XIAOMI(HK:01810) 3 6 Ke·2025-08-20 03:04Financial Performance - The company reported a total revenue of 227.25 billion yuan for the first half of the year, representing a year-on-year growth of 38.2% [2] - In Q2, the revenue reached 116 billion yuan, a 30.5% increase year-on-year, marking the third consecutive quarter of over 100 billion yuan [2] - The gross profit for the first half was 51.5 billion yuan, up 46.2% year-on-year, with a gross margin of 22.7% [5] - The net profit for the first half was 22.77 billion yuan, a significant increase of 146.3% year-on-year, while Q2 net profit was 11.87 billion yuan, up 134.2% [7] Automotive Business - The automotive segment delivered 81,302 vehicles in Q2, a remarkable year-on-year growth of 197.7% [13] - The gross margin for the automotive business reached 26.4% in Q2, surpassing competitors like Tesla and Li Auto [19] - The operational loss for the automotive segment narrowed to 300 million yuan in Q2, down from 1.8 billion yuan in the same period last year [23] Research and Development - R&D expenditure in Q2 was 7.8 billion yuan, a 41.2% increase year-on-year, with total R&D investment for the first half at 14.48 billion yuan [10] - The company plans to complete a total R&D investment of 30 billion yuan for the year, with a record number of 22,641 R&D personnel as of mid-year [10] Strategic Insights - The automotive business is becoming a key growth pillar for the company, contributing significantly to the overall gross margin [26] - The company aims to achieve profitability in the automotive segment in the second half of the year, driven by increased production capacity and new model launches [36] - The company is leveraging its experience in consumer electronics to enhance its automotive platform, aiming for modular and standardized products to reduce costs [30]