每经记者｜杨卉 每经编辑｜程鹏 魏文艺 12月9日，有市场消息称，小米中国区近期开启了一系列人事调整，涉及手机、汽车、大家电等核心运营类岗位。当日中午，《每日经济新闻》记者（以 下简称"每经记者"）从接近小米的相关人士处确认了这一消息。 每经记者注意到，此次人事调整后，原销售运营一部总经理一职由小米集团高级副总裁、中国区总裁王晓雁兼任，江苏分公司总经理郭金保担任销售运营 二部总经理，原小米汽车部销交服部总经理张健任新零售部总经理。 在福建华策品牌定位咨询创始人詹军豪看来，此前小米"人车家"三者仅在技术层面浅度融合，靠澎湃OS实现部分设备互联，但线下割裂明显。其中，手 机、大家电分属不同零售体系，汽车更多是独立体验店，门店未形成协同，甚至存在低效门店拖累整体效能的问题。此次小米进行人事调整，除了基 于"业绩压力"外，也可以理解为向汽车等增长性业务的资源倾斜，同时实现用户流量的互通，如推动手机门店承接汽车咨询、大家电网点复用渠道、集中 采购摊薄成本等。 图片来源：视觉中国 线下各门店有望实现"互通" 中国区总裁亲自下场"抓业绩" 具体来看，此次调整后，原销售运营一部总经理一职由小米集团高级副总裁、中国区总裁王晓雁 ...

12月9日，观察者网获悉，小米中国区近期开启一系列人事调整，涉及手机、汽车、大家电等核心运营 类岗位。 原销售运营一部总经理一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司总经理郭 金保担任销售运营二部总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经理。 原小米汽车部销交服部总经理张健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由夏志国担 任，同时夏志国继续兼任汽车销交服部销售运营部总经理；任命何俊伶担任甘青宁分公司总经理，向王 晓雁汇报。 此外，近日，著名乒乓球运动员樊振东前往小米深圳国际总部参观时，也是由王晓雁出面。 有知情人士称，此次人事调整与小米近期中国区业绩"承压"有关，可以理解为王晓雁亲自下场抓业绩。 受外部环境影响，小米近期开始出现汽车、手机、大家电订单增长放缓的情况。11月，一份小米内部的 通知显示，2026年小米之家的发展核心将从"规模扩张"转向"质量提升"，将有序关闭部分低效且亏损的 门店，以帮助经销商及时止损，将资源聚焦于高潜力门店。 部分经销商称，受外部环境影响，小米近期开始出现汽车、手机、大家电订单增长放缓的情况，其中不 少同行出现空调"压仓"的情况，部分经 ...

Core Points - The announcement marks the beginning of a new role for the individual at Xiaomi's Wuhan headquarters, which was planned five years ago [1] - The individual emphasizes that the transition is a normal rotation without any hidden motives, urging not to overanalyze the situation [2] - The individual expresses gratitude for the past five years and highlights significant experiences during their tenure, including involvement in major company events [3] Company Structure and Culture - Xiaomi has a comprehensive talent development system that includes various training programs such as the Spark Plan, Torch Plan, and others, aimed at different career stages [3] - The company's rotation system mandates a job change every three years, with a five-year rotation being compulsory, allowing for broader perspectives among mid-level managers [3][4] - The choice of Wuhan for the new role is influenced by personal convenience and the company's strategic developments in the region, including the establishment of a major manufacturing and research facility [4]

Group 1 - Li Auto responded to the controversy regarding its poster at the Changchun Airshow, stating that it received a letter from the "China Aviation Industry Cultural Center" questioning the authorization of the theme poster "Dreaming with the Country, Walking with the Family" [2] - The company emphasized that it had paused related promotions and initiated communication with the relevant aviation authorities for verification [2] - The theme was part of a collaboration between Li Auto's Changchun sales company and the airshow, and prior communication had been conducted with the airshow organizers [2] Group 2 - Zhou Hongyi mentioned that 360 is currently hosting an AI competition and indicated that employees who refuse to use AI after being instructed may face termination [3] - The company is establishing a culture where employees are expected to adopt AI tools, even if initial results are not satisfactory [3] Group 3 - Qualcomm officially launched the fifth-generation Snapdragon 8 Gen 2 chip, claiming it to be the "fastest mobile CPU in the world," with a CPU performance increase of 20% compared to the previous generation [4][5] - The chip features a 2+6 core architecture, with two Prime cores running at 4.6GHz and six performance cores at 3.62GHz, along with a 35% improvement in energy efficiency and a 16% reduction in overall power consumption [4][5] Group 4 - Chery Automobile Co., Ltd. is set to officially list on the Hong Kong Stock Exchange with a share price of HKD 30.75, aiming to raise approximately HKD 91.4 billion (around CNY 8.376 billion), making it the largest IPO of a car company in the Hong Kong market this year [6] Group 5 - Apple addressed concerns regarding scratches on the iPhone 17 display models, clarifying that the marks were due to material transfer from old MagSafe stands and are not permanent scratches [7] - The company acknowledged that while the aluminum edges of the camera platform are designed for durability, normal wear and minor scratches may occur over time [7] Group 6 - Xiaomi announced the launch of its home appliances in the European market, aiming to enhance global access to technology [8] Group 7 - Alibaba officially announced a collaboration with NVIDIA for Physical AI at the 2025 Alibaba Cloud Conference, covering various aspects including data synthesis, model training, and environment simulation [9] Group 8 - The National Press and Publication Administration approved the Xbox version of "Black Myth: Wukong," which is now available on PC, PS5, and Xbox platforms [10] Group 9 - Intel is in early-stage discussions with Apple regarding potential investment and closer collaboration, following recent investments from other major entities [11] Group 10 - Toyota China confirmed a trial sales channel adjustment to a "single city, single store" model, aiming to improve service efficiency and environmental considerations [12] Group 11 - Beijing is proposing regulations requiring helmet use for electric bicycle riders as part of a broader effort to enhance safety in non-motorized vehicle management [14]

Core Insights - Xiaomi's home appliance business is experiencing rapid growth, with air conditioner shipments exceeding 5.4 million units in Q2, marking over 50% growth for three consecutive quarters [1] - The company emphasizes a focus on growth rather than competition, contrasting its strategy with that of industry peers who are engaged in price wars [1] - Xiaomi is committed to high-end product development in the home appliance sector, viewing it as a critical step in its overall strategy for premiumization across all product categories [1] Group 1 - Xiaomi's air conditioner sales have shown significant growth, with a shipment of over 5.4 million units in the second quarter [1] - The company has achieved a balance of volume and price increase, contrary to competitors who are opting for price reductions to boost sales [1] - Xiaomi's approach to innovation is seen as a way to transform the competitive landscape of the home appliance industry, which is characterized as a "red ocean" [1] Group 2 - The home appliance sector is described as a long-term market with potential for continuous innovation, indicating Xiaomi's belief in the absence of a fixed industry structure [1] - The company aims to collaborate with industry veterans to explore new opportunities within the home appliance market [1] - Xiaomi's strategy reflects a broader trend of premiumization that has already been established in its mobile and automotive segments [1]

Company Developments - China Telecom and Alibaba have reached a strategic cooperation agreement to jointly serve Chinese enterprises going global, focusing on cloud and AI infrastructure, e-commerce services, and social value innovation [2] - Bawang Tea has officially entered the Philippine market with three stores opening in the Manila metropolitan area, selling over 23,000 cups in the first three days, marking its seventh international market [2] - KUKA Home plans to invest approximately 1.12 billion yuan to build a self-owned base in Indonesia, expecting an annual revenue of about 2.52 billion yuan upon completion [3] - Stone Technology has achieved the number one global market share in both cleaning robots and vacuum robots for the first half of 2025, with shares of 15.2% and 20.7% respectively [3] - Alibaba's AliExpress is preparing a high-profile brand export project, inviting top global brands to participate, with aggressive growth targets set [3] - Gaode Map has launched ride-hailing services in Canada, New Zealand, Switzerland, and the UAE, expanding its international presence [4] - Xiaomi aims to make 2025 the year for the international expansion of its home appliances and new retail, with plans for automotive exports by 2027 [4] - JD Industrial has signed agreements with two Brazilian companies to enhance the digital supply chain services in the region [5] - BYD has reported that seven out of eight roll-on/roll-off ships are now operational, with significant sales in multiple countries [5] - Proton, supported by Geely, has launched its first electric vehicle factory in Malaysia, with an investment of approximately 138 million yuan [5] Investment and Financing - UBTECH has secured a strategic financing credit line of $1 billion to establish a super factory in the Middle East [6] - Laimu Technology has completed several rounds of financing exceeding 100 million yuan, focusing on the European and American markets for smart lawn mowers [6] - Ruijian Pharmaceutical has raised over 300 million yuan in B-round financing, with plans to accelerate clinical development of Parkinson's treatment products [7] - Ronovo Surgical has completed a D-round financing of $67 million, aiming to expand its modular surgical robot platform globally [7] - Sierra Medical has raised over 100 million yuan to accelerate the development of its ophthalmic products and expand its market presence [8]

Core Viewpoint - Xiaomi's Q2 financial report shows record highs in multiple core indicators, driven by growth in smartphones, electric vehicles, and home appliances, achieving impressive revenue and profit growth [1][5]. Financial Performance - Xiaomi achieved revenue of 116 billion yuan in Q2, a year-on-year increase of 30.5%, marking the third consecutive quarter of over 100 billion yuan [1][5]. - Adjusted net profit reached 10.8 billion yuan, a significant increase of 75.4% year-on-year, continuing a trend of exceeding 10 billion yuan for two consecutive quarters [1][5]. Business Segments - The smartphone and AIoT segment generated revenue of 94.7 billion yuan, up 14.8% year-on-year, with smartphone revenue at 45.5 billion yuan and IoT and consumer products revenue at 38.7 billion yuan, which grew by 44.7% [5][6]. - The smart electric vehicle and AI segment reported revenue of 21.3 billion yuan, a remarkable increase of 234% year-on-year, indicating a strong growth trajectory [3][9]. Market Position - Xiaomi maintained its position among the top three global smartphone manufacturers for 20 consecutive quarters, with a market share of 16.8% in China, leading the domestic market [5][6]. - The high-end smartphone sales in mainland China accounted for 27.6% of total smartphone sales, reflecting the success of Xiaomi's high-end strategy [6]. Electric Vehicle Business - Xiaomi's electric vehicle business is on track to achieve profitability in the second half of the year, with a target of delivering 350,000 vehicles by year-end [1][9]. - The cumulative delivery of Xiaomi vehicles exceeded 300,000 units, with a single-month delivery surpassing 30,000 units for the first time in July [9][10]. 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 [11]. - The company is developing its self-researched 3nm chip and has launched the Xiaomi MiMo AI model, which outperforms several mainstream models [3][11]. International Expansion - Xiaomi's home appliance business has established sales and service operations in Southeast Asia and Europe, with plans to expand into Africa and Latin America [8]. - The brand's strong presence in the smartphone market is facilitating the entry of other product categories into international markets [8].

Core Insights - Xiaomi Group reported record-high revenue and profit for Q2 and the first half of 2025, achieving a total revenue of 1160 billion yuan, a year-on-year increase of 30.5% [3] - The adjusted net profit reached 108 billion yuan, marking a significant year-on-year growth of 75.4% [3] - The company successfully navigated a challenging market environment characterized by price wars in the home appliance and automotive sectors, achieving growth across its three main business lines: smartphones, smart electric vehicles, and smart home appliances [2][3] Financial Performance - Xiaomi's total revenue for the first half of 2025 was 2272 billion yuan, with an adjusted net profit of 215 billion yuan, reflecting a year-on-year increase of 69.8% [3] - The overall gross margin improved to 22.5%, with the smart electric vehicle segment achieving a gross margin of 26.4% [3] - The smartphone segment showed resilience with a global shipment of 42.4 million units in Q2, maintaining a top-three position globally [5] Market Position and Strategy - Xiaomi's stock price has increased over 54% since the beginning of the year, and the company ranked 297th in the 2025 Fortune Global 500, marking a significant rise of 100 places from the previous year [4] - The company aims to maintain a 1% annual market share growth domestically and targets entering the "200 million club" in global sales within the next three to five years [6] - Xiaomi plans to expand its market presence in emerging markets while focusing on high-end product offerings in mature markets like Europe and Southeast Asia [6] Business Segments - The smart electric vehicle segment delivered over 81,000 vehicles in Q2, with a significant monthly delivery of over 30,000 units in July [7] - The average selling price of electric vehicles reached 287,000 yuan, entering the luxury market segment [7] - The smart home appliance segment saw a revenue increase of 66.2% year-on-year, with air conditioning units showing a significant growth in average selling price [8] Technological Advancements - Xiaomi's R&D personnel reached a record high of 22,600, with R&D expenditure in Q2 amounting to 7.8 billion yuan, a year-on-year increase of 41.2% [10] - The company successfully developed the self-researched O1 flagship chip, which is a significant step towards high-end technology and product differentiation [10] - Xiaomi's self-developed operating system, Panghu OS, enhances the seamless connectivity of its ecosystem, supporting the integration of smartphones, vehicles, and smart home devices [11] User Engagement and Ecosystem - As of June 2025, Xiaomi's global monthly active users reached 731 million, with nearly 1 billion connected IoT devices [12] - The successful launch of the YU7 electric vehicle attracted a diverse user base, including a significant proportion of iPhone users, indicating effective cross-category marketing [12] - The company's ecosystem strategy, integrating technology and user experience, positions it for sustainable growth and market competitiveness [12]

Core Insights - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5% [1] - The revenue from the "mobile × AIoT" segment was 94.7 billion yuan, up 14.8% year-on-year, while the revenue from "smart electric vehicles and AI innovation businesses" reached 21.3 billion yuan [1] - Operating profit for Q2 2025 was 13.4 billion yuan, a significant increase of 128.2% year-on-year, and adjusted net profit grew by 75.4% to 10.8 billion yuan [1] - For the first half of 2025, total revenue reached 227.2 billion yuan, up 38.2% year-on-year, with operating profit nearing 26.6 billion yuan, a 177.5% increase [1] - The company aims for overall revenue growth of over 30% for the full year 2025 and anticipates that its electric vehicle segment will achieve quarterly profitability in the second half of the year [1] Segment Performance - In the smart electric vehicle sector, Xiaomi's SU7 Ultra has sold over 10,000 units within four months of its launch, with Q2 revenue from smart electric vehicles reaching 20.6 billion yuan, a year-on-year increase of 230.3% [2] - The gross margin for the smart electric vehicle segment improved from 15.4% in the previous year to 26.4% [2] - Despite significant investments exceeding 30 billion yuan in innovative businesses from 2022 to the first half of 2025, the new business segment still reported substantial losses, although Q2 losses narrowed to 300 million yuan [2] - In the home appliance sector, Xiaomi experienced both volume and price increases, with revenue from major appliances growing by 66% and air conditioning average selling price (ASP) increasing by approximately 10% [2]

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]