Guo Ji Jin Rong Bao·2025-08-19 12:11Core Insights - Xiaomi Group reported Q2 revenue of 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit reached 10.8 billion yuan, up 75.4% year-on-year, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [1] Revenue Breakdown - The smartphone and AIoT segment generated revenue of 94.7 billion yuan, a year-on-year increase of 14.8%, accounting for 81.7% of total revenue [1] - Smartphone revenue was 45.5 billion yuan, a decrease of 2.1% from 46.5 billion yuan in the same period last year, attributed to a decline in average selling prices, offset by a slight increase in shipment volume [4] - IoT and lifestyle products revenue reached 38.7 billion yuan, up 44.7% year-on-year, driven by a 66.2% increase in smart home appliance revenue [4] - Internet services revenue was 9.1 billion yuan, a 10.1% increase, primarily due to growth in advertising revenue [4] - Other related business revenue was 1.4 billion yuan, a year-on-year increase of 39.5%, mainly from air conditioning installation services and material sales [4] Electric Vehicle and Innovation Segment - Revenue from the smart electric vehicle and AI innovation segment was 21.3 billion yuan, a significant year-on-year increase of 234% [6] - Smart electric vehicle revenue was 20.6 billion yuan, with a quarterly delivery of 81,302 units, bringing total deliveries to over 300,000 units as of July 10 [6] - The gross margin for this segment improved from 15.4% to 26.4% year-on-year, with operating losses narrowing to 300 million yuan, and profitability expected in the second half of the year [6] Research and Development Investment - R&D expenditure reached 7.8 billion yuan, a year-on-year increase of 41.2%, setting a new record, with an expected total investment of 30 billion yuan for the year [6]