XIAOMI(HK:01810) 第一财经·2025-08-20 07:27Core Viewpoint - Xiaomi Group's financial report for the first half of the year shows that its smart electric vehicle and AI innovation business generated revenue of 39.84 billion yuan, with an operating loss of approximately 800 million yuan. However, the gross margin for the second quarter reached 26.4%, indicating a narrowing of the operating loss to only 300 million yuan [3][4]. Summary by Sections Financial Performance - In the first half of the year, Xiaomi's smart electric vehicle business generated revenue of 39.84 billion yuan with an operating loss of about 800 million yuan [3]. - The gross margin for Xiaomi's automotive business in the second quarter was 26.4%, with the operating loss reduced to 300 million yuan [3]. Gross Margin Comparison - Among 13 mainstream car manufacturers, five reported gross margins exceeding 20%, including Xiaomi, with its second-quarter gross margin surpassing that of Tesla, ranking first among disclosed figures [3][4]. - In the first quarter, Xiaomi's gross margin was second only to Seres, which had a margin of 27.6% [3][5]. Industry Insights - Despite many new car manufacturers still operating at a loss, there has been an improvement in gross margins, with companies like XPeng and Leap Motor showing progress [4]. - Leap Motor has emerged as the sales champion among new car manufacturers, focusing on the economy segment with lower-priced products [4].