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]

Summary of Xiaomi Group's Q2 2025 Earnings Call Company Overview - **Company**: Xiaomi Group - **Date**: Q2 2025 Earnings Call Key Points Financial Performance - Adjusted net profit reached **CNY 10.8 billion**, a **75%** year-on-year increase, marking a record high for three consecutive quarters [2][3] - Total revenue for Q2 2025 was **CNY 116 billion**, up **30.5%** year-on-year, achieving a historical high for five consecutive quarters [3] - Gross margin improved to **22.5%**, an increase of **1.8 percentage points** year-on-year [3] Smartphone Business - Global smartphone market share reached **14.7%**, ranking third globally, with the highest activation volume in mainland China [2][4] - High-end strategy showed significant results, with market share in the **CNY 4,000-6,000** price range increasing by **4.5 and 6.5 percentage points**, respectively [6] - Smartphone sales in mainland China ranked first, with high-end smartphone sales accounting for **27.6%** of total sales, up **5.5 percentage points** year-on-year [11] AIoT Business - AIoT revenue reached **CNY 38.7 billion**, a **44.7%** year-on-year increase, with a gross margin of **22.5%** [2][11] - Smart home appliances revenue grew by **66.2%**, with air conditioner shipments exceeding **5.4 million units**, a growth of over **60%** [2][8] Automotive Business - Delivered **81,302** vehicles in Q2, with over **30,000** units delivered in July alone [9][14] - The first SUV U7 series saw over **240,000** orders within 18 hours of launch [9] - Automotive gross margin stood at **26.4%** [14] User Engagement and Internet Services - Global monthly active users reached **730 million**, a **8.2%** year-on-year increase, with **185 million** in mainland China, up **12.4%** [2][14] - Internet services revenue was **CNY 9 billion**, a **10.1%** increase year-on-year, with a gross margin of **75.4%** [14] Research and Development - R&D expenditure reached **CNY 7.8 billion**, a **41.2%** year-on-year increase, with **22,641** R&D personnel, accounting for **46.2%** of total employees [14][20] - Focus areas include chips, AI, operating systems, and technology across product lines [20] Market Strategy and Future Outlook - Xiaomi aims to continue its high-end strategy and expand its global market presence, particularly in Europe by **2027** [10][28] - The company plans to maintain a focus on product structure optimization and average selling price (ASP) enhancement rather than just volume growth [27] - The overall smartphone market is expected to remain stable, with Xiaomi confident in achieving its annual shipment target of **175-180 million** units [24][26] ESG Initiatives - Xiaomi has increased its use of green electricity and solar power, significantly reducing carbon emissions [15][16] Challenges and Risks - The smartphone business faced margin pressure due to rising costs of memory and battery materials, but long-term strategies are expected to stabilize margins [12][13][17] Conclusion - Xiaomi's strong performance in Q2 2025 reflects its successful high-end strategy, robust growth in AIoT and automotive sectors, and a commitment to R&D and sustainability initiatives. The company is well-positioned for future growth despite challenges in the smartphone market.

1、瞄准商业航天！广东最新部署 重要程度：★★★★★ 8月19日，广东省人民政府办公厅发布《广东省推动商业航天高质量发展若干政策措施(2025—2028年)》。 《通知》明确，要加强关键核心技术攻关。鼓励企业聚焦可重复使用液体火箭发动机、新一代低成本卫星 和关键载荷、卫星星座组网与测运控、直连卫星通信等领域开展核心技术攻关。 《通知》还指出，加快推动卫星互联网服务在低空经济、移动通信、物流运输、智慧城市、太空挖矿、太 空旅游、应急救援等前沿领域落地一批重大应用场景创新示范项目。 2、小米集团二季度收入及盈利均再创历史新高 重要程度：★★★★ 19日，小米集团发布财报：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%。 3、光伏反内卷又开会了 工信部等部门部署进一步规范产业竞争秩序 重要程度：★★★★ 工业和信息化部、中央社会工作部、国家发展改革委、国务院国资委、市场监管总局、国家能源局8月19 日联合召开光伏产业座谈会。 会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质 ...

Group 1: Company Performance - Xiaomi Group reported total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, with adjusted net profit of 10.8 billion yuan, up 75.4% [1] - Pop Mart achieved revenue of 13.88 billion yuan in the first half of the year, a significant year-on-year growth of 204.4%, with adjusted net profit of 4.71 billion yuan, up 362.8% [2] - Xian Da Co. reported a net profit of 136 million yuan for the first half of 2025, a staggering year-on-year increase of 2561.58%, with revenue of 1.423 billion yuan, up 11.82% [3] - Huabang Health's net profit increased by 23.90% in the first half of the year [14] - Fuyao Glass's net profit grew by 37% in the first half of the year [14] - Jibite's net profit rose by 24.50% in the first half of the year, with a proposed dividend of 66 yuan for every 10 shares [14] - Meihua Biotech's net profit increased by 19.96% in the first half of the year [14] - Tiancheng Technology's net profit saw a slight increase of 0.22% in the first half of the year [14] - Zoli Pharmaceutical's net profit grew by 26.16% in the first half of the year [14] - Yuyin Co.'s net profit increased by 10.43% in the first half of the year [14] - Nuo Ping's net profit rose by 17.35% in the first half of the year [14] - Jinli Permanent Magnet's net profit surged by 155% in the first half of the year, proposing a dividend of 1.8 yuan for every 10 shares [14] - Huacheng Film's net profit increased by 65.05% in the first half of the year [14] - YTO Express reported a 12.08% year-on-year increase in express product revenue in July [14] - Zhongxin Special Steel's net profit for the first half of the year was 2.798 billion yuan, up 2.67% [14] Group 2: Corporate Actions - Dongjie Intelligent announced plans for a change in control, leading to a temporary suspension of its stock and convertible bonds [4] - Dameng Data's general manager is under investigation, but the company expects no significant impact on operations [5] - Jiangte Electric announced that its subsidiary Yichun Silver Lithium will resume production soon after equipment maintenance [6] - Garden Shares clarified that it does not have a controlling relationship with Yunzhin Technology, which is still in the early stages of technology commercialization [7] - Daikin Heavy Industries completed the delivery of all monopile products for the Nordseecluster offshore wind farm project, which is the largest offshore wind farm under construction in Germany [8] - Zhongyin Securities plans to increase capital by 1.4 billion yuan to its wholly-owned subsidiary Zhongyin International Investment [13] - Xinhongye intends to acquire 62% of Yangzhou Shuguang Optoelectronic Control Co., Ltd. [16] - A joint venture led by Tongyuan Environment won a bid for the expansion project of the sewage treatment plant in Anhui Qimen Economic Development Zone [17]

Core Insights - Xiaomi Group announced that 2025 will be the "outbound year" for its home appliance business [1] - In the first and second quarters of this year, Xiaomi's home appliance business has achieved a sales and service closed loop in Southeast Asia and Europe [1] - For the third quarter, Xiaomi plans to expand its home appliance market into Africa and Latin America [1]

尽管具身智能创业公司纷纷推进商业化的阶段性"交卷"，但小米集团合伙人、集团总裁卢伟冰表示，其尚未看到一个明确的、在商业上能形成闭环的时间 点。 卢伟冰在8月19日晚的公司财报电话会上说，小米布局机器人领域已有四五年之久，持续看好机器人的潜在机会，特别是人形机器人在工业场景这一应用方 向。但人形机器人落地工厂并产生价值仍需要时间，"目前来看，的确难度非常高"。 卢伟冰介绍，小米的目标是先看人形机器人能否在自有工厂里实现业务闭环，再进一步着眼效率提升。 小米的人形仿生机器人CyberOne（铁大）。图：杨柳 2023年8月的世界机器人大会上，小米集团高级副总裁曾学忠曾阐释称，作为智能制造"皇冠上的明珠"，人形机器人将对制造业升级和服务业升级产生巨大 推动的作用，小米从2020年开始了人形机器人的探索，三年来搭建了数百人的机器人研发体系，从智能制造领域切入人形机器人赛道。曾学忠提出智能工 厂"7:2:1"的设备与人员配置比例，即70%的工作应当由自动化设备完成，20%由人形机器人负责，主要覆盖高复杂度、高柔性需求的场景，剩下的10%仍交 由人类。 曾学忠列出"三步走"的落地布局规划。短期内，在小米智能制造的真实环境 ...

Core Viewpoint - The competition between Xiaomi and Gree in the air conditioning market has intensified, with Xiaomi reportedly surpassing Gree in online sales for July, leading to discussions and disputes on social media [2][3]. Group 1: Market Performance - According to data from Aowei Cloud Network, Xiaomi's online air conditioning sales surpassed Gree's in July, positioning Xiaomi as the second-largest player in the online market [2][3]. - Gree's market director, Zhu Lei, contested the claims, stating that the data shared by a social media user did not align with Aowei's official statistics, asserting that Gree still held the lead in the online market [3][4]. - Aowei Cloud Network has faced scrutiny in the past regarding its data accuracy, as seen in previous disputes between Gree and Midea over market share claims [9]. Group 2: Company Performance - Xiaomi reported a revenue of 116 billion yuan for Q2, marking a 30.5% year-on-year increase, with a net profit of 10.8 billion yuan, up 75.4% [10]. - The revenue from IoT and lifestyle consumer products reached 38.7 billion yuan, a 44.7% increase, driven by a 66.2% rise in smart home appliance sales [10]. - In Q2, Xiaomi's air conditioning shipments exceeded 5.4 million units, reflecting a year-on-year growth rate of over 60% [10].

| 标普500期货小型 | 6464.50 d -4.75 - - 0.07% | | | | --- | --- | --- | --- | | 纳斯达克100期货小型 | 23753.50 d - - 44.25 - - 0.19% | | | | 纳斯达克100期货微型 | 23753.25 d -44.50 -0.19% | | | | 道琼斯期货小型 | 45076d | 90 - | 0.20% | 20:50小米集团ADR美股盘前涨超2%，公司Q2净利润同比增75.4%，大家电收入增66.2%创历史新高， 手机业务下降2.1%。 21:30 美股开盘丨道指涨0.09% 英特尔涨逾6% 三大指数涨跌不一，道指涨0.09%，标普500指数跌0.04%，纳指跌0.12%。英特尔涨逾6%，软银斥资20 亿美元入股英特尔；小鹏汽车涨逾3%。爱奇艺涨逾2%，传公司春节前或在香港二次上市。 21:11美股三大股指期货盘前涨跌不一，道指期货涨0.2%，标普500指数期货跌0.07%，纳指期货跌 0.19% 20:28英特尔盘前涨近6%。消息面上，此前软银集团宣布对英特尔进行20亿美元股权投资。 （文章来源：第一 ...

智能电动汽车及AI等 创新业务收入人民币 【#小米二季度营收创历史新高#】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%。 小米汽车业务方面，2025年第二季度，小米集团智能电动汽车及AI等创新业务分部收入为人民币213亿 元，其中，智能电动汽车收入为人民币206亿元，其他相关业务收入为人民币6亿元。 8月19日，小米集团合伙人、集团总裁卢伟冰在当晚的业绩电话会上表示，2022年至2025年上半年小米 在汽车等创新业务上的费用投入超300亿元，所以累计来看新业务仍然有较大亏损。对小米汽车全年35 万台的交付目标，卢伟冰表示有信心高质量完成。 雷军回应小米二季度财报# | | | | 木膠番核 | | | | --- | --- | --- | --- | --- | --- | | | | | 截至以下日期止三個月 | | | | | 2025年 | 2024年 | | 2025年 | | | | 6月30日 | 6月 ...