Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a technology that protects circuit boards, battery components, and electronic devices, which aims to reduce the thickness of these components while maintaining structural strength and reliability [1] Group 2 - The patent, authorized under announcement number CN223246778U, was applied for on September 2024 and focuses on a protective circuit board design that includes a body and connecting parts [1] - The design allows for a reduction in thickness by positioning the connecting parts on one side of the circuit board, which is beneficial for the miniaturization of battery components and electronic devices [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012, is located in Beijing, and primarily engages in software and information technology services, with a registered capital of 148.8 million RMB [1]

（文章来源：每日经济新闻） 每经AI快讯，8月19日，小米集团ADR美股盘前涨超2%。 ...

8月19日恒生指数下跌0.21%，南向资金全天合计成交金额为1689.97亿港元，其中，买入成交937.85亿 港元，卖出成交752.12亿港元，合计净买入金额185.73亿港元。具体来看，港股通（深）累计成交金额 657.95亿港元，买入成交377.29亿港元，卖出成交280.67亿港元，合计净买入金额96.62亿港元；港股通 （沪）累计成交金额1032.02亿港元，买入成交560.56亿港元，卖出成交471.45亿港元，合计净买入金额 89.11亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是东方甄选，合计成交额103.37亿港元， 盈富基金、腾讯控股成交额紧随其后，分别成交71.27亿港元、52.39亿港元。以净买卖金额统计，净买 入的个股共有10只，盈富基金净买入额为70.71亿港元，净买入金额居首，该股收盘股价下跌0.16%，恒 生中国企业净买入额为22.15亿港元，南方恒生科技净买入额为14.12亿港元。净卖出金额最多的是东方 甄选，净卖出5.13亿港元，该股收盘股价下跌20.89%，中芯国际、华虹半导体遭净卖出4.87亿港元、 1.49亿港元。 今日上榜个股中，盈富基金、腾讯控 ...

Market Overview - On August 19, the Hang Seng Index fell by 0.21%, closing at 25,122.90 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 18.573 billion [1][3] - The total trading volume for the Stock Connect on August 19 was HKD 168.997 billion, with a net buy of HKD 18.573 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 103.202 billion, with a net buy of HKD 8.911 billion; in the Shenzhen Stock Connect, the trading volume was HKD 65.795 billion, with a net buy of HKD 9.662 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Dongfang Zhenxuan, with a trading volume of HKD 7.043 billion, followed by the Tracker Fund of Hong Kong and Tencent Holdings, with trading volumes of HKD 5.106 billion and HKD 3.221 billion, respectively [1][2] Net Buy and Sell Analysis - The Tracker Fund of Hong Kong had the highest net buy amount of HKD 5.089 billion, despite a closing price drop of 0.16% [1][2] - The stock with the highest net sell amount was Hua Hong Semiconductor, with a net sell of HKD 149 million and a closing price drop of 3.12% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Dongfang Zhenxuan also led in trading volume with HKD 3.294 billion, followed by Hang Seng China Enterprises and the Tracker Fund of Hong Kong, with trading volumes of HKD 2.215 billion and HKD 2.021 billion, respectively [2] - The stock with the highest net buy in the Shenzhen Stock Connect was Hang Seng China Enterprises, with a net buy of HKD 2.215 billion, despite a closing price drop of 0.37% [2]

小米集团合伙人、集团总裁卢伟冰在业绩电话会上表示，小米集团2025年第二季度交付汽车达到81302 辆，小米汽车预计在2027年正式进入欧洲市场。 卢伟冰表示，有信心完成35万辆小米汽车的全年交付目标。今年第二季度小米智能电动汽车及AI等创 新业务收入大幅增长234%至213亿元，经营亏损大幅收窄至3亿元，有望于下半年实现单季盈利。 卢伟冰回应"家电价格博弈"称，小米不参与家电行业的价格"内卷"、不在意短期排名，一个月、一个季 度的排名根本不重要，最重要的是长期的格局会不会改变，长期的胜利会不会在小米这一边。小米大家 电业务有百分之百的信心，今年会圆满完成年初的目标。 （文章来源：新华财经） 财报显示，2025年第二季度，小米集团总收入为人民币1160亿元，创历史新高，同比增长30.5%。本季 度，集团经调整净利润为人民币108亿元，创历史新高，同比增长75.4%。2025年上半年，小米集团实 现营业收入2272亿元，同比增长38.2%；实现经调整净利润215亿元，同比增长69.8%。 财报显示，2025年第二季度，公司研发开支达到人民币78亿元，同比增长41.2%。截至2025年6月30 日，公司的研发人员 ...

Core Insights - Xiaomi's automotive business has significantly contributed to its rapid revenue growth, with a notable increase in performance metrics in Q2 2023 [2][3] Financial Performance - Xiaomi reported Q2 revenue of 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [2] - Adjusted net profit for Q2 reached 10.8 billion yuan, up 75.4% year-on-year, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [2] - The smartphone business generated 45.5 billion yuan in revenue, a slight decline of 2.1% year-on-year, while IoT and lifestyle products revenue was 38.7 billion yuan, up 44.7% [2] Automotive Business - Xiaomi's automotive revenue for Q2 was 20.6 billion yuan, reflecting a remarkable year-on-year growth of 230.3% [2] - The average selling price of Xiaomi cars reached 253,000 yuan, which could rise to 287,000 yuan when tax is included, positioning Xiaomi in the high-end vehicle market [2] - A total of 81,302 cars were sold in Q2, with over 157,000 units delivered in the first half of the year [3] IoT and Home Appliances - The IoT and lifestyle products segment, including major appliances, saw significant growth, with air conditioning units shipped exceeding 5.4 million, a year-on-year increase of over 60% [4] - Xiaomi's refrigerator and washing machine shipments also showed strong growth, with increases of over 25% and 45% respectively [4] - The company plans to expand its home appliance business internationally, targeting markets in Southeast Asia and Europe by 2025 [4] Chip Development - Xiaomi's self-developed chip, the Xuanjie O1, has exceeded expectations, indicating the company's growing capabilities in chip-level platform development [5] - The company aims to increase its market share in the Chinese smartphone market by 1% annually and targets global smartphone sales of 200 million units per year [5]

在智能手机、IoT与生活消费产品业务方面，财报显示，2025年第二季度，智能手机业务收入为人民币 455亿元，毛利率为11.5%；全球智能手机出货量为42.4百万台，同比增长0.6%。第二季度，IoT与生活 消费产品业务收入创历史新高，收入为人民币387亿元，同比增长44.7%，毛利率为22.5%，同比提升2.8 个百分点。 8月19日，小米集团合伙人、集团总裁卢伟冰在当晚的业绩电话会上表示，2022年至2025年上半年小米 在汽车等创新业务上的费用投入超300亿元，所以累计来看新业务仍然有较大亏损。对小米汽车全年35 万台的交付目标，卢伟冰表示有信心高质量完成。 小米高管明确，小米不参与汽车价格战，也不参与内卷，小米汽车重要任务是把汽车产品交付出去。 2025年第二季度，小米交付新车达81302辆。截至7月累计交付已超30万台。 在芯片研发方面，小米财报指出，研发投入大幅加码，自研旗舰SoC芯片规模量产。单季研发投入78亿 元，同比增长41.2%，研发人员总数22641人，创历史新高。 8月19日，小米集团（HK01810）发布二季度业绩公告：第二季度营收1159.6亿元，创单季度营收历史 新高，同比增长3 ...

Core Insights - Xiaomi Group's revenue from innovative businesses such as smart electric vehicles and AI saw significant growth in Q2, with a substantial reduction in operating losses, indicating potential for quarterly profitability in the second half of the year [1] - From 2022 to the first half of 2025, Xiaomi's investment in automotive and other innovative sectors exceeds 30 billion yuan, suggesting that cumulative losses in new businesses remain considerable [1] - Xiaomi maintains confidence in achieving its annual delivery target of 350,000 electric vehicles, emphasizing a commitment to high-quality execution [1]

Financial Data and Key Metrics Changes - Total revenue reached RMB 116 billion, up 30.5% year on year, marking the fifth consecutive quarter of record-breaking performance [4][22] - Adjusted net profit was RMB 10.8 billion, up 75% year on year, achieving a new record high for the third consecutive quarter [4][31] - Gross margin improved to 22.5%, an increase of 1.8 percentage points year on year [4][22] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB 45.5 billion, accounting for 39.3% of total revenue, with global smartphone shipments reaching 42.4 million units, marking the eighth consecutive quarter of year-on-year shipment growth [23][22] - AIoT revenue reached RMB 38.7 billion, up 44.7% year on year, with a gross margin of 22.5%, up 2.8 percentage points year on year [24][25] - Revenue from smart large appliances grew 66.2% year on year, with air conditioning shipments exceeding 5.4 million units, up over 60% year on year [25][26] Market Data and Key Metrics Changes - In Mainland China, smartphone market share for devices priced between RMB 4,000 and 6,000 increased by 4.5 and 6.5 percentage points year on year, respectively [12] - Xiaomi ranked first in smartphone activations in Mainland China and maintained a strong presence in Southeast Asia, Europe, and Latin America [7][8] - Global MAUs for Internet services reached 731 million, up 8.2% year on year, with MAUs in Mainland China reaching 185 million, up 12.4% year on year [27] Company Strategy and Development Direction - The company aims to achieve steady annual increases in market share in China and is focused on premiumization and technological advancements [9][10] - Xiaomi plans to enter the European market by 2027 and is committed to enhancing its international market infrastructure [19][20] - The company emphasizes innovation driven by user needs and aims to transform the home appliance industry through intelligent transformation [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intense competition in the smartphone industry and the need for continuous investment in core technology and product innovation [8][9] - The company expects the smartphone market to remain flat globally, with a target of 175-180 million shipments for the year [81][82] - Management expressed confidence in the long-term growth of the large appliance business despite current market challenges [16][99] Other Important Information - Xiaomi's R&D expenses reached RMB 7.8 billion, up 41.2% year on year, with a record high number of R&D personnel [30] - The company was included in the Fortune 500 list for the seventh consecutive year, ranking 297th, an improvement of 100 places from the previous year [19] Q&A Session Summary Question: Performance of AIoT segment in Chinese and overseas markets - Management noted strong growth rates in both markets, with a focus on expanding offline retail channels to enhance efficiency [34][37] Question: Smartphone gross margin trends - Management indicated that rising costs for components are a concern, but premiumization efforts are expected to help improve margins in the long term [36][44] Question: AIoT gross margin pressure - Management attributed quarter-on-quarter pressure to seasonal factors and promotional activities, but year-on-year growth remains strong [46][55] Question: EV business gross margin and overseas development - Management expressed confidence in maintaining satisfactory gross margins through competitive product offerings and economies of scale [88][90] Question: Brand strength in overseas markets - Management highlighted high brand awareness in Europe and plans to enhance the reputation of Xiaomi EVs before entering the market [90][91]

Financial Data and Key Metrics Changes - Total revenue reached RMB 116 billion, up 30.5% year on year, marking the fifth consecutive quarter of record-breaking performance [6][24] - Adjusted net profit was RMB 10.8 billion, up 75% year on year, achieving a new record high for the third consecutive quarter [6][32] - Gross margin improved to 22.5%, an increase of 1.8 percentage points year on year [6][24] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB 45.5 billion, accounting for 39.3% of total revenue, with global smartphone shipments reaching 42.4 million units, marking the eighth consecutive quarter of year-on-year shipment growth [25][24] - AIoT revenue reached RMB 38.7 billion, up 44.7% year on year, with a gross margin of 22.5%, up 2.8 percentage points year on year [26][24] - Smart large appliances revenue grew 66.2% year on year, with air conditioning shipments exceeding 5.4 million units, achieving over 60% year-on-year growth [27][15] Market Data and Key Metrics Changes - In Mainland China, smartphone market share for devices priced between RMB 4,000 and 6,000 increased by 4.5 and 6.5 percentage points year on year, reaching 24.7% and 15.4% respectively [13] - Xiaomi ranked first in smartphone activations in Mainland China and maintained strong positions in Southeast Asia, Europe, and Latin America [9][10] - Global MAUs for Internet services reached 731 million, up 8.2% year on year, with MAUs in Mainland China reaching 185 million, up 12.4% year on year [29] Company Strategy and Development Direction - The company aims to achieve steady annual increases in market share in China and is focused on premiumization and technological advancements [11][12] - Xiaomi plans to enter the European market by 2027 and is committed to enhancing its brand and product competitiveness [21][85] - The company emphasizes innovation driven by user needs and aims to transform the home appliance industry through intelligent transformation [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intense competition in the smartphone industry and the need for continuous investment in core technology and product innovation [10][11] - The company expects the smartphone market to show little growth overall, with a target of 175-180 million shipments for the year [81] - Management expressed confidence in the long-term growth of the large appliance business despite current market challenges [17][98] Other Important Information - Xiaomi's R&D expenses reached RMB 7.8 billion, up 41.2% year on year, with a record high of 22,641 R&D personnel [31] - The company was included in the Fortune 500 list for the seventh consecutive year, ranking 297th, an improvement of 100 places from the previous year [21] - The company is committed to corporate social responsibility and has made significant contributions to disaster relief efforts [33] Q&A Session Summary Question: Performance of AIoT segment in China and overseas - Management noted strong growth in both markets, with a focus on expanding the new retail system to enhance AIoT business [36][38] Question: Long-term smartphone gross margin outlook - Management indicated that while there are short-term pressures on gross margin, premiumization and product structure adjustments are expected to support future growth [37][45] Question: AIoT gross margin pressure and R&D investment direction - Management explained that the pressure on AIoT gross margin was due to market conditions, and R&D investments are focused on core technologies and product lines [48][52] Question: EV business gross margin and overseas development - Management expressed confidence in maintaining satisfactory gross margins through competitive products and emphasized the importance of brand awareness for EVs in overseas markets [88][90] Question: Robotics opportunities and large appliances strategy - Management is optimistic about robotics opportunities and highlighted the rapid growth of air conditioning sales, with plans to enhance competitiveness further [94][98]