Ge Long Hui·2025-08-21 10:40Group 1: Financial Performance - In Q2 2025, the company's revenue reached 116 billion yuan, a historical high, with a year-on-year growth of 30% [1] - Adjusted net profit for Q2 2025 was 10.8 billion yuan, also a historical high, with a year-on-year increase of 75% [1] - Gross margin stood at 22.5%, reflecting a year-on-year increase of 1.8 percentage points [1] Group 2: Automotive Business - Revenue from the smart electric vehicle and AI innovation business in Q2 2025 was 21.3 billion yuan, with automotive revenue accounting for 20.6 billion yuan [1] - The gross margin for the automotive business reached 26.4%, an increase of 3.3 percentage points quarter-on-quarter [1] - The average selling price (ASP) of Xiaomi's vehicles in Q2 2025 was 253,000 yuan, up from 238,000 yuan in Q1 2025 [1] - The company delivered 81,302 new cars in Q2 2025, with over 30,000 units delivered in July 2025, setting a new monthly record [1] - As of June 30, 2025, Xiaomi had opened 335 automotive sales stores in 92 cities in mainland China, adding 100 stores in a single quarter [1] Group 3: IoT and Home Appliances - The IoT and lifestyle consumer products business achieved record revenue of 38.7 billion yuan in Q2 2025, a year-on-year growth of 45% [2] - The gross margin for this segment was 22.5%, reflecting a year-on-year increase of 2.8 percentage points [2] - Revenue from smart home appliances grew by 66% year-on-year, with air conditioner shipments exceeding 5.4 million units, a growth rate of over 60% [2] - Refrigerator shipments surpassed 790,000 units, with a year-on-year growth of over 25%, and washing machine shipments exceeded 600,000 units, growing by 45% [2] Group 4: Smartphone Business - Revenue from the smartphone business in Q2 2025 was 45.5 billion yuan, with a gross margin of 11.5% [2] - Smartphone shipments totaled 42.4 million units, reflecting a year-on-year growth of 0.6% [2] - High-end smartphone sales accounted for 27.6% of total sales in mainland China, an increase of 5.5 percentage points year-on-year [2] Group 5: Earnings Forecast - The company forecasts earnings per share for 2025, 2026, and 2027 to be 1.64 yuan, 2.10 yuan, and 2.61 yuan respectively, with adjustments made to revenue and certain profit and loss items [3] - The target price is set at 66.86 HKD, maintaining a 29 times PE valuation for comparable companies in 2026 [3]