文｜雷递网 雷建平 智能电动汽车公司小鹏汽车（纽交所代号：XPEV及联交所代号：9868）今天公布其截至2025年6月30日止三个月的未经审计财务业绩。财报显示，小鹏 汽车2025年上半年营收为340.9亿元，较上年同期的146.6亿元增长132.5%。 小鹏汽车2025年上半年净亏损为11.4亿元，上年同期的净亏损为26.5亿元；小鹏汽车2025年上半年经调整净亏损为8.1亿元，上年同期的经调整净亏损为 26.3亿元。 小鹏汽车董事长及首席执行官何小鹏表示："我们在2025年全面完成了智能化和电动化新一代技术平台的升级，与竞争对手全面拉开了技术代差。这将使 我们的大产品周期产生更强势能，加速规模增长。" "面对行业激烈的价格竞争，我们坚持行稳致远的长线思维，经营质量快速提高，汽车毛利率连续八个季度改善。二季度汽车毛利率环比增加3.8个百分 点，达到14.3%，毛利率升至17.3%。"小鹏汽车副董事长及联席总裁顾宏地博士表示："我们有信心加速规模增长，而且持续改善公司的盈利。" 小鹏汽车Q2营收182.7亿，同比增125.3% 小鹏汽车2025年第二季度总收入为182.7亿元（25.5亿美元），较2024年同 ...

小米之家、小米大家电，尤其是空调业务如何应对头部品牌发起的价格战冲击？卢伟冰表示，上半年空 调价格战还是比较的激烈，没想到行业老大哥们对小米这么重视，下起手来还非常的重。但即便如此， 小米家电业务依然保持猛增的势头，第二季度大家电的收入同比增长66.2%，预计空调出货量超过540 万台，同比增长超过60%，创历史新高。有些厂商特别看重竞争，但小米呢更看重成长性。上半年空调 线上前十品牌中，小米是唯一量价齐升的品牌。 对于汽车业务什么时候扭亏为盈，全年交付目标是否有改变？卢伟冰在视频中表示，小米汽车的业务步 入规模增长的快车道，亏损大幅收窄，超高端实现了关键突破。 第二季度智能电动汽车及AI等创新业务收入213亿元，同比增长234%，业务经营亏损3亿元，大幅收 窄，下半年有望开始盈利。 "不过我们智能电动汽车及AI等创新业务2022年到2025年上半年累计费用投入超过300亿元，所以累计依 然有较大的亏损。" 他还重申：小米汽车不会参与任何的价格战，不内卷，小米汽车的业务健康度已经是业内一流的水平。 小米汽车2027出海的目标不变，我们已经在做汽车出海的前期调研和准备，中国汽车品牌就要到全球去 参与竞争，我们一 ...

他还重申：小米汽车不会参与任何的价格战，不内卷，小米汽车的业务健康度已经是业内一流的水平。 小米汽车2027出海的目标不变，我们已经在做汽车出海的前期调研和准备，中国汽车品牌就要到全球去 参与竞争，我们一起把中国汽车在全球范围之内做大和做强。 8月19日，小米集团发布第二季度业绩公告。第二季度，小米收入和净利润均创单季度历史新高，实现 营收1160亿元，同比增长30.5%；经调整净利润108亿元，同比增长75.4%。 8月20日，小米集团总裁卢伟冰发微博表示，小米集团第二季度财报再创历史新高！和大家汇报一下业 绩情况。 对于汽车业务什么时候扭亏为盈，全年交付目标是否有改变？卢伟冰在视频中表示，小米汽车的业务步 入规模增长的快车道，亏损大幅收窄，超高端实现了关键突破。 第二季度智能电动汽车及AI等创新业务收入213亿元，同比增长234%，业务经营亏损3亿元，大幅收 窄，下半年有望开始盈利。 "不过我们智能电动汽车及AI等创新业务2022年到2025年上半年累计费用投入超过300亿元，所以累计依 然有较大的亏损。" 责任编辑：李思阳 ...

Core Viewpoint - Xiaomi is aggressively pursuing a "premiumization" strategy to compete with global leaders like Apple, as evidenced by its recent financial performance and strategic focus [2][3]. Financial Performance - In Q2, Xiaomi reported revenue of 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 reached 10.8 billion yuan, up 75.4% year-on-year, with multiple metrics hitting historical highs [2]. Strategic Focus on Premiumization - Xiaomi's president, Lu Weibing, emphasized the importance of premiumization, noting that the smartphone market is shifting towards high-end products, which is crucial for Xiaomi's growth [4]. - R&D expenditure in Q2 reached 7.8 billion yuan, a 41.2% increase year-on-year, with the number of R&D personnel exceeding 22,000, both figures being historical highs [4]. Expansion Beyond Smartphones - The premiumization strategy extends beyond smartphones to include the "smart home" ecosystem, with significant advancements in automotive and IoT sectors [5]. - The average selling price of Xiaomi's cars exceeded 250,000 yuan, nearing the average prices of BMW, Mercedes, and Audi in China, with expectations of profitability in the automotive sector in the second half of the year [5]. Competitive Landscape - Xiaomi's market share in high-end smartphones in China reached 27.6%, with significant growth in the 4,000-6,000 yuan price range [7]. - The competitive landscape is intensifying with Huawei's resurgence, which has regained a significant market share in the high-end segment, creating a triangular competition among Xiaomi, Huawei, and Apple [7]. Global Market Position - Xiaomi's strategy differs from Apple's, focusing on broad coverage and penetration in emerging markets, with over half of its sales in the high-end segment (600 USD and above) coming from overseas [8][9]. - Xiaomi aims to achieve a short-term goal of reaching the "200 million club" in smartphone shipments, positioning itself as a potential challenger to Apple and Samsung [9]. Challenges Ahead - Despite strong growth, Xiaomi's smartphone revenue declined by 2.1% year-on-year due to lower average selling prices from overseas low-end models [11]. - Xiaomi still faces significant challenges in the U.S. market, where it remains absent, contrasting sharply with Apple's established global presence and profitability [12].

Financial Performance - The company reported a total revenue of 227.25 billion yuan for the first half of the year, representing a year-on-year growth of 38.2% [2] - In Q2, the revenue reached 116 billion yuan, a 30.5% increase year-on-year, marking the third consecutive quarter of over 100 billion yuan [2] - The gross profit for the first half was 51.5 billion yuan, up 46.2% year-on-year, with a gross margin of 22.7% [5] - The net profit for the first half was 22.77 billion yuan, a significant increase of 146.3% year-on-year, while Q2 net profit was 11.87 billion yuan, up 134.2% [7] Automotive Business - The automotive segment delivered 81,302 vehicles in Q2, a remarkable year-on-year growth of 197.7% [13] - The gross margin for the automotive business reached 26.4% in Q2, surpassing competitors like Tesla and Li Auto [19] - The operational loss for the automotive segment narrowed to 300 million yuan in Q2, down from 1.8 billion yuan in the same period last year [23] Research and Development - R&D expenditure in Q2 was 7.8 billion yuan, a 41.2% increase year-on-year, with total R&D investment for the first half at 14.48 billion yuan [10] - The company plans to complete a total R&D investment of 30 billion yuan for the year, with a record number of 22,641 R&D personnel as of mid-year [10] Strategic Insights - The automotive business is becoming a key growth pillar for the company, contributing significantly to the overall gross margin [26] - The company aims to achieve profitability in the automotive segment in the second half of the year, driven by increased production capacity and new model launches [36] - The company is leveraging its experience in consumer electronics to enhance its automotive platform, aiming for modular and standardized products to reduce costs [30]

Core Insights - Xiaomi Group reported a significant increase in automotive business revenue, with a 230% year-over-year growth in the second quarter [1] - The company delivered 81,302 vehicles in Q2, a 197.7% increase compared to 27,307 vehicles in the same period last year [1] - The average selling price of Xiaomi vehicles rose by 10.9%, from 228,644 RMB to 253,662 RMB, primarily due to the delivery of the Xiaomi SU7 Ultra [1] Financial Performance - In Q2, Xiaomi Group's total revenue reached 115.96 billion RMB, a 30.5% increase year-over-year, marking the third consecutive quarter exceeding 100 billion RMB [6] - Adjusted net profit for the quarter was 10.83 billion RMB, a substantial increase of 75.4% year-over-year, continuing the trend of surpassing 10 billion RMB for two consecutive quarters [6] - Revenue from smart electric vehicles and AI-related businesses amounted to 21.3 billion RMB, with smart electric vehicle revenue alone at 20.6 billion RMB, up from 6.2 billion RMB in the same quarter last year [6] Business Outlook - The company aims to achieve a total delivery target of 350,000 Xiaomi vehicles for the year, with expectations for smart electric vehicles and AI innovations to become profitable on a quarterly basis in the second half of the year [5] - As of June 30, Xiaomi has established 335 automotive sales outlets across 92 cities in mainland China [5]

Core Viewpoint - Xiaomi's automotive business is expected to achieve profitability in the second half of the year, but it has incurred significant losses over the past three years, totaling over 30 billion yuan [1][3]. Group 1: Financial Performance - In Q2 2025, Xiaomi achieved record-high revenue and net profit, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5% [8][16]. - The adjusted net profit for the quarter was 10.8 billion yuan, marking a 75% increase year-on-year [19]. - The gross margin for the group was 22.5%, up 1.8 percentage points from the previous year [8][16]. Group 2: Automotive Business - Xiaomi's automotive deliveries reached 81,300 units in Q2, a 197.7% increase from the same period last year, contributing to a 233.9% year-on-year revenue growth in the electric vehicle segment, totaling 21.3 billion yuan [3][12]. - The company plans to enter the European electric vehicle market by 2027 [3][12]. - The operating loss for the automotive business narrowed to 300 million yuan in Q2, but cumulative losses remain substantial [3][18]. Group 3: Smartphone Strategy - Xiaomi aims to join the "200 million club" by achieving an annual smartphone shipment of 200 million units within the next three to five years [1][3]. - The smartphone gross margin decreased to 11.5% in Q2 due to rising costs of core components and a temporary pressure from the product launch schedule [3][16]. - The company maintains a strong position in the smartphone market, ranking third globally with a market share of 14.7% [16]. Group 4: AI Strategy - Xiaomi's AI strategy consists of three layers: large models, application layer, and transformation layer, aiming to create a closed-loop ecosystem of "people-vehicle-home" [4][39]. - The company is confident in achieving over 30% revenue growth for the entire group in 2025 [4][19]. Group 5: IoT and Home Appliances - The IoT segment generated 38.7 billion yuan in revenue, a 44.7% increase year-on-year, with a gross margin of 22.5% [17]. - The smart home appliance revenue reached a historical high, growing 66.2% year-on-year, with air conditioning sales exceeding 5.4 million units [12][17]. - Xiaomi emphasizes the importance of technological innovation and user-centric design in its home appliance strategy [12][13]. Group 6: Market Position and Future Outlook - Xiaomi is focused on avoiding price wars and internal competition, prioritizing long-term strategic positioning over short-term rankings [5][46]. - The company has been recognized as one of the top 50 global brands in the Kantar BrandZ list for 2025 [11]. - Xiaomi's long-term vision includes enhancing user engagement and creating a network economy through its extensive IoT ecosystem, which has nearly 1 billion connected devices [41].

Core Insights - Xiaomi Group reported a total revenue of RMB 115.96 billion for Q2 2025, marking a year-on-year growth of 30.5% and surpassing RMB 100 billion for three consecutive quarters [1][2] - The adjusted net profit reached RMB 10.83 billion, a significant increase of 75.4% year-on-year, with two consecutive quarters exceeding RMB 10 billion [1][2] Financial Performance - Revenue breakdown shows that the smartphone and AIoT segment contributed RMB 94.69 billion, accounting for 81.7% of total revenue, while the smart electric vehicle and AI innovation business generated RMB 21.26 billion, representing 18.3% of total revenue [4] - Gross profit for the quarter was RMB 26.10 billion, up 41.9% year-on-year, with an operating profit of RMB 13.44 billion, reflecting a 128.2% increase [2][4] Smart Electric Vehicle Business - Revenue from the smart electric vehicle and AI innovation segment grew by 234% to RMB 213 billion, with a gross margin of 26.4% despite an operating loss of RMB 3 billion [3][5] - Xiaomi delivered a record 81,302 vehicles in Q2, maintaining its target of delivering 350,000 vehicles for the year [4][5] Research and Development Investment - R&D expenditure reached RMB 7.8 billion in Q2, a 41.2% increase year-on-year, with an expected total investment of RMB 30 billion for the year [5][6] - The average selling price (ASP) of Xiaomi's electric vehicles is RMB 254,000, with a focus on reducing per-unit costs through increased delivery volumes [6] Future Plans - Xiaomi plans to enter the European electric vehicle market by 2027, indicating a strategic expansion in its automotive business [7]

Core Insights - Xiaomi's automotive business achieved a record gross margin of 26.4% in Q2, driven by cost reductions and increased sales of high-end models [2][4] - The company reported revenue of 20.6 billion yuan from its smart electric vehicle segment, with a significant reduction in operating losses to 300 million yuan [2][4] - Xiaomi aims to achieve quarterly profitability in the second half of the year, although the timeline remains uncertain [2][4] Revenue and Profitability - In Q2, Xiaomi's revenue from the smart electric vehicle and AI innovation segment reached 21.3 billion yuan, up 14.4% from 18.6 billion yuan in Q1 [2][4] - The gross margin for the smart electric vehicle segment increased from 23.2% in Q1 to 26.4% in Q2, and from 15.4% in Q2 2024 [2][4] - The average selling price of Xiaomi's vehicles is approximately 250,000 yuan, contributing to higher gross margins [4] Product Development and Technology - Xiaomi launched the YU7 SUV series in June, achieving over 240,000 pre-orders within 18 hours [5] - The YU7 series features advanced technology, including an 800V silicon carbide high-voltage platform and a maximum range of 835 km [5] - The company is continuously updating its autonomous driving technology, with the SU7 series receiving significant performance upgrades [7] Brand Expansion and Market Strategy - Xiaomi plans to enter the European market by 2027, focusing on increasing brand awareness for its automotive division [8] - The brand has high recognition in Europe, with awareness levels exceeding 95%, particularly in countries like Spain [8] - The company is confident in building its automotive brand, drawing from its successful history in China [8] Robotics and Future Outlook - Xiaomi has invested in robotics for four to five years, particularly in humanoid robots for factory applications [9] - The company is currently working on achieving a business closure in its own factories, although it acknowledges the challenges ahead [10]

Group 1 - Xiaomi Group reported a record revenue of 116 billion RMB for the second quarter, exceeding the estimated 114.9 billion RMB, representing a year-on-year growth of 30.5% [1] - The net profit for the same period was 11.87 billion RMB, surpassing the forecast of 8.88 billion RMB, with a year-on-year increase of 134.2% [1] - Revenue from innovative business segments, including smart electric vehicles and AI, reached 21.3 billion RMB, with smart electric vehicle sales contributing 20.6 billion RMB and other related businesses generating 600 million RMB [1] Group 2 - In the second quarter of 2025, Xiaomi delivered a record 81,302 new vehicles [1] - Huatai Securities noted that the recovery in the Hong Kong stock market is supported by improved liquidity and a rebound in fundamental expectations, driven by the unique growth of new economy sectors and stronger domestic policies compared to last year [1] - The Hong Kong Technology 50 ETF (159750) has seen a continuous net inflow of 180 million RMB over the past 14 trading days, indicating strong investment interest [1] Group 3 - Xiaomi Group holds a weight of 9.58% in the Hong Kong Technology Index tracked by the Hong Kong Technology 50 ETF [1] - The AMT (Alibaba, Xiaomi, Tencent) group accounts for over 30% of the index [1] - The index uniquely covers the "Terrific 10" companies, with a total weight of 70% in the Hong Kong technology sector [2]