Core Viewpoint - Goldman Sachs reported that Xiaomi Group-W (01810) second-quarter performance was largely in line with expectations, with a year-on-year revenue growth of 30% [1] Revenue Performance - Revenue increased by 30% year-on-year, driven by strong performance in Artificial Intelligence of Things (AIoT), which grew by 45%, exceeding Goldman Sachs and market forecasts by 2% and 8% respectively [1] - Electric vehicle sales offset weak smartphone sales, contributing positively to overall revenue [1] Profitability - Adjusted net profit increased by 75% year-on-year, surpassing Goldman Sachs' and market forecasts by 7% to 13% [1] - Due to increased R&D investment and higher income tax, adjusted net profit forecasts were revised down by 1% to 4% [1] Target Price and Rating - The target price was lowered from HKD 69 to HKD 65, while maintaining a "Buy" rating [1] Stock Performance - Over the past three months, Xiaomi's stock performance has been in line with index trends, with a year-to-date increase of 54% [1] - Concerns regarding the downward revision of smartphone revenue/gross margin estimates have been noted, as the company has consistently provided lower forecasts than the market since early 2025 [1] Future Outlook - There are worries about a slowdown in AIoT sales growth in the second half of the year due to diminishing incremental benefits from China's national subsidy program [1] - Since July, the increase in electric vehicle manufacturing capacity has been relatively slow, although there was a slight rise in delivery volumes in August [1] - Following two years of exceeding expectations and upward adjustments, the forecast adjustments for revenue and earnings per share have been moderate [1]

Group 1 - Xiaomi Group reported a revenue of 1159.62 million, representing a year-on-year growth of 30.5% [1] - The adjusted net profit increased by 9.3% compared to the previous year, exceeding market expectations [1] - The upcoming financial report for August is anticipated to provide further insights into the company's performance [1] Group 2 - The top ten weighted stocks in the Hong Kong internet sector account for over 70% of the index, with Tencent holding 14.93%, Alibaba at 13.86%, and Xiaomi at 13.07% [2] - Other significant players include Meituan at 10.06% and various other companies contributing to the index [2] Group 3 - MACD golden cross signals have formed, indicating a positive trend for certain stocks [3]

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Core Viewpoint - Xiaomi Group reported strong financial results for Q2 2025, with total revenue reaching 1160 billion RMB, a year-on-year increase of 30.5%, and net profit of 119 billion RMB, up 134.2% [2][4]. Financial Performance - Total revenue for Q2 2025 was 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [5]. - Gross profit reached 26,101.0 million RMB, up 41.9% year-on-year [5]. - Adjusted net profit was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in Q2 2024 [5]. Business Segments - The smartphone segment saw a 27.6% share of high-end smartphone sales in mainland China, a 5.5% increase year-on-year, with significant market share gains in the 4000-5000 RMB and 5000-6000 RMB price segments [5][7]. - The automotive segment reported revenue exceeding 200 billion RMB, with Q2 deliveries reaching 81,302 units, totaling over 300,000 units delivered by July 10 [7][8]. - The IoT and consumer products segment generated 387 billion RMB in revenue, a 44.7% increase, with smart home appliances growing by 66.2% [8]. R&D and Future Strategy - R&D investment in Q2 reached 78 billion RMB, a 41.2% increase, with an expected total investment of 300 billion RMB for the year [8]. - Xiaomi plans to open 1,000 new stores annually overseas, aiming for 10,000 stores in five years, enhancing its retail strategy [9].

Xiaomi Corp. (1810.HK) Conference Call Summary Company Overview - **Company**: Xiaomi Corp. - **Ticker**: 1810.HK - **Market Cap**: HK$1.4 trillion / $173.7 billion - **Enterprise Value**: HK$1.1 trillion / $146.5 billion - **Rating**: Buy Key Financial Highlights - **2Q25 Revenue**: Grew by +30% year-over-year (yoy) to Rmb 365.9 billion, driven by: - AIoT revenue growth of +45% yoy, exceeding expectations - EV sales offsetting a decline in smartphone sales (-2% yoy) due to a -5% decline in average selling price (ASP) [1][2] - **Adjusted Net Profit**: Increased by +75% yoy, primarily due to: - Higher-than-expected profitability from EV and new initiatives, achieving a record-high gross profit margin (GPM) of 26.4% - Non-operating items contributing positively despite increased income taxes [1][2] Smartphone Segment Performance - **Smartphone Revenue**: Declined -2% yoy to Rmb 45.5 billion, with total shipments of 42.4 million (+0.6% yoy) - **Market Share**: Maintained No.3 global smartphone shipment ranking with a 14.7% market share in 2Q25 - **ASP**: Decreased -3% yoy to Rmb 1,074 due to changes in product mix [30][31] - **Regional Performance**: - China: Revenue grew +10% yoy, with a market share gain of +1.1pp to 15% - International: Market share gains in Europe, Africa, Southeast Asia, and Latin America, but losses in India and the Middle East [30][31] AIoT and Other Segments - **AIoT Revenue**: Grew +45% yoy to Rmb 38.7 billion, with GPM increasing +2.8pp to 22.5% - **Connected Devices**: Number of connected devices increased by +20% yoy to 989 million, with significant growth in users with multiple devices [50][53] - **Smart Large Home Appliances**: Revenue grew +66% yoy, with record shipments in air conditioning units, refrigerators, and washing machines [53] EV Segment Insights - **EV Sales**: Contributed positively to overall profitability, with expectations for manufacturing capacity ramp-up in the latter half of 2025 [1][17] - **Future Outlook**: Anticipated improvements in consumer demand and visibility on new capacity supply in 2026 [17] Market Performance and Valuation - **Share Price Performance**: +4% over the past 3 months, +54% year-to-date, attributed to downward revisions in smartphone revenue estimates and concerns over AIoT growth [2][3] - **Forecast Revisions**: Revenue forecasts for 2025E-2027E largely unchanged, but adjusted net profit forecasts lowered by 1-4% due to higher R&D investments and taxes [18] - **Target Price**: Adjusted to HK$65, with a 24% upside potential [18] Upcoming Catalysts - **Product Launches**: Anticipated release of the flagship Xiaomi 16 series and HyperOS 3.0 by the end of September 2025 - **EV Manufacturing Capacity**: Monitoring progress in ramp-up and new model filings [19] Conclusion - **Investment Thesis**: Despite short-term challenges, Xiaomi's long-term growth potential remains strong, particularly in AIoT and EV segments, presenting an attractive opportunity for investors to accumulate positions at current price levels [3][17]

Summary of Xiaomi Corp 2Q25 Earnings Call Company Overview - **Company**: Xiaomi Corp - **Industry**: Technology Hardware - **Market Cap**: US$170,748 million - **Stock Rating**: Overweight - **Price Target**: HK$62.00 - **Current Stock Price**: HK$52.40 Key Financial Highlights - **Adjusted Net Profit**: Rmb10.831 billion, up 75.4% YoY and 1.5% QoQ, marking the highest quarterly profit in company history [1] - **Total Revenue**: Rmb115.956 billion, representing a 30% increase YoY and 4% QoQ [9] - **Revenue Breakdown**: - **AIoT**: Rmb38.7 billion, up 45% YoY, 18% above estimates [1] - **Electric Vehicles (EV)**: Rmb21.3 billion, more than doubled YoY, 6% above forecast [2] - **Smartphones**: Rmb45.5 billion, down 2% YoY, 8% below forecast [2] - **Internet Services**: Rmb9.1 billion, up 10% YoY, 5% below estimates; overseas revenue reached Rmb3.0 billion, up 12.6% YoY [2] Margin Analysis - **Gross Profit Margin (GPM)**: Improved by 1.8 percentage points YoY to 22.5%, but declined 0.3 percentage points QoQ [3] - **Smartphone GPM**: Declined to 11.5%, down 0.7 percentage points YoY and 0.9 percentage points QoQ [3] - **AIoT GPM**: Improved to 22.5%, but declined 2.7 percentage points QoQ [3] - **EV GPM**: Increased to 26.4%, up 3.3 percentage points QoQ [3] Future Outlook - **3Q-4Q25 Expectations**: EV delivery is anticipated to be the key driver for growth, with expectations of increased delivery volumes for the YU7 model, which has a higher average selling price (ASP) and better margins [4] - **Smartphone Margins**: Expected to hit bottom in 3Q25, with a potential turnaround in 4Q25 [4] Additional Insights - **AIoT and EV Growth**: Stronger-than-expected growth in AIoT and EV segments offset the weakness in smartphone sales, leading to revenue and gross profit exceeding estimates by 2-3% [8] - **Investor Sentiment**: Anticipation of increased EV delivery volumes is likely to improve investor sentiment in the second half of 2025 [8] Risks and Considerations - **Downside Risks**: Smartphone gross margin pressure due to inventory de-stocking and weak demand, along with fierce competition in the EV market [14] This summary encapsulates the key points from Xiaomi Corp's 2Q25 earnings call, highlighting financial performance, future outlook, and potential risks.

作者：情报员 天眼查资料显示，北京小米移动软件有限公司，成立于2012年，位于北京市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本148800万人民币。通过天眼查大数据分析，北京小米移动软件有 限公司共对外投资了4家企业，参与招投标项目139次，专利信息5000条，此外企业还拥有行政许可123 个。 本文源自：金融界 金融界2025年8月20日消息，国家知识产权局信息显示，北京小米移动软件有限公司取得一项名为"缺陷 检测方法及装置、终端及存储介质"的专利，授权公告号CN114531507B，申请日期为2020年11月。 ...

金融界2025年8月20日消息，国家知识产权局信息显示，北京小米移动软件有限公司取得一项名为"一种 资源冲突处理方法、装置及可读存储介质"的专利，授权公告号CN114557115B，申请日期为2022年01 月。 本文源自：金融界 作者：情报员 天眼查资料显示，北京小米移动软件有限公司，成立于2012年，位于北京市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本148800万人民币。通过天眼查大数据分析，北京小米移动软件有 限公司共对外投资了4家企业，参与招投标项目139次，专利信息5000条，此外企业还拥有行政许可123 个。 ...

Core Viewpoint - The electric vehicle (EV) business has become the biggest highlight for Xiaomi in the latest quarter, with both Morgan Stanley and UBS emphasizing that EV deliveries will be a key driver for the stock price in the second half of the year [1][5][11]. Financial Performance - Xiaomi's Q2 2025 adjusted net profit reached 10.831 billion RMB, a year-on-year increase of 75.4%, marking the highest quarterly profit in history [3]. - Total revenue for Q2 reached 115.956 billion RMB, a year-on-year growth of 30% and a quarter-on-quarter growth of 4%, exceeding Morgan Stanley's expectations by 3% [15]. - The company's overall gross margin improved to 22.5%, up 1.8 percentage points year-on-year, but down 0.3 percentage points quarter-on-quarter [8]. Business Segment Analysis - The EV business showed a gross margin of 26.4%, significantly up by 3.3 percentage points quarter-on-quarter, indicating strong profit potential [8]. - AIoT business gross margin was 22.5%, up 2.8 percentage points year-on-year but down 2.7 percentage points quarter-on-quarter [9]. - The smartphone business faced challenges with a gross margin of 11.5%, down 0.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, reflecting intense market competition [10]. Electric Vehicle Business Insights - UBS maintains a delivery forecast of 720,000 units for 2026, assuming full capacity operation of the second-phase factory [14]. - The average selling price of EVs increased by 6.4% quarter-on-quarter to 254,000 RMB, driven by high-end models SU7 Ultra and YU7 [11]. - The strong order intake for the YU7 model is expected to drive EV delivery volumes, which will be a key catalyst for stock price growth in the second half of the year [13]. Market Outlook - Morgan Stanley maintains an "Overweight" rating with a target price of 62 HKD, indicating an 18% upside potential from the current stock price [1][5]. - The company's diversified business strategy is proving effective, with the rapid development of the EV business opening new growth avenues [17].

Core Viewpoint - The competition between Gree and Xiaomi in the air conditioning market is intensifying, with Xiaomi's market share rapidly approaching that of Gree, raising concerns about Gree's market position [1][3]. Market Share Analysis - As of July, the top five players in the Chinese air conditioning market are Midea (26.8%), Gree (17.2%), Xiaomi (13.7%), Haier, and Aux [3]. - Xiaomi's market share increased by 53.9% year-on-year, while Gree's share decreased by 16.9% [3]. - In the online market, Xiaomi's share reached 16.71%, surpassing Gree's 15.22%, and is close to Midea's 18.61% [5]. Consumer Demographics - Xiaomi has successfully attracted younger consumers, which poses a challenge for Gree, traditionally favored by older demographics who value Gree's established reputation for quality [6]. - The younger generation, particularly those born in the 90s and 00s, is becoming the primary consumer group, influencing market dynamics [6]. Ecosystem Advantage - Xiaomi benefits from a comprehensive ecosystem, which enhances its ability to attract and retain customers across various product categories, making it easier to gain market share compared to Gree [8]. - The brand loyalty developed through Xiaomi's ecosystem encourages consumers to choose Xiaomi products across different categories, while Gree's ecosystem remains relatively limited [8].