AIoT（人工智能与物联网）业务撑起了小米上半年的增长。 2025年8月19日，小米集团发布了截至6月30日的半年报，数据显示，其总营收同比增长38.2%至2272.49亿元，毛利同比增长46.2%至515.07亿元，两项数据 均创新高。 具体来看，集团上半年智能手机业务保持稳健增长，收入达961.32亿元，毛利为115.02亿元；AIoT业务收入同比增长50.7%至710.51亿元，创历史新高，毛利 达168.76亿元，超越手机业务成为贡献利润的第一主力。 回溯十年前，雷军与董明珠的"10亿赌约"将传统制造与互联网模式的碰撞推向风口，而后两家企业在技术路线、市场份额等领域的纠葛持续发酵。2025年3 月，格力将全国门店陆续更名"董明珠健康家"，试图以个人IP绑定家电叙事。 而在当下，小米通过"手机×AIoT×智能汽车"的生态协同，已将类似的生活场景需求转化为实实在在的业务增长，半年报数据清晰勾勒出小米的蜕变。 增长中承压的基本盘 从单一手机厂商成长为覆盖"人车家全生态"的生态型科技集团，多业务协同的增长逻辑在小米身上愈发清晰。 2025年上半年，小米总营收及毛利同比分别增长38.2%、46.2%，而经营利润 ...

8月19日，小米集团（HK01810）发布二季度业绩公告。财报数据显示，本季度小米集团营收1160亿元，同比增长30.5%，连续3个季度突破千亿；经调 净利润108亿元，同比增长75.4%，连续2个季度突破百亿。 具体来看，手机×AIoT分部收入947亿元，同比增长14.8%，占总收入的比重为81.7%。这一分部收入包括智能手机、IoT与生活消费产品、互联网服务和 其他相关服务。 （蔡淑敏/摄） 其中，智能手机业务收入455亿元，相比去年同期的465亿元同比减少2.1%，对此小米集团在财报中表示，主要是由于智能手机平均销售单价下降，部 分被智能手机出货量增加所抵销。今年第二季度，全球手机市场大盘整体承压，不过小米智能手机出货量从去年同期的4220万部增加0.6%至4240万部。国 内市场方面，继第一季度出货量重返中国第一后，第二季度小米新机激活量1150万台，市场份额为16.8%，登顶国内第一。国际市场方面，智能手机出货量 连续8个季度实现同比增长，在60个国家和地区排名前三，69个国家和地区排名前五。 IoT与生活消费产品收入387亿元，同比增长44.7%，创历史新高，主要得益于智能大家电收入同比大增66. ...

Core Insights - Xiaomi Group reported record high core indicators in Q2, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit for the quarter was 10.8 billion yuan, a significant year-on-year increase of 75.4%, continuing the trend of surpassing 10 billion yuan for two consecutive quarters [1] Revenue Breakdown - Revenue from the smart electric vehicle and AI innovation business exceeded 20 billion yuan, indicating a shift towards scalable growth [2] - Xiaomi's automotive deliveries reached 81,302 units in Q2, with cumulative deliveries surpassing 300,000 units by July 10, and a monthly delivery of over 30,000 units for the first time in July [2] - The smartphone and AIoT segment generated revenue of 94.7 billion yuan, a year-on-year increase of 14.8%, with smartphone revenue at 45.5 billion yuan and IoT and consumer products revenue at 38.7 billion yuan, up 44.7% [2] Market Position - Despite a challenging global smartphone market, Xiaomi's smartphone business achieved growth, with 11.5 million new device activations in Q2, maintaining a 16.8% market share in China, ranking first domestically [3] - Internationally, Xiaomi's smartphone shipments have seen year-on-year growth for eight consecutive quarters, ranking in the top three in 60 countries and regions [3] IoT and Home Appliances - The IoT and consumer products segment continued to grow, with smart home appliance revenue increasing by 66.2% [4] - In Q2, Xiaomi's air conditioning product shipments exceeded 5.4 million units, with a growth rate of over 60%, while refrigerator and washing machine shipments also saw significant increases [4] Strategic Developments - Xiaomi's internet service revenue grew steadily, with global monthly active users reaching 731 million and IoT devices connected to the AIoT platform reaching 989 million [5] - The company is focusing on high-end market positioning, with high-end smartphone sales accounting for 27.6% of total sales in China, a year-on-year increase of 5.5 percentage points [5] - The launch of the YU7 SUV, priced from 253,500 yuan, saw significant initial demand, with over 240,000 orders within 18 hours [5] R&D and Innovation - Xiaomi's R&D investment reached 7.8 billion yuan in Q2, a year-on-year increase of 41.2%, with an expected total investment of 30 billion yuan for the year [6] - The company launched its self-developed 3nm flagship chip, becoming the first in mainland China to do so, with new high-end devices featuring this chip released in Q2 [7] - The launch of AI glasses exceeded expectations, with a high approval rating on e-commerce platforms and ongoing efforts to ramp up production [7]

Core Insights - Xiaomi Group reported a record high revenue of 115.96 billion RMB for Q2, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.83 billion RMB, up 75.4% [1][2] - The company achieved an operating profit of 13.44 billion RMB, exceeding the forecast of 10.43 billion RMB, with R&D spending reaching 7.76 billion RMB, a 41.2% increase [1][2] Revenue Breakdown - Revenue from the smartphone and AIoT segment was 94.7 billion RMB, a 14.8% increase, with a gross margin of 21.6% [2] - Smartphone revenue was 45.5 billion RMB, with a slight increase in shipment volume to 42.4 million units, but a 2.1% decline in revenue due to a drop in average selling price (ASP) [2][3] Market Performance - Xiaomi maintained its position as the top smartphone vendor in China with a market share of 16.8% and 11.5% gross margin in the smartphone segment [3] - Internationally, Xiaomi's smartphone shipments have seen growth for eight consecutive quarters, ranking in the top three in 60 countries and regions [3] Other Business Segments - IoT and lifestyle products generated 38.7 billion RMB in revenue, a 44.7% increase, with a gross margin of 22.5% [4] - Internet services revenue grew to 9.1 billion RMB, a 10.1% increase, although gross margin slightly decreased to 75.4% [4] Innovative Business Growth - Revenue from the smart electric vehicle and AI segment reached 21.3 billion RMB, a staggering 233.9% increase, with the automotive business contributing 20.6 billion RMB [4][5] - The electric vehicle segment delivered 81,300 units, a 197.7% increase year-on-year, although it still reported a loss of 300 million RMB [5]

Core Insights - Xiaomi Group reported a record total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5% [2] - The adjusted net profit reached 10.8 billion yuan, marking a significant year-on-year increase of 75.4% [2] Business Segments - The revenue from the mobile and AIoT segment was 94.7 billion yuan, showing a year-on-year growth of 14.8% [2] - The smart electric vehicle and AI innovation segment generated 21.3 billion yuan, with smart electric vehicle revenue accounting for 20.6 billion yuan and other related business revenue at 600 million yuan, both achieving record highs [2] Vehicle Deliveries and Product Launch - The company delivered 81,302 new vehicles in Q2, setting a new historical record [2] - The Xiaomi YU7 series, the company's first SUV, was launched in June 2025, featuring three configurations with starting prices of 253,500 yuan, 279,900 yuan, and 329,900 yuan, respectively [2] - The Xiaomi YU7 series received strong order demand, surpassing 240,000 units within 18 hours of its launch [2] AI Integration and New Products - The company continues to leverage AI to enhance the smart cockpit of the Xiaomi YU7 series, receiving positive feedback for features like voice control and multimodal interaction [3] - The first generation of Xiaomi AI glasses was also launched in June 2025, equipped with advanced multimodal smart interaction capabilities, including real-time translation in multiple languages [3]

物联网与互联网服务继续支撑整体增长。截至6月底，小米AIoT平台已连接设备数（不含手机、平板和 笔记本）达到9.89亿台，同比增长20.3%。IoT业务在白电市场份额扩张及政府补贴推动下，季度收入实 现30%至40%的增长。互联网服务收入为91亿元，同比增长10.1%，毛利率高达75.4%。 研发投入亦创纪录。第二季度研发开支达78亿元，同比增长41.2%；研发人员规模增至22,641人，刷新 历史新高。小米同时加码半导体布局，发布了3纳米制程的Xring O1芯片，计划在未来十年投入70亿美 元，推动芯片与AI战略。 彭博情报分析师指出，小米整体毛利率同比扩大至22.5%，主要受益于电动车规模效应及IoT产品组合 优化。但较一季度略有下滑，原因在于智能手机业务的促销和成本上升。 小米集团(01810.HK)在2025年第二季度再次交出亮眼财报，收入与盈利双双创下历史新高，主要得益于 电动汽车业务的快速崛起，以及物联网和互联网服务板块的稳健增长。 公司当季营收达1160亿元人民币，同比增长30.5%，高于市场预期的1150亿元。净利润同比翻倍至119亿 元，经调整净利润则为108亿元，创历史新高，同比增长75 ...

Core Insights - Xiaomi Group reported a record high revenue of approximately RMB 1159.56 billion for Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [1] - The adjusted net profit for Q2 2025 was approximately RMB 108.31 billion, showing a year-on-year increase of 75.4% [1] - For the first half of 2025, the total revenue reached approximately RMB 2272.49 billion, with a year-on-year growth of 38.2% [1] Financial Performance - Q2 2025 revenue was RMB 1159.56 billion, with a gross profit of RMB 261.01 billion, reflecting a year-on-year growth of 41.9% [1] - Adjusted net profit for the first half of 2025 was approximately RMB 215.06 billion, a year-on-year increase of 69.8% [1] - The profit attributable to shareholders for Q2 2025 was RMB 119.04 billion, up 133.51% year-on-year [1] Business Segments - The "Mobile × AIoT" segment generated revenue of RMB 947 billion in Q2 2025, a year-on-year increase of 14.8% [1] - Revenue from the "Smart Electric Vehicles and AI Innovation" segment reached RMB 213 billion, marking a historical high [1] Market Position - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, achieving a year-on-year growth of 0.6% [2] - The company maintained a global smartphone market share of 14.7%, ranking among the top three for 20 consecutive quarters [2] - As of June 2025, the number of active users reached 731.2 million, a year-on-year increase of 8.2% [2] Strategic Initiatives - The company is advancing its "Human-Vehicle-Home Ecosystem" strategy, with a focus on core technology investments [2] - R&D expenditure in Q2 2025 was RMB 78 billion, reflecting a year-on-year growth of 41.2% [2] - The number of R&D personnel reached a historical high of 22,641 [2] High-End Strategy - Xiaomi ranked first in smartphone sales in mainland China in Q2 2025, with high-end smartphone sales accounting for 27.6% of total sales, an increase of 5.5 percentage points year-on-year [3] - The market share for smartphones priced between RMB 4,000 and 5,000 in mainland China increased by 4.5 percentage points to 24.7% [3] - The company added over 1,700 new retail stores in mainland China, bringing the total to over 17,000 [3]

Core Insights - The report from Dongwu Securities highlights that Rockchip experienced significant revenue growth in H1 2025, with enhanced profitability and a strong AIoT ecosystem [1] Group 1: Financial Performance - Rockchip's revenue showed high growth in the first half of 2025, indicating a robust financial performance [1] - The company's profitability has significantly improved, reflecting effective operational strategies [1] Group 2: Product Development and Market Position - The AIoT market continues to grow steadily, with flagship products RK3588 and newer RK3576 leading the market [1] - Rockchip launched its first edge computing co-processor RK182X, which supports LLM and VLM deployments ranging from 3 billion to 7 billion parameters, expanding its AI application boundaries [1] - The company is advancing the development of mid-range products like RK3572, RV1103C, and RK3538 to meet diverse computing needs [1] - Plans are underway to establish flagship RK3688 and sub-flagship RK3668 products, aiming to set industry benchmarks through advanced processes and differentiated positioning [1] Group 3: Competitive Advantage and Market Strategy - As a leading player in the domestic SoC industry, Rockchip's competitive advantages are evident, with the flagship RK3588 leading multiple AIoT product lines [1] - The company's market share in downstream sectors is steadily increasing, positioning it well to capture market opportunities in emerging smart applications such as automotive electronics, robotics, and machine vision [1] - The strategic layout focuses on leveraging high-performance chips to seize market opportunities and explore new growth points [1]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Rockchip (603893.SH) based on strong revenue growth and enhanced profitability in the first half of 2025 [2] - The company's flagship products are experiencing steady growth, and the new NPU is actively expanding into edge AI scenarios [2] - Rockchip is accelerating its product innovation and expanding its full-scenario AIoT chip layout [2]

Core Viewpoint - The report highlights the significant revenue and profit growth of Rockchip (瑞芯微) in the first half of 2025, driven by its strong performance in the AIoT market and the introduction of new products [2][3]. Financial Performance - In the first half of 2025, Rockchip achieved revenue of 2.046 billion yuan, a year-over-year increase of 63.85%, aligning closely with the previous forecast of 2.045 billion yuan [2]. - The gross margin improved to 42.29%, up by 6.38 percentage points year-over-year, while the net profit attributable to shareholders reached 531 million yuan, marking a 190.61% increase year-over-year [2]. - For Q2 2025, the company reported a single-quarter revenue of 1.161 billion yuan, a year-over-year increase of 64.54% and a quarter-over-quarter increase of 31.18% [2]. Product Development and Market Position - Rockchip's flagship products, including RK3588 and the newer RK3576, continue to lead in the AIoT market, with the launch of the RK182X co-processor aimed at enhancing edge AI applications across various sectors [2][3]. - The company introduced the RV1126B visual processor, featuring a quad-core CPU and 3 TOPs self-developed NPU, targeting applications in IPC, automotive, and industrial cameras [3]. - Rockchip is also advancing its mid-range product development, including RK3572 and RV1103C, to meet diverse computing needs while establishing benchmarks in the industry with its flagship RK3688 and next flagship RK3668 [3]. Investment Outlook - The company is recognized as a leader in the SoC industry, with its AIoT product lines, led by the RK3588, steadily increasing market share [3]. - Revenue forecasts for 2025-2027 have been slightly adjusted to 4.371 billion yuan, 5.558 billion yuan, and 6.962 billion yuan, respectively, with net profit expectations raised to 1.06 billion yuan, 1.45 billion yuan, and 1.87 billion yuan [3]. - The investment rating remains at "Buy," reflecting confidence in the company's strategic positioning in emerging smart applications [3].