文 | 道总有理 因销量问题，家电行业再次引发了一场口水战，只不过这次的主角成了格力与小米，争的是行业老二。 起因是有微博网友发文称，奥维云网更新了7月中国空调线上份额数据，小米已经超越格力，位居第 二。紧接着小米高管纷纷兴高采烈地转发，但格力对这一结果并不认同，随即下场反驳，称去奥维云网 查了下，格力仍然保持领先。 格力与小米的交锋由来已久，如今火药味愈浓，背后是小米在家电行业的搅局，正在带来越来越大的威 胁。今年夏天，东北空调需求激增，小米接到了"泼天的富贵"，销量暴涨20倍，而以空调为切口，小米 全面挺进家电市场的步伐似乎又加快了。尤其是近日小米一份堪称"炸裂"的财报，让家电巨头们不得不 重新审视这个跨界者。 趁着财报发布，卢伟冰也做出了回应，"一个月、一个季度的排名根本不重要，最重要的是长期的格局 会不会改变"。 小米在家电行业的短板显而易见：一是线下渠道，无法和拥有庞大经销商网络的传统家电品牌相抗衡； 二是依赖代工模式，难以构建技术优势，打破消费者对小米家电是"贴牌产品"的认知。 小米与家电巨头的较量才刚刚开始 当外界的关注点都集中在小米汽车，殊不知小米大家电业务也在奔跑。根据财报，第二季度，小米智 ...

因销量问题，家电行业再次引发了一场口水战，只不过这次的主角成了格力与小米，争的是行业老二。 起因是有微博网友发文称，奥维云网更新了7月中国空调线上份额数据，小米已经超越格力，位居第二。紧接着小米高管纷纷兴高采烈地转发，但格力对这 一结果并不认同，随即下场反驳，称去奥维云网查了下，格力仍然保持领先。 格力与小米的交锋由来已久，如今火药味愈浓，背后是小米在家电行业的搅局，正在带来越来越大的威胁。今年夏天，东北空调需求激增，小米接到了"泼 天的富贵"，销量暴涨20倍，而以空调为切口，小米全面挺进家电市场的步伐似乎又加快了。尤其是近日小米一份堪称"炸裂"的财报，让家电巨头们不得不 重新审视这个跨界者。 趁着财报发布，卢伟冰也做出了回应，"一个月、一个季度的排名根本不重要，最重要的是长期的格局会不会改变"。 小米与家电巨头的较量才刚刚开始 当外界的关注点都集中在小米汽车，殊不知小米大家电业务也在奔跑。根据财报，第二季度，小米智能大家电的收入同比增长66.2%，创历史新高。其中， 小米空调出货量超540万台，同比增长60%；冰箱出货超79万台，同比增长超25%；洗衣机出货超60万台，同比增长超45%。 在传统巨头把持着的 ...

0:00 尔?】 #小米格力交锋# 小米、格力隔空互怼，最"受伤"的是周云杰？近日，小米和格力这对"老冤家"又 一次上演"隔空互怼"大戏，让网友直呼过瘾。事情起因是，奥维云网发布了7月份空调销售数据，有网 友该数据称，小米空调7月线上份额反超格力，并带上"小米空调线上销量超越格力"的话题。随后，小 米公关部总经理王化、小米总裁卢伟冰相继转发推文并表态。然而，格力市场总监朱磊很快发文反驳， 他同样引用奥维云网数据，表示格力仍保持领先。正如商场上经常上演的故事——"老大和老二打架， 结果老三没了"，在格力和小米""的过程中，一直默默观战的海尔反而是最受伤的那个。有媒体近日梳 理发现，早在2024年7月，小米就曾以12%的全渠道份额，超越了"长期排名行业第三"的海尔。8月20 日，雷达财经查阅奥维云网数据发现，今年以来，截止到8月17日，小米空调凭借15.07%线上市占率， 已经坐稳了线上市占率第三的位置。而海尔市占率为7%，仅仅排名第五。排在它前面的是美的子品牌 华凌空调。一边是从上世纪八十年代就进军空调业的老玩家，一边是2015年才开始与美的合作做空调的 行业新手。然而，后者的来势汹汹，却已经令前者在多个领域感 ...

Core Viewpoint - Xiaomi Group reported strong Q2 results, with significant revenue and profit growth despite market challenges [1][2][3] Financial Performance - Q2 total revenue reached 1159.56 billion RMB, a year-on-year increase of 30.5% [1] - Adjusted net profit for Q2 was 108 billion RMB, up 75.4% year-on-year [1] - For the first half of the year, total revenue was 2272.49 billion RMB, growing 38.2% year-on-year, with adjusted net profit of 215.06 billion RMB, a 69.8% increase [1] Business Segments - Smartphone revenue in Q2 was 455 billion RMB, accounting for 39.3% of total revenue, with global smartphone shipments of 42.4 million units, a 0.6% year-on-year increase [1][2] - IoT and lifestyle products revenue reached 387 billion RMB, a 44.7% year-on-year increase, with a gross margin of 22.5% [3][4] - Smart home appliances saw a revenue increase of 66.2%, with air conditioner shipments exceeding 5.4 million units, a 60% year-on-year rise [4] Market Position - Xiaomi ranked first in Southeast Asia with a market share of 18.9% and second in Europe with a 23.4% market share [2] - In the high-end smartphone segment in mainland China, Xiaomi's sales accounted for 27.6%, a 5.5 percentage point increase year-on-year [2] Automotive Business - Revenue from the smart electric vehicle and AI innovation segment was 213 billion RMB, with automotive revenue at 206 billion RMB [5] - Operating loss for the automotive segment was reduced to 3 billion RMB from 11.2 billion RMB year-on-year [6] - In Q2, Xiaomi delivered 81,302 vehicles, a 7.16% increase from the previous quarter [6][7] Future Outlook - Xiaomi aims to achieve profitability in its automotive business in the second half of the year, with expectations of surpassing competitors in the electric vehicle market [7][8] - The company plans to continue its transformation focusing on technology, brand enhancement, global market expansion, and ecosystem development [8]

在家电行业，小米智能大家电在行业价格战的背景下实现ASP逆势增长，进一步推动产品结构改善。据 奥维云网数据，小米是上半年线上空调市场前十品牌中，唯一实现量价齐升的品牌。 8月19日晚，小米集团发布史上最强财报。2025年第二季度，公司多项核心指标创历史新高：营收1160 亿元，同比增长30.5%，连续3个季度突破千亿元；经调整净利润108亿元，同比大增75.4%，连续2个季 度突破百亿元。最受市场关注的智能电动汽车及AI等创新业务收入突破200亿元。 数据显示，第二季度小米汽车交付量持续攀升，单季交付81302台。截至7月10日，小米汽车累计交付超 30万台。值得一提的是，在第二季度YU7尚未开始交付的情况下，上半年小米汽车交付量已超15.7万 台。第二季度小米汽车业务经营亏损大幅收窄至3亿元，预计下半年实现盈利。 小米手机×AIoT业务收入947亿元，同比增长14.8%，再创历史新高，其中智能手机业务收入455亿元， 出货量连续8个季度正增长，连续20个季度稳居全球前三；IoT与生活消费产品收入387亿元，同比增长 44.7%，创历史新高，智能大家电收入同比大增66.2%，实现量价齐升；互联网服务收入91亿 ...

Summary of Xiaomi Group's Q2 2025 Earnings Call Company Overview - **Company**: Xiaomi Group - **Date**: Q2 2025 Earnings Call Key Points Financial Performance - Adjusted net profit reached **CNY 10.8 billion**, a **75%** year-on-year increase, marking a record high for three consecutive quarters [2][3] - Total revenue for Q2 2025 was **CNY 116 billion**, up **30.5%** year-on-year, achieving a historical high for five consecutive quarters [3] - Gross margin improved to **22.5%**, an increase of **1.8 percentage points** year-on-year [3] Smartphone Business - Global smartphone market share reached **14.7%**, ranking third globally, with the highest activation volume in mainland China [2][4] - High-end strategy showed significant results, with market share in the **CNY 4,000-6,000** price range increasing by **4.5 and 6.5 percentage points**, respectively [6] - Smartphone sales in mainland China ranked first, with high-end smartphone sales accounting for **27.6%** of total sales, up **5.5 percentage points** year-on-year [11] AIoT Business - AIoT revenue reached **CNY 38.7 billion**, a **44.7%** year-on-year increase, with a gross margin of **22.5%** [2][11] - Smart home appliances revenue grew by **66.2%**, with air conditioner shipments exceeding **5.4 million units**, a growth of over **60%** [2][8] Automotive Business - Delivered **81,302** vehicles in Q2, with over **30,000** units delivered in July alone [9][14] - The first SUV U7 series saw over **240,000** orders within 18 hours of launch [9] - Automotive gross margin stood at **26.4%** [14] User Engagement and Internet Services - Global monthly active users reached **730 million**, a **8.2%** year-on-year increase, with **185 million** in mainland China, up **12.4%** [2][14] - Internet services revenue was **CNY 9 billion**, a **10.1%** increase year-on-year, with a gross margin of **75.4%** [14] Research and Development - R&D expenditure reached **CNY 7.8 billion**, a **41.2%** year-on-year increase, with **22,641** R&D personnel, accounting for **46.2%** of total employees [14][20] - Focus areas include chips, AI, operating systems, and technology across product lines [20] Market Strategy and Future Outlook - Xiaomi aims to continue its high-end strategy and expand its global market presence, particularly in Europe by **2027** [10][28] - The company plans to maintain a focus on product structure optimization and average selling price (ASP) enhancement rather than just volume growth [27] - The overall smartphone market is expected to remain stable, with Xiaomi confident in achieving its annual shipment target of **175-180 million** units [24][26] ESG Initiatives - Xiaomi has increased its use of green electricity and solar power, significantly reducing carbon emissions [15][16] Challenges and Risks - The smartphone business faced margin pressure due to rising costs of memory and battery materials, but long-term strategies are expected to stabilize margins [12][13][17] Conclusion - Xiaomi's strong performance in Q2 2025 reflects its successful high-end strategy, robust growth in AIoT and automotive sectors, and a commitment to R&D and sustainability initiatives. The company is well-positioned for future growth despite challenges in the smartphone market.

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]

Investment Rating - The report maintains a "Buy" rating for the company [15]. Core Viewpoints - The company's home appliance business has shown significant growth, evolving from a supplementary role in the IoT ecosystem to a crucial component of the "human-vehicle-home" strategy. The company has established a competitive advantage through its ecosystem model, popular product strategy, and effective marketing capabilities. With the development of its automotive business, the company is expected to optimize its offline channel system and actively promote its large appliance export plans, enhancing the long-term growth potential of the home appliance segment [3][9][39]. Summary by Sections Home Appliance Business: Strategic Upgrade and Scale Breakthrough - The company has built a comprehensive "human-vehicle-home" ecosystem over more than a decade, with home appliances as a core business. The smart home appliance business is projected to achieve a CAGR of 48.8% from 2020 to 2024. The company has achieved full category coverage in home appliances, primarily developing white and black goods in-house while utilizing an ecosystem model for other categories [9][20][26]. External Factors: Differentiated Positioning and Market Trends - The company has rapidly gained market share in a mature domestic home appliance industry due to two main external factors: a cautious consumer environment leading to a preference for high cost-performance products and a shift in leading companies focusing more on profitability, which has created favorable conditions for the company [10][40]. Internal Factors: Ecosystem Support and Innovation - The company's competitive edge in home appliances is attributed to three main aspects: rapid category expansion through its ecosystem model, a successful product strategy that allows for cost advantages, and strong marketing and user operation capabilities that enable quick capture of consumer demand [11][39]. Growth Potential: Initial Foundation and Promising Outlook - The home appliance segment has significant growth potential, with high penetration rates in certain categories and room for expansion in others. The company is expected to see strong growth in online markets for air conditioners, dishwashers, and electric ovens, supported by the optimization of offline channels and global expansion of large appliances [12][39]. Investment Recommendation: Seizing Multi-Dimensional Development Potential - The company has established a leading global platform for smart terminals, with steady growth in its IoT business. The cautious consumer environment and the industry's focus on profitability provide a favorable backdrop for the company's development. The home appliance business is expected to deliver strong growth momentum in the long term, supported by the anticipated high growth of its smartphone and IoT business, as well as rapid expansion in the automotive sector. The projected net profits for 2025-2027 are estimated at 42.39 billion, 55.75 billion, and 70.08 billion respectively, with corresponding PE ratios of 32.6, 24.8, and 19.7 [13][39].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [12] Core Insights - Xiaomi Group's 2023 "Human-Vehicle-Home Ecosystem" strategy integrates mobile phones, home appliances, and automobiles through the Surge OS system, promoting seamless connectivity of smart hardware [4][24] - Xiaomi's home appliance business has achieved significant growth, particularly in air conditioning, with sales volume ranking among the industry leaders [4][7] - The IoT and consumer products segment is projected to account for 28.45% of Xiaomi's total revenue in 2024, with air conditioning sales expected to exceed 6.8 million units, a year-on-year growth of over 50% [7][21] Summary by Sections Overview: Building the Human-Vehicle-Home Ecosystem - Xiaomi has rapidly expanded its home appliance market share by leveraging its competitive pricing strategy and innovative technology [7][8] - The company has increased its offline retail presence, with plans to open over 100 "Human-Vehicle-Home" integrated stores in 2024 [27][29] Rise: Three Strategies Driving High Growth in Home Appliances - Xiaomi's market share has surged due to its focus on creating popular products, differentiated competition, and enhancing user loyalty through an integrated ecosystem [8][54] - The company has adopted a low-price strategy similar to that of its competitors, attracting price-sensitive consumers while maintaining a focus on quality [9][62] Impact: Leading Brands Maintain Advantage, Xiaomi's Entry Sparks Change - Xiaomi's entry into the air conditioning market has prompted established brands to adapt their strategies, although the latter still hold significant market share [9][62] - The competitive landscape is evolving, with Xiaomi's low-price strategy posing challenges to traditional leaders like Gree and Midea [9][63] Investment Recommendations: Focus on Certainty Growth Leaders - The report suggests investing in quality leaders with low exposure to the U.S. market, such as Gree Electric, Midea Group, and Hisense Home Appliances, which are expected to benefit from domestic demand trends [10][13]

Group 1: Core Strategy and Performance - Xiaomi's high-end strategy and new retail model were discussed at the 2025 Investor Day, emphasizing the importance of "chips, AI, and OS" as foundational technologies [1] - In 2024, Xiaomi is expected to gain over 13 million net new users in the Chinese smartphone market, with a market share increase of 5.3 percentage points from 2020 to 2024 [1] - In Q1 2025, Xiaomi's global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [1] Group 2: IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business generated revenue of 32.3 billion yuan, a year-on-year growth of 58.7%, with a gross margin of 25.2% [2] - Revenue from smart home appliances doubled, with significant growth in air conditioners, refrigerators, and washing machines, all showing over 65% year-on-year growth [2] Group 3: Automotive Business - Xiaomi's automotive business reported a loss of 500 million yuan in Q1 2025, a significant reduction of 50.2% from the previous quarter [3] - The new YU7 model is expected to launch in July, aiming to enhance the product lineup and profitability [3] - The automotive business is projected to achieve profitability in Q3 to Q4 of this year, supported by a growing product ecosystem [3] Group 4: Financial Projections - Xiaomi's projected net profits for 2025, 2026, and 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively [3]