Core Insights - Xiaomi Group reported a revenue of 39.84 billion yuan from its smart electric vehicle and AI innovation business in the first half of the year, with an operating loss of approximately 800 million yuan [1] - In Q2, Xiaomi's automotive business achieved a gross margin of 26.4%, with the operating loss narrowing to only 300 million yuan [1] - Among 13 mainstream automakers, five reported gross margins exceeding 20%, including Xiaomi, with its Q2 gross margin surpassing Tesla's, ranking first among disclosed Q2 margins [1][2] Financial Performance - Xiaomi's automotive gross margin in Q2 was 26.4%, second only to Seres' 27.6% in Q1 [1][5] - Other automakers with gross margins above 20% include Zeekr (20.6%) and Li Auto (20.5%) in Q1, and BYD (20.1%) in Q1 [5] - The gross margins of other notable automakers include Great Wall (17.8%), Xpeng (17.3%), Tesla (17.2%), Geely (17.1%), Changan (13.9%), Leap Motor (13.6%), JAC (10%), and NIO (7.6%) [5][6] Market Context - Several domestic automakers have surpassed Tesla in gross margin, indicating an improvement in profitability despite many still operating at a loss [2] - New energy vehicle manufacturers like Xpeng and Leap Motor have shown improvements in gross margins, with Leap Motor becoming the sales champion among new car manufacturers by focusing on the economy segment [2]

Core Viewpoint - Xiaomi Group's financial report for the first half of the year shows that its smart electric vehicle and AI innovation business generated revenue of 39.84 billion yuan, with an operating loss of approximately 800 million yuan. However, the gross margin for the second quarter reached 26.4%, indicating a narrowing of the operating loss to only 300 million yuan [3][4]. Summary by Sections Financial Performance - In the first half of the year, Xiaomi's smart electric vehicle business generated revenue of 39.84 billion yuan with an operating loss of about 800 million yuan [3]. - The gross margin for Xiaomi's automotive business in the second quarter was 26.4%, with the operating loss reduced to 300 million yuan [3]. Gross Margin Comparison - Among 13 mainstream car manufacturers, five reported gross margins exceeding 20%, including Xiaomi, with its second-quarter gross margin surpassing that of Tesla, ranking first among disclosed figures [3][4]. - In the first quarter, Xiaomi's gross margin was second only to Seres, which had a margin of 27.6% [3][5]. Industry Insights - Despite many new car manufacturers still operating at a loss, there has been an improvement in gross margins, with companies like XPeng and Leap Motor showing progress [4]. - Leap Motor has emerged as the sales champion among new car manufacturers, focusing on the economy segment with lower-priced products [4].

Core Insights - The company is confident in achieving its annual delivery target of 350,000 Xiaomi cars [2] - In Q2, revenue from Xiaomi's smart electric vehicles and AI innovation businesses surged by 234% to 21.3 billion yuan, with operating losses significantly narrowing to 300 million yuan [2] - The company anticipates achieving quarterly profitability in its automotive business in the second half of the year [2] Delivery and Sales Performance - In Q2, Xiaomi's car delivery reached a record high of 81,300 units, a 197.7% increase from 27,300 units in the same period last year [2] - The first SUV, Xiaomi YU7 series, was launched in June, selling over 240,000 units within 18 hours of its release [2] Market Expansion Plans - Xiaomi has officially decided to enter the European electric vehicle market by 2027 [2]

Core Viewpoint - Macquarie has lowered Xiaomi's target price from HKD 69.32 to HKD 61 while maintaining an "Outperform" rating, but has removed the stock from its recommended list for the Asia region [1] Financial Performance - The firm anticipates a decrease in the company's profitability in the second half of the year compared to the first half [1] - It is expected that the gross margin in the third quarter may come under pressure due to intensified competition in the smartphone market, rising costs, and seasonal slowdown in IoT products [1]

Group 1 - The core viewpoint of the report indicates that Xiaomi Group-W (01810) reported second-quarter revenue and adjusted earnings that were broadly in line with market expectations [1] - The gross margin for Xiaomi's electric vehicle segment reached 26.4% in the second quarter, driven by higher average selling prices and economies of scale, with expectations for further increase to 28% in the third quarter [1] - The potential for Xiaomi's automotive business to achieve breakeven on a quarterly or monthly basis in the second half of the year is highlighted [1] Group 2 - Based on the revised gross margin forecasts for electric vehicles, the earnings per share estimates for Xiaomi for 2025 to 2027 have been raised by 2% to 9% [1] - The rating remains "Buy," with the target price increased from HKD 72 to HKD 76 [1] - In the smartphone segment, due to a limited number of product launches, the outlook for Xiaomi's third-quarter shipment volume has become more cautious, with an expected shipment of 42.2 million units and an annual total of 172 million units, compared to the company's target of 170 to 175 million units [1]

手机方面，由于发布的产品有限，该行对小米第三季的出货量转趋审慎，预期第三季的出货量为4,220 万部，全年的出货量为1.72亿部，相对于小米全年1.7亿至1.75亿部的目标。 智通财经APP获悉，大和发布研报称，小米集团-W(01810)第二季收入及经调整盈利大致符合市场预 期。在SU7 Ultra等的较高平均售价及规模经济的带动下，小米第二季电动车毛利率达到26.4%，该行预 期第三季电动车毛利率将进一步上升至28%。这将有可能使小米汽车业务在下半年实现单季或单月盈亏 平衡。基于电动车毛利率预测获上调，上调小米2025至27年每股盈测2%至9%。重申"买入"评级，并将 目标价由72港元上调至76港元。 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 65.4, down from the previous HKD 67.8 [1][4][14]. Core Insights - Xiaomi's total revenue for Q2 2025 reached RMB 116 billion, representing a year-on-year growth of 30.5% and a quarter-on-quarter increase of 4.2%. Adjusted net profit grew by 75.4% to RMB 10.8 billion [1][4]. - The overall gross margin for the group was 22.5%, up 1.8 percentage points year-on-year but down 0.3 percentage points from Q1 2025 [1]. - The automotive business showed strong performance with a gross margin of 26.4%, benefiting from scale effects and a higher proportion of high-end model deliveries [2][3]. Summary by Sections Automotive Business - Q2 2025 saw a record delivery of 81,302 vehicles, with revenue increasing by 14% quarter-on-quarter to RMB 20.6 billion. The gross margin for the automotive segment improved significantly from 15.4% to 26.4% year-on-year [2]. - The company is optimistic about the automotive business's profitability, especially with its high-end strategy, and anticipates potential profitability in upcoming quarters [2][3]. Smartphone/IoT/Internet Business - The smartphone segment faced challenges, with revenue declining by 2.1% year-on-year to RMB 45.5 billion and a gross margin contraction to 11.5% [3]. - IoT revenue grew by 44.7% year-on-year to RMB 38.7 billion, driven by high-value smart home appliances, maintaining a strong gross margin of 22.5% [3]. - Internet services continued to show stable growth, with a 10.1% year-on-year revenue increase to RMB 9.1 billion and a high gross margin of 75.4% [3]. Profit Forecast and Valuation - Due to weak global smartphone demand, revenue forecasts for 2025-2027 were adjusted downwards by 2.2%, 0.5%, and 0.2%, respectively. However, net profit forecasts were raised by 9.5%, 4.3%, and 7.8% for the same period [4]. - The target price of HKD 65.4 corresponds to a 30x PE ratio for 2026, reflecting the company's strong IoT and AI ecosystem value [4][14]. Financial Metrics - The report projects a revenue increase to RMB 479.9 billion in 2025, with a net profit of RMB 44.3 billion, representing a 62.2% year-on-year growth [9][12]. - The gross margin is expected to stabilize around 22.7% in 2026, with a projected net profit margin of 9.1% [12][13].

人民财讯8月20日电，企查查APP显示，近日，上海纬钛科技有限公司发生工商变更，新增小米科技有 限责任公司旗下瀚星创业投资有限公司等为股东。企查查信息显示，该公司成立于2024年，经营范围包 含：智能机器人的研发；智能机器人销售；人工智能基础软件开发；人工智能行业应用系统集成服务 等。公开信息显示，纬钛科技致力于机器人灵巧操作与手眼协调领域。 ...

Group 1 - Xiaomi Technology (Wuhan) Co., Ltd., Xiaomi Smart Home Appliances (Wuhan) Co., Ltd., and Beijing Xiaomi Mobile Software Co., Ltd. have obtained a patent for "Return Air Cover and Air Conditioning Equipment" with the announcement number CN223243009U, applied on October 2024 [1] - The patent describes a return air cover that includes a cover body, at least two first connecting pieces, and at least one first reinforcing rib, which enhances the strength and stability of the cover body to prevent deformation or breakage during use [1] Group 2 - Xiaomi Technology (Wuhan) Co., Ltd. was established in 2017 with a registered capital of 21 million RMB and has invested in 5 companies, holding 1108 patents and 13 administrative licenses [2] - Xiaomi Smart Home Appliances (Wuhan) Co., Ltd. was founded in 2023 with a registered capital of 2 million RMB and has participated in 7 bidding projects, holding 302 patents [2] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 with a registered capital of 148.8 million RMB, has invested in 4 companies, participated in 139 bidding projects, holds 5000 patents, and has 123 administrative licenses [2]

Group 1 - The core viewpoint of the report indicates that Xiaomi's Q2 revenue and adjusted profit largely met market expectations [1] - The gross margin for electric vehicles reached 26.4% in Q2, driven by higher average selling prices and economies of scale, with expectations for an increase to 28% in Q3 [1] - Xiaomi's electric vehicle business may achieve breakeven on a quarterly or monthly basis in the second half of the year [1] Group 2 - Due to a limited number of product launches, the company is cautious about Xiaomi's Q3 shipment volume, projecting it to be 42.2 million units, with an annual total of 172 million units [1] - This annual projection is slightly below Xiaomi's target of 170 to 175 million units [1] - Based on the revised gross margin forecast for electric vehicles, the company has raised its earnings per share estimates for Xiaomi for 2025 to 2027 by 2% to 9% [1] - The target price for Xiaomi has been increased from HKD 72 to HKD 76, maintaining a "buy" rating [1]