Core Insights - Xiaomi Group reported record high core metrics in Q2, with revenue reaching 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 the quarter was 10.8 billion yuan, a significant year-on-year increase of 75.4%, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [2] - The revenue from innovative business segments, including smart electric vehicles and AI, exceeded 20 billion yuan, indicating a shift towards scalable growth [2] Financial Performance - Xiaomi's Q2 revenue was 116 billion yuan, up 30.5% year-on-year, with adjusted net profit at 10.8 billion yuan, up 75.4% [2] - The smartphone and AIoT segment generated 94.7 billion yuan, a 14.8% increase, with smartphone revenue at 45.5 billion yuan and IoT revenue at 38.7 billion yuan, up 44.7% [2][3] - Internet services revenue reached 9.1 billion yuan, a 10.1% increase year-on-year [2] Automotive Business - Xiaomi's automotive deliveries reached 81,302 units in Q2, with cumulative deliveries exceeding 300,000 units by July 10 [2] - The automotive business incurred a reduced operating loss of 300 million yuan in Q2, with expectations of profitability in the second half of the year [2] - The YU7 SUV model launched with significant demand, achieving over 200,000 pre-orders shortly after its release [5] Market Position - In the domestic market, Xiaomi regained the top position in smartphone shipments with a market share of 16.8% in Q2 [3] - Xiaomi's high-end smartphone sales accounted for 27.6% of total sales in mainland China, a year-on-year increase of 5.5 percentage points [4] - The company maintained a strong presence in the international market, ranking in the top three in 60 countries and regions [3] Product Innovation and R&D - Xiaomi's R&D investment reached 7.8 billion yuan in Q2, a 41.2% increase, with an expected total investment of 30 billion yuan for the year [5] - The company launched its first self-developed 3nm flagship chip, becoming the fourth globally and the first in mainland China to achieve this milestone [5] - The newly released AI glasses exceeded sales expectations, with a high approval rating on e-commerce platforms [6]

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30.5%；第二季度净利润119.0亿元。 小米集团第二季度集团经调整净利润为108亿元，创历史新高，同比增长75.4%。 | | | | 未經審核 | | | | --- | --- | --- | --- | --- | --- | | | | | 截至以下日期止三個月 | | | | | 2025年 | 2024年 | | 2025年 | | | | 6月30日 | 6月30日 | 同比變動 | 3月31日 | 環比變動 | | | | | (人民幣百萬元,除非另有說明) | | | | 收入 | 115,956.1 | 88,887.8 | 30.5% | 111,293.3 | 4.2% | | 毛利 | 26,101,0 | 18.394.2 | 41.9% | 25,405,9 | 2.7% | | 經營利潤 | 13,436,7 | 5,888,7 | 128,2% | 13.125.4 | 2.4% | | 除所得税前利潤 | 14.402.8 | 6.679.4 | 115 ...

Core Viewpoint - The competition between Xiaomi and Gree in the air conditioning market has intensified, with Xiaomi claiming to surpass Gree in online sales for July, which Gree disputes, leading to a public debate over the accuracy of sales data [1][6][9]. Group 1: Sales Data Discrepancies - Xiaomi's online air conditioning market share reached 16.71% in July, placing it second behind Midea's 18.61%, while Gree claimed to maintain its second position in the market [6][9]. - Gree's market director, Zhu Lei, stated that the data circulating online was inaccurate and provided evidence from Aowei Cloud Network to support Gree's claim of being the second in online sales [5][9]. - A social media user suggested that discrepancies in the data might be due to Aowei changing its statistical methodology, calling for clarification from the data platform [9][10]. Group 2: Industry Dynamics - The rivalry between Xiaomi and traditional air conditioning manufacturers like Gree, Midea, and Haier has been anticipated, with Xiaomi aiming to rise from fourth to third place in the market this year and targeting a top two position by 2030 [13][14]. - In July, Xiaomi achieved a 53.9% year-on-year growth in air conditioning sales, making it the only brand among the top three to experience such rapid growth [13][14]. - Midea's chairman acknowledged the competitive threat posed by Xiaomi but expressed confidence in Midea's strategic position, viewing Xiaomi's entry as a positive development for the industry [13][14]. Group 3: Company Performance - Xiaomi's smart home appliance revenue surged by 113.8% year-on-year in Q1, with air conditioning shipments exceeding 1.1 million units, reflecting a growth of over 65% [14]. - Gree has historically defended its market position, with its chairperson, Dong Mingzhu, publicly criticizing Xiaomi's manufacturing practices and technology [14].

Core Viewpoint - Xiaomi Group reported record high core indicators in Q2, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% year-on-year [1] Group 1: Financial Performance - Revenue for Q2 was 116 billion yuan, marking a 30.5% year-on-year growth, continuing a trend of exceeding 100 billion yuan for three consecutive quarters [1] - Adjusted net profit reached 10.8 billion yuan, a significant increase of 75.4% year-on-year, with two consecutive quarters surpassing 10 billion yuan [1] Group 2: Automotive and AI Innovations - Revenue from the smart electric vehicle and AI innovation segment exceeded 20 billion yuan, indicating a shift towards scalable growth [2] - In Q2, Xiaomi delivered 81,302 vehicles, with total deliveries surpassing 300,000 by July 10, and over 15.7 million vehicles delivered in the first half of the year [2] - The operating loss for the automotive business narrowed significantly to 300 million yuan, with expectations of profitability in the second half of the year [2] Group 3: Smartphone and IoT Performance - Xiaomi's smartphone revenue reached 45.5 billion yuan, with a continuous positive growth in shipments for eight consecutive quarters, maintaining a top-three global position for 20 quarters [2][3] - IoT and lifestyle product revenue hit 38.7 billion yuan, a year-on-year increase of 44.7%, with smart home appliances seeing a 66.2% increase [2][4] - Internet service revenue grew to 9.1 billion yuan, reflecting a 10.1% year-on-year increase [2] Group 4: Market Position and User Engagement - Despite a challenging global smartphone market, Xiaomi achieved a market share of 16.8% in China, ranking first domestically with 11.5 million new device activations in Q2 [3] - Xiaomi's global monthly active users reached 731 million, with 185 million in mainland China, and the number of connected IoT devices reached 989 million [5] Group 5: High-End Strategy and R&D Investment - Xiaomi's high-end smartphone market share increased to 27.6%, with significant growth in the 4,000-5,000 yuan and 5,000-6,000 yuan price segments [6] - R&D investment reached 7.8 billion yuan in Q2, a 41.2% year-on-year increase, with an expected total investment of 30 billion yuan for the year [7] - The launch of the self-developed 3nm flagship chip and AI glasses indicates Xiaomi's commitment to innovation and technology advancement [7]

Core Viewpoint - Xiaomi Group reported a record high revenue of RMB 115.96 billion for Q2, marking a 30.5% year-on-year increase, with a net profit of RMB 11.9 billion and an adjusted net profit of RMB 10.83 billion, up 75.4% year-on-year [1][2]. Financial Performance - Revenue for Q2 reached RMB 115.96 billion, compared to RMB 88.89 billion in the same period last year, reflecting a 30.5% increase [2]. - Gross profit was RMB 26.10 billion, up 41.9% year-on-year [2]. - Operating profit surged to RMB 13.44 billion, a 128.2% increase from the previous year [2]. - The adjusted net profit of RMB 10.83 billion represents a 75.4% increase year-on-year [2]. Automotive Business - In Q2 2025, revenue from Xiaomi's smart electric vehicles and AI-related businesses was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion [3]. - The gross margin for the smart electric vehicle segment was 26.4%, but the segment incurred an operating loss of RMB 300 million [3]. - Xiaomi has invested over RMB 30 billion in automotive and innovative businesses from 2022 to the first half of 2025, leading to significant losses in new business segments [5]. Research and Development - Xiaomi's R&D expenditure in Q2 was RMB 7.8 billion, a 41.2% increase year-on-year, with a total of 22,641 R&D personnel, the highest in the company's history [6][7]. Smartphone and IoT Business - Revenue from the smartphone segment was RMB 45.5 billion, with a gross margin of 11.5%, and global smartphone shipments reached 42.4 million units, a slight increase of 0.6% year-on-year [9]. - The IoT and lifestyle products segment achieved record revenue of RMB 38.7 billion, up 44.7% year-on-year, with a gross margin of 22.5%, an increase of 2.8 percentage points [9]. Stock Performance - As of August 19, Xiaomi's stock price closed at HKD 52.4, down 1.23%, with a total market capitalization of HKD 1.36 trillion, reflecting a nearly 14% decline from its recent high of HKD 61.45 on June 27 [11][12].

8月19日，小米集团（HK01810）发布二季度业绩公告。财报数据显示，本季度小米集团营收1160亿元，同比增长30.5%，连续3个季度突破千亿；经调 净利润108亿元，同比增长75.4%，连续2个季度突破百亿。 具体来看，手机×AIoT分部收入947亿元，同比增长14.8%，占总收入的比重为81.7%。这一分部收入包括智能手机、IoT与生活消费产品、互联网服务和 其他相关服务。 （蔡淑敏/摄） 其中，智能手机业务收入455亿元，相比去年同期的465亿元同比减少2.1%，对此小米集团在财报中表示，主要是由于智能手机平均销售单价下降，部 分被智能手机出货量增加所抵销。今年第二季度，全球手机市场大盘整体承压，不过小米智能手机出货量从去年同期的4220万部增加0.6%至4240万部。国 内市场方面，继第一季度出货量重返中国第一后，第二季度小米新机激活量1150万台，市场份额为16.8%，登顶国内第一。国际市场方面，智能手机出货量 连续8个季度实现同比增长，在60个国家和地区排名前三，69个国家和地区排名前五。 IoT与生活消费产品收入387亿元，同比增长44.7%，创历史新高，主要得益于智能大家电收入同比大增66. ...

Core Viewpoint - The Xiaomi AI glasses, which initially sparked a buying frenzy, have seen a significant decline in sales and consumer interest just two months after their launch, indicating challenges in user experience and market acceptance [1][2]. Market Performance - The global smart glasses market is projected to ship 1.487 million units in Q1 2025, representing an 82.3% year-on-year growth, while China's market is expected to reach 494,000 units, growing by 116.1% [1]. - Xiaomi's AI glasses achieved over 10,000 sales within five days of launch, prompting an internal sales target increase from 300,000 to 500,000 units [2]. - Sales data from e-commerce platforms show that Xiaomi AI glasses sold over 40,000 units on JD, 7,000+ on Taobao, and 2,600+ on Douyin [2]. Consumer Sentiment - In-store observations revealed a marked decrease in consumer inquiries and interest in the Xiaomi AI glasses compared to the initial launch period [2]. - Sales representatives indicated that the glasses are selling at a low volume, with some stores reporting monthly sales of only 8 to 10 units [2]. Product Availability - Certain models of the Xiaomi AI glasses are currently out of stock across various online platforms, with only limited colors available [3]. User Experience Issues - Users have reported dissatisfaction with the overall quality of the Xiaomi AI glasses, citing a cheap plastic feel and inadequate functionality, such as the lack of a front display for photo and video capture [5][6]. - The built-in voice assistant, "Xiao Ai," has received criticism for its unresponsiveness and issues with accidental activation due to overlapping with other Xiaomi devices [6]. Industry Challenges - Analysts highlight that the domestic AI glasses market faces multiple challenges, including hardware limitations, application ecosystem deficiencies, and quality control issues [7]. - The future of the industry may involve a dual development path, with lightweight glasses evolving into multifunctional personal assistants while professional-grade devices focus on niche markets [7].

近日，奥维云发布7月中国空调线上份额数据。美的在当月市占比为18.61%，排名第一。其中，小米则以 16.71%的占比超越格力(15.22%)，首次跃居第二。 对此，小米集团公关部王化转发了相关微博并评论，"没想到新时代这么快就来了。" （图片来源：摄图网） 而不久前，第三方权威调研机构发布最新数据显示，2025年7月中国空调市场销量排名前五的品牌依次为美 的、格力、小米、海尔和奥克斯。小米以13.7%的销量占比位列第三，以53.9%的同比增速，成为前三大品 牌中唯一实现高速增长的企业。小米集团合伙人、总裁卢伟冰认为，小米空调的高增速源于"能力的坚实提 升"。 8月18日晚，格力电器市场总监朱磊在微博回应"小米空调线上销量超越格力"传闻。他表示："我们也去奥维 云网查了下，公开的数据和那几张截图并不一样。按照同样的查询条件，7月线上市场格力仍然保持领 先。"朱磊还表示，市场的成功来自每一位消费者的认可，经中国标准化研究院评定，格力空调已经连续16 年顾客满意度第一。 | 19:29 | | | | HI & B) | | 2025年7月中国空调市场排名 | | | --- | --- | --- | --- ...

8月19日，小米集团在港交所公告，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%。 ...

Core Viewpoint - Xiaomi Group reported a strong Q2 performance with record-high revenue and profit, showcasing significant growth across multiple business segments, particularly in smartphones, IoT, and innovative sectors like electric vehicles and AI [1][2][4]. Financial Performance - Revenue reached 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter exceeding 100 billion yuan [1]. - Adjusted net profit was 10.8 billion yuan, up 75.4% year-on-year, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [1]. Business Segments - The smartphone and AIoT segment generated 94.7 billion yuan, a 14.8% increase year-on-year, with smartphone revenue at 45.5 billion yuan and IoT products at 38.7 billion yuan, which grew by 44.7% [1][2]. - The innovative business segment, including electric vehicles and AI, reported revenue of 21.3 billion yuan, a staggering 234% increase year-on-year [1]. Market Position - Xiaomi maintained a strong position in the global smartphone market, ranking in the top three for 20 consecutive quarters, with a domestic market share of 16.8% [2][3]. - In Southeast Asia, Xiaomi's market share rose to 18.9%, while in Europe, it returned to second place with a 23.4% share [3]. Product Performance - Smart home appliances saw significant growth, with smart air conditioning units shipped exceeding 5.4 million, a growth rate of over 60% [3]. - The high-end smartphone segment saw Xiaomi's share in the 4000-5000 yuan price range increase to 24.7%, while the 5000-6000 yuan segment reached 15.4%, reflecting a shift towards premium products [5][6]. R&D and Innovation - R&D investment reached a record high of 7.8 billion yuan, a 41.2% increase year-on-year, with plans to invest 30 billion yuan this year [7]. - Xiaomi launched its first 3nm flagship chip, becoming the first in mainland China to develop such technology, and achieved significant milestones in the electric vehicle sector [7][8]. Brand Recognition - Xiaomi ranked second in the Kantar BrandZ Globalization Brand list and improved its position in the Fortune Global 500, moving up 100 places to rank 297 [4].