新浪科技讯 8月23日晚间消息，小米之家昆明公园1903汽车旗舰店今日开业，该店是云南最大的小米之 家。其外形为城堡式建筑风格，被米粉们誉为"最美小米之家"。小米集团高级副总裁兼中国区总裁王晓 雁等多位高管共同出席开业仪式。 责任编辑：凌辰 据介绍，小米之家昆明公园1903汽车旗舰店拥有1600平沉浸式空间，不仅有手机、AIOT、大家电，展 厅"C位"还放置有包括 YU7 在内的 5台小米汽车，让米粉们进一步了解小米"人车家全生态"。二楼是智 能家电和客户服务中心，同时还为顾客布置了咖啡茶歇区。该店不仅是产品展示与销售的空间，更是用 户相聚、探索与共享欢乐的科技客厅。同时也肩负着探索新零售、新体验的重要使命。 王晓雁在开业仪式里提到：今年年底，小米之家门店数量将突破20000店，昆明公园 1903汽车旗舰店的 开业也意味着小米之家形象升级里程碑开启，小米之家在门店高端化进程中已迈出关键一步。到年底将 有3000家店形象全面升级，升级后的门店位置更好、面积更大、品类更齐全。人车家全生态融合店超 200家，用户可以一站式体验全品类产品。同时，服务端也同步升级，全国已建立了2000+家销服一体 店。希望能给米粉朋友 ...

小米集团-W(01810) 公司研究/公司点评 创新业务快速发展，IoT 业务收入创新高 ——小米集团（01810）2025 年第二季度业绩点评 ◼ 事件描述 根据公司公告，小米集团于 8 月 19 日披露 2025 年第二季度业绩。该 季度公司收入同比增长 30.5%至 1159.56 亿元，经调整净利润同比增 长 75.4%至 108.31 亿元。 ◼ 核心观点 创新业务快速发展：2025 年第二季度，公司智能电动汽车及 AI 等创 新业务分部实现收入 213 亿元，经营亏损 3 亿元。其中，智能电动汽 车收入为 206 亿元，交付新车达 81,302 辆。公司于 2025 年 6 月正式 发布了 Xiaomi YU7 系列，开售 18 小时锁单量突破 240,000 台。我们 认为，在公司销量持续增长以及规模效应不断显现的基础上、以及在 公司强劲产品力以及"人车家全生态"战略的推动下，公司创新业务 有望实现持续的收入快速增长及盈利能力提升。 智能手机业务海外渗透率不断提升：2025 年第二季度，公司智能手机 业务收入 455 亿元，毛利率 11.5%；全球出货量为 42.4 百万台，同比 增长 0.6% ...

在众多科技公司仍在寻找方向时，小米已提前锁定通往确定性的头等舱船票。 在当前竞争激烈、高度内卷的科技行业，能实现持续稳定增长的企业寥寥无几，小米却凭一份超预期的财报撕开了突破口。就在本周， 小米发布了2025年第二季度财报，以1160亿元的总收入和30.5%的同比增长，创下历史新高，更在行业整体承压的背景下展现出惊人的 增长韧性。 在消费电子行业普遍面临需求疲软的背景下，小米的逆势增长不禁让我们思考：这究竟是短期的业绩反弹，还是长期增长动能的释放？ 增长路径是否具备可持续性？ 深入分析财报细节，一个结论逐渐清晰，小米的增长并非偶然，而是其"人车家全生态"战略系统性落地的必然结果。这一战略不仅支撑 了当前的财务表现，更构筑了未来3到5年的增长确定性，使它成为中国科技企业中最具成长可见度的公司之一。 值得注意的是，在第二季度YU7尚未开始交付的情况下，小米汽车上半年累计交付15.7万辆，支撑起28万元的平均含税单价，这意味着 小米汽车市场定位并非依靠价格竞争，而是凭借产品力在中高端市场站稳脚跟。这与小米高管的战略视角形成了呼应，就在财报会上， 小米集团总裁卢伟冰明确表示，小米不打价格战，不参与内卷，宣布将在 20 ...

2025 年 08 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn [Table_Title] 持续"稳健进取"的核心经营策略，盈利再创历 史新高 ——小米集团-W（1810.HK）2025Q2 财报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小米集团-W | -7.8% | -4.1% | 197.2% | | 恒生指数 | 1.4% | 6.3% | 43.7% | | 市场数据 | 2025/08/21 | | --- | --- | | 当前价格（港元） | 51.35 | | 52 周价格区间（港元） | 18.18-61.45 | | 总市值（百万港元） | 1,367,589.18 | | 流通市值（百万港元） | 1,367,589.18 | | 总股本（万股） | 2,60 ...

Core Insights - Xiaomi Group reported record-high revenue and profit for Q2 and the first half of 2025, achieving a total revenue of 1160 billion yuan, a year-on-year increase of 30.5% [3] - The adjusted net profit reached 108 billion yuan, marking a significant year-on-year growth of 75.4% [3] - The company successfully navigated a challenging market environment characterized by price wars in the home appliance and automotive sectors, achieving growth across its three main business lines: smartphones, smart electric vehicles, and smart home appliances [2][3] Financial Performance - Xiaomi's total revenue for the first half of 2025 was 2272 billion yuan, with an adjusted net profit of 215 billion yuan, reflecting a year-on-year increase of 69.8% [3] - The overall gross margin improved to 22.5%, with the smart electric vehicle segment achieving a gross margin of 26.4% [3] - The smartphone segment showed resilience with a global shipment of 42.4 million units in Q2, maintaining a top-three position globally [5] Market Position and Strategy - Xiaomi's stock price has increased over 54% since the beginning of the year, and the company ranked 297th in the 2025 Fortune Global 500, marking a significant rise of 100 places from the previous year [4] - The company aims to maintain a 1% annual market share growth domestically and targets entering the "200 million club" in global sales within the next three to five years [6] - Xiaomi plans to expand its market presence in emerging markets while focusing on high-end product offerings in mature markets like Europe and Southeast Asia [6] Business Segments - The smart electric vehicle segment delivered over 81,000 vehicles in Q2, with a significant monthly delivery of over 30,000 units in July [7] - The average selling price of electric vehicles reached 287,000 yuan, entering the luxury market segment [7] - The smart home appliance segment saw a revenue increase of 66.2% year-on-year, with air conditioning units showing a significant growth in average selling price [8] Technological Advancements - Xiaomi's R&D personnel reached a record high of 22,600, with R&D expenditure in Q2 amounting to 7.8 billion yuan, a year-on-year increase of 41.2% [10] - The company successfully developed the self-researched O1 flagship chip, which is a significant step towards high-end technology and product differentiation [10] - Xiaomi's self-developed operating system, Panghu OS, enhances the seamless connectivity of its ecosystem, supporting the integration of smartphones, vehicles, and smart home devices [11] User Engagement and Ecosystem - As of June 2025, Xiaomi's global monthly active users reached 731 million, with nearly 1 billion connected IoT devices [12] - The successful launch of the YU7 electric vehicle attracted a diverse user base, including a significant proportion of iPhone users, indicating effective cross-category marketing [12] - The company's ecosystem strategy, integrating technology and user experience, positions it for sustainable growth and market competitiveness [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 66.86 HKD [1][7] Core Views - The company has shown strong product innovation and delivery capabilities, with record monthly deliveries in its automotive segment and significant growth in IoT and home appliance businesses [6][10] - The revenue and adjusted net profit reached new quarterly highs, indicating robust financial performance [10] - The automotive gross margin has significantly improved, and the IoT business is experiencing rapid growth, contributing to the overall positive outlook for the company [6][10] Financial Performance Summary - The company’s revenue for 2023 is projected at 270,970 million HKD, with a year-on-year growth of -3%. By 2025, revenue is expected to reach 484,886 million HKD, reflecting a 33% growth [9] - Operating profit is forecasted to increase from 20,009 million HKD in 2023 to 49,537 million HKD in 2025, with a substantial year-on-year growth of 102% [9] - The net profit attributable to the parent company is expected to grow from 17,475 million HKD in 2023 to 42,655 million HKD in 2025, marking an 80% increase [9] - The earnings per share (EPS) is projected to rise from 0.67 HKD in 2023 to 1.64 HKD in 2025 [9] Product and Market Performance - In Q2 2025, the company achieved a revenue of 1160 million HKD, a 30% year-on-year increase, with an adjusted net profit of 108 million HKD, up 75% year-on-year [10] - The automotive segment generated 206 million HKD in revenue in Q2 2025, with a gross margin of 26.4%, indicating strong consumer acceptance of high-end models [10] - The IoT and lifestyle product segment reached a record revenue of 387 million HKD in Q2 2025, growing 45% year-on-year, with significant contributions from major appliances [10]

Core Insights - Xiaomi is facing a crisis in its smartphone business, with Q2 2025 revenue at 45.5 billion yuan, a decrease of 1 billion yuan year-on-year, despite a 4.5 percentage point increase in market share for mid-to-high-end models [1] - The company is shifting focus to the African market, appointing several executives to enhance its presence there, as indicated by CEO Lei Jun's statement on increasing investment in Africa [1][2] - The African smartphone market is highly competitive, with local brand Transsion holding a dominant position, making it challenging for Xiaomi to gain market share [5][7] Xiaomi's Strategy in Africa - Xiaomi's initial entry into Africa began in 2015, but it struggled to establish a strong presence due to reliance on a single distributor and lack of direct channels [2] - The company has since adopted a "ground strategy," focusing on low-cost sub-brands like Redmi and A series, and has expanded operations to 16 African countries by 2024 [2][5] - Xiaomi's approach includes local partnerships and direct store openings to improve market penetration in smaller cities and towns [2] Competitive Landscape - Transsion has been operating in Africa for over 15 years, establishing a robust sales network and catering to local consumer preferences with tailored products [4][5] - In Q1 2025, Transsion achieved a market share of 47% in Africa, while Xiaomi's share was only 13%, indicating the significant challenge Xiaomi faces in this market [5][6] - Other competitors like Samsung and OPPO are also active in Africa, with Samsung holding a 21% market share in Q1 2025 [6][7] Market Dynamics - The African smartphone market is characterized by a growing demand for affordable devices, with a 6% year-on-year increase in shipments in Q1 2025 [13] - Despite the overall growth, there are disparities in market performance across different countries, with some experiencing declines due to economic factors [14][15] - Xiaomi's strategy to focus on low-cost models aligns with the purchasing power of African consumers, who are increasingly seeking value [15] Future Prospects - Xiaomi aims to leverage its experience from the Indian market to establish a strong foothold in Africa, targeting the middle and lower segments with competitively priced products [18][24] - The company is also exploring opportunities in the electric vehicle market in Africa, which presents a significant growth potential given the low penetration of electric vehicles [22][25] - By building a localized team and enhancing its service offerings, Xiaomi hopes to create a comprehensive ecosystem that includes both smartphones and related services [19][20]

Core Viewpoint - Xiaomi Group reported strong financial results for Q2 2025, with total revenue reaching 1160 billion RMB, a year-on-year increase of 30.5%, and net profit of 119 billion RMB, up 134.2% [2][4]. Financial Performance - Total revenue for Q2 2025 was 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [5]. - Gross profit reached 26,101.0 million RMB, up 41.9% year-on-year [5]. - Adjusted net profit was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in Q2 2024 [5]. Business Segments - The smartphone segment saw a 27.6% share of high-end smartphone sales in mainland China, a 5.5% increase year-on-year, with significant market share gains in the 4000-5000 RMB and 5000-6000 RMB price segments [5][7]. - The automotive segment reported revenue exceeding 200 billion RMB, with Q2 deliveries reaching 81,302 units, totaling over 300,000 units delivered by July 10 [7][8]. - The IoT and consumer products segment generated 387 billion RMB in revenue, a 44.7% increase, with smart home appliances growing by 66.2% [8]. R&D and Future Strategy - R&D investment in Q2 reached 78 billion RMB, a 41.2% increase, with an expected total investment of 300 billion RMB for the year [8]. - Xiaomi plans to open 1,000 new stores annually overseas, aiming for 10,000 stores in five years, enhancing its retail strategy [9].

大家电带动IoT收入持续高增，互联网业务稳健成长 2Q25公司IoT收入同比增长44.7%至387.12亿元，其中大家电/可穿戴/平板收入同比增速分别为 66.2%/70.9%/41.4%，尤其空调出货量超过500万台。由于"618"促销影响，2Q25IoT毛利率环比下降 2.7ppt至22.5%，但仍保持了较好水平。互联网业务方面，2Q25收入同比增长10.1%至90.97亿元，毛利 率同比下降3.0ppt至75.4%，该行判断主要系广告收入结构影响。 中金发布研报称，考虑小米集团-W(01810)手机需求低迷及原材料涨价，下调2025年经调整净利润5.9% 至461.39亿元;维持2026年利润预测不变。当前股价对应27.0倍/18.5倍市盈率。维持跑赢行业评级，基于 SOTP估值法切换估值中枢至2026年，维持70.0港元目标价，对应36.1倍/24.7倍市盈率，有33.6%的上行 空间。 汽车交付量持续提升，毛利率环比强劲提升 中金主要观点如下： 2Q25公司汽车交付量达到8.13万台，ASP达到25.37万元，尤其毛利率继续环比提升3.27ppt至26.4%，该 行判断主要系规模提升带来的单位成本下 ...

【今日焦点】 小米集团-W(01810.HK)二季度营收1160亿元、净利润108亿元，收入及盈利均再创历史新高 小米集团-W(01810.HK)公布截至2025年6月30日止三个月及六个月业绩，2025年第二季度，集团收入及 盈利均再创历史新高。第二季度，小米集团总收入为人民币1,160亿元，同比增长30.5%。集团经调整净 利润为人民币108亿元，同比增长75.4%。 2025年第二季度，集团在中国大陆地区环比净增的小米之家数量超过1,700家，总店数超17,000家。集团 在境外地区的新零售门店数达到约200家。 【重大事项】 浙江沪杭甬(00576.HK)拟通过换股方式吸收合并镇洋发展 天岳先进(02631.HK)香港IPO发行价定为每股42.8港元 净筹19.38亿港元 柠萌影视(09857.HK)：泰语版《三十而已曼谷篇》拟8月28日起在Disney+、腾讯视频等跨国主流流媒体 全球同步播出 业务分部来看，2025年第二季度，集团的「手机×AIoT」分部收入为人民币947亿元，同比增长14.8%； 集团的「智能电动汽车及AI等创新业务」分部收入为人民币213亿元，两个分部收入均创历史新高。 集团持 ...