有车企缺订单，小米汽车缺产能丨一分钟财报

Core Viewpoint - Xiaomi's automotive business is driving significant revenue growth, with a focus on achieving a delivery target of 350,000 vehicles for the year [2][3][4]. Financial Performance - In Q2 2025, Xiaomi reported total revenue of 116 billion yuan, marking a record high for five consecutive quarters; adjusted net profit reached 10.8 billion yuan, a year-on-year increase of 75.4% [3]. - Automotive revenue was approximately 20.6 billion yuan, accounting for nearly 20% of total revenue, with 81,000 vehicles delivered during the quarter [3]. Automotive Business Insights - The average selling price of vehicles increased by 16,000 yuan to 254,000 yuan, with a quarterly gross margin rising to 26.4% despite industry price wars [3]. - As of the end of July, there were over 400,000 unfulfilled orders for two models, indicating strong demand but also potential pressure on delivery timelines [4]. Delivery Challenges - Xiaomi needs to deliver nearly 200,000 vehicles in the second half of the year, averaging over 33,000 vehicles per month, which poses a significant challenge given recent delivery rates [4]. - The company is currently maximizing production capacity at its first factory, while the second factory, with an annual capacity of 150,000 vehicles, has yet to commence operations [4][5]. Sales and Service Operations - Xiaomi has opened 335 automotive sales outlets in China, with plans to continue expanding and upgrading locations [5]. - There are concerns regarding sales efficiency and customer service, as some sales staff report low foot traffic and challenges in managing customer relationships [5]. Future Outlook - The operating loss for Xiaomi's automotive and AI businesses narrowed to 300 million yuan in Q2, with a goal of achieving profitability in the second half of the year [6]. - The company’s entry into the automotive market is seen as a unique success, leveraging timing and market conditions to establish itself in the competitive electric vehicle sector [6].