Core Viewpoint - The 26th China International Optoelectronic Exposition (CIOE) showcased the advancements in automotive optical products, particularly highlighting GoerTek's new DLP projection intelligent headlight module, which expands its product line in the automotive optical sector [2][8]. Group 1: DLP Projection Intelligent Headlight - The DLP projection intelligent headlight is designed for smart lighting systems in vehicles, enhancing functionality beyond basic illumination to include interaction and communication features [3]. - This product utilizes a TI 0.55-inch DMD chip, offering 1.3 million pixels for beam control, dynamic shading within a 100-meter range, and improved driving safety by reducing glare for oncoming vehicles and pedestrians [3]. - The headlight boasts a luminous flux of 1800 lumens, a 20% increase in brightness compared to similar solutions, and a contrast ratio of 300:1, achieved through proprietary technologies [3][4]. Group 2: Product Line and Technological Advancements - GoerTek also presented various optical products, including plastic torsion mirrors and coaxial dual-focus AR HUD optical machines, showcasing a diversified technological layout in automotive optics [4][5]. - The plastic torsion mirror, a key component in LiDAR systems, maintains precision and stability while reducing costs, facilitating broader application across vehicle models [4]. - The coaxial dual-focus AR HUD optical machine features a compact design that improves image clarity and reduces space by approximately 40% compared to traditional dual-optical systems, while also lowering overall costs [5]. Group 3: Company Background and Market Position - Since 2012, GoerTek has been engaged in virtual reality and precision optics, with products spanning VR, AR, smart projection, and automotive electronics [6]. - The company has established partnerships with major domestic and international automotive brands and tier-one suppliers, providing comprehensive automotive optical solutions [6]. - GoerTek aims to continue advancing automotive optical technology towards efficiency, cost-effectiveness, and high performance, supporting the industry's smart transformation [8].

Core Insights - Xiaomi Group reported a strong Q2 2025 financial performance, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [2] - Adjusted net profit was 10.8 billion yuan, up 75.4% year-on-year, surpassing the 10 billion yuan threshold [2] - The growth was driven by Xiaomi's smartphone, automotive, and home appliance segments, with the smart electric vehicle and AI innovation segment generating 21.3 billion yuan in revenue [2] Financial Performance - Total revenue for Q2 2025 was 116 billion yuan, a 30.5% increase year-on-year [2] - Adjusted net profit reached 10.8 billion yuan, reflecting a 75.4% year-on-year growth [2] - The smart electric vehicle segment reported revenue of 20.6 billion yuan, with a gross margin of 26.4% and operating loss narrowing to 300 million yuan [2][7] Automotive Strategy - Xiaomi aims to deliver 350,000 vehicles in 2025, with a strong confidence in achieving profitability in the second half of the year [2][7] - The company has invested nearly 68 billion yuan in the automotive supply chain, with total investments approaching 100 billion yuan [7] - Xiaomi's strategic approach includes rapid supply chain integration through investments and acquisitions, focusing on five core areas for technological breakthroughs [5][8] Technological Advancements - Xiaomi is focusing on mastering key technologies in electric motors, batteries, large die-casting, intelligent driving, and smart cockpits [5] - The self-developed super motor V8s has a leading industry speed of 27,200 rpm, and the intelligent driving system supports urban NOA functionality [5] Market Positioning - Xiaomi's automotive journey serves as a model for cross-industry players, leveraging capital operations to acquire resources and building core barriers through technological advancements [8] - The company's gross margin of 26.4% has surpassed that of some traditional automakers, indicating the sustainability of its "hardware + software + ecosystem" business model [8]