Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 65.0 [1][7]. Core Insights - The company's revenue and net profit for Q2 2025 exceeded expectations, driven by strong performance in home appliances and automotive sectors, leading to historical highs in both metrics [7][10]. - The "people-car-home" ecosystem strategy is showing positive results, with automotive business emerging as a significant growth driver for the future [7]. - The founder's increasing influence on consumers is expected to support the launch of new products [7]. Financial Performance Summary - For Q2 2025, the company achieved revenue of RMB 116 billion, a year-over-year increase of 30.5%, and a net profit of RMB 118.7 billion, up 134% year-over-year [10]. - The automotive segment delivered 81,000 vehicles, generating revenue of RMB 21.3 billion, with losses narrowing to RMB 300 million [10]. - The company forecasts net profits of RMB 42.32 billion, RMB 53.05 billion, and RMB 66.28 billion for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 79%, 25%, and 25% [9][10]. Business Segment Performance - The smartphone segment's revenue was RMB 45.5 billion, with a slight year-over-year decline of 2% [10]. - The Internet of Things (IoT) segment reported revenue of RMB 38.7 billion, a year-over-year increase of 44.7%, with major appliances seeing a 66% increase [10]. - The automotive business is highlighted as a key area for future growth, with significant improvements in both revenue and margin [7][10].

8月20日，博主数码闲聊站暗示，小米16将首发澎湃OS3正式版，但是老机型将会抢先尝鲜澎湃OS3内 测版，新系统很快就会开启Beta内测。据爆料，澎湃OS3将是小米史上的一次重要系统革新，新版OS不 仅会带来安卓16底层，还将引入小米自身的一系列软件创新功能。 消息称澎湃OS3将会"上岛"，带来类似iPhone的灵动岛交互功能，该功能可将外卖、打车、音乐播放等 第三方应用的实时状态整合到屏幕顶部的交互区域，用户无需打开应用即可查看和操作，提升处理效 率。 另外，爆料称小米15系列、REDMIK80系列将率先开启澎湃OS3Beta版内测，然后逐步覆盖到老机型。 这一推送策略符合预期，即优先为最新旗舰机型提供新版系统更新，随后逐步覆盖到中端产品线。按照 计划，小米16系列将在9月份登场。(快科技) ...

Core Insights - Lei Jun, the founder of Xiaomi, emphasizes the importance of hard work and dedication, having set a personal goal to complete 100 fitness sessions this year, with 80 already achieved [1][2] - Lei Jun's work ethic is recognized by peers and employees, with reports of him working 15-16 hours a day and rarely taking breaks, which has created a high-pressure environment for his staff [4][2] - Lei Jun's commitment to hard work is contrasted with his desire to shift the focus to younger talent within Xiaomi, indicating a need for a balance between dedication and delegation as the company grows [8][10] Work Ethic and Recognition - Lei Jun is often referred to as a "model worker," with anecdotes from industry peers like Luo Yonghao and Li Xiang highlighting his relentless work schedule [1][4] - Employees have noted that Lei Jun's work habits lead to significant pressure on them, as they feel compelled to match his level of commitment [2][4] - Lei Jun himself has expressed mixed feelings about being labeled a "model worker," indicating a desire to redefine his role and allow for the growth of younger leaders within the company [7][8] Leadership Transition - As Xiaomi evolves, Lei Jun aims to transition from a hands-on leader to a more strategic role, allowing younger executives to take on greater responsibilities [10] - The company has implemented a partner system and a new entrepreneurial plan to promote young talent, ensuring a robust leadership pipeline for the future [8][10] - Lei Jun's vision for the next decade includes a shift away from the "model worker" label, focusing instead on fostering a culture of empowerment among the next generation of Xiaomi leaders [8][10]

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]

2025.08. 20 本文字数：640，阅读时长大约2分钟 作者 | 第一财经 武子晔 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 美团启动"堂食提振"计划 团外卖 UII 美团专送 The E 8月19日，小米集团发布的财报显示，今年上半年，小米智能电动汽车及AI等创新业务（下称"小米 汽车"）营收398.4亿元，经营亏损约8亿元。其中，今年二季度，小米汽车业务相关的毛利率已经达 到了26.4%，经营亏损收窄至仅3亿元。 汽车毛利率是衡量车企盈利能力的重要指标。根据车企今年已披露的财报数据，在第一财经记者统计 的13家主流车企毛利率中，共有五家车企毛利率超过了20%，包括赛力斯、小米、极氪、理想和比 亚迪。 其中，小米汽车二季度毛利率已经超过特斯拉，在已经公布二季度毛利率的车企中位于首位。若把时 间跨度扩大到今年第一季度，小米汽车毛利率仅 ...

8月19日，小米集团总裁卢伟冰在业绩电话会上表示，公司有信心完成全年35万辆小米汽车的交付目标。 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，小米集团表示， 汽车业务有望于下半年实现单季盈利。 卢伟冰还表示，今年6月，小米首款SUV小米YU7系列正式发布，开售18个小时，累计首单就突破了24万台小米YU7，表现亮 眼。公司也正式决定在2027年正式进入欧洲电动汽车市场。 根据小米集团发布的业绩公告，二季度，小米汽车交付量达8.13万辆，创历史新高，较去年同期的2.73万辆增长197.7%。 （校对/黄仁贵） ...

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].