XIAOMI(HK:01810) Guan Cha Zhe Wang·2025-08-19 10:37Core Insights - Xiaomi Group reported a record high revenue of 115.96 billion RMB for Q2, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.83 billion RMB, up 75.4% [1][2] - The company achieved an operating profit of 13.44 billion RMB, exceeding the forecast of 10.43 billion RMB, with R&D spending reaching 7.76 billion RMB, a 41.2% increase [1][2] Revenue Breakdown - Revenue from the smartphone and AIoT segment was 94.7 billion RMB, a 14.8% increase, with a gross margin of 21.6% [2] - Smartphone revenue was 45.5 billion RMB, with a slight increase in shipment volume to 42.4 million units, but a 2.1% decline in revenue due to a drop in average selling price (ASP) [2][3] Market Performance - Xiaomi maintained its position as the top smartphone vendor in China with a market share of 16.8% and 11.5% gross margin in the smartphone segment [3] - Internationally, Xiaomi's smartphone shipments have seen growth for eight consecutive quarters, ranking in the top three in 60 countries and regions [3] Other Business Segments - IoT and lifestyle products generated 38.7 billion RMB in revenue, a 44.7% increase, with a gross margin of 22.5% [4] - Internet services revenue grew to 9.1 billion RMB, a 10.1% increase, although gross margin slightly decreased to 75.4% [4] Innovative Business Growth - Revenue from the smart electric vehicle and AI segment reached 21.3 billion RMB, a staggering 233.9% increase, with the automotive business contributing 20.6 billion RMB [4][5] - The electric vehicle segment delivered 81,300 units, a 197.7% increase year-on-year, although it still reported a loss of 300 million RMB [5]