未来五年增长确定性最高的中国科技公司，小米提前预定了

Core Insights - Xiaomi has achieved a remarkable Q2 2025 financial performance with total revenue of 116 billion yuan and a year-on-year growth of 30.5%, marking a historical high amidst a challenging industry environment [1][2][17] - The company's growth is attributed to its "human-vehicle-home ecosystem" strategy, which is not only supporting current financial performance but also establishing growth certainty for the next 3 to 5 years [1][11][17] Financial Performance - Xiaomi's Q2 2025 revenue of 116 billion yuan includes contributions from multiple business lines, with smart electric vehicles and innovative businesses contributing 21.3 billion yuan [2] - The automotive segment generated 20.6 billion yuan in revenue with a record delivery of 81,302 vehicles in a single quarter, indicating a strong position in the domestic new energy vehicle market [2][4] Automotive Business - Despite the YU7 model not yet being delivered, Xiaomi's automotive division delivered a total of 157,000 vehicles in the first half of the year, achieving an average tax-inclusive price of 280,000 yuan [4] - Xiaomi's strategy emphasizes product strength over price competition, with plans to enter the European electric vehicle market by 2027 [4][11] Smartphone and AIoT Performance - In Q2 2025, Xiaomi's global smartphone shipments reached 43 million units, maintaining a market share of 14.7% and ranking among the top three globally for 20 consecutive quarters [5] - The high-end smartphone strategy is showing results, with a 27.6% market share in the high-end segment in China, and significant growth in the 4,000-6,000 yuan price range [5] - The AIoT segment, particularly large home appliances, saw a 66.2% year-on-year revenue growth, with air conditioning units achieving both volume and price growth [5] Ecosystem Strategy - Xiaomi's "human-vehicle-home ecosystem" is a unified strategy that integrates smartphones, vehicles, and home appliances, creating a seamless user experience [9][11] - The company has established itself as a leader in this ecosystem, with other industry players beginning to adopt similar strategies, indicating a broader industry trend [11][12] Competitive Advantages - Xiaomi's competitive edge lies in its technological integration, scale, R&D investment, and strong brand loyalty, which collectively create a robust barrier to entry for competitors [15][16] - The company has invested 102 billion yuan in R&D over the past five years, with a current R&D expenditure of 7.8 billion yuan in Q2 2025, representing 6.7% of its revenue [16] Future Outlook - The automotive business is expected to continue its growth trajectory, potentially becoming a significant profit driver as new models are launched and supply chains are optimized [17] - Xiaomi aims to transition from hardware sales to a model focused on subscription services and data monetization, enhancing its profit margins [17]