小米集团(01810) - 2025 - 中期业绩

Performance Summary Financial Summary Xiaomi Group demonstrated strong performance in Q2 and H1 2025, with several key financial indicators reaching record highs, including a 30.5% YoY increase in Q2 total revenue to 116.0 billion RMB and a 75.4% YoY increase in adjusted net profit to 10.8 billion RMB Performance Summary for the Three Months Ended June 30, 2025 | Indicator | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 116.0 | 88.9 | +30.5% | 111.3 | +4.2% | | Gross Profit (Billion RMB) | 26.1 | 18.4 | +41.9% | 25.4 | +2.7% | | Operating Profit (Billion RMB) | 13.4 | 5.9 | +128.2% | 13.1 | +2.4% | | Profit for the Period (Billion RMB) | 11.9 | 5.1 | +134.2% | 10.9 | +9.0% | | Adjusted Net Profit (Billion RMB) | 10.8 | 6.2 | +75.4% | 10.7 | +1.5% | Performance Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 227.3 | 164.4 | +38.2% | | Gross Profit (Billion RMB) | 51.5 | 35.2 | +46.2% | | Operating Profit (Billion RMB) | 26.6 | 9.6 | +177.5% | | Profit for the Period (Billion RMB) | 22.8 | 9.2 | +146.3% | | Adjusted Net Profit (Billion RMB) | 21.5 | 12.7 | +69.8% | Business Review and Outlook Overall Performance In Q2 2025, Xiaomi Group achieved record highs in total revenue, profitability, and all business segment revenues under its 'Steady and Progressive' core operating strategy, while advancing its 'Human-Car-Home Smart Ecosystem' strategy - Q2 2025 total revenue reached 116.0 billion RMB, a 30.5% YoY increase; adjusted net profit was 10.8 billion RMB, a 75.4% YoY increase, both setting new records[9] - Revenue from the 'Smartphone × AIoT' segment was 94.7 billion RMB, a 14.8% YoY increase; 'Smart Electric Vehicles and AI & Other Innovative Businesses' segment revenue was 21.3 billion RMB, with both segments achieving record highs[9] - Global MIUI Monthly Active Users (MAU) reached 731.2 million, an 8.2% YoY increase; AIoT platform connected IoT devices reached 989.1 million, a 20.3% YoY increase[10] - Q2 2025 R&D expenditure reached 7.8 billion RMB, a 41.2% YoY increase, with R&D personnel reaching 22,641, a new record[10] Smartphone × AIoT In Q2 2025, the 'Smartphone × AIoT' segment revenue reached 94.7 billion RMB, a 14.8% YoY increase with a gross profit margin of 21.6%, driven by strong performance in smartphones, record-high IoT and lifestyle consumer products, and steady internet services growth Smartphones In Q2 2025, smartphone business revenue was 45.5 billion RMB with a gross profit margin of 11.5%, maintaining its global top-three position with 42.4 million units shipped, demonstrating strong global market competitiveness Q2 2025 Smartphone Business Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 45.5 | | Gross Profit Margin | 11.5% | | Global Shipments (Million units) | 42.4 (+0.6% YoY) | | Global Market Share | 14.7% (Global Top 3) | - Achieved excellent performance in multiple regional markets: ranked first in Southeast Asia (18.9% market share), second in Europe (23.4% market share), and maintained second in the Middle East and Latin America[16] IoT and Lifestyle Consumer Products In Q2 2025, IoT and lifestyle consumer products revenue reached a record high of 38.7 billion RMB, a 44.7% YoY increase with a gross profit margin of 22.5%, driven by strong growth in smart large home appliances and leading positions in wearables and tablets Q2 2025 IoT and Lifestyle Consumer Products Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 38.7 (+44.7% YoY) | | Gross Profit Margin | 22.5% (+2.8 pct YoY) | | AIoT Platform Connected Devices (Million units) | 989.1 (+20.3% YoY) | | Smart Large Home Appliances Revenue Growth | +66.2% YoY | - Ranked first globally in wearable wristband device shipments and second globally in TWS earphone shipments[20] Internet Services In Q2 2025, internet services revenue reached 9.1 billion RMB, a 10.1% YoY increase with a gross profit margin of 75.4%, driven by record-high global and mainland China MAU and a new high for overseas internet services revenue contribution Q2 2025 Internet Services Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 9.1 (+10.1% YoY) | | Gross Profit Margin | 75.4% | | Global MIUI Monthly Active Users (Million) | 731.2 (+8.2% YoY) | | Advertising Business Revenue (Billion RMB) | 6.8 (+14.6% YoY) | | Overseas Internet Services Revenue (Billion RMB) | 3.0 (+12.6% YoY) | Smart Electric Vehicles and AI & Other Innovative Businesses In Q2 2025, this segment's revenue reached 21.3 billion RMB with a gross profit margin of 26.4%, narrowing operating loss to 0.3 billion RMB, driven by 81,302 new vehicle deliveries and strong market reception for the new Xiaomi YU7 SUV series Q2 2025 Smart Electric Vehicles and AI & Other Innovative Businesses Key Indicators | Indicator | Value | | :--- | :--- | | Total Segment Revenue (Billion RMB) | 21.3 | | Smart Electric Vehicle Revenue (Billion RMB) | 20.6 | | Segment Gross Profit Margin | 26.4% | | Segment Operating Loss (Billion RMB) | 0.3 | | New Vehicle Deliveries (Units) | 81,302 | - Launched the first SUV product, Xiaomi YU7 series, with over 240,000 locked orders within 18 hours of sales, indicating strong demand[25] - The Xiaomi SU7 Ultra production car achieved the fastest production EV lap time on the Nürburgring Nordschleife at 7 minutes 04.957 seconds[28] Corporate Social Responsibility Xiaomi Group actively fulfills its corporate social responsibility through continued investment in low-carbon practices, disaster relief, and technological innovation, including significant increases in green electricity usage and substantial donations for flood relief - In low-carbon practices, green electricity usage in offices increased by over 270% YoY in H1, and solar power generation at the car factory reduced carbon emissions by over 4,160 tons[29] - In disaster relief, donated 5 million RMB in cash and 0.35 million RMB in supplies to flood-affected areas in North China, and 500 million Myanmar Kyat to the Myanmar Red Cross for earthquake relief[29] Management Discussion and Analysis Year-over-Year Analysis (Q2 2025 vs Q2 2024) In Q2 2025, total revenue increased by 30.5% YoY to 116.0 billion RMB, primarily driven by strong growth in the smart electric vehicle business, leading to a 41.9% YoY increase in gross profit to 26.1 billion RMB and a significant 128.2% YoY increase in operating profit to 13.4 billion RMB Revenue by Segment (Year-over-Year) | Segment | Q2 2025 Revenue (Billion RMB) | Q2 2024 Revenue (Billion RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 82.5 | +14.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 6.4 | +233.9% | | Total | 116.0 | 88.9 | +30.5% | Gross Profit and Gross Profit Margin by Segment (Year-over-Year) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q2 2024 Gross Profit (Billion RMB) | Q2 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 17.4 | 21.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 1.0 | 15.4% | | Total | 26.1 | 22.5% | 18.4 | 20.7% | - R&D expenditure increased by 41.2% YoY to 7.8 billion RMB, primarily due to increased R&D investment related to smart electric vehicles and AI & other innovative businesses[54] - Profit for the period increased by 134.2% YoY to 11.9 billion RMB; adjusted net profit increased by 75.4% YoY to 10.8 billion RMB[63][64] Quarter-over-Quarter Analysis (Q2 2025 vs Q1 2025) In Q2 2025, total revenue increased by 4.2% QoQ to 116.0 billion RMB, with a slight decrease in overall gross profit margin from 22.8% to 22.5%, while profit for the period increased by 9.0% QoQ to 11.9 billion RMB Revenue by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Revenue (Billion RMB) | Q1 2025 Revenue (Billion RMB) | QoQ Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 92.7 | +2.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 18.6 | +14.4% | | Total | 116.0 | 111.3 | +4.2% | Gross Profit and Gross Profit Margin by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q1 2025 Gross Profit (Billion RMB) | Q1 2025 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 21.1 | 22.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 4.3 | 23.2% | | Total | 26.1 | 22.5% | 25.4 | 22.8% | - Smartphone gross profit margin decreased from 12.4% to 11.5%, primarily due to increased promotional efforts during the 618 e-commerce festival and intensified competition in overseas markets[85] - Smart electric vehicle business gross profit margin increased from 23.2% to 26.4%, primarily benefiting from lower core component costs, reduced unit manufacturing costs, and increased deliveries of high-spec models[87] Non-IFRS Measures: Adjusted Net Profit The company uses adjusted net profit as a non-IFRS measure to exclude the impact of non-operating items such as share-based compensation and fair value changes of investments, with Q2 2025 adjusted net profit reaching 10.83 billion RMB and a net profit margin of 9.3% Reconciliation of Profit for the Period to Adjusted Net Profit (Q2 2025) | Item (Million RMB) | Amount | | :--- | :--- | | Profit for the Period (Reported) | 11,873.2 | | Add: Share-based compensation | 1,269.6 | | Less: Net fair value changes of investments | (2,870.1) | | Add: Amortization of intangible assets acquired | 36.0 | | Add: Changes in fair value of financial liabilities to investors | 253.6 | | Add: Income tax effect | 268.4 | | Adjusted Net Profit | 10,830.7 | Liquidity and Financial Resources As of June 30, 2025, the company maintained a robust financial position with cash and cash equivalents of 3.6 billion RMB and total cash reserves of 23.59 billion RMB, supported by 23.5 billion RMB in net cash generated from operating activities during the quarter - As of June 30, 2025, cash and cash equivalents were 3.6 billion RMB, and total cash reserves (including various deposits and short-term investments) were 23.59 billion RMB[114] Q2 2025 Condensed Cash Flow Statement (Million RMB) | Item | Amount | | :--- | :--- | | Net cash generated from operating activities | 23,545.2 | | Net cash used in investing activities | (70,049.4) | | Net cash used in financing activities | (3,643.1) | | Net decrease in cash and cash equivalents | (50,147.3) | - As of June 30, 2025, total borrowings were 2.89 billion RMB[122] - As of June 30, 2025, invested in approximately 420 companies with a total carrying value of 8.02 billion RMB[125] Financial Information Interim Condensed Consolidated Statement of Profit or Loss For Q2 ended June 30, 2025, the company reported revenue of 115.96 billion RMB, gross profit of 26.10 billion RMB, operating profit of 13.44 billion RMB, and profit for the period of 11.87 billion RMB, with basic earnings per share of 0.46 RMB Q2 2025 Statement of Profit or Loss Key Data (Thousand RMB) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | 115,956,091 | 88,887,828 | | Gross Profit | 26,100,958 | 18,394,177 | | Operating Profit | 13,436,719 | 5,888,721 | | Profit for the Period | 11,873,163 | 5,069,669 | | Basic Earnings Per Share (RMB) | 0.46 | 0.21 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets significantly increased to 481.52 billion RMB from 403.16 billion RMB at year-end 2024, with total liabilities of 228.66 billion RMB and total equity of 252.86 billion RMB, indicating a robust asset structure Statement of Financial Position Key Data (Thousand RMB) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 481,517,758 | 403,155,289 | | Total Liabilities | 228,657,063 | 213,950,170 | | Total Equity | 252,860,695 | 189,205,119 | Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash generated from operating activities was 28.05 billion RMB, while net cash used in investing activities was 60.13 billion RMB, primarily for time deposits and long-term investments, resulting in cash and cash equivalents of 36.01 billion RMB at period-end H1 2025 Cash Flow Statement Key Data (Thousand RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 28,054,740 | 2,530,575 | | Net cash (used in)/generated from investing activities | (60,128,639) | 2,709,078 | | Net cash generated from financing activities | 34,434,304 | 455,300 | | Cash and cash equivalents at end of period | 36,008,030 | 39,335,820 | Notes to Financial Information The notes provide detailed information on reportable segments, geographical revenue, expenses by nature, income tax, earnings per share, investments, and contingencies, including a disclosure regarding ongoing tax and foreign exchange investigations in India where approximately 4.02 billion RMB equivalent in bank accounts is restricted - Reportable segments are categorized into 'Smartphone × AIoT' (including smartphones, IoT and lifestyle consumer products, and internet services) and 'Smart Electric Vehicles and AI & Other Innovative Businesses'[139][140] - Disclosed ongoing investigations by Indian authorities regarding income tax, customs duties, and foreign exchange regulations concerning Xiaomi India; as of June 30, 2025, approximately 4.02 billion RMB equivalent (47.88 billion Indian Rupees) in bank deposits is considered restricted, though management believes there are valid grounds for response and no significant provision has been made[156] Other Information Repurchase and Issuance of Securities For the six months ended June 30, 2025, the company repurchased 6,829,800 Class B shares on the Stock Exchange for approximately 225 million HKD to enhance long-term shareholder value, in addition to a placement and subscription in March 2025 - In H1 2025, the company repurchased 6,829,800 Class B shares for a total consideration of approximately 225 million HKD[158] Interim Dividend The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The company will not distribute an interim dividend for 2025[163]