On November 23, Xiaomi Group disclosed its performance announcement for the third quarter of 2022. During the reporting period, the total revenue reached 70.5 billion yuan, and the adjusted net profit was 2.1 billion yuan, including 829 million yuan of innovative business expenses such as smart electric vehicles. The R&D expenditure in this quarter was 4.1 billion yuan, a year-on-year increase of 25.7%. As of September 2022, R&D personnel accounted for about 48% of the total number of employees. Although the external environment is complex and changeable, Xiaomi's global businesses are operating steadily, and its performance has improved month on month. The business model shows strong resilience. The global shipment of Xiaomi smart phones increased again on a month on month basis. According to Canalys data, Xiaomi ranked third in terms of global smartphone shipments in this quarter, with a market share of 13.6%. The smartphone shipments in 52 markets ranked in the top three and 64 markets ranked in the top five in the world. Among them, Xiaomi's smartphone shipments in Europe accounted for 23.3%, ranking second. On this basis, the global user scale of Xiaomi has grown steadily. In Q3 2022, Xiaomi's monthly active MIUI users in the world and Chinese Mainland reached a new high. In September 2022, the number of MIUI monthly active users in the world will reach 564 million, and the number of MIUI monthly active users in Chinese Mainland will reach 141 million. Among them, the number of monthly active users of MIUI in mainland China has increased for 8 consecutive quarters. With the in-depth operation of the global market and the expansion of the user scale, Xiaomi's global business model has burst into vitality. In Q3 2022, Xiaomi's overseas Internet business revenue was 1.7 billion yuan, a year-on-year growth of 17.2%, and its proportion in the overall Internet service revenue increased month on month for six consecutive quarters, hitting a single quarter record high of 24.2%. In this quarter, Xiaomi actively laid out the smart technology ecosystem. As of September 30, 2022, the number of connected IoT devices (excluding smart phones, tablets and laptops) on Xiaomi's AIoT platform was 558 million; There are 10.9 million users with more than five devices (excluding smartphones, tablets and laptops) connected to Xiaomi AIoT platform. The revenue of smart home appliances (air conditioners, refrigerators, washing machines) continued to grow strongly in this quarter, achieving a substantial growth of more than 70% year on year, hitting a new record high. Xiaomi empowers intelligent living ecology with high-end technology experience, and boosts performance growth in multiple dimensions. Xiaomi's business model has made a global impact. Although the proportion of overseas Internet revenue has been continuously expanding due to the disturbance of the external environment, and the global mobile phone market continues to be weak, Xiaomi's smart phones still show strong stability in the face of adversity. According to Canalys data, Q3 Xiaomi ranks third in terms of global smartphone shipments, with a market share of 13.6%. The shipments have increased month on month for two consecutive quarters. Thanks to the localization and mature operation of Xiaomi in the global multi market, its main market position continues to lead, and emerging markets are steadily expanding. According to Canalys data, in Q3 of 2022, Xiaomi ranked the top three in 52 markets and the top five in 64 markets in the world in terms of smartphone shipments, and achieved year-on-year smartphone market share in Europe, Latin America, the Middle East and other regions