Group 1 - The core viewpoint of the article highlights that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a display panel and display device, which aims to enhance the reliability of display panels by preventing crack propagation towards the display area [1] - The patent, authorized under announcement number CN223247003U, was applied for on September 2024 and falls within the field of display technology [1] - The display panel includes a substrate, multiple insulating functional layers, and several light-emitting devices, with a unique feature of barrier grooves designed to disrupt the path of cracks [1] Group 2 - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in software and information technology services [2] - The company has a registered capital of 148.8 million RMB and has made investments in four enterprises, participated in 139 bidding projects, and holds approximately 5,000 patent records [2] - Additionally, the company possesses 123 administrative licenses, indicating a robust operational framework [2]

Core Insights - Xiaomi reported delivering over 80,000 new vehicles in the second quarter [1] - The revenue from electric vehicles in the second quarter reached 20.6 billion yuan [1] Summary by Categories Company Performance - Xiaomi's second quarter vehicle deliveries exceeded 80,000 units [1] - The electric vehicle revenue for the second quarter was 20.6 billion yuan [1] Market Response - Wang Hua expressed gratitude for the support received and emphasized the company's continued efforts [1]

Core Insights - Xiaomi Group reported a record total revenue of RMB 116 billion for Q2 2025, representing a year-on-year growth of 30.5% [1] - The adjusted net profit for the quarter reached RMB 10.8 billion, also a historical high, with a year-on-year increase of 75.4% [1] Financial Performance - Total revenue for Q2 2025: RMB 116 billion, a historical high [1] - Year-on-year revenue growth: 30.5% [1] - Adjusted net profit for Q2 2025: RMB 10.8 billion, a historical high [1] - Year-on-year net profit growth: 75.4% [1]

Core Insights - Xiaomi Group reported revenue of RMB 21.3 billion for the smart electric vehicle and AI innovation business segment in Q2 2025 [1] - Revenue from smart electric vehicles amounted to RMB 20.6 billion, while other related business revenue was RMB 600 million [1] - The gross margin for the smart electric vehicle and AI innovation business segment was 26.4% in the second quarter [1] - The segment incurred an operating loss of RMB 300 million in Q2 [1] - A total of 81,302 new vehicles were delivered in the second quarter [1]

小米集团总裁卢伟冰：拟于2027年进军欧洲电动汽车市场。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

物联网与互联网服务继续支撑整体增长。截至6月底，小米AIoT平台已连接设备数（不含手机、平板和 笔记本）达到9.89亿台，同比增长20.3%。IoT业务在白电市场份额扩张及政府补贴推动下，季度收入实 现30%至40%的增长。互联网服务收入为91亿元，同比增长10.1%，毛利率高达75.4%。 研发投入亦创纪录。第二季度研发开支达78亿元，同比增长41.2%；研发人员规模增至22,641人，刷新 历史新高。小米同时加码半导体布局，发布了3纳米制程的Xring O1芯片，计划在未来十年投入70亿美 元，推动芯片与AI战略。 彭博情报分析师指出，小米整体毛利率同比扩大至22.5%，主要受益于电动车规模效应及IoT产品组合 优化。但较一季度略有下滑，原因在于智能手机业务的促销和成本上升。 小米集团(01810.HK)在2025年第二季度再次交出亮眼财报，收入与盈利双双创下历史新高，主要得益于 电动汽车业务的快速崛起，以及物联网和互联网服务板块的稳健增长。 公司当季营收达1160亿元人民币，同比增长30.5%，高于市场预期的1150亿元。净利润同比翻倍至119亿 元，经调整净利润则为108亿元，创历史新高，同比增长75 ...

Core Viewpoint - Xiaomi Group reported record-high revenue and adjusted net profit for the second quarter of 2025, indicating strong growth across various business segments [1][2]. Financial Performance - The total revenue for the second quarter reached RMB 115.96 billion, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [2]. - The adjusted net profit for the second quarter was RMB 10.83 billion, marking a 75.4% year-on-year increase [2]. - Gross profit for the quarter was RMB 26.10 billion, up 41.9% year-on-year [2]. - Operating profit increased by 128.2% year-on-year to RMB 13.44 billion [2]. Automotive Business - Revenue from the smart electric vehicle and AI innovation segment was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion [2]. - The segment reported a gross margin of 26.4% but incurred an operating loss of RMB 300 million [2]. - A total of 81,302 new vehicles were delivered in the second quarter [2]. Smartphone and IoT Business - Revenue from the smartphone segment was RMB 45.5 billion, with a gross margin of 11.5% [3]. - Global smartphone shipments reached 42.4 million units, reflecting a 0.6% year-on-year growth [3]. - The IoT and lifestyle products segment achieved record revenue of RMB 38.7 billion, a 44.7% year-on-year increase, with a gross margin of 22.5% [3]. Research and Development - R&D expenditure for the second quarter was RMB 7.8 billion, up 41.2% year-on-year [3]. - The number of R&D personnel reached a record high of 22,641 [3].

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of HKD 185.73 billion on August 19, 2023, indicating strong investor interest in Hong Kong stocks [1]. Northbound Trading Activity - Northbound trading through Stock Connect recorded a net buy of HKD 89.11 billion from Shanghai and HKD 96.62 billion from Shenzhen [1]. - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were Oriental Selection (01797), SMIC (00981), and Hua Hong Semiconductor (01347) [1]. Individual Stock Performance - **Tracker Fund of Hong Kong (02800)**: Net buy of HKD 70.7 billion [6]. - **Hang Seng China Enterprises (02828)**: Net buy of HKD 22.14 billion [6]. - **Southern Hang Seng Technology (03033)**: Net buy of HKD 14.11 billion [6]. - **Tencent Holdings (00700)**: Net buy of HKD 10.25 billion; reported a 15% year-on-year revenue growth to HKD 184.5 billion and a 17% increase in net profit [6]. - **Xiaomi Group (01810)**: Net buy of HKD 7.39 billion; reported a 30% year-on-year revenue increase to HKD 115.96 billion [7]. - **Sangfor Technologies (01530)**: Net buy of HKD 2.82 billion; recently completed a share placement to Pfizer [7]. - **Jingtao Holdings (02228)**: Net buy of HKD 1.79 billion; expects a significant increase in revenue and profit for the first half of 2025 [8]. Market Sentiment and Future Outlook - Analysts from Industrial Securities maintain a bullish outlook on Hong Kong stocks, predicting a long-term bull market driven by increasing confidence among global and Chinese investors [6]. - The potential for a Federal Reserve interest rate cut is seen as a catalyst for further liquidity in the Hong Kong market [6].

Core Insights - Xiaomi Group reported a record high revenue of approximately RMB 1159.56 billion for Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [1] - The adjusted net profit for Q2 2025 was approximately RMB 108.31 billion, showing a significant year-on-year increase of 75.4% [1] - The company continues to execute its "steady and progressive" core operational strategy, achieving historical highs in both revenue and profit [1] Financial Performance - For the first half of 2025, Xiaomi's revenue reached approximately RMB 2272.49 billion, a year-on-year increase of 38.2% [1] - Gross profit for the same period was approximately RMB 515.07 billion, up 46.2% year-on-year [1] - The profit attributable to shareholders for H1 2025 was RMB 228.29 billion, reflecting a year-on-year growth of 146% [1] Business Segments - In Q2 2025, the "Mobile × AIoT" segment generated revenue of RMB 947 billion, a year-on-year increase of 14.8% [1] - The "Smart Electric Vehicles and AI Innovation" segment reported revenue of RMB 213 billion, also achieving a historical high [1] Market Position - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, marking a 0.6% year-on-year growth and maintaining growth for eight consecutive quarters [2] - The company ranked among the top three global smartphone vendors with a market share of 14.7%, maintaining this position for 20 consecutive quarters [2] User Ecosystem - As of June 2025, Xiaomi's global monthly active users reached a record high of 731.2 million, reflecting an 8.2% year-on-year increase [2] - The number of connected IoT devices on the AIoT platform grew to 989 million, a year-on-year increase of 20.3% [2] Strategic Initiatives - Xiaomi is advancing its "human-vehicle-home ecosystem" strategy, with R&D expenditure reaching RMB 78 billion in Q2 2025, a 41.2% year-on-year increase [2] - The number of R&D personnel reached a historical high of 22,641 [2] High-End Strategy - Xiaomi's high-end smartphone sales in mainland China accounted for 27.6% of total smartphone sales, an increase of 5.5 percentage points year-on-year [3] - The company achieved the highest market share in the RMB 4,000–5,000 price segment, increasing by 4.5 percentage points to 24.7% [3] Retail Expansion - Xiaomi added over 1,700 new retail stores in mainland China in Q2 2025, bringing the total to over 17,000 [3] - The company also expanded its retail presence internationally, with approximately 200 new retail stores [3]

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