小米集团2023年第一季度业绩公布（英）.pdf

By 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.23Q1 2023 Overall Performance1Defined 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 adjustments2 According to Canalys,by shipments in Q1 20233In March 20234As of March 31,2023,excluding smartphones,tablets and laptopsRevenueRMB59.5 billion Adjusted Net Profit1RMB3.2 billion,up 13.1%YoY Financial PerformanceSmartphone Market Position#3Global Market Share Ranking2594.8 millionGlobal MIUI MAU312.4%YoY146.2 millionMainland China MIUI MAU37.8%YoYUser Base618.0 millionAIoT Connected Devices429.2%YoYAIoT Platform12.3 millionUsers with 5 or MoreConnected Devices429.6%YoYIncluding expenses related to smart EV and other new initiativesRMB1.1 billion11.3%Global Market Share22023 Key Corporate Strategies4Prudent OperationsContinue to Invest in the FutureDual Emphasis on Scale and ProfitabilityRelentless Execution of Smartphone Premiumization Strategy51Positive review rate on JD.com in one month after product launch.Based on ratings from Xiaomi JD self-operated flagship store2 By units sold in mainland China,according to third-party data.Premium smartphones in mainland China are smartphones with retail prices at or above RMB3,000Ranked No.1 Among Android Brands24.1%16.4%Q1 2022Q1 2023In mainland China,our overall premium smartphones sold in Q1 2023 increased by 23%+YoY2RMB4,000-5,000 Smartphone Market Share2 in Mainland ChinaMainland China Smartphone ASP(RMB)Q1 2022Q1 202318%+Four Consecutive Premium Product Series Well Received among Users1Xiaomi 13 SeriesLaunched in December 202299%+Xiaomi MIX Fold 2Launched in August 202299%+Xiaomi 12S UltraLaunched in July 202298%+Xiaomi 13 UltraLaunched in April 202399%+6Strengthened Offline Retail Performance in Mainland China1By units sold in mainland China,according to third-party data2Including Xiaomi 13 and Xiaomi 13 Pro3As of May 17,2023Smartphone Offline Market Share1 Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Average single-store GMV by Quarter6.7%6.7%7.9%20212022Q1 202355%+of Xiaomi 13 Series2and Xiaomi 13 Ultra sold via offline retail stores37R&D Expenses Reached RMB4.1 billion in Q1 20231As of March 31,2023Number of R&D Employees150%+of Total Employees1Number of Granted Patents Globally132,000+Xiaomi Camera Algorithm TeamCVPR is the most influential seminar globally in the computer vision field Won 4 Champions in CVPR 2023 RMB BillionsR&D Expenses3.25.87.59.313.216.020+20172018201920202021202220234.18Embrace AI Opportunities ProactivelySelf-developed AI assistantCamera algorithmAutonomous drivingTechnology AdvantagesRelevant Use CasesExperienced TeamDevelopment Strategies1,200+AI-related employeesAssembled AI Lab large language model teamSmartphone operating systemAutomotive operating systemSelf-developed core technologiesPotential collaboration with third parties Strategic investment opportunitiesGross Profit Margin Improved in Q1 20239%Smartphone Gross Profit Margin%Overall Gross Profit Margin9.9%8.7%8.9%8.2%11.2%Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 202317.3%16.8%16.6%17.2%19.5%Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 202310Continued to Control Operating Expenses9.6 9.8 9.4 10.6 8.2 0.4 0.6 0.8 1.2 1.1 Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Operating expenses(excluding expenses related to smart EV and other new initiatives)Expenses related to smart EV and other new initiativesRMB BillionsOperating Expenses10.211.910.410.09.4Lowest Inventory Levels in 9 Quarters111 Including work in progress,spare parts,and others19.8 17.2 19.6 17.1 16.9 26.6 32.5 27.3 28.7 22.0 11.4 10.4 9.0 8.1 7.3(1.7)(2.4)(2.9)(3.5)(3.7)Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Raw materials Finished goodsOthers1Provision for impairmentRMB BillionsInventory56.157.853.050.442.6121Global MIUI MAU as of May 21,2023 refers to the number of active users in the last 30 days600 millionGlobal MIUI MAU1exceeded First 100 Cornerstone Users2010/08/16100 million2015/08300 million2019/10200 million2018/06400 million2021/01500 million2021/11600 million2023/05Smartphones14Resilient Performance Despite Macroeconomic HeadwindsIn Q1 2023,smartphones revenue was RMB35.0 billionSmartphone shipments were 30.4 million unitsASP increased to RMB1,152,up 2.7%QoQGross profit margin reached 11.2%RMB BillionsSmartphones Revenue36.7 35.0 Q4 2022Q1 202315VendorQ1 2023 Shipments(Million Units)Q1 2023 Market ShareQoQ Shipments Changes(Million Units)Samsung60.322.4%2.0Apple58.021.5%-15.2Xiaomi30.511.3%-2.7OPPO26.69.9%-1.9vivo20.97.8%-3.0Others73.427.2%-6.3Total269.8100.0%-27.1Source:Canalys,by shipmentsGlobal Smartphone Shipments Ranked No.3 in Q1 202316VendorQ1 2023 Units Sold(Million Units)Q1 2023 Market ShareQoQ Units Sold GrowthApple13.518.9%-13.2%OPPO11.616.2%17.5%vivo10.314.5%25.5%Xiaomi10.314.4%22.2%HONOR10.114.2%10.2%Others15.621.8%10.4%Total71.3100.0%9.2%Source:Third-party data,by units soldMainland China Smartphone Units Sold Ranked No.4 in Q1 2023Leadership Across All Major Markets Globally17Q1 2023 Xiaomi Smartphone Shipments Ranking and Market ShareSource:Canalys,by shipmentsNo.3No.312.0%12.0%SoutheastAsiaNo.4No.416.216.2%IndiaNo.3No.36.16.1%AfricaNo.3No.318.918.9%EuropeNo.3No.313.8%13.8%Middle EastNo.3No.313.3%13.3%Latin AmericaSmartphone Market Share Ranked Top 3 in 47 Markets and Top 5 in 64 MarketsXiaomi 13 Ultra:Unparalleled Imaging Experience18Launched in Mainland China in April 2023Further-upgraded Summicron Lens for Mobile Imaging,Co-developed with LeicaSelf-developed SurgeP2 Charging Chip and G1 Battery Management ChipA Quad Camera System with Leica Optical Lens Covering Six Focal Lengths 2K Display with Peak Brightness up to 2,600 nitsPowerfulSnapdragon 8 Gen 2Three Special Edition ColorsRedmi Note 12 Turbo:Ultra Performance19Launched in Mainland China in March 2023Redmi Buds 4 Harry Potter EditionLaunched together withPerformanceSnapdragon 7+Gen 2DisplayCameraOLED screen with super-thin frame64MP+OISUp to 16GB of RAM and 1TB of storageAIoTGlobal Leading Consumer AIoT Platform1Excluding smartphones,tablets and laptopsNumber of Connected Devices121478.1 526.9 558.3 589.4 618.0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023MillionsMi Home App MAU65.8 70.8 72.4 75.8 78.1 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023Millions9.5 10.2 10.9 11.6 12.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023Users with 5 or More Devices Connected to Xiaomis AIoTPlatform1Millions21.4 16.8 Q4 2022Q1 202322IoT and Lifestyle Products RevenueIn Q1 2023,IoT and lifestyle products revenue reached RMB16.8 billionGross profit margin reached 15.7%,a record highRMB BillionsIoT and Lifestyle Products RevenueSmart Large Home Appliances:Solid Growth23Air ConditionersRefrigeratorsRevenue Grew by 60%+YoY in Q1 2023Air conditioner shipments exceeded 420k units in Q1 2023,up 60%+YoYRefrigerator shipments exceeded 350k units in Q1 2023,tripled the shipments of Q1 2022Washing MachinesWashing machine shipments exceeded 250k units in Q1 2023Smart TV:Leading Position Globally241 According to AVC,by shipments in Q1 2023Global Smart TV Shipments in Q1 20232.8 millionRankedTop 5Globally1Xiaomi TV Master Mini LED 86Launched in Mainland China in April 2023Wearables:Leading Position in Mainland China25New Product LaunchLeading Brand1 According to Canalys,by shipments in Q1 2023.Wearable bands include basic bands,basic watches,and smart watchesTWSMainland China Shipments1No.2Wearable BandsMainland China Shipments1No.2A high-resolution 1.62”full AMOLED screenA variety of accessories that allow affixing the device to shoes or necklacesLaunched in Mainland China in April 2023Xiaomi Smart Band 8Numerous Global Design Awards for Our AIoT Products26Internet ServicesGlobal MIUI MAU Reached 595 million and Mainland China MIUI MAU Reached 146 million in Q1 202328Global MIUI MAU1reached 594.8 million,YoY growth of 65.7 million(12.4%)Mainland China MIUI MAU1reached 146.2 million,YoY growth of 10.6 million(7.8%)Global TV MAU2exceeded 60 millionAll three metrics reached record highs1 In March 20232 In March 2023,including TV,TV box and TV stick users529.1 547.0563.9582.1594.817.817.018.212.7Q1 2022Q2 2022 Q3 2022 Q4 2022Q1 2023Millions Global MIUI MAUMillions Mainland China MIUI MAU135.6140.2141.4143.7146.24.61.22.32.6Q1 2022Q2 2022 Q3 2022 Q4 2022Q1 202312.4%YoY%7.8%YoY%29Steady Internet Services Revenue In Q1 2023,internet services revenue reached RMB7.0 billionGaming revenue reached a record high4.7 4.4 1.0 1.3 1.4 1.3 Q4 2022Q1 2023Advertising GamingOther internet value-added servicesRMB BillionsInternet Services Revenue7.07.2-4.2%25.7%-7.3%QoQ%30Strong Recovery of Gaming Business3.0%4.7%1.8%8.7%16.3%Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Tiered User Management to Increase Paying UsersRefined Business Operation to Enhance Activation and Conversion Continued Premium Smartphone User PenetrationDiversified Game Portfolio%Xiaomi Gaming Revenue YoY GrowthOverseas Internet Services Revenue Continued to GrowOverseas Internet Services Revenue as%of Total Internet Services Revenue31In Q1 2023,overseas internet services revenue reached RMB1.8 billion,up 16.4%YoY,accounting for 25.7%of total internet services revenueOverseas performance-based and brand ads revenue reached a record high21.9%23.9%24.2%26.1%25.7%Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023FinancialsQ1 2023 Revenue by Region and Segment 33Total Revenue RMB BillionsSmartphones Revenue RMB BillionsIoT and Lifestyle Products RevenueRMB BillionsInternet Services RevenueRMB BillionsTotal Revenue by RegionRMB BillionsOverseasMainland China66.0 59.5 Q4 2022Q1 202345.4%54.6%59.536.7 35.0 Q4 2022Q1 202321.4 16.8 Q4 2022Q1 20237.2 7.0 Q4 2022Q1 2023Q1 2023 Gross Profit Margin by Segment 34Overall17.2%19.5%Q4 2022Q1 2023IoT and Lifestyle Products14.3%15.7%Q4 2022Q1 2023Smartphones8.2%11.2%Q4 2022Q1 2023Internet Services71.5%72.3%Q4 2022Q1 2023 Decreased warranty provision(one-time cost of approximately RMB0.7 billion in Q4 2022)Improved product mix Increased gross profit margin of smart TVs and laptops Increased gross profit margin of certain lifestyle products Increased gross profit margin of gaming businessAdjusted Net Profit up 121.3%QoQ35Adjusted Net Profit MovementRMB Billions1.53.21.2 0.92.5(1.8)1.1Q4 2022 AdjustedNet ProfitIncrease of SmartphonesGross ProfitDecrease of OperatingExpensesOthersQ1 2023 AdjustedNet ProfitExpenses related to smart EV and other new initiativesStrong Cash Position3694.394.6Q4 2022Q1 2023Our cash resources were approximately RMB94.6 billionCash Resources1RMB Billions1 Including 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 lossESG382022 ESG Report Published(For the 5th Year)2022 Environmental-related data are verified by British Standards Institution(BSI)Greenhouse Gas(“GHG”)Emissions(Metric Tons CO2e)20212022Scope 1 Emissions19,096.957,122.60Scope 2 Emissions173,723.2178,620.01Scope 3 Emissions12,368,223.29Being verified and expected to release in July 20231 Scope 1 and S