Di Yi Cai Jing·2025-08-20 07:35Core Insights - Xiaomi Group reported a revenue of 39.84 billion yuan from its smart electric vehicle and AI innovation business in the first half of the year, with an operating loss of approximately 800 million yuan [1] - In Q2, Xiaomi's automotive business achieved a gross margin of 26.4%, with the operating loss narrowing to only 300 million yuan [1] - Among 13 mainstream automakers, five reported gross margins exceeding 20%, including Xiaomi, with its Q2 gross margin surpassing Tesla's, ranking first among disclosed Q2 margins [1][2] Financial Performance - Xiaomi's automotive gross margin in Q2 was 26.4%, second only to Seres' 27.6% in Q1 [1][5] - Other automakers with gross margins above 20% include Zeekr (20.6%) and Li Auto (20.5%) in Q1, and BYD (20.1%) in Q1 [5] - The gross margins of other notable automakers include Great Wall (17.8%), Xpeng (17.3%), Tesla (17.2%), Geely (17.1%), Changan (13.9%), Leap Motor (13.6%), JAC (10%), and NIO (7.6%) [5][6] Market Context - Several domestic automakers have surpassed Tesla in gross margin, indicating an improvement in profitability despite many still operating at a loss [2] - New energy vehicle manufacturers like Xpeng and Leap Motor have shown improvements in gross margins, with Leap Motor becoming the sales champion among new car manufacturers by focusing on the economy segment [2]