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 has shown strong performance, significantly contributing to the company's overall revenue growth and profitability, while facing challenges in meeting ambitious delivery targets and managing operational efficiency [4][5][8]. Financial Performance - In Q2 2025, Xiaomi reported total revenue of 116 billion yuan, a record high for five consecutive quarters, with an adjusted net profit of 10.8 billion yuan, representing a year-on-year increase of 75.4% [4]. - The automotive segment delivered 81,000 vehicles, generating approximately 20.6 billion yuan in revenue, accounting for nearly 20% of the total revenue [4]. - 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-wide price wars [4]. Delivery Goals and Challenges - Xiaomi aims to deliver 350,000 vehicles by the end of the year, requiring nearly 200,000 deliveries in the second half, averaging over 33,000 vehicles per month [5][6]. - As of July, Xiaomi had over 400,000 undelivered orders, with significant wait times for certain models, indicating strong demand but also potential risks if market conditions change [5][6]. Production Capacity and Operational Efficiency - The first phase of the Beijing factory has reached its production capacity, while the second phase, with an annual capacity of 150,000 vehicles, has not yet commenced operations [6]. - The rapid expansion of sales, delivery, and after-sales service systems poses management challenges and potential inefficiencies, as initial customer traffic has begun to decline [7]. Strategic Direction - Xiaomi's management emphasizes the importance of order fulfillment over engaging in price wars, focusing on maintaining delivery schedules and improving operational efficiency [4][5]. - The company has opened 335 automotive sales outlets in China and plans to continue expanding its retail presence while upgrading existing stores [7]. Long-term Outlook - Xiaomi's entry into the automotive market is seen as a unique success, leveraging favorable market conditions and a strong talent pool, but the company acknowledges the need for rigorous cost control and stable supply chain management to ensure long-term profitability [8].