XIAOMI(HK:01810) Mei Ri Jing Ji Xin Wen·2025-08-20 15:32Core Insights - Xiaomi Group reported record-high revenue and profit for Q2 and the first half of 2025, achieving a total revenue of 1160 billion yuan, a year-on-year increase of 30.5% [3] - The adjusted net profit reached 108 billion yuan, marking a significant year-on-year growth of 75.4% [3] - The company successfully navigated a challenging market environment characterized by price wars in the home appliance and automotive sectors, achieving growth across its three main business lines: smartphones, smart electric vehicles, and smart home appliances [2][3] Financial Performance - Xiaomi's total revenue for the first half of 2025 was 2272 billion yuan, with an adjusted net profit of 215 billion yuan, reflecting a year-on-year increase of 69.8% [3] - The overall gross margin improved to 22.5%, with the smart electric vehicle segment achieving a gross margin of 26.4% [3] - The smartphone segment showed resilience with a global shipment of 42.4 million units in Q2, maintaining a top-three position globally [5] Market Position and Strategy - Xiaomi's stock price has increased over 54% since the beginning of the year, and the company ranked 297th in the 2025 Fortune Global 500, marking a significant rise of 100 places from the previous year [4] - The company aims to maintain a 1% annual market share growth domestically and targets entering the "200 million club" in global sales within the next three to five years [6] - Xiaomi plans to expand its market presence in emerging markets while focusing on high-end product offerings in mature markets like Europe and Southeast Asia [6] Business Segments - The smart electric vehicle segment delivered over 81,000 vehicles in Q2, with a significant monthly delivery of over 30,000 units in July [7] - The average selling price of electric vehicles reached 287,000 yuan, entering the luxury market segment [7] - The smart home appliance segment saw a revenue increase of 66.2% year-on-year, with air conditioning units showing a significant growth in average selling price [8] Technological Advancements - Xiaomi's R&D personnel reached a record high of 22,600, with R&D expenditure in Q2 amounting to 7.8 billion yuan, a year-on-year increase of 41.2% [10] - The company successfully developed the self-researched O1 flagship chip, which is a significant step towards high-end technology and product differentiation [10] - Xiaomi's self-developed operating system, Panghu OS, enhances the seamless connectivity of its ecosystem, supporting the integration of smartphones, vehicles, and smart home devices [11] User Engagement and Ecosystem - As of June 2025, Xiaomi's global monthly active users reached 731 million, with nearly 1 billion connected IoT devices [12] - The successful launch of the YU7 electric vehicle attracted a diverse user base, including a significant proportion of iPhone users, indicating effective cross-category marketing [12] - The company's ecosystem strategy, integrating technology and user experience, positions it for sustainable growth and market competitiveness [12]