小米集团合伙人、集团总裁卢伟冰在业绩电话会上表示，小米集团2025年第二季度交付汽车达到81302 辆，小米汽车预计在2027年正式进入欧洲市场。 卢伟冰表示，有信心完成35万辆小米汽车的全年交付目标。今年第二季度小米智能电动汽车及AI等创 新业务收入大幅增长234%至213亿元，经营亏损大幅收窄至3亿元，有望于下半年实现单季盈利。 卢伟冰回应"家电价格博弈"称，小米不参与家电行业的价格"内卷"、不在意短期排名，一个月、一个季 度的排名根本不重要，最重要的是长期的格局会不会改变，长期的胜利会不会在小米这一边。小米大家 电业务有百分之百的信心，今年会圆满完成年初的目标。 （文章来源：新华财经） 财报显示，2025年第二季度，小米集团总收入为人民币1160亿元，创历史新高，同比增长30.5%。本季 度，集团经调整净利润为人民币108亿元，创历史新高，同比增长75.4%。2025年上半年，小米集团实 现营业收入2272亿元，同比增长38.2%；实现经调整净利润215亿元，同比增长69.8%。 财报显示，2025年第二季度，公司研发开支达到人民币78亿元，同比增长41.2%。截至2025年6月30 日，公司的研发人员 ...

在智能手机、IoT与生活消费产品业务方面，财报显示，2025年第二季度，智能手机业务收入为人民币 455亿元，毛利率为11.5%；全球智能手机出货量为42.4百万台，同比增长0.6%。第二季度，IoT与生活 消费产品业务收入创历史新高，收入为人民币387亿元，同比增长44.7%，毛利率为22.5%，同比提升2.8 个百分点。 8月19日，小米集团合伙人、集团总裁卢伟冰在当晚的业绩电话会上表示，2022年至2025年上半年小米 在汽车等创新业务上的费用投入超300亿元，所以累计来看新业务仍然有较大亏损。对小米汽车全年35 万台的交付目标，卢伟冰表示有信心高质量完成。 小米高管明确，小米不参与汽车价格战，也不参与内卷，小米汽车重要任务是把汽车产品交付出去。 2025年第二季度，小米交付新车达81302辆。截至7月累计交付已超30万台。 在芯片研发方面，小米财报指出，研发投入大幅加码，自研旗舰SoC芯片规模量产。单季研发投入78亿 元，同比增长41.2%，研发人员总数22641人，创历史新高。 8月19日，小米集团（HK01810）发布二季度业绩公告：第二季度营收1159.6亿元，创单季度营收历史 新高，同比增长3 ...

Core Insights - Xiaomi Group's revenue from innovative businesses such as smart electric vehicles and AI saw significant growth in Q2, with a substantial reduction in operating losses, indicating potential for quarterly profitability in the second half of the year [1] - From 2022 to the first half of 2025, Xiaomi's investment in automotive and other innovative sectors exceeds 30 billion yuan, suggesting that cumulative losses in new businesses remain considerable [1] - Xiaomi maintains confidence in achieving its annual delivery target of 350,000 electric vehicles, emphasizing a commitment to high-quality execution [1]

Core Insights - Xiaomi Group reported record high core metrics 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 [2] - Adjusted net profit for the quarter was 10.8 billion yuan, a significant year-on-year increase of 75.4%, continuing a trend of surpassing 10 billion yuan for two consecutive quarters [2] - The revenue from innovative business segments, including smart electric vehicles and AI, exceeded 20 billion yuan, indicating a shift towards scalable growth [2] Financial Performance - Xiaomi's Q2 revenue was 116 billion yuan, up 30.5% year-on-year, with adjusted net profit at 10.8 billion yuan, up 75.4% [2] - The smartphone and AIoT segment generated 94.7 billion yuan, a 14.8% increase, with smartphone revenue at 45.5 billion yuan and IoT revenue at 38.7 billion yuan, up 44.7% [2][3] - Internet services revenue reached 9.1 billion yuan, a 10.1% increase year-on-year [2] Automotive Business - Xiaomi's automotive deliveries reached 81,302 units in Q2, with cumulative deliveries exceeding 300,000 units by July 10 [2] - The automotive business incurred a reduced operating loss of 300 million yuan in Q2, with expectations of profitability in the second half of the year [2] - The YU7 SUV model launched with significant demand, achieving over 200,000 pre-orders shortly after its release [5] Market Position - In the domestic market, Xiaomi regained the top position in smartphone shipments with a market share of 16.8% in Q2 [3] - Xiaomi's high-end smartphone sales accounted for 27.6% of total sales in mainland China, a year-on-year increase of 5.5 percentage points [4] - The company maintained a strong presence in the international market, ranking in the top three in 60 countries and regions [3] Product Innovation and R&D - Xiaomi's R&D investment reached 7.8 billion yuan in Q2, a 41.2% increase, with an expected total investment of 30 billion yuan for the year [5] - The company launched its first self-developed 3nm flagship chip, becoming the fourth globally and the first in mainland China to achieve this milestone [5] - The newly released AI glasses exceeded sales expectations, with a high approval rating on e-commerce platforms [6]

8月19日，小米集团（HK01810）发布二季度业绩公告：第二季度营收1159.6亿元，创单季度营收历史新高，同比增长30.5%；第二季度净利润119.0亿元。 小米集团第二季度集团经调整净利润为108亿元，创历史新高，同比增长75.4%。 | | | | 未經審核 | | | | --- | --- | --- | --- | --- | --- | | | | | 截至以下日期止三個月 | | | | | 2025年 | 2024年 | | 2025年 | | | | 6月30日 | 6月30日 | 同比變動 | 3月31日 | 環比變動 | | | | | (人民幣百萬元,除非另有說明) | | | | 收入 | 115,956.1 | 88,887.8 | 30.5% | 111,293.3 | 4.2% | | 毛利 | 26,101,0 | 18.394.2 | 41.9% | 25,405,9 | 2.7% | | 經營利潤 | 13,436,7 | 5,888,7 | 128,2% | 13.125.4 | 2.4% | | 除所得税前利潤 | 14.402.8 | 6.679.4 | 115 ...

Core Viewpoint - Xiaomi Group reported record high core indicators in Q2, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% year-on-year [1] Group 1: Financial Performance - Revenue for Q2 was 116 billion yuan, marking a 30.5% year-on-year growth, continuing a trend of exceeding 100 billion yuan for three consecutive quarters [1] - Adjusted net profit reached 10.8 billion yuan, a significant increase of 75.4% year-on-year, with two consecutive quarters surpassing 10 billion yuan [1] Group 2: Automotive and AI Innovations - Revenue from the smart electric vehicle and AI innovation segment exceeded 20 billion yuan, indicating a shift towards scalable growth [2] - In Q2, Xiaomi delivered 81,302 vehicles, with total deliveries surpassing 300,000 by July 10, and over 15.7 million vehicles delivered in the first half of the year [2] - The operating loss for the automotive business narrowed significantly to 300 million yuan, with expectations of profitability in the second half of the year [2] Group 3: Smartphone and IoT Performance - Xiaomi's smartphone revenue reached 45.5 billion yuan, with a continuous positive growth in shipments for eight consecutive quarters, maintaining a top-three global position for 20 quarters [2][3] - IoT and lifestyle product revenue hit 38.7 billion yuan, a year-on-year increase of 44.7%, with smart home appliances seeing a 66.2% increase [2][4] - Internet service revenue grew to 9.1 billion yuan, reflecting a 10.1% year-on-year increase [2] Group 4: Market Position and User Engagement - Despite a challenging global smartphone market, Xiaomi achieved a market share of 16.8% in China, ranking first domestically with 11.5 million new device activations in Q2 [3] - Xiaomi's global monthly active users reached 731 million, with 185 million in mainland China, and the number of connected IoT devices reached 989 million [5] Group 5: High-End Strategy and R&D Investment - Xiaomi's high-end smartphone market share increased to 27.6%, with significant growth in the 4,000-5,000 yuan and 5,000-6,000 yuan price segments [6] - R&D investment reached 7.8 billion yuan in Q2, a 41.2% year-on-year increase, with an expected total investment of 30 billion yuan for the year [7] - The launch of the self-developed 3nm flagship chip and AI glasses indicates Xiaomi's commitment to innovation and technology advancement [7]

Core Viewpoint - Xiaomi Group reported a record high revenue of RMB 115.96 billion for Q2, marking a 30.5% year-on-year increase, with a net profit of RMB 11.9 billion and an adjusted net profit of RMB 10.83 billion, up 75.4% year-on-year [1][2]. Financial Performance - Revenue for Q2 reached RMB 115.96 billion, compared to RMB 88.89 billion in the same period last year, reflecting a 30.5% increase [2]. - Gross profit was RMB 26.10 billion, up 41.9% year-on-year [2]. - Operating profit surged to RMB 13.44 billion, a 128.2% increase from the previous year [2]. - The adjusted net profit of RMB 10.83 billion represents a 75.4% increase year-on-year [2]. Automotive Business - In Q2 2025, revenue from Xiaomi's smart electric vehicles and AI-related businesses was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion [3]. - The gross margin for the smart electric vehicle segment was 26.4%, but the segment incurred an operating loss of RMB 300 million [3]. - Xiaomi has invested over RMB 30 billion in automotive and innovative businesses from 2022 to the first half of 2025, leading to significant losses in new business segments [5]. Research and Development - Xiaomi's R&D expenditure in Q2 was RMB 7.8 billion, a 41.2% increase year-on-year, with a total of 22,641 R&D personnel, the highest in the company's history [6][7]. Smartphone and IoT Business - Revenue from the smartphone segment was RMB 45.5 billion, with a gross margin of 11.5%, and global smartphone shipments reached 42.4 million units, a slight increase of 0.6% year-on-year [9]. - The IoT and lifestyle products segment achieved record revenue of RMB 38.7 billion, up 44.7% year-on-year, with a gross margin of 22.5%, an increase of 2.8 percentage points [9]. Stock Performance - As of August 19, Xiaomi's stock price closed at HKD 52.4, down 1.23%, with a total market capitalization of HKD 1.36 trillion, reflecting a nearly 14% decline from its recent high of HKD 61.45 on June 27 [11][12].

Core Insights - Xiaomi Group achieved record high revenue and profit in Q2 2025, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [1] Business Segments - The "Mobile × AIoT" segment generated revenue of 94.7 billion yuan in Q2 2025, marking a historical high with a year-on-year growth of 14.8% [2] - Smartphone shipments reached 42.4 million units in Q2 2025, reflecting a 0.6% year-on-year increase, maintaining growth for eight consecutive quarters [2] - Xiaomi ranked among the top three global smartphone vendors with a market share of 14.7%, continuing a 20-quarter streak in the top three [2] - The number of active users reached a record high of 731.2 million globally, up 8.2% year-on-year, and the number of connected IoT devices grew to 989.1 million, a 20.3% increase [2] Innovative Business Growth - Revenue from smart electric vehicles and AI-related innovative businesses reached 21.3 billion yuan in Q2 2025, a significant increase of 233.9% from 6.4 billion yuan in Q2 2024 [3] - Smart electric vehicle revenue alone was 20.6 billion yuan, up 230.3% year-on-year, driven by increased delivery volumes and average selling prices (ASP) [3] - Vehicle deliveries surged to 81,302 units, a 197.7% increase from 27,307 units in Q2 2024, attributed to enhanced production capacity [3] - The ASP for smart electric vehicles rose to 253,700 yuan, a 10.9% increase, largely due to higher deliveries of the Xiaomi SU7 Ultra [3] Market Positioning - In the 4000-5000 yuan price segment, Xiaomi held the top market share in China, increasing by 4.5 percentage points to 24.7% year-on-year [4] - In the 5000-6000 yuan price segment, market share improved by 6.5 percentage points to 15.4% year-on-year [4]

Core Viewpoint - Xiaomi Group achieved record high revenue and profit in Q2 2025, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [2] Business Segments - The "Mobile × AIoT" segment generated revenue of 94.7 billion yuan in Q2 2025, marking a historical high with a year-on-year growth of 14.8% [5] - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, reflecting a 0.6% year-on-year increase, maintaining a position among the top three global smartphone vendors with a market share of 14.7% [6] - The number of active users on Xiaomi's ecosystem reached a record high of 731.2 million globally, growing 8.2% year-on-year, while the number of connected IoT devices (excluding smartphones, tablets, and laptops) increased to 989.1 million, up 20.3% [6] - Xiaomi added over 1,700 new retail stores in mainland China, bringing the total to over 17,000, and approximately 200 new retail stores overseas [6] Innovative Business Revenue - Revenue from smart electric vehicles and AI-related innovative businesses reached 21.3 billion yuan in Q2 2025, a significant increase of 233.9% from 6.4 billion yuan in Q2 2024 [8] - Smart electric vehicle revenue rose to 20.6 billion yuan, up 230.3% from 6.2 billion yuan in the previous year, driven by increased delivery volumes and average selling prices (ASP) [8] - The number of electric vehicles delivered surged to 81,302 units, a 197.7% increase from 27,307 units in Q2 2024, attributed to successful capacity enhancements [8] - The ASP for smart electric vehicles increased by 10.9% to 253,700 yuan per vehicle, primarily due to the delivery of higher ASP models like the Xiaomi SU7 Ultra [8] - Other related business revenues grew to 600 million yuan, up 411.1% from 200 million yuan, driven by increases in after-sales services, automotive financial services, and parts sales [8] High-End Strategy - In Q2 2025, Xiaomi ranked first in smartphone sales in mainland China, with high-end smartphone sales accounting for 27.6% of total smartphone sales, an increase of 5.5 percentage points year-on-year [9] - Xiaomi's market share in the 4,000-5,000 yuan price segment reached 24.7%, up 4.5 percentage points year-on-year, while the market share in the 5,000-6,000 yuan segment increased by 6.5 percentage points to 15.4% [9]

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]