XIAOMI(HK:01810) Huan Qiu Lao Hu Cai Jing·2025-08-20 03:46Core Insights - Xiaomi Group reported a strong performance in Q2 2025, achieving revenue of RMB 115.96 billion, marking a 30.5% year-on-year increase, and a net profit of RMB 11.9 billion, with adjusted net profit reaching a record high of RMB 10.8 billion, up 75.4% year-on-year [1] Revenue Performance - For the first half of 2025, Xiaomi's total revenue reached RMB 227.25 billion, reflecting a 38.2% year-on-year growth, with adjusted profit at RMB 21.51 billion, a significant increase of 177.5% [1] - The gross profit for the first half was RMB 51.5 billion, up 46.2% from RMB 35.22 billion in the same period last year [1] Business Segment Analysis - The revenue from the smart electric vehicle and AI innovation segment in Q2 was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion and a gross margin of 26.4%. Operating losses narrowed from RMB 500 million in Q1 to RMB 300 million, with expectations of profitability in the second half of the year [1] - Xiaomi delivered 81,300 vehicles in Q2 2025, bringing the total for the first half to 157,000, nearing half of the annual target of 350,000 [1] IoT and Consumer Products - The IoT and consumer products segment achieved revenue of RMB 38.7 billion, a 44.7% increase from RMB 26.7 billion year-on-year, accounting for 33.4% of total revenue, with a gross margin improvement of 2.8% to 22.5% [2] - Major appliances saw significant growth, with air conditioner shipments exceeding 5.4 million units (over 60% growth), refrigerators at over 790,000 units (over 25% growth), and washing machines at over 600,000 units (over 45% growth) [2] Smartphone Business - The smartphone segment reported revenue of RMB 45.5 billion, a decline of 2.1% year-on-year, representing 39.3% of total revenue, down from 52.3% the previous year, with a gross margin of 11.5% [2] - Despite the revenue decline, Xiaomi remains among the top three smartphone manufacturers globally, with a market share of 14.7% and global shipments of approximately 4.24 million units [2] R&D Investment - Xiaomi increased its R&D spending in Q2 by 41.2% to RMB 7.8 billion, reflecting the company's commitment to enhancing its chip development capabilities [3]