小米Q2营收1160亿元创新高！卢伟冰：加码AI、进军欧洲

Core Viewpoint - Xiaomi Group reported a significant performance surge in Q2 2025, achieving a record total revenue of 116 billion yuan, with a notable focus on high-end smartphone strategies and automotive business expansion [4][6]. Financial Performance - Total revenue reached 116 billion yuan, representing a year-on-year increase of 30.5% [6]. - Adjusted net profit was 10.8 billion yuan, up 75.4% year-on-year [6]. - Gross margin improved to 22.5%, an increase of 1.8 percentage points year-on-year [6]. Business Segment Performance - Smartphone Business: Revenue was 45.5 billion yuan with a gross margin of 11.5%, impacted by rising memory prices [6]. - IoT Business: Revenue grew by 44.7% year-on-year to 38.7 billion yuan, with a gross margin of 22.5% [6]. - Automotive Business: Revenue reached 20.6 billion yuan with a gross margin of 26.4%, and operating losses narrowed to 300 million yuan [6]. Business Highlights and Strategic Directions - Smartphone: Xiaomi maintained a global market share of 14.7%, ranking among the top three for 20 consecutive quarters. The share of models priced above 4000 yuan approached one-third [7]. - IoT Business: The segment saw a 44.7% revenue increase, with notable growth in tablet sales and a plan to open 400-500 new overseas stores in 2025 [8]. - Automotive Business: The first SUV, "Xiaomi YU7," achieved a lock order volume of 240,000 units, with a delivery volume of 81,300 units [9]. - R&D Investment: R&D spending increased by 41.2% year-on-year, with a focus on edge AI technology, allocating 7.5 billion yuan for 2025 [10]. Investor Q&A Summary - IoT Business Expansion: The domestic market benefits from offline channel development, while overseas expansion is crucial, with plans for 400-500 new stores in 2025 and over 1000 in 2026 [12]. - Smartphone Margin Fluctuations: Short-term impacts from DDR4 memory price increases, with long-term strategies focusing on high-end products and self-developed chip technology [13]. - IoT Margin Pressure: Q2 margins were affected by promotional activities, but the annual target remains unchanged [14]. - Automotive Margin Drivers: The high margin is attributed to the effectiveness of the high-end strategy and standardization on the Modena platform [15]. - Edge AI Strategy: The focus is on enhancing user experience, with plans to increase the proportion of edge AI in the future [16].