小米汽车：将盈利

Core Insights - Xiaomi Group reported a total revenue of RMB 115.96 billion for Q2 2025, marking a year-on-year growth of 30.5% and surpassing RMB 100 billion for three consecutive quarters [1][2] - The adjusted net profit reached RMB 10.83 billion, a significant increase of 75.4% year-on-year, with two consecutive quarters exceeding RMB 10 billion [1][2] Financial Performance - Revenue breakdown shows that the smartphone and AIoT segment contributed RMB 94.69 billion, accounting for 81.7% of total revenue, while the smart electric vehicle and AI innovation business generated RMB 21.26 billion, representing 18.3% of total revenue [4] - Gross profit for the quarter was RMB 26.10 billion, up 41.9% year-on-year, with an operating profit of RMB 13.44 billion, reflecting a 128.2% increase [2][4] Smart Electric Vehicle Business - Revenue from the smart electric vehicle and AI innovation segment grew by 234% to RMB 213 billion, with a gross margin of 26.4% despite an operating loss of RMB 3 billion [3][5] - Xiaomi delivered a record 81,302 vehicles in Q2, maintaining its target of delivering 350,000 vehicles for the year [4][5] Research and Development Investment - R&D expenditure reached RMB 7.8 billion in Q2, a 41.2% increase year-on-year, with an expected total investment of RMB 30 billion for the year [5][6] - The average selling price (ASP) of Xiaomi's electric vehicles is RMB 254,000, with a focus on reducing per-unit costs through increased delivery volumes [6] Future Plans - Xiaomi plans to enter the European electric vehicle market by 2027, indicating a strategic expansion in its automotive business [7]