小米汽车，差点就盈利了

Core Viewpoint - Xiaomi Group's Q2 2025 financial report shows significant growth in revenue and adjusted net profit, driven by its automotive business, IoT, and internet services, despite challenges in its smartphone segment [4][6]. Financial Performance - Xiaomi reported Q2 revenue of 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of 10.8 billion yuan, up 75.4% [4]. - The automotive business generated 20.6 billion yuan in revenue from the delivery of 81,300 vehicles, with a gross margin of 26.4% [6][9]. - The operating loss in the automotive sector decreased from 500 million yuan in Q1 to 300 million yuan in Q2, marking a 40% improvement [9][12]. Business Segments Smartphone Business - Smartphone revenue was 45.5 billion yuan, accounting for 39.3% of total revenue, but showed a decline of 2.1% year-on-year and 10.1% quarter-on-quarter [14]. - The average selling price (ASP) of smartphones fell to 1,073 yuan, down 11.3% from the previous quarter [15]. - Despite challenges, Xiaomi maintained a 14.7% market share globally, ranking third, and regained the top position in Southeast Asia with an 18.9% market share [16]. IoT and Internet Services - IoT revenue reached 38.7 billion yuan, a 44.7% increase year-on-year, with a gross margin of 22.5% [17]. - Internet services generated 9.1 billion yuan, growing 10.1% year-on-year, with a high gross margin of 75.4% [20]. - The IoT segment is becoming a significant profit source, surpassing the smartphone business in gross margin contribution [20]. Cost Management - Xiaomi's overall expense ratio decreased to 13.9%, down 2.2 percentage points year-on-year, indicating effective cost control despite entering the automotive sector [22]. - R&D expenses were 7.8 billion yuan, with a slight decrease in the R&D expense ratio due to revenue growth outpacing absolute spending [24]. - The company leveraged shared R&D resources across its product lines, enhancing efficiency [24]. Automotive Business Outlook - Xiaomi's automotive business is close to profitability, with a theoretical net loss of approximately 6,000 yuan per vehicle, indicating that minor adjustments could lead to profitability [11][12]. - The company aims to deliver 350,000 vehicles by the end of the year, with production capacity increasing [12]. - The automotive sector's rapid growth and decreasing losses suggest a potential for achieving quarterly profitability by late 2025 or early 2026 [12].