小米2025年Q2财报：多元化增长全面提速

Core Viewpoint - Xiaomi's diversified strategy is supporting resilient growth, with significant contributions from its automotive and IoT businesses, despite a decline in smartphone revenue [4][10]. Financial Performance - In Q2 2025, Xiaomi's revenue grew by 30.5% year-over-year, with the smartphone business accounting for less than half of total revenue [4]. - The IoT business achieved a record revenue of 38.7 billion yuan, marking a 44.7% year-over-year increase, driven by the expansion of offline stores [8]. - Smartphone revenue declined by 2% year-over-year, with a 2.7% drop in average selling price (ASP) [10]. Product and Market Strategy - Xiaomi's smartphone shipments have seen eight consecutive quarters of year-over-year growth, although revenue was offset by ASP declines [9]. - The launch of the YU7 electric SUV exceeded expectations with over 240,000 orders in 18 hours, indicating strong demand for Xiaomi's automotive offerings [15]. - Xiaomi plans to open 1,000 new direct stores annually to enhance channel control and operational efficiency [8]. Innovation and R&D - Xiaomi's first self-developed 3nm flagship chip, XRING O1, has been officially released, showcasing its commitment to long-term innovation and breakthroughs in the high-end market [9][15]. - The company is expected to invest 30 billion yuan in R&D by 2025, with approximately 25% allocated to AI [15]. Strategic Insights - The integration of smartphones, electric vehicles, and AIoT is central to Xiaomi's strategy, creating a connected ecosystem that enhances user engagement and drives IoT hardware sales [11]. - Xiaomi's electric vehicle business is projected to achieve quarterly or monthly profitability by late 2025, although full profitability will take longer due to significant initial investments [15].