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手机毛利率下滑,小米调整手机年度销量目标
第一财经· 2025-08-19 16:46
Core Viewpoint - Xiaomi Group reported a significant increase in revenue and net profit for Q2 2025, indicating strong growth despite challenges in the smartphone segment [3][4]. Financial Performance - Xiaomi Group's revenue for Q2 2025 reached 116 billion RMB, a year-on-year increase of 30.5% [3]. - The adjusted net profit for the same period was 10.8 billion RMB, reflecting a year-on-year growth of 75.4% [3]. - The gross profit for the smartphone segment was 5.22 billion RMB, with a gross margin of 11.5%, down from 12.1% in the previous year [3][4]. - IoT and lifestyle products generated a gross profit of 8.72 billion RMB, with a gross margin of 22.5%, up from 19.7% year-on-year [3]. - Internet services revenue was 6.86 billion RMB, with a gross margin of 75.4%, slightly down from 78.3% [3]. Segment Performance - Smartphone revenue decreased by 2.1% year-on-year to 45.5 billion RMB, attributed to a decline in average selling price (ASP) in overseas markets [4]. - IoT and lifestyle products saw a revenue increase of 44.7% year-on-year, reaching 38.7 billion RMB [4]. - Internet services revenue grew by 10.1% year-on-year to 9.1 billion RMB [4]. - The innovative business segment, including smart electric vehicles and AI, generated 21.3 billion RMB in revenue, with a loss of 300 million RMB [4]. Market Outlook - The smartphone market is expected to experience zero or minimal growth, leading Xiaomi to revise its sales target for the year to approximately 175 million units [5]. - The company aims to optimize product structure and improve ASP in response to market conditions [5]. - Xiaomi's R&D investment for the quarter was 7.8 billion RMB, a year-on-year increase of 41.2%, with an expected total investment of 30 billion RMB for the year [6].