Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [3][5] Core Views - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, showing a slight increase from 42.3 million units in the same period last year, maintaining a global market share of 15% [1] - The company achieved record sales during the 618 shopping festival, with total payments exceeding 35.5 billion yuan [1] - The launch of the YU7 luxury SUV has seen strong demand, with over 200,000 units reserved within 3 minutes of its announcement [2] Financial Projections - Revenue projections for 2025-2027 are 475.1 billion yuan, 618.9 billion yuan, and 743.9 billion yuan, representing year-on-year growth of 30%, 30%, and 20% respectively [3][4] - Adjusted net profit estimates for the same period are 40.8 billion yuan, 57.2 billion yuan, and 74.1 billion yuan [3][4] - The report anticipates a non-GAAP EPS of 1.6 yuan, 2.2 yuan, and 2.8 yuan for 2025, 2026, and 2027 respectively [4][12] Market Performance - Xiaomi's smartphone sales in China reached 10.4 million units in Q2 2025, with a market share increase to 15% [1] - The company has also seen significant growth in its IoT and consumer products segment, with a projected revenue of 132.1 billion yuan in 2025 [12] - The report highlights Xiaomi's strong performance in various markets, including Latin America and Africa, driven by product strength [1][2]

Group 1 - Xiaomi's automotive delivery volume exceeded 30,000 units in July 2025, showcasing its production capacity and operational efficiency [1] - The company has significantly improved its R&D, manufacturing, and offline channel capabilities, enhancing its competitive edge in the automotive and IoT sectors [1] - The monthly delivery volume of Xiaomi vehicles reached a new historical high, indicating strong production control and capacity ramp-up capabilities [1] Group 2 - In Q2 2025, Xiaomi's tablet shipments reached 3.051 million units, a year-on-year increase of 42.3%, capturing a market share of 7.8% [2] - Xiaomi's smartphone shipments in Q2 2025 were 42.4 million units, slightly up from 42.3 million units in the same period last year, with a 3% growth in the Chinese mainland market [2] - The company adjusted its earnings forecasts for 2025-2027, predicting earnings per share of 1.42, 1.99, and 2.53 yuan, reflecting the impact of its automotive business and multi-category product progress [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's product delivery capability continues to improve, with monthly car deliveries exceeding 30,000 units in July 2025, indicating strong production capacity [1][9] - The earnings forecast for the company has been adjusted, predicting earnings per share of 1.42, 1.99, and 2.53 yuan for 2025-2027, respectively, based on the progress of the automotive business and multi-category products [2][10] - The target price is set at 63.20 HKD, based on a 29x PE valuation for comparable companies in 2026 [2][10] Financial Information Summary - Revenue (in million yuan) is projected to grow from 270,970 in 2023 to 728,851 in 2027, with a compound annual growth rate (CAGR) of approximately 23% [4] - Operating profit is expected to increase significantly from 20,009 million yuan in 2023 to 72,781 million yuan in 2027, reflecting a CAGR of around 26% [4] - Net profit attributable to the parent company is forecasted to rise from 17,475 million yuan in 2023 to 65,825 million yuan in 2027, with a CAGR of about 27% [4] - The gross margin is expected to improve from 21.7% in 2023 to 23.7% in 2027 [4] - The net profit margin is projected to increase from 6.4% in 2023 to 9.0% in 2027 [4] - The return on equity (ROE) is anticipated to rise from 10.6% in 2023 to 19.1% in 2027 [4]

Core Insights - China's new energy vehicle (NEV) industry has achieved a "leapfrog" development, maintaining the world's largest production and sales for ten consecutive years, with a global market share of 60% [2] - Xiaomi's first SUV, the YU7, saw remarkable demand, with over 200,000 units reserved within three minutes and nearly 290,000 in one hour, surpassing Tesla's Model Y sales in the first half of the year [3] - The Chinese automotive industry has transitioned from a phase of dormancy and catch-up to one of surpassing international competitors, particularly in the NEV sector [3][9] Group 1: Historical Context - Prior to the rise of NEVs, Chinese automotive brands were often perceived as low-quality alternatives to established foreign brands, with limited market presence [4] - The joint venture model in the early 2000s allowed foreign brands to dominate the market, leaving domestic brands with a reputation for lower quality [4][5] - The lack of a robust automotive supply chain and technological capabilities hindered the competitiveness of Chinese brands in the traditional fuel vehicle market [5] Group 2: Catch-Up Phase - The launch of NEVs in 2013 marked a turning point, supported by government subsidies and incentives, leading to the emergence of new players like Li Auto, NIO, and Xpeng [6] - The competitive landscape has intensified, with many NEV models still operating at a loss, while Tesla's entry into the Chinese market has spurred domestic innovation [6][9] - Xiaomi's approach focuses on creating "blockbuster" models, leveraging economies of scale to reduce costs and enhance product reliability [7] Group 3: Technological Advancements - Chinese automotive companies have made significant strides in electric powertrain technologies, with advancements in electric motors and battery systems [9][12] - Xiaomi's YU7 features a self-developed V6s Plus motor with a maximum speed of 22,000 rpm and an 800V high-voltage platform, showcasing the company's commitment to performance [8] - The integration of advanced battery technologies, such as CATL's second-generation "Kirin" battery, has positioned Chinese brands competitively in the global market [8][12] Group 4: Market Dynamics - In the first half of the year, China's total vehicle production and sales reached 15.62 million and 15.65 million units, respectively, with NEVs accounting for 44.3% of new car sales [14] - The export of Chinese vehicles reached 3.083 million units, reflecting a 10.4% year-on-year increase, despite global trade uncertainties [10] - The emergence of new players has shifted consumer perceptions, with increasing recognition of Chinese NEVs' quality and technology [10][12] Group 5: Consumer Trends - The YU7 phenomenon highlights a shift in consumer preferences towards features like range and charging convenience, with the YU7 achieving a maximum range of 620 kilometers in just 15 minutes of charging [14] - Xiaomi's strategy emphasizes user engagement and customization, appealing to younger consumers who prioritize technology and lifestyle [17] - The competitive landscape is evolving from product-based competition to ecosystem-based competition, with a focus on user experience and integration of smart technologies [11][16]

Group 1: Tablet Market Overview - Global tablet shipments are projected to reach 39 million units in Q2 2025, marking a 9% year-on-year increase and a 5% quarter-on-quarter increase, driven by stable demand in China and EMEA regions [1] - Apple remains the market leader with 14.1 million iPads shipped in Q2 2025, a 2% increase year-on-year, while Samsung follows with 6.7 million units [3] - The strong performance of the tablet market is attributed to consumer subsidy policies in China and commercial tender projects globally, alongside a wave of new product launches, particularly in the gaming tablet segment [3] Group 2: Chromebook Market Dynamics - The Chromebook market is experiencing a resurgence, particularly in Japan, where shipments have increased over 20 times due to the GIGA school project, with expectations for this demand peak to continue until mid-2026 [5] - Lenovo leads the global Chromebook market with shipments of 3.45 million units in the first half of 2025, a 27% year-on-year increase, while HP follows with 2.59 million units, experiencing a slight decline [6] - Acer and ASUS also show positive growth, with Acer achieving a 10% increase in shipments to 2.22 million units and ASUS seeing a 43% increase to 0.84 million units, driven by the GIGA project [5][6]

Core Insights - The global tablet market showed strong growth in Q2 2025, with shipments reaching 39 million units, a 9% year-on-year increase and a 5% quarter-on-quarter increase, driven by stable demand in China and EMEA regions [1] - The Chromebook market is experiencing a resurgence, particularly in Japan due to the GIGA school project, with shipments in the first half of 2025 reaching 11 million units [1][6] Tablet Market Overview - Apple remains the leader in the tablet market with 14.1 million iPads shipped in Q2 2025, a 2% increase year-on-year [4] - Samsung follows in second place with 6.7 million units shipped, while Huawei, Lenovo, and Xiaomi have all seen significant growth, particularly in the Chinese market [4] - Notable new product releases in the gaming tablet segment have contributed to market growth, with brands like Xiaomi and Lenovo seeing substantial increases in shipments [3] Chromebook Market Dynamics - Lenovo led the global Chromebook market in the first half of 2025 with shipments of 3.45 million units, a 27% year-on-year increase [7] - The demand for Chromebooks is expected to remain high due to government-funded procurement activities in Japan, with shipments to Japan increasing over 20 times year-on-year [6] - Other brands like HP, Acer, Dell, and ASUS are also participating in this growth, with ASUS showing a 43% increase in shipments [6][7] Market Share and Growth Rates - In Q2 2025, the market shares for key tablet manufacturers were as follows: Apple (36.1%), Samsung (17.1%), Huawei (8.3%), Lenovo (7.9%), and Xiaomi (7.8%) [4] - The Chromebook market share for the first half of 2025 showed Lenovo at 31.3%, HP at 23.4%, and Acer at 20.1%, indicating a competitive landscape [7]

Core Viewpoint - Xiaomi showcased its "Human-Vehicle-Home Ecosystem" at the 22nd ChinaJoy, emphasizing the integration of smart devices through its Surge OS to create a seamless intelligent living experience [1][3][13] Group 1: Exhibition Highlights - The exhibition featured a 820 square meter booth with three main areas: Automotive Experience Zone, Personal Mobile Computing Center, and Scenario Display Area [3] - The Automotive Experience Zone highlighted three models: Xiaomi SU7 Ultra, Xiaomi YU7 Max, and Xiaomi SU7 Max, attracting significant attention from attendees [3][5] - The Personal Mobile Computing Center displayed the Xiaomi 15 series, Xiaomi MIX Flip 2, and various wearable devices, including the Xiaomi AI glasses, which garnered considerable interest [7] Group 2: Smart Home Integration - Four lifestyle scenario spaces were created to showcase Xiaomi's home appliances and AIoT products, demonstrating the interconnectedness and collaborative operation of devices through Surge OS [9] - Featured products included air conditioners, refrigerators, smart TVs, and robotic vacuum cleaners, providing a tangible experience of a smart living environment [9] Group 3: Interactive Engagement - The booth included interactive elements where visitors could receive customized bottled water and ice cream, along with completing tasks for rewards [11] - This engagement strategy aimed to enhance visitor experience and promote brand interaction during the exhibition [11] Group 4: Future Outlook - Xiaomi aims to continue advancing its underlying technology and expanding the "Human-Vehicle-Home Ecosystem" to enhance user experience and convenience [13]

Group 1 - The 22nd China International Digital Interactive Entertainment Expo (ChinaJoy) opened in Shanghai, showcasing Xiaomi's "human-vehicle-home ecosystem" theme [1] - Xiaomi's exhibition area covered 820 square meters, divided into three main sections: automotive display experience area, personal mobile computing center, and scenario display area [1] - The automotive section featured models such as the Xiaomi SU7 Ultra, Xiaomi YU7 Max, and Xiaomi SU7 Max, with the YU7 being the brand's first luxury high-performance SUV launched in June [1] Group 2 - The personal mobile computing area displayed various smart devices, including the Xiaomi 15 series, MIX Flip 2, MIX Fold 4, and Redmi K80 series, along with wearable devices like the Xiaomi Watch S4 and Xiaomi Band 10 [1][2] - The scenario display area showcased AIoT products across four scenes: reading space, smart living room, creative space, and fitness space, demonstrating cross-device smart interconnectivity powered by Xiaomi's Surge OS [2] - Interactive activities were set up at the exhibition, allowing visitors to receive customized drinks and ice cream while completing tasks for gifts, highlighting Xiaomi's ecosystem integration in smartphones, smart cars, and smart home products [2]

Core Insights - Xiaomi showcased its latest electric vehicles and smart ecosystem at the 22nd ChinaJoy, emphasizing a user-centered approach to integrate various smart devices [1][3] - The exhibition featured three main vehicle models: SU7, SU7 Ultra, and YU7, highlighting Xiaomi's commitment to the automotive sector [1][3] - Xiaomi's booth included interactive experiences and various lifestyle scenarios, demonstrating the seamless connectivity of its devices through the Xiaomi Surge OS [3][4] Group 1 - Xiaomi's participation theme at ChinaJoy was "User-Centric, Building a 'Human-Car-Home Ecosystem'" [1] - The exhibition area covered 820 square meters, divided into automotive experience, personal mobile computing, and scenario display zones [3] - The automotive experience zone was the main attraction, featuring the SU7 Ultra, YU7 Max, and SU7 Max models [3] Group 2 - Additional products showcased included the Xiaomi 15 series, MIX Flip 2, MIX Fold 4, and various wearable devices like the Xiaomi Watch S4 series [3] - The home scenario display featured four living spaces, showcasing smart appliances and AIoT products, enhancing the user experience [3] - Interactive activities at the booth included custom gifts for visitors completing tasks, enhancing engagement [4]

7月29日，2025年《财富》世界500强榜单发布。小米集团排名第297位，连续7年上榜，排名较上一年提高 100位，创下2019年上榜以来的最大增幅。 2024年小米"人车家全生态"正式形成闭环，业绩强劲反弹。财报数据显示，2024年小米集团总收入同比增 长35.0%，至人民币3659亿元，经调整净利润同比增长41.3%，达人民币272亿元，创史上最强业绩。2024 年第四季度，小米季度营收首次超过1000亿民币，刷新单季业绩历史纪录。 小米手机、汽车、大家电三大增长曲线，均实现强劲增长。小米集团创始人、董事长兼CEO雷军表示， 2025年小米将继续保持30%以上的增长速度。 今年一季度，小米在中国手机市场的份额重返第一，二季度小米手机激活量再度在中国市场排名第一。在 全球手机市场，截至2025年二季度，小米连续20个季度稳居前三。2025年6月，小米首款SUV YU7发布， 18小时锁单量超240000台，创下中国汽车工业新纪录。7月，小米汽车交付量超过30万辆，创下汽车"新势 力"车企交付速度纪录。 过去5年，小米研发投入超1020亿元人民币，在芯片、操作系统、人工智能、汽车"三电"等核心技术领域 取得 ...