any shares in or debentures of a company for purchase or subscription except as permitted underrelevant laws.2Q3 2023 Overall Financial Highlights3RevenueRMB70.9 billion0.6%YoYGross Profit Margin%22.7%6.1ppt YoYAdjusted Net Profit1RMB6.0 billion182.9%YoY Including expenses related to smart EV and other new initiatives2RMB1.7 billionCash Resources3RMB127.6 billion35.4%YoY 1Defined as profit for the period,as adjusted by adding back(i)share-based compensation,(ii)net fair value changes on investments,(iii)amortization of intangible assets resulting from acquisitions,(iv)changes of value of financial liabilities to fund investors,and(v)income tax effects of non-IFRS adjustments2Expenses related to smart EV and other new initiatives exclude share-based compensation expenses related to smart EV and other new initiatives of RMB0.2 billion3Including but not limited to(i)cash and cash equivalents,(ii)restricted cash,(iii)short-term bank deposits,(iv)short-term investments measured at fair value through profit or loss,(v)short-term investments measured at amortized cost,(vi)long-term bank deposits and(vii)other investments included in long-term investments measured at fair value through profit or lossQ3 2023 Overall Business Highlights4Smartphones#3Global Market Share Ranking114.1%Global Market Share155 marketsRanked Top 3165 marketsRanked Top 51AIoT698.9 millionAIoT Connected Devices225.2%YoY13.7 millionUsers with 5 or MoreConnected Devices226.0%YoYInternet Services623.1 millionGlobal MIUI MAU310.5%YoY151.9 millionMainland China MIUI MAU37.4%YoY1According to Canalys,by shipments in Q3 20232As of September 30,2023,excluding smartphones,tablets and laptops3In September 2023Strategy Upgrade6Xiaomis Goal for the Next Decade and Technology PhilosophyContinuously invest in technologies that will benefit humanityXiaomi Technology PhilosophyCommitted to sustainable investments in foundational core technologies,dedicated to becoming a leader in the evolving realm of global cutting-edge technologies Goal for the Next Decade 2020-2030Human x Car x HomeAll your needs in one smart ecosystemStrategy Upgrade:Human x Car x Home7Xiaomi HyperOS:13 Years of ExplorationMobile OSEmbedded OSSelf-Developed OSIn-Car OSBirth of MIUI201020142016201720192021Unified IoT device connection protocol Introduction of Xiaomi VelaCross-platform quick app framework activatedPre-development of Xiaomi Mina OSDevelopment of the operating system for Xiaomi EVEarly 2022Late 2023Unified software architecture,system development lines integration completedUnveiled Xiaomi HyperOS8Xiaomi HyperOS:a Human-centric Operating System Designed forHuman x Car x HomeEcosystem9Comprehensive Refactoring:Optimize performance for individual deviceCross-Device Intelligent Connectivity:Create seamless cross end-device connectionsProactive Intelligence:Serve as an intelligence hub delivering intelligent services to usersEnd-to-End Security:Ensure robust cross-device and system-wide privacy and securityOpen Platform:Foster ecosystem development collaboration with global developersIoT Open Platform10Open Access to Over 200 CategoriesExtend Connectivity StandardsOpen-Source the Vela SystemFull AccessSmart Device PartnersHome Industry PartnersIndividual DevelopersBusiness and Financial Highlights12VendorQ3 2023 Shipments(Million Units)Q3 2023 Market ShareYoY ShipmentsChanges Samsung58.619.9%-8.5%Apple50.017.0%-5.5%Xiaomi41.514.1%2.4%OPPO26.49.0%-7.5%Transsion26.08.8%39.5%Others92.131.2%-1.1%Total294.6100.0%-1.1%Source:Canalys,by shipments33.3 30.5 33.2 41.511.2%11.3%12.9%14.1%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%-10.0 20.0 30.0 40.0 50.0 60.0Q4 2022Q1 2023Q2 2023Q3 2023Global Smartphone Shipments and Market ShareGlobal Smartphone Shipments(Million Units)Market Share(%)Global Smartphone Shipments Market Share Increased for 3 Consecutive QuartersMarket Share Increased in All Major Markets Globally in Q3 202313Q3 2023 Smartphone Shipments Ranking and Market ShareSource:Canalys,by shipmentsMarket Share Improvement Compare with Q2 2023No.3No.314.9%14.9%SoutheastAsiaNo.2No.217.717.7%IndiaNo.3No.310.710.7%AfricaNo.2No.223.323.3%EuropeNo.3No.317.7%17.7%Middle EastNo.3No.318.3%18.3%Latin AmericaNo.5No.513.6%13.6%Mainland ChinaNo.3No.314.1%14.1%Global+1.2%+1.8%+2.1%+0.6%+0.2%+0.7%+2.6%+2.1%14Xiaomi 14 Series:Our New Flagship with Enhanced Technologies and Xiaomi HyperOSWorlds First Snapdragon 8 Gen 3 Mobile PlatformLeica Summilux Optical LensesXiaomi Ceramic Glass10 x Higher Drop Resistance and 1.25xHigher Scratch ResistanceIndustry-leading/1.42-/4.0 Variable Aperture CapabilityInnovative All-Around Liquid DisplayXiaomi HyperOS Unleashing the Full Performance Potential of Xiaomi 14 SeriesLaunched in Mainland China in October 2023Sales Volume 6times of Last Series1Note:Specifications based on Xiaomi 14 Pro1In the first five minutes of sales launch Steadfast Execution of Smartphone Premiumization Strategy15Increasing Positive Ratings from Our Users1Xiaomi 13 SeriesXiaomi MIX Fold 2Xiaomi 12S UltraXiaomi 13 UltraXiaomi MIX Fold 3Xiaomi 14 Series99%+99%+98%+99%+99%+99%+W33 W34 W35 W36 W37 W38 W39 W40 W41 W42 W43 W44 W4521.9%Smartphone Market Share2by Week in Mainland China1Positive review rate on JD.com in one month after product launch.For Xiaomi 14 Series,the positive review rate on JD.com was collected by the end of November 19,2023.Based on ratings from Xiaomi JD self-operated flagship store2By units sold in mainland China,according to third-party data.W33-W45 refer to the week starts from Monday August 14,2023 to Monday November 06,2023 W33 W34 W35 W36 W37 W38 W39 W40 W41 W42 W43 W44 W45RMB4,000-6,000 Smartphone Market Share2by Week in Mainland China51.1%16Record Results During Double 11 Shopping FestivalCumulative Paid GMV Over RMB22.4 billion1Registered a Shopping Festival Record HighOffline Retail Store GMV up 77%YoYXiaomi 14No.1 Domestic Smartphone Model Across 4 Platforms21Across all channels and platforms,From 20:00:00 October 23,2023 to 23:59:59 November 11,20232RMB4,000-6,000 No.1 domestic smartphone brand by sales volume and sales value,from 20:00:00 October 23,2023 to 23:59:59 November 11,2023 across JD.com;No.1 domestic smartphone brand by sales volume,from 20:00:00 October 24,2023 to 23:59:59 November 11,2023 across T;No.1 domestic smartphone brand by sales volume and sales value,from 20:00:00 October 20,2023 to 23:59:59 November 11,2023 across Douyin;RMB4,000-6,000 No.1 domestic smartphone brand by sales volume and sales value,from 20:00:00 October 20,2023 to 23:59:59 November 11,2023 across Pinduoduo17R&D Expenses Ramped up to RMB5.0 billion in Q3 2023Number of R&D Employees253%+of Total EmployeesNumber of Granted Patents Globally235,000+RMB BillionsR&D Expenses3.25.87.59.313.216.013.6201720182019202020212022202320Q3 2023R&D ExpensesUp22%YoY1Source:National Bureau of Statistics2As of September 30,20232022 R&D Expensesas%of Nationwide R&D Expenses10.5%+Fully Embrace AIImprove Operational EfficiencyEnhance User ExperienceAI Real-timeTranslationAI Input MethodAI PortraitAI Smart paintingAI AssistantText-to-Image GenerationAI ImageExtender&AI Image SearchNote:These features are available for use after obtaining eligibility for the“Xiaomi HyperOS AI Beta Test”on the Xiaomi Community.During beta test period,it is only supported on Xiaomi 14 series.Specifically for“AI Smart Painting”,it is supported on Xiaomi Pad 6 Max 14,Xiaomi Pad 6 ProandXiaomi Pad 6 during beta test period after obtaining eligibility for the“Xiaomi HyperOS AI Beta Test”.For specific beta test rules,please refer to the“Xiaomi HyperOS AI Beta Test Announcement”Sales ForecastsIntelligent Decision SupportIntelligent Customer Service1842.5 36.6 41.6 19.1 22.3 20.7 7.1 7.4 7.8Q3 2022Q2 2023Q3 2023Internet servicesOthersSmartphonesIoT and lifestyle productsRMB BillionsRevenue67.470.519Total revenue RMB70.9 billion,up 5.3%QoQ and achieved YoY growthSmartphones revenue grew 13.8%QoQIoT and lifestyle products revenue grew 8.5%YoYInternet services revenue reached a record high,grew 9.7%YoYQ3 2023 Revenue Achieved YoY and QoQ Growth70.9Gross Profit Margins Reached Record Highs20%Smartphone Gross Profit Margin8.9%8.2%11.2%13.3%16.6%Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 202316.6%17.2%19.5%21.0%22.7%Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023%Overall Gross Profit Margin%IoT Gross Profit Margin13.5%14.3%15.7%17.6%17.8%Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 202321Maintained Discipline in Managing Operating Expenses9.2 10.4 8.0 8.6 9.1 0.8 1.2 1.1 1.4 1.7 0.20.20.20.10.2Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023RMB BillionsOperating Expenses11.99.410.210.211.1Operating expenses(excluding expenses related to smart EV and other new initiatives)Expenses related to smart EV and other new initiatives excluding share-based compensation(SBC)expensesSBC expenses related to smart EV and other new initiatives2.11.53.25.16.0 0.81.21.11.41.7 3.0%2.2%5.4%7.6%8.4%-1.0%1.0%3.0%5.0%7.0%9.0%0.02.04.06.08.010.012.014.0Q3 2022Q4 2022Q1 2023Q2 2023Q3 202322Adjusted Net Profit Increased 182.9%YoYRMB BillionsAdjusted Net Profit1Adjusted Net Profit1Adjusted Net Profit1MarginExpenses related to smart EV and other new initiatives21Defined as profit for the period,as adjusted by adding back(i)share-based compensation,(ii)net fair value changes on investments,(iii)amortization of intangible assets resulting from acquisitions,(iv)changes of value of financial liabilities to fund investors,and(v)income tax effects of non-IFRS adjustments2Expenses related to smart EV and other new initiatives exclude share-based compensation expenses related to smart EV and other new initiativesLowest Inventory Levels in 11 QuartersLeveraging Our Comprehensive Management System2319.6 17.1 16.9 11.4 12.8 27.3 28.7 22.0 22.7 19.3 9.0 8.1 7.3 7.7 7.4(2.9)(3.5)(3.7)(3.3)(2.7)Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Raw materials Finished goodsOthers1Provision for impairmentRMB BillionsInventory53.050.442.638.536.81Including work in progress,spare parts,and othersRecord High Cash Position2494.6113.2127.6Q1 2023Q2 2023Q3 2023Our cash resources were overRMB127.6 billionCash Resources1RMB Billions1Including but not limited to(i)cash and cash equivalents,(ii)restricted cash,(iii)short-term bank deposits,(iv)short-term investments measured at fair value through profit or loss,(v)short-term investments measured at amortized cost,(vi)long-term bank deposits and(vii)other investments included in long-term investments measured at fair value through profit or lossESGFully Integrated ESG Management into Our Business OperationsWorlds Best EmployerOn the list for 3 consecutive years2023 WORLDS BEST 2023 WORLDS BEST EMPLOYERSEMPLOYERSRecognized on theList by ForbesESG RatingsMSCI&MSCI&Sustainalytics Sustainalytics Opportunities in Clean TechElectronic WastePrivacy&Data SecurityData Privacy and SecurityHuman Rights-Supply ChainCarbon-Own OperationsCarbon NeutralityBy 2040Achieve carbon neutrality in our own operations of our existing businesses1Carbon Neutralization Action Report by the end of 20231Based on our latest earnings announcement,our existing businesses include smartphones,IoT and lifestyle products,internet services,and othersScore Improved from both100%renewable energy26Giving back to Our Society27Poverty and Disaster ReliefCumulative Donation of RMB156 million1 T