Core Viewpoint - The company reported record high revenue and adjusted net profit for Q2 2025, driven by strong performance in various business segments, particularly in IoT and automotive sectors [1][2][3]. Automotive - Q2 2025 revenue from smart electric vehicles and AI-related businesses reached 213 billion, with a sequential increase of 14.4%, while operating losses narrowed from 5 billion to 3 billion [2] - The gross margin improved to 26.4%, attributed to lower core component costs and increased deliveries of the SU7 Ultra model [2] - The company plans to accelerate production capacity in the second half of 2025 and aims to enter the European market by 2027, enhancing its global brand influence [2] IoT - Q2 2025 IoT business revenue was 387 billion, marking a year-on-year growth of 44.7% and a sequential increase of 19.7%, driven by strong sales in smart home appliances and wearables [3] - The gross margin for IoT was 22.5%, with a year-on-year increase of 2.8 percentage points, reflecting improved product mix [3] - The company is expanding its retail strategy, increasing the number of offline stores in mainland China from approximately 16,000 to over 17,000 [3] Mobile Phones - Q2 2025 mobile phone revenue was 455 billion, showing a year-on-year decline of 2.1% and a sequential decline of 10.1% [4] - The average selling price (ASP) decreased to 1,073, with a gross margin of 11.5%, impacted by fluctuations in component prices [4] - Despite a challenging domestic market, the company achieved a 3.6% year-on-year increase in its smartphone sales [5] Internet Services - Q2 2025 internet services revenue was 91 billion, reflecting a year-on-year growth of 10.1% [6] - The gross margin for internet services was 75.4%, with a slight decline compared to the previous year [6] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6] Investment Outlook - The company is positioned as a leading player in the global smartphone market and the largest AIoT hardware platform, with positive long-term growth prospects across its business segments [6] - The automotive sector is expected to benefit from the expansion of its vehicle lineup and ecosystem synergies, aiming to rank among the top five global automakers by 2025-2027 [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [8] Core Views - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion CNY, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [5][8] - The company is focusing on its "New Decade Goal," with significant investments in core technologies and a record high of 78 billion CNY in R&D spending in Q2 2025, reflecting a year-on-year increase of 41.2% [5][8] - The automotive segment is expected to see accelerated capacity release in the second half of 2025, with a narrowing of operating losses from 5 billion CNY to 3 billion CNY in Q2 2025 [5][8] - The IoT business continues to show strong growth, with revenue of 387 billion CNY in Q2 2025, a year-on-year increase of 44.7% [5][8] - The smartphone segment experienced a slight decline in revenue, with Q2 2025 revenue at 455 billion CNY, a year-on-year decrease of 2.1% [5][8] - The internet services segment reported steady growth, with revenue of 91 billion CNY in Q2 2025, a year-on-year increase of 10.1% [6][8] Summary by Sections Financial Performance - Q2 2025 total revenue was 116 billion CNY, with a gross margin of 22.5% and an adjusted net profit of 108 billion CNY, marking a year-on-year increase of 75.4% [5][8] - The company expects total revenue for 2025 to reach 489.9 billion CNY, with adjusted net profit projected at 43.1 billion CNY [8] Automotive Segment - Revenue from smart electric vehicles and AI-related businesses reached 213 billion CNY in Q2 2025, with a gross margin of 26.4% [5][8] - The company plans to enter the European market in 2027, which is expected to enhance its global brand influence [5][8] IoT Segment - The IoT business achieved a record revenue of 387 billion CNY in Q2 2025, driven by strong sales in smart home appliances [5][8] - The gross margin for IoT was 22.5%, reflecting improvements in product mix [5][8] Smartphone Segment - The smartphone business reported revenue of 455 billion CNY in Q2 2025, with a gross margin of 11.5% [5][8] - The company adjusted its annual shipment target to 175 million units, focusing on high-end and global market expansion [5][8] Internet Services - Internet services revenue reached 91 billion CNY in Q2 2025, with a gross margin of 75.4% [6][8] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6][8]

Core Insights - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5% [1] - The revenue from the "mobile × AIoT" segment was 94.7 billion yuan, up 14.8% year-on-year, while the revenue from "smart electric vehicles and AI innovation businesses" reached 21.3 billion yuan [1] - Operating profit for Q2 2025 was 13.4 billion yuan, a significant increase of 128.2% year-on-year, and adjusted net profit grew by 75.4% to 10.8 billion yuan [1] - For the first half of 2025, total revenue reached 227.2 billion yuan, up 38.2% year-on-year, with operating profit nearing 26.6 billion yuan, a 177.5% increase [1] - The company aims for overall revenue growth of over 30% for the full year 2025 and anticipates that its electric vehicle segment will achieve quarterly profitability in the second half of the year [1] Segment Performance - In the smart electric vehicle sector, Xiaomi's SU7 Ultra has sold over 10,000 units within four months of its launch, with Q2 revenue from smart electric vehicles reaching 20.6 billion yuan, a year-on-year increase of 230.3% [2] - The gross margin for the smart electric vehicle segment improved from 15.4% in the previous year to 26.4% [2] - Despite significant investments exceeding 30 billion yuan in innovative businesses from 2022 to the first half of 2025, the new business segment still reported substantial losses, although Q2 losses narrowed to 300 million yuan [2] - In the home appliance sector, Xiaomi experienced both volume and price increases, with revenue from major appliances growing by 66% and air conditioning average selling price (ASP) increasing by approximately 10% [2]

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company achieved record high revenue and profit in Q2 2025, with revenue of 2.046 billion yuan, a year-on-year increase of 64%, and a net profit of 531 million yuan, a year-on-year increase of 191% [1]. - The growth is driven by flagship products like RK3588 and new products such as RK3576, particularly in the AIoT sector, with significant expansion in automotive electronics, industrial applications, machine vision, and robotics [1]. - The gross margin reached 43.3%, up 6.5 percentage points year-on-year, and the net margin improved to 27.7%, up 11.4 percentage points year-on-year, indicating stable profitability driven by improved product mix [1]. Product Development - The company launched the RK182X edge computing co-processor, designed to meet diverse computing needs with high neural network performance and bandwidth [2]. - The new AI visual processor RV1126B was released in May 2025, enhancing the company's visual chip product matrix [3]. - The audio processor RK2116 was introduced in July 2025, completing the audio product lineup [3]. - Ongoing development of mid-range AIoT processors and next-generation flagship chips is aimed at expanding the product portfolio and improving design efficiency [3]. Financial Forecast and Recommendations - Revenue forecasts for 2025, 2026, and 2027 are set at 43.1 billion yuan, 55.9 billion yuan, and 69.7 billion yuan, respectively, with year-on-year growth rates of 37.5%, 29.7%, and 24.6% [4]. - Net profit forecasts for the same years are 1.14 billion yuan, 1.49 billion yuan, and 1.92 billion yuan, with year-on-year growth rates of 92.2%, 30.8%, and 28.7% [4]. - The strong performance and expanding product range support the "Buy" rating [4].

Core Insights - The early losses in the artificial intelligence industry are seen as a common challenge, with significant R&D investments and a lengthy commercialization phase being typical for technology-driven sectors [1] - Despite the losses, there are underlying signs of value growth, particularly for Teslion, a leading AIoT company preparing for its IPO in Hong Kong [1] Company Overview - Teslion, established in 2015, focuses on three strategic directions within the AIoT field: AIoT models, AIoT infrastructure, and AIoT intelligent agents [3] - The company's AI industry digitalization business is expected to experience explosive growth in 2024, with revenue projected to increase from 624 million to 1.64 billion, marking a 162.9% rise [3] Financial Performance - Teslion's total customer base grew from 224 in 2022 to 342 in 2024, with annual new customer signings of 175, 193, and 194 respectively [3] - The company achieved remarkable revenue growth from 738 million in 2022 to 1.843 billion in 2024, reflecting a year-on-year growth rate of 83.2% and a compound annual growth rate of 58% over three years [3] Competitive Position - Teslion's growth rate outpaces other publicly listed AI companies, with competitors like SenseTime (10.8%), Horizon Robotics (53.6%), UBTech (23.6%), and Fourth Paradigm (25.1%) lagging behind [4] - A significant portion of Teslion's reported losses is attributed to non-cash items such as changes in the fair value of preferred shares, indicating that the actual operational performance is improving [4] Market Recognition and Future Prospects - In the "2025 China Unicorn Enterprise Development Report," Teslion ranks 24th among 115 unicorns in Beijing and 5th among AI companies [5] - The company is expected to raise 650 million in its D++ round of financing, with a post-investment valuation of 21.619 billion, positioning it as a potential leader in the Hong Kong IPO market for AI companies [4] - The upcoming IPO is anticipated to enhance the attractiveness of the Hong Kong stock market's technology sector and inject new vitality into value discovery [5]

Core Viewpoint - 瑞芯微 continues to show strong growth in the AIoT market, achieving record revenue and profit in the first half of 2025, driven by strategic product development and market expansion [1][2]. Financial Performance - In the first half of 2025, 瑞芯微 reported revenue of 2.046 billion yuan, a year-on-year increase of 64%, marking a historical high [1][2]. - The net profit for the same period reached 531 million yuan, reflecting a significant year-on-year growth of 191% [1][2]. - For the full year of 2024, 瑞芯微 achieved revenue of 3.136 billion yuan, up 46.94%, and net profit of approximately 595 million yuan, a substantial increase of 341.01% [2]. Market and Product Development - The company’s flagship products, such as RK3588 and the newer RK3576, have led to rapid growth across various AIoT product lines, particularly in automotive electronics, industrial applications, machine vision, and robotics [1][2]. - 瑞芯微 is positioned as one of the most diversified manufacturers in the domestic AIoT product line, with applications across nearly a hundred different fields [4]. Research and Development - From 2020 to the first half of 2025, 瑞芯微 has invested a total of 2.851 billion yuan in R&D, maintaining a consistent R&D expense ratio of around 20% of revenue over the past decade [4]. - In the first half of 2025, R&D expenses accounted for 13.64% of revenue, indicating a strategic focus on innovation [4]. - The company has filed 1,337 patent applications, including 1,279 invention patents, and has been granted 736 patents, with 678 being invention patents [5]. Future Outlook - 瑞芯微 anticipates continued growth in the AIoT sector, with a focus on the deployment of edge models that will redefine the functionality and interaction of smart hardware products [3]. - The company is actively developing new products, including the next-generation AI visual processor RV1126B and audio processor RK2116, among others [5].

中金发布研报称，维持万物云(02602)盈利预测基本不变(主要反映AIoT业务体量下行对收入影响)，预计 2025-26年核心净利润同比+14%/+13%至25.40/28.59亿元。维持跑赢行业评级和目标价27.5港元/股，对 应12倍2025年目标核心P/E和6%上行空间。公司交易于11倍2025年核心P/E和7.3%2025年股息收益率(假 设全年派出80%的2025年核心净利润)。 中金主要观点如下： 万物云业绩符合市场预期 关注后续关联方风险敞口管控效果 截至1H25末关联方贸易应收款总额26.02亿元、较2024年末仅增加1.56亿元，风险敞口管控效果显现。 此外，公司7月1日公告显示万科企业已质押45.69%的万物云股份(总持股占比57.12%)。往后看，该行建 议持续关注关联方在股权、应收款余额偿付、增量关联业务等多方面影响。 风险提示：住宅物管毛利率不及预期;住宅及商企项目外拓不及预期;派息不及预期。 1H25住宅合约年化饱和收入净新增10.3亿元，其中存量住宅达6.7亿元、同比增长31.5%;同时，公司持 续推进其弹性定价解决方案落地，截至目前签约22个项目、饱和收入7,500万元，接洽中 ...

Core Viewpoint - Company maintains profit forecast for Wanwu Cloud (02602), reflecting the impact of AIoT business decline on revenue, with expected core net profit growth of 14% and 13% for 2025-26, reaching 2.54 billion and 2.86 billion yuan respectively [1] Financial Performance - Wanwu Cloud's 1H25 performance met market expectations, with revenue increasing by 3% to 18.14 billion yuan, gross profit up 4% to 2.49 billion yuan, and core net profit rising by 11% to 1.32 billion yuan, primarily due to effective cost control [2] - The company declared a dividend of 0.951 yuan per share, totaling 1.1 billion yuan, with a payout ratio of 83% of core net profit, resulting in a dividend yield of 4.0% [2] Business Expansion and Competitiveness - In 1H25, residential contract annualized saturated revenue increased by 1.03 billion yuan, with existing residential revenue reaching 670 million yuan, a year-on-year growth of 31.5%; the company signed 22 projects with a saturated revenue of 75 million yuan and ongoing projects exceeding 1.2 billion yuan [3] - In the commercial service sector, annualized saturated revenue increased by 1.25 billion yuan, driven by the expansion of enterprise services and energy management projects [3] Efficiency Improvements - As of the end of 1H25, the company completed efficiency upgrades for 300 Butterfly City projects, covering 38% of managed projects, resulting in a gross profit increase of 230 million yuan; however, residential property management gross margin decreased by 0.5 percentage points to 12.9% due to lower payment willingness among residents [4] - The company achieved a 4% reduction in sales management expenses year-on-year, with the sales management expense ratio decreasing by 0.5 percentage points to 6.5% [4] Future Development Focus - The company outlined three strategic directions: upgrading property services, building community consumption infrastructure, and leveraging AI applications for management efficiency and capability enhancement; as of 1H25, the company had cash reserves of 11.46 billion yuan for planned uses including mergers and acquisitions and technological development [5] Risk Management - As of the end of 1H25, the total amount of trade receivables from related parties was 2.602 billion yuan, showing a slight increase of 156 million yuan from the end of 2024, indicating effective risk exposure management [6] - The company announced that Vanke Enterprise has pledged 45.69% of its shares in Wanwu Cloud, which constitutes 57.12% of total holdings, suggesting a need for ongoing monitoring of related party impacts on equity and receivables [6]

Core Viewpoint - Xiaomi Group reported a strong revenue growth of 30.5% year-on-year for Q2, driven by IoT and lifestyle products, despite a slight decline in smartphone revenue [2] Financial Performance - Q2 revenue reached 116 billion RMB, with a net profit of 10.8 billion RMB, marking a 75.4% increase year-on-year [2] - Smartphone revenue was 45.5 billion RMB, down 2.1% year-on-year, attributed to a decrease in average selling price (ASP) in overseas markets [2] - IoT and lifestyle products generated 38.7 billion RMB, showing a significant growth of 44.7% year-on-year [2] - Internet services revenue was 9.1 billion RMB, up 10.1% year-on-year [2] - Revenue from innovative segments, including electric vehicles and AI, totaled 21.3 billion RMB, with a loss of 300 million RMB [2] Margin Analysis - The gross margin for smartphones decreased from 12.1% in the previous year to 11.5% in Q2, influenced by increased promotional activities and competition [2][3] - The company anticipates a recovery in smartphone gross margin in Q4, focusing on high-end products and investments in chips, operating systems, and AI [3] Market Outlook - The overall smartphone market growth is expected to be flat or minimal, leading Xiaomi to revise its sales target to approximately 175 million units for the year [3] - The company emphasizes optimizing product structure and improving ASP in response to market conditions [3] R&D Investment - R&D expenditure for Q2 was 7.8 billion RMB, a 41.2% increase year-on-year, with an expected total investment of 30 billion RMB for the year [4] - Cash and cash equivalents decreased from 39.336 billion RMB to 36 billion RMB year-on-year [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved significant revenue and profit growth in the first half of 2025, with revenue reaching 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% year-on-year [7] - The company is actively embracing AI trends, launching edge AI chips to accelerate the integration of AI and wireless IoT, which is driving rapid growth in shipments [7] - The company has diversified its product matrix across various high-value application scenarios, including smart home, healthcare, and automotive electronics, enhancing its growth momentum [7] Financial Performance Summary - For 2023A, total revenue is projected at 636.09 million yuan, with a year-on-year growth of 4.40% - The net profit attributable to the parent company for 2023A is estimated at 49.77 million yuan, showing a minimal growth of 0.01% [1] - The company expects to achieve a total revenue of 1,149.89 million yuan in 2025E, representing a year-on-year growth of 36.24%, and a net profit of 224.60 million yuan, with a growth rate of 130.57% [1][8]