扫码订阅 智能制造 产业日报， 精选行业新闻，帮你省时间！ � 睿兽分析 睿 兽 分 析 产 业 日 报 把 握 商 机 ! 先 人 一 步 ▶涵盖五大赛道 *AIGC *智能制造 ゃ企业服务 «医疗健康 « 交通出行 JOIN and ■ 9元/月 扫码 订阅 O AIGC 产业动态日报 谷歌宣布在医疗保健领域推出人工智能计划 并致力于打造/ Stability Al发布3D视频生成工具SV3D! 可 同时输出多个新视角 这款新模型基于Stable Video Diff on模型的改讲,留 移根据单一辑入图像创建和转换多视图3D网格。 3.【机构：全球智能手机市场增速已连续三个季度回落】Canalys最新研究显示，2025年第一季度， 全球智能手机市场仅实现0.2%的增长，出货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商 寻求更健康的库存水位，全球智能手机市场增速已经连续三个季度回落。三星位列第一，出货量达 6050万台；苹果位列第二，出货量达5500万台，份额达19%；小米稳居第三，出货量达4180万 台，市场份额为14%。vivo和OPPO位列第四及第五位，出货量分别为2290万台和2270万 ...

Core Viewpoint - Xiaomi's Investor Day revealed optimistic growth projections for 2025, including over 30% revenue growth and over 40% net profit growth year-on-year, supported by multiple business segments [2][3]. Group 1: Financial Performance - Xiaomi expects its 2025 revenue to grow by more than 30% year-on-year, with adjusted net profit anticipated to exceed 40% growth [2]. - The smartphone segment is projected to see an average selling price (ASP) increase of 3-5% and maintain a gross margin of 12-12.5% [2]. - The AIoT business is also expected to grow over 30% year-on-year, with a gross margin expansion of 2.0-2.5 percentage points [2]. Group 2: Electric Vehicle Business - Xiaomi's smart electric vehicle (EV) business is expected to achieve profitability starting in Q3 2025, aligning with Deutsche Bank's previous expectations [3]. - The company anticipates a net loss of 69 million RMB in Q2 2025, followed by net profits of 400 million RMB and 2.63 billion RMB in Q3 and Q4, respectively [3]. - Projected delivery volumes for 2025 are 86,600 units in Q2, 100,000 units in Q3, and 137,500 units in Q4, totaling 400,000 units for the year, surpassing the previous guidance of 350,000 units [3][4]. Group 3: Global Expansion Plans - Xiaomi plans to enter overseas markets for smart electric vehicles starting in 2027, significantly expanding its retail network [5]. - The number of Xiaomi Mi stores is expected to grow from approximately 500 in 2025 to 3,000 in 2026, aiming for a total of 10,000 stores by 2030 [5]. Group 4: Semiconductor Development - Xiaomi is accelerating its self-research in automotive semiconductors, with plans to begin production of automotive semiconductor products soon [6]. - The company has committed to investing 50 billion RMB in chip development over ten years, with 13.5 billion RMB already invested by February 2025 and an expected 6 billion RMB in R&D for 2025 [6][7].

Core Viewpoint - Xiaomi has recently gained significant attention due to various controversies, but its latest financial report reveals strong performance, with record revenue and profit growth in Q1 2025 [1]. Group 1: Financial Performance - In Q1 2025, Xiaomi's total revenue reached 111.3 billion yuan, marking a historical peak for a single quarter, equivalent to daily earnings of 1.23 billion yuan [1]. - Adjusted net profit for the same period was 10.7 billion yuan, representing a remarkable increase of 64.5% [1]. Group 2: Business Segments - Revenue from the smart electric vehicle segment surged from 1.84 million yuan in the same period last year to 18.1 billion yuan, with gross margin rising from 12.6% to 23.2% [2]. - The first model, the SU7 series, has delivered over 258,000 units in its first year, with 75,900 new cars delivered in Q1 2025, indicating strong market momentum [2]. - Xiaomi's smartphone business remains foundational, with Q1 2025 shipments reaching 41.8 million units, a 3% year-on-year increase, reclaiming the top position in China with an 18.8% market share [4]. - The share of high-end smartphone models has increased to 25%, with the Xiaomi 15 Ultra flagship model seeing a 90% year-on-year sales surge in its first month [4]. Group 3: Chip Development - The self-developed chip, Xuanjie O1, was unveiled at the Xiaomi 15 Pro launch, utilizing TSMC's 3nm process and featuring 19 billion transistors, positioning it against Qualcomm's Snapdragon 8 Gen3 [8]. - Despite facing skepticism regarding its development, Xiaomi's leadership has publicly defended its chip design as independent [8]. - Xiaomi plans to integrate self-developed 5G baseband technology and increase R&D funding to 200 billion yuan, emphasizing its commitment to chip development as a core strategy [18].

Group 1 - The company achieved record high revenue and profit in Q1 2025, with total revenue of 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a historical high for a single quarter [1] - The gross margin improved to 22.8% (YoY +0.5 percentage points), indicating effective cost management and operational efficiency [1] - The revenue contributions from various business segments in Q1 2025 were 46% from smartphones, 29% from IoT and consumer products, 8% from internet services, and 17% from smart electric vehicles and AI [1] Group 2 - The IoT business generated revenue of 32.3 billion yuan (YoY +59%) with a gross margin of 25.2% (YoY +5.4 percentage points), achieving a historical high in revenue and gross profit [2] - Smart home appliances saw a significant revenue increase of 114%, with air conditioners, refrigerators, and washing machines experiencing shipment growth of 65%, 65%, and 100% respectively [2] - The internet services segment reported revenue of 9.1 billion yuan (YoY +13%) with a gross margin of 76.9% (YoY +2.7 percentage points) [2] Group 3 - The smart electric vehicle and AI business reported revenue of 18.6 billion yuan, with a gross margin of 23.2%, and the loss in this segment narrowed to 500 million yuan [2] - The company delivered 76,000 units of the Xiaomi SU7 series in Q1 2025, with cumulative deliveries exceeding 258,000 units [2] - The company opened 235 automotive sales stores by March 31, 2025, enhancing its sales and service network [2] Group 4 - The company launched its first self-developed SoC, the Xuanjie O1, and introduced the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, along with a new 4G watch chip [3] - R&D expenses reached 6.7 billion yuan in Q1 2025, reflecting a 30% year-on-year increase, indicating a strong commitment to core technology development [3] - The company raised its profit forecast for 2025-2027, expecting net profits of 36.2 billion, 46.4 billion, and 66 billion yuan respectively, with growth rates of 53%, 28%, and 42% [3]

今日导读 1. 工业和信息化部、国家发展改革委、农业农村部、商务部、国家能源局日前发布通知，组 织开展2025年新能源汽车下乡活动。 2. 6月3日，招商证券公告，公司第八届董事会第二十次会议审议通过《关于聘任朱江涛先生 为公司总裁的议案》，聘任朱江涛担任公司总裁，任期自本次董事会审议通过之日起，至第 八届董事会届满之日止；审议通过《关于提名朱江涛先生为公司第八届董事会执行董事候选 人的议案》，提名朱江涛为公司第八届董事会执行董事候选人。 3. 港交所披露的数据显示，截至5月30日，年内已有29只新股登陆港股市场。2025年以来， 港股IPO市场持续火热。 宏观消息 1、工业和信息化部数据显示，1—4月，我国电子信息制造业生产稳步增长，效益逐步回升，投资平稳 增长。1—4月，规模以上电子信息制造业增加值同比增长11.3%，增速分别比同期工业、高技术制造 业高4.9个和1.5个百分点。主要产品中，微型计算机设备产量1.05亿台，同比增长4.7%。 2、经济合作与发展组织（经合组织）3日发布最新一期经济展望报告，预计2025年和2026年全球经济 增速均为2.9%，较今年3月预测值分别下调0.2和0.1个百分点。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company held its 2025 Investor Day on June 3, where it discussed its high-end strategy and new retail format, emphasizing that its moat lies in the core of the Xiaomi model. The company will focus on "chips, AI, OS" as the three foundational pillars of hard technology, continuing to deepen its engagement in the underlying hard technology sector. Through the integration of software and hardware, it aims to empower the entire ecosystem of people, vehicles, and homes [4][8] Summary by Relevant Sections Smartphone and Consumer Electronics - According to the company's president, Xiaomi is expected to see a net inflow of over 13 million users in the Chinese market in 2024, with a market share increase of 5.3 percentage points from 2020 to 2024. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1%, up 0.3 percentage points. In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k yuan price range, ranking first [8] IoT Business - In Q1 2025, the company's IoT and lifestyle consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from major appliances doubled, indicating initial success of the high-end strategy. In smart home appliances, revenue grew by 113.9% year-on-year, with air conditioning shipments exceeding 1.1 million units (up over 65%), refrigerators over 880,000 units (up over 65%), and washing machines over 740,000 units (up over 100%) [8] Automotive Business - The automotive business is gradually narrowing its losses, with a Q1 2025 loss of 500 million yuan, a significant reduction of 50.2% quarter-on-quarter. The company is advancing new model launches, with the YU7 model expected to launch in July. The YU7 is designed to balance aesthetics and performance while offering exceptional value, potentially becoming a bestseller. With the YU7's launch, the automotive business is entering a strong model cycle, and profitability is expected to improve further, with a forecast of achieving profitability in Q3 to Q4 of this year [8] Overall Ecosystem Development - The comprehensive development of Xiaomi's "people, vehicles, and homes" ecosystem, along with steady growth in smartphones and rapid growth in IoT appliances and automotive business, leads to projected net profits of 42.39 billion yuan, 55.75 billion yuan, and 70.08 billion yuan for 2025-2027, respectively, maintaining a "Buy" rating [8]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 6月3日，外交部发言人林剑主持例行记者会。有记者提问，美方近期不断声称中方违反中美日内瓦经贸 会谈共识，采取一系列消极行动。请问中方对此有何回应？林剑表示，商务部发言人此前已就此阐明中 方严正立场。日内瓦共识是中美双方在相互尊重、平等协商的原则下达成的，中方本着负责任的态度， 认真落实日内瓦共识。林剑指出，美方在毫无事实根据的情况下，对中方抹黑指责，出台对华芯片出口 管制，暂停对华芯片设计、软件销售，宣布撤销中国留学生签证等极端打压措施，严重破坏日内瓦共 识，也损害了中方正当权益。中方对此坚决反对，已提出严正交涉。 李在明当选韩国总统 据央视新闻报道，4日，韩国中央选举管理委员会召开全体会议，表决通过了大选投票结果的议案。根 据大选开票结果，正式确定共同民主党候选人李在明为总统当选人，第21届韩国总统李在明的任期自当 地时间6月4日6时21分正式开始，包括军队统帅权在内的总统所有固有权限自动转到李在明手中。 美国白宫宣布提高进口钢铝关税至50% 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50 ...

Core Viewpoint - Apple is under pressure from former President Trump to produce iPhones in the United States, with threats of a 25% tariff if they do not comply [1][4][9]. Production and Manufacturing - Apple does not manufacture iPhones directly; instead, it relies on Foxconn for production [1]. - Despite Trump's previous promises in 2016 to bring production back to the U.S., Apple has not moved its production lines back and has instead shifted to countries like India, Vietnam, and Thailand [2][3]. - Currently, 80% of iPhones are produced in China, and Apple has no plans to manufacture any products in the U.S. [3]. Economic Considerations - Producing iPhones in the U.S. would significantly increase costs, potentially raising the price of an iPhone to over $2000 [7]. - The cost of tariffs (25%) is minor compared to the overall production costs associated with relocating manufacturing to the U.S. [9][10]. - The investment required for U.S. production would be difficult to recoup, especially as the smartphone market evolves [12][13]. Labor and Supply Chain - The U.S. lacks the necessary skilled labor and supply chain infrastructure that China offers, making it impractical for Apple to shift production [18]. - China provides a vast labor pool and a dense supply chain, which are critical for the assembly of iPhones [18]. - Apple has previously attempted U.S. production but faced challenges, such as sourcing components like screws, which are readily available in China [14][15]. Strategic Shifts - Apple is gradually increasing production capacity in India while still relying heavily on China for complex components [20]. - The assembly process in India involves completing the final steps of production, but most components are still sourced from China [20][22]. - Trump's vision of revitalizing U.S. manufacturing for Apple is seen as unrealistic given the current market conditions [22].

三星仍居榜首，苹果强势增长 按照手机品牌划分，根据Canalys的数据，2025年第一季度，全球智能手机市场中，三星、苹果、小米、vivo、OPPO位列前五名。 其中三星以6050万台的出货量位居全球第一，市占率为20%。尽管仅录得1%的同比微增，但凭借新款旗舰产品与A系列的平价优 势，仍有效稳住基本盘。另外，除了非洲市场以传音占据主导地位，三星位居第二，在西欧、拉丁美洲、亚太地区（除大中华区），三 星的市场份额均位于第一。 | | Worldwide: top smartphone vendors, Q1 2025 | | | | --- | --- | --- | --- | | | Vendor | Unit share | Annual growth | | #1 合 | Samsung | 20% | +1% | | #2 - | Apple | 19% | +13% | | #3 # | Xiaomi | 14% | +3% | | #41 | vivo | 8% | +7% | | #5 个 Source: Canalys Estimates (sell-in shipments), Smart ...

| Vendor | | | Unit share | Annual growth | | --- | --- | --- | --- | --- | | #1 1 | | Samsung | 22% | -5% | | Apple | #2 | | 14% | +20% | | #3 1 | | vivo | 13% | +9% | | Xiaomi | #4 · | | 12% | -20% | | OPPO | #5 | | 10% | -14% | | Source: Canalys Estimates (sell-in shipments), Smartphone Analysis, May 2025 | | | | Canalys | 全球重点市场： Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出 货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增 速已经连续三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货 量达6050万台。苹果凭借其在亚太新兴市场以及美国 ...