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]

Group 1 - Xiaomi recently launched the MIX Flip 2 foldable phone, which is powered by the Snapdragon 8 Gen 2 processor instead of the self-developed玄戒O1 chip, with a starting price of 5999 yuan [1] - Xiaomi's official response to the absence of the玄戒O1 chip in the MIX Flip 2 indicated that the chip was primarily for technical validation and the initial production plan was limited, unable to meet the mass production needs of the foldable product [1] - The玄戒O1 chip is currently only used in a few products, including the Xiaomi 15S Pro and Xiaomi Pad 7 series [1] Group 2 - In Q2 2025, Xiaomi (including REDMI) achieved an activation volume of 11.42 million units, leading the Chinese smartphone market with a market share of 16.63%, representing a year-on-year growth of 7.39% [3] - Vivo (including iQOO) followed closely with an activation volume of 11.24 million units and a market share of 16.37%, but experienced a year-on-year decline of 5.95% [3] - OPPO (including OnePlus and realme) ranked third with 11.17 million units activated and a market share of 16.27%, showing a year-on-year growth rate of 10.48% [3] - Huawei and Apple ranked fourth and fifth, respectively, with activation volumes of 11.04 million and 11.04 million units, both holding a market share of 16.08%, with year-on-year growth rates of 10.96% and 8.46% [3] - There are reports of progress in Xiaomi's next-generation self-developed baseband, but uncertainty remains regarding whether the玄戒O2 will utilize the self-developed baseband [3]

Group 1: Core Products and Innovations - Xiaomi held a comprehensive ecosystem launch event on June 26, 2025, introducing its first SUV, Xiaomi YU7, along with Xiaomi AI glasses and the foldable flagship phone Xiaomi MIXFlip2 [1] - The Xiaomi YU7 features high performance and cost-effectiveness, with a CLTC range of 835 km, an 800V high-voltage platform, and a 96.3 kWh battery, achieving a top speed of 240 km/h [1] - The Xiaomi AI glasses are equipped with a 12 million pixel ultra-wide-angle lens and support various functionalities, including first-person camera and video calls, while boasting a battery capacity 64% higher than similar products from Meta [2] Group 2: Market Performance and Sales - The Xiaomi YU7 has shown strong sales momentum, with over 289,000 pre-orders within the first hour of launch, significantly surpassing the 88,898 pre-orders for the Xiaomi SU7 in its first 24 hours [1] - The pricing strategy for the Xiaomi YU7 maintains a competitive edge, with the standard version priced at 253,500 RMB, lower than the comparable Model Y [1] Group 3: Future Growth and Financial Projections - Xiaomi continues to strengthen its ecosystem with new products across various categories, including smartphones, tablets, wearables, and home appliances, indicating a broadening of its product portfolio [3] - The company forecasts earnings per share of 1.35, 1.82, and 2.27 RMB for 2025-2027, maintaining a target price of 75.95 HKD based on a 38x PE valuation for 2026 [3]

Core Insights - Xiaomi has opened three new automotive experience stores in Hunan, including the Xiaomi Home store in Changsha, to boost consumer engagement and sales [1][5][7] - The launch of the YU7 model has generated significant interest, with a surge in test drive appointments through the Xiaomi automotive app, indicating strong consumer demand [2][3][5] Group 1: Store Openings and Consumer Engagement - The new stores include the Xiaomi Home store in Changsha, Shaoyang, and Xiangtan, all designed as integrated locations for 3C digital products, automobiles, and smart home devices [5][7] - The Changsha store saw a large influx of customers on opening day, with many waiting to test drive the YU7 model, showcasing high consumer interest [2][3] - The test drive appointments for the YU7 have filled up quickly, with weekends fully booked and limited availability during weekdays [3] Group 2: Product Offerings - The new stores feature a range of products, including the YU7 and SU7 electric vehicles, as well as various digital devices like smartphones, tablets, and home appliances [5][6] - The recent product launch event on June 26 introduced several new items, including the YU7, MIX Flip 2 smartphone, and the Pad 7S Pro, which are now available for hands-on experience in the stores [5][6] Group 3: Expansion Strategy - Xiaomi has established a total of 10 stores in Hunan, with 8 being integrated stores, indicating a strategic focus on expanding its automotive presence in the region [7] - The opening of these new experience stores fills gaps in the market, particularly in the Changsha North area, enhancing Xiaomi's accessibility to consumers [7]

Core Insights - The recent Xiaomi launch event showcased a wide range of products, indicating the company's ambition to expand beyond just smartphones into a comprehensive ecosystem of devices [1][14] - Xiaomi's new YU 7 SUV is priced at 253,500 RMB, undercutting Tesla's Model Y by 10,000 RMB, suggesting aggressive competition in the electric vehicle market [3] - The MIX Flip 2 features advanced technology, including a Snapdragon 8 Gen 2 processor and a foldable design that can withstand 72,000 folds, highlighting Xiaomi's focus on innovation in the smartphone sector [5] - The Xiaomi Pad 7S Pro and Redmi K80 Supreme Edition were also introduced, emphasizing high performance and competitive pricing, with the Pad starting at 3,299 RMB and the K80 at 2,599 RMB [7] - The launch included various smart home devices and wearables, reinforcing Xiaomi's strategy of creating an interconnected ecosystem for consumers [13] Product Highlights - The YU 7 SUV offers three variants with prices ranging from 253,500 RMB to 329,900 RMB, featuring impressive specifications such as a 0-100 km/h acceleration in 3.23 seconds and a top speed of 253 km/h [3] - The MIX Flip 2 starts at 5,999 RMB and includes a 50 MP main camera with Leica optics, showcasing Xiaomi's commitment to high-quality imaging in its devices [5] - The Xiaomi Pad 7S Pro boasts a 10,610 mAh battery and supports 120W fast charging, positioning it as a powerful option for mobile productivity [7] - The K Pad, priced at 2,799 RMB, is highlighted as a compact yet powerful tablet, catering to users seeking performance in a smaller form factor [9] - The AI glasses, priced at 1,999 RMB, serve as a multifunctional device, integrating AI capabilities and appealing to tech-savvy consumers [12] Market Positioning - Xiaomi's strategy appears to be a direct challenge to competitors like Apple and Tesla, as evidenced by the aggressive pricing and feature-rich offerings across multiple product categories [1][14] - The company's focus on creating a "human-vehicle-home" ecosystem suggests a long-term vision to dominate the smart device market [13] - The diverse product lineup, including home appliances and wearables, indicates Xiaomi's intent to capture a larger share of the consumer electronics market [1][14]

Core Insights - Xiaomi's new tablet, the Pad 7S Pro, is now available for purchase starting at 3299 yuan [1] - The device features the advanced O13nm chip, a 12.5-inch high-definition display, a 10610mAh battery, and supports 120W fast charging [1] Product Specifications - The Pad 7S Pro is equipped with a 12.5-inch high-definition screen [1] - It includes a large 10610mAh battery [1] - The tablet supports 120W fast charging technology [1] - The device is powered by the O13nm chip, indicating a focus on performance and efficiency [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 5.286 billion on June 26, with notable purchases in SMIC (HKD 896 million), Innovent Biologics (HKD 675 million), and China Construction Bank (HKD 582 million) [1] - Tencent Holdings experienced a net sell-off of HKD 571 million, marking a continuous net sell for 20 days totaling HKD 20.79862 billion [3] - China Construction Bank has seen a net buy for 12 consecutive days, accumulating HKD 8.02139 billion [3] Group 2 - Innovent Biologics plans to place 55 million shares at a price of HKD 78.36 per share, raising approximately HKD 4.265 billion, with 90% allocated for global R&D and 10% for daily operations [4] - Hong Kong Tourism Board reported a 20% year-on-year increase in visitor numbers in May, with mainland visitors rising by 19% [4] - Alibaba Group announced a strategic shift towards a one-stop asset service platform, focusing on AI product upgrades and service system enhancements [4] Group 3 - Xiaomi Group is set to launch its first SUV, the Xiaomi YU7, along with other products, with expectations of significant revenue growth in the coming years [5] - Rongchang Biologics has licensed its proprietary drug to Vor Bio, receiving an upfront payment of USD 125 million and potential milestone payments up to USD 4.105 billion [5]

Group 1 - The National Development and Reform Commission (NDRC) will hold a press conference on June 26 to discuss key work in the business sector [4] - The Shanghai Marine Industry Development Plan (2025-2035) draft aims to build a world-class shipbuilding and marine engineering equipment industry cluster, targeting an industry added value exceeding 45 billion by 2030 [4] - Shenzhen's Commerce Bureau has issued measures to promote high-quality service consumption, including expanding foreign investment in biotechnology and healthcare sectors [4] Group 2 - President Trump expressed hope that China would purchase a significant amount of U.S. crude oil, while the White House clarified that sanctions on Iran remain unchanged [5] - Nvidia's stock rose over 4%, reaching a market capitalization of $3.77 trillion, making it the highest-valued company globally [6] - Xiaomi announced the launch of its next-generation personal smart device, the Xiaomi AI glasses, along with the pricing of the Xiaomi YU7 on June 26 [8] Group 3 - Guotai Junan International's wholly-owned subsidiary has been approved to provide virtual asset trading services [9] - Nord shares have seen a seven-day consecutive rise, with revenue from copper foil business in solid-state batteries accounting for less than 1% of total revenue [10] - Jida Zhengyuan reported normal operating conditions with no significant changes in the internal and external business environment [11] Group 4 - Tianji Technology's subsidiary has obtained patents related to lithium sulfide, and the company is advancing its industrialization [12] - Tianli Technology reported no significant changes in its operating conditions or business environment [13] - Xiangtan Electric's subsidiary is collaborating with solid-state battery companies on research and development, but has not yet generated revenue [14] Group 5 - Hailian Jinhui reported normal operating conditions with no undisclosed significant matters [15] - Funi Co., Ltd. plans to increase its shareholding in the company by 100 million to 200 million [16] - Jianghe Group's subsidiary signed a subcontract for a project in Saudi Arabia worth approximately 2.012 billion [16] Group 6 - The brain-computer interface industry is accelerating, with multiple technological breakthroughs and strong policy and capital support [18] - The global weight loss sector is rapidly developing, with several important directions emerging, such as long-acting formulations and multi-target molecules [19]

6月25日，小米通过微博官宣，将于6月26日晚7时发布"面向下一代的个人智能设备"——小米AI眼 镜。 国投证券近日发布研报称，AI眼镜是AI大模型的最佳应用载体之一。AI眼镜在传统眼镜基础上搭载了 人工智能技术，可集成相机、蓝牙耳机、AR等多重设备或功能。AI眼镜占据人体唯一无接触多模态 （视觉+听觉+语言）交互入口，为AI大模型落地移动终端硬件的绝佳载体。 国投证券认为AI眼镜有望快速普及，且具备成为下一代移动终端潜力。眼镜为高频日用品，消费者较 易接受每日长时间佩戴，AI眼镜凭借轻量、美观时尚、亲民价格、AI大模型交互赋能，以及所需技术 已初步成熟，有望较快迭代出达普及水平的产品。其一体集成相机、蓝牙耳机等高渗透率品类功能，适 配工作、娱乐高频场景，存在刚需，具备快速普及潜力。同时，AI+AR的终极形态有望成为继智能手 机下一代移动智能终端。 值得一提的是，早在6月23日，雷军在已经发微博预热了。雷军称，小米YU7将于6月26日（本周四）晚 7时正式发布。同场发布的新品还有：小折叠手机Xiaomi Flip2、搭载玄戒O1旗舰芯片的小米平板7S Pro、以及一款"面向下一个时代的个人智能设备"等等。 Q ...

明晚见。 6月25日，小米通过微博官宣，将于6月26日晚7时发布"面向下一代的个人智能设备"——小米AI眼镜。 国投证券近日发布研报称，AI眼镜是AI大模型的最佳应用载体之一。AI眼镜在传统眼镜基础上搭载了人工智 能技术，可集成相机、蓝牙耳机、AR等多重设备或功能。AI眼镜占据人体唯一无接触多模态（视觉+听觉+语 言）交互入口，为AI大模型落地移动终端硬件的绝佳载体。 国投证券认为AI眼镜有望快速普及，且具备成为下一代移动终端潜力。眼镜为高频日用品，消费者较易接受 每日长时间佩戴，AI眼镜凭借轻量、美观时尚、亲民价格、AI大模型交互赋能，以及所需技术已初步成熟， 有望较快迭代出达普及水平的产品。其一体集成相机、蓝牙耳机等高渗透率品类功能，适配工作、娱乐高频场 景，存在刚需，具备快速普及潜力。同时，AI+AR的终极形态有望成为继智能手机下一代移动智能终端。 值得一提的是，早在6月23日，雷军在已经发微博预热了。雷军称，小米YU7将于6月26日（本周四）晚7时正 式发布。同场发布的新品还有：小折叠手机Xiaomi Flip2、搭载玄戒O1旗舰芯片的小米平板7S Pro、以及一 款"面向下一个时代的个人智能设备"等 ...