小米集团2023年Q4及全年业绩PPT演示文稿.pdf

Xiaomi CorporationXiaomi Corporation2023 Fourth Quarter and 2023 Fourth Quarter and Annual ResultsAnnual ResultsDisclaimerDisclaimerBy 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.22023 Financial Highlights3RevenueRMB 271.0 billion-3.2%YoY1Defined 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 RMB0.8 billionSmartphonesRMB 157.5 billion AIoTRMB 80.1 billion Internet ServicesRMB 30.1billion Gross Profit Margin21.2%+4.2ppt YoYSmartphones 14.6%AIoT16.3%Internet Services74.2%Adjusted Net Profit1RMB 19.3 billion+126.3%YoYRMB 6.7 billionIncluding Expenses Related to Smart EV and Other New Initiatives22023 Business Highlights4Smartphones#3Global Market Share Ranking112.8%Global Market Share151 marketsRanked Top 3165 marketsRanked Top 51AIoT739.7 millionAIoT Connected Devices2+25.5%YoY14.5 millionUsers with 5 or More ConnectedDevices2+25.3%YoYInternet Services641.2 millionGlobal MAU3+59.1 million(10.2%)YoY155.6 millionMainland China MAU3+11.9 million(8.3%)YoY1According to Canalys,by shipments in 20232As of December 31,2023,excluding smartphones,tablets and laptops3In December 2023,including smartphones and tablets Business Highlights6Corporate Strategy UpgradeHuman x Car x HomeOctober 2023February 2024 Corporate Strategy Upgraded to Human x Car x Home Unveiled Our New Operating System Xiaomi HyperOSHuman x Car x Home andXiaomi HyperOSLaunched Overseas7Vendor2023 Shipments(Million Units)2023 Market ShareYoY ShipmentsChangeApple229.120.1%-1.3%Samsung225.519.7%-12.6%Xiaomi146.112.8%-4.3%OPPO100.78.8%-11.2%Transsion92.68.1%26.6%Others347.930.5%-4.4%Total1,141.9100.0%-4.3%Source:Canalys,by shipmentsGlobal Smartphone Shipments Ranked No.3 for 14 Consecutive Quarters30.533.241.540.7 11.3%12.9%14.1%12.8%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 60.0Q1 2023Q2 2023Q3 2023Q4 20232023 by Quarter Global Smartphone Shipments and Market Share-1.3pptYoYChange-0.9ppt+0.5ppt+1.6pptGlobal Smartphone Shipments(Million Units)Market Share(%)Leading Position in All Major Markets Globally82023 Smartphone Shipments Ranking and Market ShareSource:Canalys,by shipmentsYoY Market Share ChangeNo.3No.314.1%14.1%SoutheastAsiaNo.3No.316.916.9%IndiaNo.3No.38.98.9%AfricaNo.3No.320.720.7%EuropeNo.2No.217.1%17.1%Middle EastNo.3No.316.0%16.0%Latin AmericaNo.5No.513.1%13.1%Mainland ChinaNo.3No.312.8%12.8%Global+1.2%+1.3%+0.1%+2.4%9Mainland China Smartphone Units Sold Ranked No.1 in December 2023Source:By units sold in mainland China,according to third-party dataXiaomiPeer APeer HPeer vPeer O16.5%Market Share15.9%15.9%15.5%15.3%XiaomiSmartphone Premiumization Strategy Reaping Rewards10Continuous Superior Ratings from Our Users1Xiaomi 13 SeriesXiaomi MIX Fold 2Xiaomi 12S UltraXiaomi 13 UltraXiaomi MIX Fold 3Xiaomi 14 Series99%+99%+98%+99%+99%+99%+1Positive review rate on JD.com in one month after product launch.For Xiaomi 14 Ultra,the positive review rate on JD.com was collected by the end of March 18,2024.Based on ratings from Xiaomi JD self-operated flagship store2By units sold in mainland China,according to third-party data.Premium smartphones in mainland China are smartphones with retail prices at or above RMB3,000RMB4,000-6,000 Smartphone Market Share2in Mainland China7.6%2022202316.9%Mainland China Smartphone ASP(RMB)Premium Smartphone as%of Total Smartphone Units Sold in Mainland China217.7%20.3%20222023+2.6ppt2022202319%+Xiaomi 14 Ultra99%+Smartphone Market Share2Reached 28.2%in Q4 202311Offline Market Share Steadily Increased in Mainland China4.9%5.2%6.7%6.7%8.4%20192020202120222023Smartphone Offline Market Share3Average Single-store GMV by Quarter2Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 202320222023Average Single-store GMV by Year11Average single-store GMV by year is calculated as the total GMV generated from offline retail stores in the year divided by the average of the number of offline retail stores at the beginning and the end of the year,then divided by the number of months during that period2Average single-store GMV by quarter is calculated as the total GMV generated from offline retail stores in the quarter divided by the average of the number of offline retail stores at the beginning and the end of the quarter,then divided by the number of months during that period3By units sold in mainland China,according to third-party dataSmart Large Home AppliancesShipments of air conditioners,refrigerators and washing machines all registered record highsSmart large home appliances revenue grew around 40%YoYTabletsTablets ranked No.3 in mainland China1Key AIoT Categories Delivered Solid Performance in 2023 12WearablesWearable bands ranked No.2 globally1Wearable bands ranked No.2 in mainland China11According to Canalys,by shipments in 2023.Wearable bands include basic bands,basic watches,and smart watches2According to Canalys,by shipmentsTablets ranked Top 5 globally2in Q3 2023 for the first time13Our First EV:Xiaomi SU7 SeriesFull-size High-performance Eco-technology Sedan0-100 km/hAcceleration 2.78sRechargeRange 800kmTopSpeed 265km/hMaxHorsepower 673psMaxTorque 838N m100-0 km/hBraking Distance 33.3mPricing to be Announced on March 28,2024Covering 59 Stores in 29 Cities NationwideAvailable for Launch and Delivery in ParallelNote:Specifications based on Xiaomi SU7 Max14Five Core Self-developed EV TechnologiesE-MotorXiaomi HyperEngine V6/V6s-In Mass Production-Industry-leading 21,000rpmXiaomi HyperEngine V8-Mass Production Planned 2025-Max Speed 27,200rpmXiaomi 800V Silicon Carbide High Voltage Platform-CTB Integrated Battery Technology-150kWh Peak Power-1,200km Range(CLTC)-9,100t Locking Force-72-in-1 Unit Die-Cast Rear Underbody-Self-developed Xiaomi Titans MetalPhase 1 Total Investment RMB4.7 Billion-End-to-End Sensing and Decision-Making AI Model-All-in-One Lidar System-Adaptive BEV Technology-Road-Mapping Foundational Model-Super-Res Occupancy Network TechnologySeamless Cross-device Connection-Up to 5 Displays-Xiaomi HyperOS-Xiaomi CarIoT Open EcosystemBatteryDie-Casting Autonomous DrivingSmart Cabin 15The Goal of Xiaomi EVsAesthetically Pleasing/Enjoyable to Drive/Comfortable/Smart/SafeA Dream Car for the New Automobile EraStrive to Become Top 5 Automobile Manufacturer in 15 to 20 Years16R&D Expenses Grew 19%YoY to RMB19 billionRMB BillionsR&D Expenses3.25.87.59.313.216.019.120172018201920202021202220232023 R&D AccomplishmentsXiaomi HyperOSXiaomi Die-castingProprietary Hinge TechnologyProprietary Shield GlassXiaomi Changping Smartphone FactoryXiaomi HyperEngineEmbrace AI in All Aspects of Our Business17AI Real-timeTranslationAI Input MethodAI PortraitAI Smart PaintingAI AssistantText-to-Image GenerationAI ImageExtender&AI Image SearchEnhance User ExperienceMultiple AI Features for the Beta TestAI Embedded in Our Latest SmartphonesBegan Beta Test of the Multimodal LLM Based on MiLM-6BOur First AI-Powered LLM Computational Photography PlatformUltra SnapUltra RAWUltra ZoomSales ForecastsIntelligent Decision SupportIntelligent Customer ServiceImprove Operational EfficiencyAutomobile ProductionFinancial Highlights59.5 67.4 70.9 73.2 Q1 2023Q2 2023Q3 2023Q4 2023RMB BillionsRevenue19Quarterly Revenue Increased throughout 2023167.2 157.5 79.8 80.1 28.3 30.1 20222023280.0271.0SmartphonesIoT and lifestyle productsInternet servicesOthers-18.9%YoY%-4.0%+0.6%+10.9%Record Gross Profit Margins20%Smartphone11.9%9.0%14.6%20212022202317.7%17.0%21.2%202120222023%Overall%AIoT13.1%14.4%16.3%20212022202374.1%71.8%74.2%202120222023%Internet Service21Core Business Operating ExpensesDecreased Over 2.8 billion in 2023RMB BillionsOperating Expenses9.5 8.0 9.7 8.6 9.2 9.1 10.4 10.20.5 1.3 0.8 1.61.0 1.9 1.4 2.7 38.8 35.9 3.7 7.5 20222023Operating expenses(excluding expenses related to smart EV and other new initiatives)in 2023Expenses related to smart EV and other new initiatives,including share-based compensation(SBC)expensesOperating expenses(excluding expenses related to smart EV and other new initiatives)in 2022Q1Q2Q3Q42.9 3.2 2.1 5.1 2.16.0 1.54.90.01.02.03.04.05.06.07.08.5 19.30.0%20.0%40.0%60.0%80.0%100.0%120.0%0.05.010.015.020.025.02022202322Full Year Adjusted Net Profit Increased 126.3%YoYRMB BillionsAdjusted Net Profit11Defined 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 adjustmentsQ1Q2Q3Q420222023Inventory Returned to Normalized Levels231Including work in progress,spare parts,and others2Inventory turnover days is calculated as the average of opening and closing inventory balances for the quarter,divided by cost of sales and multiplied by the total number of days in the quarter19.3 17.1 11.5 23.9 28.7 27.1 10.5 8.1 8.0(1.3)(3.5)(2.2)202120222023Raw materials Finished goodsOthers1Provision for impairmentRMB BillionsInventory52.450.444.4876962632030405060708090100110120Q1 2023Q2 2023Q3 2023Q4 2023DaysInventory Turnover Days26.7(6.9)42.3 20212022202324Strong Operating Cash FlowAdjusted Operating Cash Flow1RMB Billions1Operating cash flow adjustments including(i)the change of loan and interest receivables and impairment provision for loan receivables mainly resulting from the Fin-tech business;(ii)the change of trade payments related to the finance factoring business;(iii)the change of restricted cash resulting from the Fin-tech business;and(iv)the change of deposits from customers resulting from the Airstar bank2Repurchase amount before year 2021 including transaction fees,whereas repurchase amount in year 2021 and after excluding transaction fees3Excluding transaction fees4As the end of March 18,2024Returned cash to shareholders through repurchasing 1.23 billion shares(over HKD18.0 billion2)since IPO126.6 million shares(HKD1.52 billion3)in 2023138.1 million shares(HKD1.86 billion3)in 20244Record High Cash Position25108.294.3136.3202120222023Our cash resources wereRMB136.3 billion+44.6%YoYCash 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 OperationsGold Medal from EcoVadis Enhanced Corporate GovernanceESG ReportsWhite Paper on Climate Action Published on December 5,202327Appointed Female Independent Non-Executive DirectorCAI JinqingRating Score Improved from 53 in 2022 to 73 in 2024Ranked among Top 3%of Globally in the“Manufacture of Communication Equipment”IndustryGiving Back to Our Society28Poverty and Disaster ReliefCumulative Donations of RMB162 million1 Talent DevelopmentTechnologyInnovationXiaomi Scholarships ProgramCovered 60 Colle