Core Viewpoint - Xiaomi's globalization strategy has evolved significantly since its initial foray into Southeast Asia in 2014, with plans to open 10,000 Xiaomi stores overseas in the next five years and launch its automotive business in Europe by 2027, aiming for a comprehensive "human-vehicle-home ecosystem" globally [1][10]. Group 1: Global Expansion Journey - Xiaomi's international journey began in 2014 with its entry into Southeast Asia, followed by successful market penetration in India, where it utilized local e-commerce partnerships to drive sales [2]. - By 2017, Xiaomi had established its presence in Western Europe, becoming one of the top three smartphone brands in the region within a few years [3]. - As of Q2 2025, Xiaomi held a global smartphone market share of 14.7%, ranking among the top three for 20 consecutive quarters, with significant market shares in Southeast Asia, Europe, and Latin America [3]. Group 2: Brand Positioning and Marketing - Initially, Xiaomi's brand positioning overseas mirrored its domestic strategy, focusing on high cost-performance products while appealing to younger consumers through online marketing [3][4]. - The company has successfully transitioned to a high-end market strategy, exemplified by the launch of the Xiaomi 15 Ultra at a starting price of €1499, which achieved a 58% increase in sales compared to its predecessor [5][10]. Group 3: Channel Development and Retail Strategy - Xiaomi employs a dual-channel strategy for overseas expansion, leveraging e-commerce partnerships while also establishing relationships with local telecom operators and retailers [6]. - The company has initiated its new retail strategy abroad, aiming to open 10,000 Xiaomi stores globally within five years, enhancing operational efficiency and data accuracy [6][10]. Group 4: Challenges and Management - Xiaomi faces various challenges in international markets, including cultural and regulatory differences, necessitating a robust management system to navigate complexities [7]. - The company has focused on internal management improvements following a downturn in global business, emphasizing the need for a unique management system tailored to its diverse operations [7]. Group 5: Competitive Landscape and Supply Chain - The global smartphone market is dominated by three main players: Apple, Samsung, and Xiaomi, with Xiaomi's user-centric approach fostering a strong customer base [8]. - Xiaomi's supply chain advantages stem from China's advanced manufacturing capabilities, allowing the company to replicate successful supply chain management practices across new product lines, including its automotive venture [9].

长江商报消息 ●长江商报记者 沈右荣 又是史上最强财报！小米集团（01810.HK，以下简称"小米"）最新发布的财报引发市场高度关注。 8月19日晚间，小米公布的2025年二季度及中期业绩显示，二季度，公司实现营业收入1159.56亿元，同比增长 30.45%，营业收入连续三个季度超过千亿元；公司实现经调整净利润108.31亿元，同比增长75.4%，连续两个季度 超过百亿。 小米的主要业务包括手机、汽车、家电三部分。二季度，小米手机出货量4240万台，连续8个季度同比增长，连续 20个季度排名全球前三。IoT与生活消费产品收入387亿元，也创历史新高，主要是智能大家电收入大幅增长。 备受关注的是小米汽车，二季度交付8.13万台。截至7月10日，小米汽车累计交付超30万台。 小米总裁卢伟冰发微博表示，汽车业务二季度亏损收窄至3亿元，预计下半年开始盈利，2027年出海目标不变。 小米继续加大研发力度。2025年二季度，小米研发投入78亿元，同比增长约41%。截至2025年6月底，公司研发人 员约2.26万人。 季度营收净利连创新高 小米又取得了创新高的经营业绩。 整体来看，2025年上半年，小米实现的营业收入为2 ...

Core Viewpoint - Xiaomi Group reported strong financial results for Q2 2025, with total revenue reaching 1160 billion RMB, a year-on-year increase of 30.5%, and net profit of 119 billion RMB, up 134.2% [2][4]. Financial Performance - Total revenue for Q2 2025 was 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [5]. - Gross profit reached 26,101.0 million RMB, up 41.9% year-on-year [5]. - Adjusted net profit was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in Q2 2024 [5]. Business Segments - The smartphone segment saw a 27.6% share of high-end smartphone sales in mainland China, a 5.5% increase year-on-year, with significant market share gains in the 4000-5000 RMB and 5000-6000 RMB price segments [5][7]. - The automotive segment reported revenue exceeding 200 billion RMB, with Q2 deliveries reaching 81,302 units, totaling over 300,000 units delivered by July 10 [7][8]. - The IoT and consumer products segment generated 387 billion RMB in revenue, a 44.7% increase, with smart home appliances growing by 66.2% [8]. R&D and Future Strategy - R&D investment in Q2 reached 78 billion RMB, a 41.2% increase, with an expected total investment of 300 billion RMB for the year [8]. - Xiaomi plans to open 1,000 new stores annually overseas, aiming for 10,000 stores in five years, enhancing its retail strategy [9].

Core Insights - Xiaomi Group reported a total revenue of 116 billion RMB for Q2 2025, marking a year-on-year increase of 30.5%, and net profit reached 11.9 billion RMB, up 134.2% [2][5] - The company achieved historical highs in multiple metrics, including core and innovative business revenues, with operating income growing over 30% for five consecutive quarters [5] Revenue Breakdown - Revenue for Q2 2025 was 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [8] - Gross profit reached 26,101.0 million RMB, up 41.9% year-on-year, while operating profit surged 128.2% to 13,436.7 million RMB [8] Business Segments Performance - In the smartphone segment, Xiaomi's high-end smartphone sales accounted for 27.6% of total sales in mainland China, a 5.5% increase year-on-year, with significant market share gains in the 4000-5000 RMB and 5000-6000 RMB price segments [10][12] - The automotive division reported revenue exceeding 20 billion RMB, with Q2 deliveries reaching 81,302 units, bringing total deliveries to over 300,000 units as of July 10 [10][12] Home Appliances and R&D - The IoT and lifestyle products segment generated 387 billion RMB in revenue, a 44.7% increase, with smart home appliances growing by 66.2% [12] - R&D investment for Q2 reached 78 billion RMB, a 41.2% increase, with an expected total investment of 300 billion RMB for the year [12] Retail Strategy - Xiaomi plans to expand its retail presence, aiming for 30,000 stores in China and 1,000 overseas stores annually, with a long-term goal of establishing 10,000 overseas Xiaomi stores within five years [13][14]

机构：长江证券 研究员：陈亮/杨洋/高伊楠 小米家电：战略升级 ，规模突破小米集团以MIUI 系统为起点，历经十余年发展构建"人车家"生态闭 环，而家电产品作为"家"生态的核心业务，近年来实现较好发展，对应2020-2024 年智能大家电业务收 入CAGR 高达48.8%。凭借较强的自研能力与生态链布局，公司当前已基本实现家电全品类覆盖，其中 白电与黑电以小米自主开发为主，其余品类基本采取生态链模式。我们认为，无论是从顶层战略、组织 架构或具体打法出发，家电业务已成为公司重要战略组成部分。 外因：差异定位，顺势卡位 面对国内家电行业长期固化的竞争格局，我们认为小米之所以能够快速取得突破，消费环境偏谨慎以及 龙头策略转向是两个重要的客观因素。一方面，近几年外部环境相对偏弱，更多消费者开始选择高性价 比供给，小米目标客群快速扩张，带动其市场份额快速提升。另一方面，头部企业近年来更加注重盈利 质量，前者价格的向上偏离释放了较好的生态位红利，同时使小米的性价比优势进一步凸显。 内因：生态助力，创新突围 外部环境利好性价比品牌是一方面，但无论是较快的份额提升节奏，还是高端化战略的短期顺利落地， 都表明小米家电的竞争力正 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - On June 26, the company held an ecosystem conference where it launched the AI glasses and officially released its long-awaited SUV, Yu7, marking a significant milestone in its strategy for the home-vehicle ecosystem [2][4]. - The AI glasses feature a dual-core architecture with Qualcomm AR1 and a low-power Bluetooth audio processor, significantly enhancing battery life. They support various functions including smart device control and video calls on popular apps, with a starting price of 1999 yuan [8]. - The company is advancing its high-end home appliance strategy, achieving notable market share increases in air conditioners, refrigerators, and washing machines, with online market shares of 14.4%, 9.3%, and 7.8% respectively, showing year-on-year increases [8]. - The Yu7 SUV, launched at prices ranging from 253,500 to 329,900 yuan, boasts impressive specifications including a 0-100 km/h acceleration in 2.98 seconds and a maximum range of 835 km, positioning it competitively in the electric SUV market [8]. Summary by Sections AI Glasses - The AI glasses are designed for the next generation of personal smart devices, weighing only 40g and available in various color options. They are expected to create a significant impact in the market, similar to the "iPhone moment" for smartphones [8]. Home Appliances - The company is pushing its high-end strategy forward, with significant upgrades in performance and pricing for new home appliance products. The average prices for air conditioners, refrigerators, and washing machines have increased by 16.3%, 20.0%, and 24.1% respectively compared to the previous year [8]. Yu7 SUV - The Yu7 SUV is positioned as a high-performance electric vehicle with advanced technology features, including a comprehensive suite of sensors and a high-quality interior designed to meet consumer demands. The vehicle is set to begin deliveries in July, entering a strong product cycle for the company [8].

Core Insights - Xiaomi Group reported record high revenue and net profit for Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%, and net profit of 108.93 billion yuan, up 161% [2][5][6] Financial Performance - The company achieved a quarterly revenue exceeding 1100 billion yuan and net profit surpassing 100 billion yuan for the first time in its history [3][5] - Q1 revenue of 1112.93 billion yuan represents a 2.1% increase from the previous quarter's revenue of 1090.05 billion yuan [5] - The adjusted net profit for Q1 was 106.76 billion yuan, marking a 64.5% year-on-year increase and a 28.4% quarter-on-quarter increase [6] Business Segments - Xiaomi's smartphone segment saw global shipments of 41.8 million units, maintaining a market share of 14.1%, ranking among the top three globally for 19 consecutive quarters [3][7] - The AIoT and consumer electronics segment generated revenue of 927 billion yuan, a 22.8% increase year-on-year, while the smart electric vehicle and AI segment contributed 186 billion yuan [6][11] R&D Investment - The company invested 67.12 billion yuan in R&D during Q1, a 30% increase year-on-year, with R&D personnel accounting for approximately 48% of total employees [3][12] - Xiaomi's cumulative R&D investment from 2021 to 2024 has shown a consistent increase, with plans to invest 200 billion yuan over the next five years [13] Product Development - Xiaomi launched its first self-developed flagship processor, the Xuanjie O1, in May [4] - The company reported a significant increase in high-end smartphone sales, with a 25% share in the high-end market segment in mainland China [8][9] Automotive Business - The smart electric vehicle segment delivered 75,869 units in Q1, with an annual target of 350,000 units [10][11] - The automotive segment reported a revenue of 181 billion yuan, with a gross margin of 23.2%, although it incurred an operating loss of 5 billion yuan [11]

长江网记者 李沁雪 "每一款小米大家电进入实验中心后，需要经过性能、噪音、可靠性、智能程序检测等多个环节的测试，才能完成预研或试产。"岳震告诉大家。 "47间实验室覆盖空调、冰箱、洗衣机的性能测试与用户场景模拟，没想到一台小米家电到我手中要经过这么多'极限挑战'"。2月27日，"青春华章·我们的回 答"网络大思政课——2025全国大学生社会实践团走进小米武汉科技园，武汉大学遥感信息工程学院2021级遥感科学与技术专业本科生姚恬乐在小米智能家 电实验中心连连感叹。 "青春华章我们的回答"网络大思政课·2025全国大学生社会实践团湖北行走进小米武汉科技园的小米智能家电实验中心。王筝 摄 走进小米智能家电实验中心一楼，有一套80平方米的两室一厅，屋外的草坪上此刻铺满了雪。小米空调测试工程师岳震介绍："这是空调模拟舒适性实验 室，用以测量立体空间内的温度和风场的分布。在这个实验室内部，布置了超1300个温度传感器，以此来模拟在实际家装环境当中的情况。" "这是什么设计？""在这个房间内说话，声音都弱化了。"在空调噪声实验室内，特别的墙壁设计吸引了社会实践团成员的注意力，岳震告诉大家，这种墙壁 采用的是消声结构，可以吸 ...

Core Viewpoint - The article discusses the relationship between Xiaomi's stock performance and consumer purchasing behavior, particularly in relation to the newly launched SU7 Ultra vehicle, highlighting how shareholders are reinvesting their stock gains into Xiaomi products [1][2][22]. Group 1: Stock Performance and Consumer Behavior - Xiaomi shareholders are using profits from stock investments to purchase new products, including the SU7 Ultra, indicating a strong connection between stock performance and consumer spending [2][5][19]. - A group of Xiaomi shareholders has formed, sharing their experiences of using stock gains to buy Xiaomi products, which has created a new element in Xiaomi's ecosystem [3][4][12]. - The stock price of Xiaomi surged following the announcement of the SU7 Ultra, with shareholders expressing confidence in the vehicle's sales potential [5][22]. Group 2: Individual Shareholder Experiences - One shareholder, Tom, bought Xiaomi stock at a low price and has seen significant returns, allowing him to purchase a SU7 Ultra [7][9][11]. - Another shareholder, known as Tian Tian, opted to invest her funds in Xiaomi stock instead of purchasing a car, resulting in substantial gains that enabled her to buy a more expensive model later [14][15]. - Fish, another investor, plans to buy a Xiaomi vehicle based on her stock performance, demonstrating the direct link between stock investment and product purchases [20][21]. Group 3: Market Sentiment and Future Expectations - Shareholders express optimism about Xiaomi's future stock performance, with some predicting significant price increases that would allow for further purchases of Xiaomi products [23][24]. - The article notes a shift in consumer sentiment, where the success of Xiaomi's stock is influencing purchasing decisions, creating a cycle of investment and consumption [21][25]. - The perception of Xiaomi's business model, characterized by high-quality and affordable products, is driving shareholder confidence and product loyalty [25][26].