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小米稳住业务增长点,高端化战略要从单品类向全生态冲击

Core Viewpoint - Xiaomi Group reported a record high revenue of 116 billion RMB for Q2 2025, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year, indicating strong financial performance and growth potential in key business segments [1][2]. Financial Performance - Revenue for Q2 2025 reached 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [2]. - Gross profit was 26,101.0 million RMB, up 41.9% year-on-year, and operating profit increased by 128.2% to 13,436.7 million RMB [2]. - Adjusted net profit for the quarter was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in the same period last year [2]. Business Segments - The smartphone segment generated 455 million RMB in revenue with a shipment of 42.4 million units, showing a slight increase from 42.2 million units year-on-year [3]. - IoT and lifestyle products revenue reached 387 million RMB, a 44.7% increase, with smart home appliances seeing a significant growth of 66.2% [3]. - The automotive and innovative business segment reported revenue of 213 million RMB, a remarkable 234% increase, with 81,302 units delivered in the quarter [3]. Strategic Focus - Xiaomi is focusing on a dual strategy of scaling and high-end positioning in the smartphone market, shifting its focus from the 4000-6000 RMB range to the ultra-high-end segment above 6000 RMB [3][4]. - The company aims to expand its retail presence, targeting 30,000 stores in China and 400-500 overseas by the end of the year [4]. - Xiaomi's goal is to join the "2 billion club" alongside Apple and Samsung within the next three to five years, emphasizing its commitment to growth despite a stagnant global market [4][5]. R&D and Innovation - R&D investment reached a record high of 7.8 billion RMB in Q2 2025, a 41.2% increase, with an annual target of 30 billion RMB [6]. - Key technological advancements are focused on automotive, chips, and AI, including the development of a prototype car and a self-developed 3nm flagship chip [6]. - The company believes that having self-developed chips will create a significant competitive advantage in the future [6].