以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 小米当前最重要的是完成全年 35 万辆的交付目标。 文 丨 曾兴 编辑 丨 龚方毅 8 月 19 日，小米集团公布了 2025 年第二季度财报。在汽车业务的强劲拉动下，集团总收入达 1160 亿元，连续五个季度创新高；经调整净利润 108 亿元，同比增长 75.4%。其中，汽车业务的表现超出 了最乐观的预期，销量、平均售价和毛利率同时跃升。 当季小米交付 8.1 万辆新车，汽车营收约 206 亿元、已占集团总收入近两成。随着高配车型（如 SU7 Ultra）交付增加，单车均价（不含税）环比提升 1.6 万元至 25.4 万元；季度毛利率在全行业深陷价格 战时依然上升到 26.4%。 不过，业绩会上分析师没有问、管理层也没有主动释放产能信息。倒是股票社区富途里小米港股评论 区一直有人在刷评论问二期工厂什么时候投产。 从零到月产 3 万辆，对于任何新工厂都是巨大的挑战。销售、交付、售后服务体系的超高速扩张，必 然带来管理的挑战和效率的损耗。单店效率、人员复用率在初期都难以达到最优。这 ...

小米当前最重要的是完成全年 35 万辆的交付目标。 文 丨 曾兴 编辑 丨 龚方毅 8 月 19 日，小米集团公布了 2025 年第二季度财报。在汽车业务的强劲拉动下，集团总收入达 1160 亿元，连续五个季度创新高；经调整净利润 108 亿元，同比增长 75.4%。其中，汽车业务的表现超出 了最乐观的预期，销量、平均售价和毛利率同时跃升。 当季小米交付 8.1 万辆新车，汽车营收约 206 亿元、已占集团总收入近两成。随着高配车型（如 SU7 Ultra）交付增加，单车均价（不含税）环比提升 1.6 万元至 25.4 万元；季度毛利率在全行业深陷价格 战时依然上升到 26.4%。 据我们一线走访和交流，随着初期流量高峰过去，部分小米汽车门店的自然客流正在下降，到店者多 为已锁单用户。"店里 20+ 销售，周一到周五简直就是守寡式站岗。" 一位销售人员形容道。还有的销 售说店内客户关系维护和交付工作量巨大，但收入增长有限，"爆卖跟自己没关系"。准车主也抱怨服 务能力的滞后："我都熬走了 2 个交付了，车还没拿到。" 截至 6 月底，小米在国内开了 335 家汽车销售门店。卢伟冰在业绩会前的媒体沟通会上表示，国 ...

Core Insights - Xiaomi Group reported a record high revenue of 115.96 billion RMB for Q2, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.83 billion RMB, up 75.4% [1][2] - The company achieved an operating profit of 13.44 billion RMB, exceeding the forecast of 10.43 billion RMB, with R&D spending reaching 7.76 billion RMB, a 41.2% increase [1][2] Revenue Breakdown - Revenue from the smartphone and AIoT segment was 94.7 billion RMB, a 14.8% increase, with a gross margin of 21.6% [2] - Smartphone revenue was 45.5 billion RMB, with a slight increase in shipment volume to 42.4 million units, but a 2.1% decline in revenue due to a drop in average selling price (ASP) [2][3] Market Performance - Xiaomi maintained its position as the top smartphone vendor in China with a market share of 16.8% and 11.5% gross margin in the smartphone segment [3] - Internationally, Xiaomi's smartphone shipments have seen growth for eight consecutive quarters, ranking in the top three in 60 countries and regions [3] Other Business Segments - IoT and lifestyle products generated 38.7 billion RMB in revenue, a 44.7% increase, with a gross margin of 22.5% [4] - Internet services revenue grew to 9.1 billion RMB, a 10.1% increase, although gross margin slightly decreased to 75.4% [4] Innovative Business Growth - Revenue from the smart electric vehicle and AI segment reached 21.3 billion RMB, a staggering 233.9% increase, with the automotive business contributing 20.6 billion RMB [4][5] - The electric vehicle segment delivered 81,300 units, a 197.7% increase year-on-year, although it still reported a loss of 300 million RMB [5]

Core Viewpoint - The Chinese new energy vehicle (NEV) industry has transformed from "cost-performance" to "technology benchmark" since the "14th Five-Year Plan," marking its rise as a national strategic pillar industry [1]. Group 1: Achievements in Performance - The Xiaomi Automotive's production version SU7 Ultra set a new record at the Nürburgring Nordschleife with a lap time of 7 minutes 04.957 seconds, breaking the previous record held by European and American brands for seven years [3]. - The achievement at the Nürburgring reflects the outstanding technical capabilities of China's electric vehicle sector and showcases the accomplishments of the Chinese automotive industry on the international stage [3]. Group 2: Technical Challenges of the Nürburgring - The Nürburgring is renowned for its challenging 20.832-kilometer track, featuring over 177 turns and a height difference of 300 meters, which demands high levels of driving skill and vehicle performance [5]. - The track serves as a benchmark for speed, technology, and courage, making it a critical testing ground for automotive companies aiming to develop high-performance and high-safety vehicles [7]. Group 3: Engineering and Innovation - The record-breaking performance is a result of extensive testing and meticulous optimization of vehicle components, supported by a strong engineering team and technological capabilities [9]. - The success of Chinese NEVs at the Nürburgring signifies a shift from "electrification popularization" to "high performance + intelligence," indicating a transition of the Chinese automotive industry from "following" to "leading" [9]. Group 4: Future Outlook - To transition from a major automotive nation to a strong automotive power, China must focus on independent technological innovation while maintaining supply chain advantages and product competitiveness [11]. - In 2024, China's NEV annual production and sales are expected to exceed ten million units, maintaining its position as the global leader for ten consecutive years [11].

Core Viewpoint - The article discusses the significance of turning 35 in the automotive industry, highlighting both the challenges and opportunities that come with this age milestone, particularly in relation to talent acquisition and industry evolution [4][7][22]. Group 1: The 35-Year Milestone in Careers - The age of 35 is often seen as a critical point in one's career, where individuals face increased responsibilities and pressures from both family and work [10][11]. - Many professionals, regardless of their position, struggle to balance family, career, and personal life after reaching this age [21][22]. - There is a perception that older candidates may be overlooked in favor of younger ones during the hiring process, despite their experience [21]. Group 2: Opportunities for Experienced Professionals - Contrary to common belief, the automotive industry does not uniformly impose a "35-year crisis"; in fact, many roles value experience and seniority [23][24]. - Positions such as automotive designers benefit significantly from experience, as demonstrated by renowned designers like Giorgetto Giugiaro, whose work has had a lasting impact on the industry [25][27]. - Experienced engineers, like Xiaomi's Hu Zhengnan, play a crucial role in guiding new ventures, leveraging their extensive backgrounds to avoid common pitfalls in vehicle development [30][31][33]. Group 3: Industry Evolution and Historical Context - The automotive industry has undergone significant transformations approximately every 35 years, reflecting broader economic cycles and technological advancements [66][67]. - Historical milestones, such as the introduction of the assembly line by Ford, drastically changed vehicle accessibility and societal structures [48][49]. - The current trend towards electrification and smart technology in vehicles indicates that the industry is on the brink of another major shift, expected to continue for at least the next five years [64][65]. Group 4: Strategic Moves by Companies - Great Wall Motors has initiated a targeted recruitment campaign for individuals over 35, recognizing the value of experienced talent in achieving high-quality development [36][38]. - The company's recent sales performance, including significant contributions from its premium brands, underscores the need for seasoned professionals to drive innovation and product development [39][41].

Core Viewpoint - The article discusses the intense competition and "involution" within the Chinese automotive industry, highlighting concerns about over-capitalization and the potential risks it poses to the industry's health. It emphasizes the need for high-quality development and technological innovation to avoid the pitfalls seen in other industries, such as smartphones [2][20]. Group 1: Industry Competition and Concerns - The atmosphere at the China Automotive Chongqing Forum was charged, with executives from various companies engaging in heated discussions about "involution," "technological safety," and "going global" [2]. - Geely's senior vice president criticized companies that take pride in excessive competition, warning that it could lead the automotive industry down a dangerous path [4]. - BYD's brand and public relations manager acknowledged the importance of mutual supervision among peers but also reserved the right to pursue legal action against unfair competition practices [6]. Group 2: Financial Analysis of BYD - BYD's asset-liability ratio stands at 74.54%, which raises concerns about financial stability; however, its interest-bearing debt is relatively low at 286 million, constituting only 5% of total liabilities [11][15]. - The article contrasts BYD's financial health with that of other major domestic automakers, showing that BYD's interest-bearing debt burden is lighter compared to competitors like SAIC and Geely [15]. - BYD's net cash ratio is 330%, indicating that cash received from car sales exceeds its earnings, which is a positive sign for its financial health [18]. Group 3: Lessons from Other Industries - The smartphone industry experienced a similar trend of intense competition, leading to a significant reduction in the number of viable brands, with only six major players remaining after a period of "involution" [30]. - The article suggests that the automotive industry must shift focus from quantity to quality and embrace long-term strategies for sustainable growth, as emphasized by Chery's chairman [32]. Group 4: Global Expansion and Future Outlook - BYD sold 4.27 million vehicles in 2023, marking a 41% increase, but still ranked fifth globally, indicating the need for further international expansion [48]. - The article highlights the importance of overseas sales for automotive giants, noting that successful companies in Japan and South Korea have thrived by tapping into global markets [50]. - China's automotive industry has seen significant growth in exports, with a 19.3% increase in 2024, and the average price per vehicle has risen from $14,500 in 2020 to $18,300 [53]. - The article concludes with a call for the industry to focus on quality and service in international markets, rather than engaging in price wars [60].

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show emphasizes a shift from traditional car exhibitions to a focus on technology and future mobility, showcasing 112 vehicle brands and 1,039 models [3][4] - The event aims to create an innovative ecosystem that integrates users, car manufacturers, tech companies, research institutions, and media, breaking the boundaries of conventional auto shows [4][5] - The show features a unique "Future Mobility Space Station" and various interactive zones, highlighting the transition of automobiles from mere transportation tools to lifestyle elements [3][4][9] Group 1: Event Overview - The auto show is held at the Shenzhen International Convention and Exhibition Center and is accompanied by the Future Automotive Pioneers Conference [1] - The theme "New A Show - Technology Alpha Auto Show" reflects a commitment to innovation and technology [4] - The event includes 50 new car launches and discussions on technological trends with industry experts [3][4] Group 2: Technological Focus - The show serves as a platform for showcasing advanced technologies such as AI, big data, and smart transportation, moving beyond just vehicle displays [10][11] - It aims to redefine the automotive industry by focusing on ecological definitions rather than just manufacturing [9][10] - The event highlights the importance of collaboration among various sectors, including chip manufacturers and software developers, to drive technological innovation [10][11] Group 3: Future Mobility - The auto show addresses future trends in mobility, including low-altitude economy initiatives, which are being pioneered in Shenzhen [11][12] - It features interactive demonstrations of integrated transportation solutions, showcasing the seamless connection between ground and aerial mobility [11][12] - The event aims to provide insights into consumer preferences and market opportunities for sustainable and innovative transportation solutions [12] Group 4: Industry Dialogue - The Future Automotive Pioneers Conference focuses on the competitive landscape of the automotive industry, emphasizing the need for ecological collaboration amid technological divergence [13][16] - Key industry leaders from traditional automakers and tech companies participate in discussions about the future of smart vehicles and the role of technology in shaping the industry [13][15] - The conference aims to establish strategic coordinates for the automotive industry, addressing challenges and opportunities in the evolving market [16]

Group 1 - Beijing's municipal government is focusing on enhancing the city's role as a national financial management center, emphasizing the need for reforms in the Beijing Stock Exchange to promote healthy and rapid development [2][3] - The People's Bank of China is committed to supporting Beijing's economic and financial high-quality development, aiming to create a favorable monetary environment and enhance the city's international influence in finance [2] - The China Securities Regulatory Commission plans to align capital market development with the needs of the capital city, focusing on supporting innovative small and medium enterprises and enhancing the multi-tiered market functions [3] Group 2 - The new mandatory national standard for light vehicle automatic emergency braking systems (AEBS) is set to replace the existing standard, expanding its applicability and requiring all passenger cars to be equipped with AEBS [11] - The revised regulations for major asset restructuring of listed companies aim to simplify approval processes and encourage mergers and acquisitions, enhancing market confidence and promoting high-quality development [12] - The National Financial Regulatory Administration has approved China Life Asset Management's participation in the third batch of long-term investment reform trials, focusing on stable, long-term investments in blue-chip companies [13]

Group 1 - Xiaomi's vice president refuted rumors that cancellations would lead to the collapse of Xiaomi Auto, stating that such claims are false [3] - The European Commission indicated that TikTok may have violated the Digital Services Act regarding advertising transparency, which could result in fines up to 6% of its global annual revenue if confirmed [4] - Jinmailang's chairman revealed that they produced 1.2 billion bottles of water for Wahaha in a year, highlighting their production capacity and efficiency [4] Group 2 - Xiaopeng Motors' CEO criticized competitors for offering triple salaries to poach talent, suggesting it stifles innovation, though his public relations team clarified he was not specifically targeting the automotive industry [6] - Pang Donglai announced its commitment to transparency, stating that all company information is available for legal scrutiny and that they will continue to share operational data with the public [8] - Pang Donglai's sales reached nearly 1 billion yuan in May, recovering from a previous website shutdown [12] Group 3 - OpenAI launched Codex, an AI agent focused on automating software development, which is currently available for select users on the ChatGPT platform [9] - Nissan denied reports about potential factory closures, labeling them as speculation without official basis [9] - Xiaomi's SU7 model faced complaints regarding design flaws, with experts noting manufacturing experience issues [10] Group 4 - Zeekr Technology reported a total revenue of 22 billion yuan for Q1 2025, with vehicle sales revenue of 19.1 billion yuan, marking a 16.1% year-on-year increase [18] - The Chinese film market saw a total box office of 26.6 billion yuan in the first five months of 2025, with a significant increase in domestic film revenue [26] - Green Tea Group's stock fell by 12.52% on its first day of trading, with a market capitalization of 4.236 billion HKD [21]

Group 1 - On May 16, Vice Premier Han Zheng met with Invesco's Chairman Wagner, emphasizing the broad common interests and cooperation potential between China and the US, and the recent substantial progress in economic and trade talks [2] - Han stated that China will accelerate capital market reforms tailored to its national conditions, while welcoming Invesco's continued cooperation in China [2] - Wagner expressed appreciation for China's development achievements and the positive outcomes of the US-China economic talks, committing to deepen engagement in the Chinese market [2] Group 2 - The US stock market saw all three major indices rise, with the Dow Jones up 0.78%, S&P 500 up 0.7%, and Nasdaq up 0.52%, marking weekly gains of 3.41%, 5.27%, and 7.15% respectively [3] - Major tech stocks mostly increased, with Nvidia rising over 16% this week, while Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index up 0.52% [3] - International oil prices strengthened, with WTI crude oil rising 1.28% to $61.93 per barrel, while gold prices fell, with spot gold down 1.16% to $3201.78 per ounce [3] Group 3 - The China Securities Regulatory Commission announced the implementation of revised regulations for major asset restructuring of listed companies, introducing several firsts such as simplified review processes and phased payment mechanisms [5] - The new regulations aim to boost market confidence and encourage mergers and acquisitions, facilitating high-quality development of listed companies [5] Group 4 - The Financial Regulatory Administration reported that by the end of Q1 2025, the total assets of China's banking sector reached 458.3 trillion yuan, a year-on-year increase of 6.7% [8] - The insurance sector's total assets reached 37.8 trillion yuan, growing by 5.4% from the beginning of the year, with property insurance companies increasing by 6.2% and life insurance companies by 4.8% [8] Group 5 - On May 16, Guizhou Moutai announced it had repurchased 2.6421 million shares, accounting for 0.2103% of its total share capital, with a total expenditure of 4.05 billion yuan [16] - CATL set its H-share offering price at 263 Hong Kong dollars per share, with plans to issue an additional 17.6841 million shares, reflecting strong market recognition of its future potential [15] Group 6 - BYD will be included in the Hang Seng Tech Index, which is expected to increase investor attention and potentially enhance the company's market performance [17] - China Life Asset Management has been approved to participate in the third batch of long-term investment reform pilots, aiming to invest in stable, high-quality companies to achieve sustainable investment returns [21]