手机承压、空调激战、汽车交付爬坡！小米Q2财报上演攻坚战，创新业务盈利尚需时间

Core Insights - Xiaomi's Q2 financial report shows a revenue of 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of 10.8 billion yuan, up 75.4% year-on-year [2] - Despite strong revenue growth, Xiaomi faces intense competition across its smartphone, home appliance, and automotive sectors [2] Smartphone Business - In Q2, smartphone revenue was 45.5 billion yuan, accounting for nearly 40% of total revenue, down from 52.3% in the same period last year [4] - Global smartphone shipments reached 42.4 million units, a slight increase of 0.6% year-on-year, but revenue decreased by 2.1% compared to the previous year [4] - The average selling price (ASP) of Xiaomi smartphones fell to 1,073.2 yuan, down 2.7% year-on-year and 11.3% quarter-on-quarter, primarily due to the launch of the REDMI A5 series [4][5] Home Appliances - Xiaomi's smart home appliance revenue grew by 66.2% year-on-year in Q2, with air conditioner shipments exceeding 5.4 million units [7] - The company aims to rank among the top three in the air conditioning market by 2030, despite facing fierce competition [7][8] - The average selling price of home appliances increased by approximately 10% in Q2, indicating resilience amid a price war in the industry [8] Automotive Sector - Revenue from Xiaomi's electric vehicle and AI innovation segment reached 21.3 billion yuan in Q2, with a gross margin of 26.4% [9] - The company launched its first SUV, the Xiaomi YU7 series, which received over 240,000 orders within 18 hours of its release [9] - Delivery times for the YU7 series are lengthy, with customers facing waits of up to 58 weeks, highlighting a significant challenge in the automotive sector [9][10] Financial Performance - The new energy vehicle segment recorded an operating loss of 300 million yuan in Q2, an improvement from a loss of 500 million yuan in Q1 [10] - Cumulatively, Xiaomi has invested over 30 billion yuan in new business initiatives since 2022, with significant losses expected to continue in the near term [11]