Analysis of Xiaomi SU7's Overseas Replication Potential and Ecosystem Monetization Capability

1. Xiaomi’s Financial Health Verification
   : Q3 2025 financial report shows that Xiaomi’s total revenue reached 113.1 billion yuan (approx. 16 billion USD), with a year-on-year growth of 22.3%, adjusted net profit of 11.3 billion yuan, year-on-year growth of 81%, sound capital position, refuting the ‘bankruptcy’ rumors [1].
2. SU7 Domestic Performance and Overseas Replication Prospects
   : The smart electric vehicle business where SU7 is located had Q3 2025 revenue of 28.3 billion yuan (approx.3.9 billion USD), gross margin of25.5%, achieving quarterly profitability for the first time [1]. However, regarding overseas expansion, no specific timeline or plan was found as of December22,2025. Challenges include: regulatory barriers in different markets (e.g., EU emission regulations, U.S. EV policies), competition with mature brands like Tesla, local charging infrastructure requirements, and differences in consumer behavior between smartphones and EVs [1].
3. Ecosystem Monetization Capability Comparison
   : In Xiaomi’s ‘Human-Vehicle-Home’ ecosystem, Q32025 IoT business revenue was 27.6 billion yuan (approx.3.9 billion USD), gross margin of 23.9% [1]; Internet service revenue is estimated to account for8-10% of total revenue (approx.9-11 billion yuan), based on the9.15% business share in Q32024 [2]. Apple App Store-related service business had Q42025 revenue of28.75 billion USD (approx.200 billion yuan), year-on-year growth of15%, and App Store annual revenue is expected to be about 20 billion USD [3][4]. The gap mainly stems from the high maturity of Apple’s ecosystem and the advantage in service business share.

• SU7 Overseas Replication: Foundations and Challenges
  : Xiaomi’s overseas user base in the smartphone sector can provide potential customers for SU7, but it needs to adjust product strategies and infrastructure support for different markets; competitive landscape and regulatory environment will be core influencing factors.
• Structural Differences in Ecosystem Monetization
  : Xiaomi’s ecosystem is dominated by hardware (phones, IoT, EVs), with a relatively low share of service revenue; Apple App Store relies on the mature iOS ecosystem, with a high share of high-margin service businesses, resulting in better ecosystem stickiness and monetization efficiency.

• Risks
  : Uncertainty in SU7’s overseas expansion, fierce competition with overseas EV brands, and the speed of improvement in ecosystem service monetization capability may be slower than expected.
• Opportunities
  : Use existing global supply chains and brand influence to promote SU7’s overseas layout, enhance user stickiness by integrating the ‘Human-Vehicle-Home’ ecosystem, and increase the share of service businesses.

Xiaomi’s financial position is sound; SU7 has achieved profitability but faces challenges in overseas expansion; there is a significant gap between its ‘Human-Vehicle-Home’ ecosystem monetization capability and Apple App Store, mainly due to differences in ecosystem maturity and business structure. The market is concerned about the development of Xiaomi’s EV business and the speed of ecosystem service improvement.

[0] Jinling Analysis Database
[1] Yahoo Finance - Xiaomi Corp. (3CP.HM) Q3 2025 earnings call transcript https://finance.yahoo.com/quote/3CP.HM/earnings/3CP.HM-Q3-2025-earnings_call-376557.html/
[2] Investopedia - How Xiaomi Makes Money https://www.investopedia.com/news/how-xiaomi-makes-money/
[3] Yahoo Finance - Apple Services Revenue Increases 15% https://finance.yahoo.com/news/apple-services-revenue-increases-15-210746792.html
[4] Bloomberg - Apple’s $100 Billion-a-Year App Store https://www.bloomberg.com/news/newsletters/2025-05-19/inside-apple-s-app-store-changes-ios-19-arabic-english-keyboard-apple-pencil-mav1a3jt
[5] Company Overview (1810.HK)