小米手机欧洲份额超苹果，股价却创近两月新低

Group 1: Market Position and Performance - Xiaomi ranked second in the European smartphone market with a 23% market share in Q2 2025, following Samsung at 31% and ahead of Apple at 21% [1][2] - Xiaomi's annual growth rate in Europe was 11%, contrasting with Samsung's decline of 10% and Apple's decline of 4% [2] - Globally, Xiaomi maintained a stable shipment volume of 42.4 million units, achieving a 15% market share in Q2 2025, with a year-on-year growth rate of 0% [3] Group 2: Financial Outlook and Adjustments - Xiaomi's total revenue for Q2 2025 is projected at 112.6 billion RMB, slightly below market expectations, while adjusted net profit is expected to be 10.2 billion RMB, in line with market expectations [3][4] - Due to a downward revision in smartphone gross margin forecasts, Daiwa Securities lowered Xiaomi's earnings per share estimates for 2025 to 2027 by 2% to 7% and adjusted the target price from 78 HKD to 72 HKD [4] Group 3: Electric Vehicle Business - Xiaomi's electric vehicle deliveries are expected to reach 82,000 units in Q2 2025, with an average selling price of 242,000 RMB and an improved gross margin of 25% [4] - The company is set to launch its second factory by the end of September, which is anticipated to enhance production capacity [4]