小米Q2净利润同比增75.4%，大家电收入增66.2%创历史新高，手机业务下降2.1%

Core Viewpoint - Xiaomi Group reported a record high total revenue of RMB 1160 billion in Q2, representing a year-on-year growth of 30.5%, and an adjusted net profit of RMB 108 billion, up 75.4% year-on-year, showcasing strong profitability and growth potential [1][3][12]. Financial Performance - Total revenue for Q2 reached RMB 1159.6 billion, marking a 30.5% increase compared to the previous year, surpassing the forecast of RMB 1149.4 billion [4]. - Adjusted net profit was RMB 108.3 billion, reflecting a significant year-on-year increase of 75.4%, exceeding the expected RMB 102.3 billion [5]. - Operating profit stood at RMB 134.4 billion, outperforming the forecast of RMB 104.3 billion [6]. - Gross margin improved to 22.5%, although it slightly decreased by 0.3 percentage points quarter-on-quarter [7]. - R&D expenditure reached RMB 77.6 billion, up 41.2% year-on-year, surpassing the expected RMB 71.8 billion [8]. Business Segment Performance Electric Vehicle and AI Segment - Revenue from the electric vehicle and AI segment reached RMB 213 billion, with the automotive business contributing RMB 206 billion, reflecting a staggering year-on-year growth of 233.9% [10][12]. - The number of new car deliveries was 81,302, a 197.7% increase from the previous year [12]. - The gross margin for the automotive segment was 26.4%, significantly up from 15.4% year-on-year, with operating losses narrowing to RMB 3 billion [13]. Smartphone Business - Smartphone revenue was RMB 455 billion, down 2.1% year-on-year, primarily due to a decrease in average selling price (ASP) [10][14]. - Despite a slight increase in global shipment volume to 42.4 million units, the gross margin for smartphones fell from 12.1% to 11.5% due to intensified market competition and promotional activities [10][14]. - Xiaomi's high-end smartphone strategy is showing results, with a 27.6% market share in high-end smartphones in mainland China, up 5.5 percentage points year-on-year [14]. IoT and Home Appliances - The IoT and lifestyle product segment generated RMB 387 billion in revenue, a 44.7% year-on-year increase, marking a historical high [11][15]. - Revenue from smart home appliances grew by 66.2%, with significant sales in air conditioners, refrigerators, and washing machines [15]. - The number of active users globally reached 731 million, an 8.2% increase year-on-year, with 989 million connected IoT devices, up 20.3% [15]. R&D and Innovation - R&D investment continued to increase, reaching RMB 78 billion in Q2, with the number of R&D personnel hitting a record high of 22,641 [17]. - The focus on artificial intelligence is evident, with the release of open-source multimodal models and language models, enhancing product competitiveness [17].