小米电话会全文：坚决不打价格战，汽车业务有望在下半年实现单季盈利，2027年进军欧洲电车市场

Core Viewpoint - Xiaomi's automotive business is expected to achieve profitability in the second half of the year, but it has incurred significant losses over the past three years, totaling over 30 billion yuan [1][3]. Group 1: Financial Performance - In Q2 2025, Xiaomi achieved record-high revenue and net profit, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5% [8][16]. - The adjusted net profit for the quarter was 10.8 billion yuan, marking a 75% increase year-on-year [19]. - The gross margin for the group was 22.5%, up 1.8 percentage points from the previous year [8][16]. Group 2: Automotive Business - Xiaomi's automotive deliveries reached 81,300 units in Q2, a 197.7% increase from the same period last year, contributing to a 233.9% year-on-year revenue growth in the electric vehicle segment, totaling 21.3 billion yuan [3][12]. - The company plans to enter the European electric vehicle market by 2027 [3][12]. - The operating loss for the automotive business narrowed to 300 million yuan in Q2, but cumulative losses remain substantial [3][18]. Group 3: Smartphone Strategy - Xiaomi aims to join the "200 million club" by achieving an annual smartphone shipment of 200 million units within the next three to five years [1][3]. - The smartphone gross margin decreased to 11.5% in Q2 due to rising costs of core components and a temporary pressure from the product launch schedule [3][16]. - The company maintains a strong position in the smartphone market, ranking third globally with a market share of 14.7% [16]. Group 4: AI Strategy - Xiaomi's AI strategy consists of three layers: large models, application layer, and transformation layer, aiming to create a closed-loop ecosystem of "people-vehicle-home" [4][39]. - The company is confident in achieving over 30% revenue growth for the entire group in 2025 [4][19]. Group 5: IoT and Home Appliances - The IoT segment generated 38.7 billion yuan in revenue, a 44.7% increase year-on-year, with a gross margin of 22.5% [17]. - The smart home appliance revenue reached a historical high, growing 66.2% year-on-year, with air conditioning sales exceeding 5.4 million units [12][17]. - Xiaomi emphasizes the importance of technological innovation and user-centric design in its home appliance strategy [12][13]. Group 6: Market Position and Future Outlook - Xiaomi is focused on avoiding price wars and internal competition, prioritizing long-term strategic positioning over short-term rankings [5][46]. - The company has been recognized as one of the top 50 global brands in the Kantar BrandZ list for 2025 [11]. - Xiaomi's long-term vision includes enhancing user engagement and creating a network economy through its extensive IoT ecosystem, which has nearly 1 billion connected devices [41].