Core Viewpoint - Xiaomi Group reported a significant increase in revenue and net profit for Q2 2025, indicating strong growth despite challenges in the smartphone segment [3][4]. Financial Performance - Xiaomi Group's revenue for Q2 2025 reached 116 billion RMB, a year-on-year increase of 30.5% [3]. - The adjusted net profit for the same period was 10.8 billion RMB, reflecting a year-on-year growth of 75.4% [3]. - The gross profit for the smartphone segment was 5.22 billion RMB, with a gross margin of 11.5%, down from 12.1% in the previous year [3][4]. - IoT and lifestyle products generated a gross profit of 8.72 billion RMB, with a gross margin of 22.5%, up from 19.7% year-on-year [3]. - Internet services revenue was 6.86 billion RMB, with a gross margin of 75.4%, slightly down from 78.3% [3]. Segment Performance - Smartphone revenue decreased by 2.1% year-on-year to 45.5 billion RMB, attributed to a decline in average selling price (ASP) in overseas markets [4]. - IoT and lifestyle products saw a revenue increase of 44.7% year-on-year, reaching 38.7 billion RMB [4]. - Internet services revenue grew by 10.1% year-on-year to 9.1 billion RMB [4]. - The innovative business segment, including smart electric vehicles and AI, generated 21.3 billion RMB in revenue, with a loss of 300 million RMB [4]. Market Outlook - The smartphone market is expected to experience zero or minimal growth, leading Xiaomi to revise its sales target for the year to approximately 175 million units [5]. - The company aims to optimize product structure and improve ASP in response to market conditions [5]. - Xiaomi's R&D investment for the quarter was 7.8 billion RMB, a year-on-year increase of 41.2%, with an expected total investment of 30 billion RMB for the year [6].

Core Insights - Xiaomi Group reported record high revenue and net profit for Q2, achieving revenue of 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of 10.8 billion yuan, up 75.4% [2] Smartphone Business - Despite a challenging global smartphone market, Xiaomi's smartphone business saw significant growth, with 11.5 million new device activations in Q2, capturing a 16.8% market share in China, ranking first [2] - Xiaomi aims to maintain its annual smartphone shipment target at approximately 175 million units, focusing on increasing average selling price (ASP) and market share in China by 1 percentage point each year [2][3] Automotive Sector - Xiaomi's smart electric vehicle and AI innovation segment generated over 20 billion yuan in revenue, entering a phase of rapid growth, with Q2 vehicle deliveries reaching 81,302 units, totaling over 300,000 cumulative deliveries by July 10 [3] - The company is committed to avoiding price wars in the competitive electric vehicle market, prioritizing order fulfillment and aiming for profitability in the second half of the year [3] Home Appliances - In the home appliance sector, Xiaomi achieved "volume and price increase" amidst fierce competition, leveraging its advantages in smart home technology and user-centric innovation to transform the traditional appliance market [4]

Major Events - CSPC Pharmaceutical Group (01093) received clinical trial approval for Dupilumab injection in China [1] - Rongchang Biopharmaceutical (09995) was granted breakthrough therapy designation for RC148 for non-small cell lung cancer by the National Medical Products Administration [1] - China Biologic Products (01177) included LM-302 "CLDN18.2 ADC" in the breakthrough therapy program [1] - Sunshine Oilsands (02012) plans to acquire 51% stake in Noble Technology Limited for HKD 50.91945 million [1] - Galenica Pharmaceutical-B (01672) plans to issue shares at a discount of approximately 9.9%, raising HKD 468 million [1] Financial Performance - Xiaomi Group-W (01810) reported record high revenue and profit for Q2, with attributable profit of HKD 11.904 billion, up 133.51% year-on-year [1] - Pop Mart (09992) announced a mid-term profit of HKD 4.574 billion, a year-on-year increase of 396.5% [1] - Fuyao Glass (03606) reported a half-year net profit of approximately HKD 4.805 billion, up 37.33% year-on-year [1] - China Resources Beer (00291) announced a mid-term profit of HKD 5.789 billion, an increase of 23.04% year-on-year [1] - Kunlun Energy (00135) reported a mid-term profit of HKD 3.161 billion, down 4.36% year-on-year, with a dividend of HKD 0.166 per share [1] - WuXi Biologics (02269) reported a mid-term profit of approximately HKD 2.339 billion, up 56% year-on-year [1] - Sunny Optical Technology (02382) announced a mid-term profit of HKD 1.646 billion, an increase of 52.56% year-on-year [1] - Yixin Group (02858) reported an adjusted net profit of HKD 648 million, up 28% year-on-year [1] - Kangchen Pharmaceutical (01681) reported a mid-term profit of HKD 498 million, up 24.6% year-on-year, maintaining market leadership with its flagship product [1] - Ping An Good Doctor (01833) reported a mid-term profit of HKD 134 million, a year-on-year increase of 136.84% [1] - China Communication Services (02342) reported a mid-term profit of HKD 61.781 million, returning to profitability [1] - XPeng Motors-W (09868) achieved record levels in core business and financial metrics for Q2, with a net loss of HKD 480 million, narrowing by 62.8% year-on-year [1] - Guochuang Tongqiao (02190) reported a mid-term profit of HKD 121 million, up 76% year-on-year [1] - Yanda Pharmaceutical (00512) reported record revenue of HKD 6.107 billion [1] - Jinli Permanent Magnet (06680) reported a mid-term profit of approximately HKD 305 million, up 154.81% year-on-year [1] - Zhaogang Group-W (06676) issued a profit warning, expecting a mid-term profit of approximately HKD 140 million to HKD 180 million, returning to profitability [1] - Longyuan Power (00916) reported a mid-term profit of HKD 3.519 billion, down 14.4% year-on-year [1] - Yancoal Australia (03668) reported a mid-term profit of AUD 16.3 million, down 61.19% year-on-year [1] - SF Holding (06936) reported total revenue of HKD 24.847 billion for July in logistics, supply chain, and international business, up 9.95% year-on-year [1] - Chow Sang Sang (00116) expects a mid-term profit from continuing operations of approximately HKD 900 million to HKD 920 million [1]

【#小米2027年进军欧洲汽车市场##小米计划手机年出货量突破2亿台#】小米集团 2025 年第二季度总收 入达 1160 亿元，同比增长 30.5%，创下历史新高；公司净利润为 119 亿元，同比增长 134.2%；经调整 净利润为 108 亿元，同比增长 75.4%。 小米在本季度交付新车 81302 辆，较去年同期增长 197.7%，进一步推动小米电动汽车业务收入同比增 长 233.9% 达到 213 亿元。 在今晚的媒体电话会议上，小米集团总裁卢伟冰表示：YU 7 系列延续了 SU7 的耀眼表现，"再次创造 了小米的爆款奇迹"，公司决定在 2027 年正式进入欧洲电动汽车市场。 卢伟冰表示，小米汽车业务二季度经营亏损收窄至 3 亿元，按照当前的速度，有望在下半年单月或单季 盈利；但过去三年多投入超 300 亿元，累计亏损仍巨大，全面盈利还有很长一段路要走。 对于手机业务，卢伟冰表示小米手机坚定瞄准"2 亿俱乐部"，即计划未来三到五年跻身全球年出货量 2 亿台行列。 在被问到家电反内卷问题时，卢伟冰表示，小米坚决不打价格战、不参与内卷。他还提到，2025 全年 小米集团整体收入预计增长 30% 以上，对 ...

【今日焦点】 小米集团-W(01810.HK)二季度营收1160亿元、净利润108亿元，收入及盈利均再创历史新高 小米集团-W(01810.HK)公布截至2025年6月30日止三个月及六个月业绩，2025年第二季度，集团收入及 盈利均再创历史新高。第二季度，小米集团总收入为人民币1,160亿元，同比增长30.5%。集团经调整净 利润为人民币108亿元，同比增长75.4%。 2025年第二季度，集团在中国大陆地区环比净增的小米之家数量超过1,700家，总店数超17,000家。集团 在境外地区的新零售门店数达到约200家。 【重大事项】 浙江沪杭甬(00576.HK)拟通过换股方式吸收合并镇洋发展 天岳先进(02631.HK)香港IPO发行价定为每股42.8港元 净筹19.38亿港元 柠萌影视(09857.HK)：泰语版《三十而已曼谷篇》拟8月28日起在Disney+、腾讯视频等跨国主流流媒体 全球同步播出 业务分部来看，2025年第二季度，集团的「手机×AIoT」分部收入为人民币947亿元，同比增长14.8%； 集团的「智能电动汽车及AI等创新业务」分部收入为人民币213亿元，两个分部收入均创历史新高。 集团持 ...

【重大事项】 石药集团(01093)：度普利尤单抗注射液在中国获临床试验批准 荣昌生物(09995)：国家药监局药品审评中心授予RC148突破性治疗药物认定用于治疗非小细胞肺癌 中国生物制药(01177)：LM-302"CLDN18.2 ADC"纳入突破性治疗药物程序 阳光油砂(02012)拟5091.945万港元收购挪宝科技有限公司51%股权 歌礼制药-B(01672)拟折让约9.9%配股 净筹4.68亿港元 【经营业绩】 小米集团-W(01810)二季度收入及盈利均再创历史新高 公司拥有人应占溢利119.04亿元 同比增长 133.51% 易鑫集团(02858)发布中期业绩，经调整净利润6.48亿元 同比增加28% 康臣药业(01681)发布中期业绩 股东应占溢利4.98亿元 同比增加24.6% 皇牌产品尿毒清维持市场领先地 位 平安好医生(01833)发布中期业绩，股东应占净利润1.34亿元，同比增加136.84% 京信通信(02342)发布中期业绩，股东应占利润6178.1万港元 同比扭亏为盈 小鹏汽车-W(09868)二季度各项核心业务和财务指标达历史最佳水平 普通股股东应占净亏损4.8亿元 按 年 ...

Core Viewpoint - Xiaomi Group reported a strong revenue growth of 30.5% year-on-year for Q2, driven by IoT and lifestyle products, despite a slight decline in smartphone revenue [2] Financial Performance - Q2 revenue reached 116 billion RMB, with a net profit of 10.8 billion RMB, marking a 75.4% increase year-on-year [2] - Smartphone revenue was 45.5 billion RMB, down 2.1% year-on-year, attributed to a decrease in average selling price (ASP) in overseas markets [2] - IoT and lifestyle products generated 38.7 billion RMB, showing a significant growth of 44.7% year-on-year [2] - Internet services revenue was 9.1 billion RMB, up 10.1% year-on-year [2] - Revenue from innovative segments, including electric vehicles and AI, totaled 21.3 billion RMB, with a loss of 300 million RMB [2] Margin Analysis - The gross margin for smartphones decreased from 12.1% in the previous year to 11.5% in Q2, influenced by increased promotional activities and competition [2][3] - The company anticipates a recovery in smartphone gross margin in Q4, focusing on high-end products and investments in chips, operating systems, and AI [3] Market Outlook - The overall smartphone market growth is expected to be flat or minimal, leading Xiaomi to revise its sales target to approximately 175 million units for the year [3] - The company emphasizes optimizing product structure and improving ASP in response to market conditions [3] R&D Investment - R&D expenditure for Q2 was 7.8 billion RMB, a 41.2% increase year-on-year, with an expected total investment of 30 billion RMB for the year [4] - Cash and cash equivalents decreased from 39.336 billion RMB to 36 billion RMB year-on-year [4]

Core Viewpoint - Xiaomi Group reported a record high revenue of 116 billion RMB for Q2 2025, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year, indicating strong financial performance and growth potential in key business segments [1][2]. Financial Performance - Revenue for Q2 2025 reached 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 [2]. - Gross profit was 26,101.0 million RMB, up 41.9% year-on-year, and operating profit increased by 128.2% to 13,436.7 million RMB [2]. - Adjusted net profit for the quarter was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in the same period last year [2]. Business Segments - The smartphone segment generated 455 million RMB in revenue with a shipment of 42.4 million units, showing a slight increase from 42.2 million units year-on-year [3]. - IoT and lifestyle products revenue reached 387 million RMB, a 44.7% increase, with smart home appliances seeing a significant growth of 66.2% [3]. - The automotive and innovative business segment reported revenue of 213 million RMB, a remarkable 234% increase, with 81,302 units delivered in the quarter [3]. Strategic Focus - Xiaomi is focusing on a dual strategy of scaling and high-end positioning in the smartphone market, shifting its focus from the 4000-6000 RMB range to the ultra-high-end segment above 6000 RMB [3][4]. - The company aims to expand its retail presence, targeting 30,000 stores in China and 400-500 overseas by the end of the year [4]. - Xiaomi's goal is to join the "2 billion club" alongside Apple and Samsung within the next three to five years, emphasizing its commitment to growth despite a stagnant global market [4][5]. R&D and Innovation - R&D investment reached a record high of 7.8 billion RMB in Q2 2025, a 41.2% increase, with an annual target of 30 billion RMB [6]. - Key technological advancements are focused on automotive, chips, and AI, including the development of a prototype car and a self-developed 3nm flagship chip [6]. - The company believes that having self-developed chips will create a significant competitive advantage in the future [6].

交付，依然是小米汽车下半年的头等大事。 8月19日，小米集团发布2025年中期报告。今年上半年，小米集团营收2272.49亿元，经调整净利润 215.06亿元。其中小米智能电动汽车及AI等创新业务(下称"汽车等业务")营收398.43亿元，经营亏损约8 亿元。 单季度来看，本季度小米集团总收入达1160亿元，同比增长30.5%，经调整净利润108亿元，同比猛增 75.4%。 业绩亮眼，主要得益于汽车业务的强劲增长。6月26日，小米第二款新车YU7正式上市，起售价25.35万 元，包含三款车型。YU7一经发布，上市三分钟，大定突破20万台；上市18小时锁单24万辆。 二季度，小米交付超过8万台，汽车业务贡献了213亿元的营收，同比增长234%，占集团总营收超过 18%的份额。 远超市场预期的还有小米汽车的毛利率。二季度，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。目前小米在售产品共3款——纯电轿车SU7、纯电超跑SU7Ultra、纯电SUV小米YU7， 今年是小米正式发布新车的第二年。值得注意的是，三款车型集体贡献下，小米汽车的ASP(平均销售 价格)是25.4万，含税的话是28.7万元 ...

Core Insights - Xiaomi Group reported a total revenue of 116 billion RMB for Q2 2025, marking a year-on-year increase of 30.5%, and net profit reached 11.9 billion RMB, up 134.2% [2][5] - The company achieved historical highs in multiple metrics, including core and innovative business revenues, with operating income growing over 30% for five consecutive quarters [5] Revenue Breakdown - 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 [8] - Gross profit reached 26,101.0 million RMB, up 41.9% year-on-year, while operating profit surged 128.2% to 13,436.7 million RMB [8] Business Segments Performance - In the smartphone segment, Xiaomi's high-end smartphone sales accounted for 27.6% of total 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 [10][12] - The automotive division reported revenue exceeding 20 billion RMB, with Q2 deliveries reaching 81,302 units, bringing total deliveries to over 300,000 units as of July 10 [10][12] Home Appliances and R&D - The IoT and lifestyle products segment generated 387 billion RMB in revenue, a 44.7% increase, with smart home appliances growing by 66.2% [12] - R&D investment for Q2 reached 78 billion RMB, a 41.2% increase, with an expected total investment of 300 billion RMB for the year [12] Retail Strategy - Xiaomi plans to expand its retail presence, aiming for 30,000 stores in China and 1,000 overseas stores annually, with a long-term goal of establishing 10,000 overseas Xiaomi stores within five years [13][14]