小米在欧洲市场首次超越苹果

Core Insights - Xiaomi Group reported a total revenue of 1159.56 billion yuan for Q2 2025, a year-on-year increase of 30.5%, and a net profit of 108.31 billion yuan, up 75.4% year-on-year [1][2] - Despite a challenging global smartphone market, Xiaomi's smartphone business showed positive growth, particularly in overseas markets, achieving significant market share increases in Southeast Asia and Europe [1][6] - The company aims to enter the "200 million club" in smartphone sales, positioning itself alongside Apple and Samsung as a leading player in the industry [8][9] Financial Performance - Xiaomi's smartphone and AIoT business generated 946.93 billion yuan in revenue, a 14.8% year-on-year increase, accounting for 81.7% of total revenue [5] - Smartphone revenue for Q2 was 455.2 billion yuan, a decrease of approximately 10% from Q1, primarily due to a decline in average selling price (ASP) [5][11] - ASP decreased from 1210.6 yuan in Q1 to 1073.2 yuan in Q2, influenced by a higher proportion of lower-priced smartphones sold in overseas markets [5][11] Market Position - Xiaomi's smartphone shipments reached 42.4 million units in Q2, a 1.5% increase from the previous quarter, with a market share of 16.8% in China, making it the top brand domestically [5][6] - In Southeast Asia, Xiaomi's market share rose to 18.9%, while in Europe, it regained the second position with a market share of 23.4%, surpassing Apple for the first time [6][9] Strategic Focus - The company is shifting its strategy from scale expansion to a focus on quality and profitability, aiming for high-end product offerings and ecosystem synergy [8][9] - Xiaomi's high-end smartphone sales accounted for 27.6% of total smartphone sales in China, a 5.5 percentage point increase year-on-year [8][11] - The company plans to adopt differentiated strategies in various international markets, focusing on product structure adjustments in mature markets and prioritizing scale in emerging markets [9][11] Business Structure Optimization - In Q2, Xiaomi's smartphone revenue share decreased to 39.3%, while IoT and lifestyle products increased to 33.4% [11] - IoT and lifestyle product revenue reached 387 billion yuan, a 44.7% year-on-year increase, with smart home appliances growing by 66.2% [11][12] - The smart electric vehicle and AI segment reported a revenue of 213 billion yuan, a staggering 234% increase year-on-year, despite a slight operational loss [12]