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未来两个月，小米股价的催化剂很多，最重要的还是YU7！
Hua Er Jie Jian Wen·2025-05-28 08:54

Core Viewpoint - Xiaomi reported record-breaking Q1 2025 earnings with adjusted net profit reaching 10.676 billion RMB, a year-on-year increase of 64% and a quarter-on-quarter increase of 28% [1] Financial Performance - Xiaomi's Q1 revenue from electric vehicle (EV) business was 18.6 billion RMB, a quarter-on-quarter increase of 12%, slightly below expectations by 2% [3] - The gross margin for the EV business reached 23.2%, up 2.7 percentage points quarter-on-quarter, indicating improved profitability [3] - Overall gross margin for Xiaomi was 22.8%, a year-on-year increase of 0.5 percentage points and a quarter-on-quarter increase of 2.2 percentage points, marking a historical high [4] - Operating expenses were 13.9%, lower than Morgan Stanley's expectation of 14.5%, reflecting cost synergy [4] - Gross profit was 25.406 billion RMB, exceeding Morgan Stanley's expectations by 10% due to revenue growth and margin improvement [4] - Operating profit was 9.964 billion RMB, surpassing expectations by 33%, demonstrating effective cost control [4] Key Business Segments - Smartphone business generated revenue of 50.6 billion RMB, a year-on-year increase of 9%, exceeding Morgan Stanley's expectations by 3% [6] - AIoT business revenue reached 32.3 billion RMB, a significant year-on-year increase of 59%, surpassing expectations by 8% [6] - Internet services revenue was 9.1 billion RMB, a year-on-year increase of 13%, slightly below expectations by 1% [6] - Internet services revenue in mainland China reached a historical high of 6.4 billion RMB, with a year-on-year growth of 14.8% [6] Future Catalysts - Key upcoming events include Xiaomi's Investor Day on June 3, 2025, and the GMV data for the 618 shopping festival expected to show growth compared to last year [5] - The launch of the YU7 electric vehicle in July 2025 is anticipated to be a significant catalyst for stock price increase, with expectations of higher average selling prices and improved margins [2][3] - The performance of the smartphone and AIoT businesses during the 618 shopping festival will also be monitored, but their importance is considered less than that of the YU7 launch [2][3]