[Table_Reportdate] 2025年08月22日 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [证券分析师： Table_Authors] [晨会纪要 Table_NewTitle] 20250822 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.燕京啤酒（000729）：飞轮效应显现，盈利持续向上——公司简评报告 ➢ 2.全球智能眼镜市场上半年同比增长110%，国产半导体设备迎双重突破——电子行业周 报2025/8/11-2025/8/18 ➢ 1.美国8月标普全球制造业PMI初值为53.3，好于预期 ➢ 2.美国与欧盟发表联合声明，双方已就贸易协定框架达成一致 ➢ 3.国家发改委：将于近期开展中央冻猪肉储备收储 | 1.1. 燕京啤酒（0 ...

以下文章来源于AI故事计划 ，作者赵芮 AI故事计划 . 人在AI时代的命运。这个编辑部致力于记录AI时代的真实故事。 AI眼镜，悄悄掀起退货潮。 文 ｜ 赵芮 编辑 ｜ 张霞 来源｜ AI故事计划（ID：AIstory1） 封面来源 ｜ IC Photo 抢购一窝蜂，退货一阵风 仅仅三个小时的体验，李铖就决定和AI眼镜说拜拜了。 李铖热爱外出并记录，所有的社媒账号都被他取名为"粗去丸"。号称能拍照和实时翻译的智能眼镜，精准击中了他的需求点。因此，当看到1999元就能拿下 一款"外挂神器"时，他毫不犹豫地入手了。 结果期待落空了。戴上眼镜后，李铖打开了一段日本的旅行真人秀视频，呼叫小爱同学启用同传翻译。没讲几句，他便感受到AI眼镜的"力不从心"：手机屏 幕上的翻译与视频下方的字幕基本无法对应，常常落后几秒后才姗姗来迟，声音和画面也不同步。 对于最终的翻译结果，他感觉"每个字都认识，但组合在一起却不知什么意思。" 图 | 李铖连夜退货 李铖把自己的使用体验发布到了小红书上，隔天醒来发现获得近三万的浏览量和两百多条评论，流量比以前的帖子翻了近10倍。 抢购一窝蜂，退货一阵风。今年国产AI眼镜市场爆发增长，仅上半年 ...

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Insights - The company reported a total revenue of 227.2 billion yuan for the first half of 2025, representing a year-on-year increase of 38.2%, with an adjusted net profit of 21.5 billion yuan, up 69.8% year-on-year. In Q2 alone, the total revenue reached 116 billion yuan, with an adjusted net profit of 10.8 billion yuan, reflecting a year-on-year growth of 75.4% [3][11] Summary by Sections Automotive Sector - The automotive business saw accelerated scale effects, with Q2 revenue from smart electric vehicles and other innovative businesses reaching 21.3 billion yuan, a year-on-year increase of 234%. The company delivered 81,000 vehicles in Q2, a year-on-year increase of 198%, with an average selling price (ASP) of 254,000 yuan, up 11% year-on-year. The gross margin for the automotive business was 26.4%, an increase of 11 percentage points year-on-year [12] Smartphone Sector - In Q2 2025, the smartphone business generated revenue of 45.5 billion yuan, with a shipment volume of 42.4 million units, marking eight consecutive quarters of year-on-year growth. The company achieved a market share of 24.7% in the 4,000-5,000 yuan price range, ranking first, and a 15.4% market share in the 5,000-6,000 yuan range, up 6.5 percentage points year-on-year [13] IoT Sector - The IoT and lifestyle products segment achieved a record revenue of 38.7 billion yuan in Q2, a year-on-year increase of 45%, with a gross margin of 22.5%. The smart home appliances segment performed strongly, with air conditioner shipments exceeding 5.4 million units, a growth of over 60% year-on-year [14] Financial Forecast and Valuation - The company is expected to achieve revenues of 474.4 billion yuan, 588.7 billion yuan, and 696.4 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 24%, and 18%. The net profit attributable to shareholders is projected to be 43.7 billion yuan, 56.7 billion yuan, and 71.4 billion yuan for the same years, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 2.74 yuan per share [14][15]

Wellsenn XR 小米AI眼镜用户体验调研报告 个人版 海外版 企业版 会员 页数 9999 RMB 12999 RMB 4999 USD 免费 80 @ 深圳市维深信息技术有限公司 All Rights Reserved 发布日期 2025年8月 前言 小米Al眼镜是今年上半年国内市场关注度最高的AH拍摄跟镜，该眼镜于2025年6月26日晚在小米发布会上由雷军亲自发布，眼镜发布后，吸引了大量 用户关注。 针对小米Al跟镜的真实用户体验，维深wellsenn于2025年7月8日—7月22日，以线上问卷的形式进行了小米AI眼镜用户体验调研。本次问卷 调研时间距离小米AI眼镜发布时间较短，仅代表向卷调研期间用户的体验，部分体验经过后期软件更新会得到改善。此外，参与问卷的用户以未退货用户 为主，主要代表未退货用户的使用体验。 调研问卷统计结果显示，参与本次问卷调研的用户主要为00后、90后，据统计，参与问卷的75%的用户日常有佩戴跟镜的需要，认同日常喜欢拍摄记 录或为摄影爱好者,职业摄影师的用户占比近7成。从用户了解小米Al眼镜的途径看，用户最开始了解到小米AI跟镜的主要方式是媒体/社交平台新闻与小米 发布会 ...

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 Viewpoint - Xiaomi's automotive business is expected to achieve profitability in the second half of the year, but it has incurred significant losses over the past three years, totaling over 30 billion yuan [1][3]. Group 1: Financial Performance - In Q2 2025, Xiaomi achieved record-high revenue and net profit, with total revenue reaching 116 billion yuan, a year-on-year increase of 30.5% [8][16]. - The adjusted net profit for the quarter was 10.8 billion yuan, marking a 75% increase year-on-year [19]. - The gross margin for the group was 22.5%, up 1.8 percentage points from the previous year [8][16]. Group 2: Automotive Business - Xiaomi's automotive deliveries reached 81,300 units in Q2, a 197.7% increase from the same period last year, contributing to a 233.9% year-on-year revenue growth in the electric vehicle segment, totaling 21.3 billion yuan [3][12]. - The company plans to enter the European electric vehicle market by 2027 [3][12]. - The operating loss for the automotive business narrowed to 300 million yuan in Q2, but cumulative losses remain substantial [3][18]. Group 3: Smartphone Strategy - Xiaomi aims to join the "200 million club" by achieving an annual smartphone shipment of 200 million units within the next three to five years [1][3]. - The smartphone gross margin decreased to 11.5% in Q2 due to rising costs of core components and a temporary pressure from the product launch schedule [3][16]. - The company maintains a strong position in the smartphone market, ranking third globally with a market share of 14.7% [16]. Group 4: AI Strategy - Xiaomi's AI strategy consists of three layers: large models, application layer, and transformation layer, aiming to create a closed-loop ecosystem of "people-vehicle-home" [4][39]. - The company is confident in achieving over 30% revenue growth for the entire group in 2025 [4][19]. Group 5: IoT and Home Appliances - The IoT segment generated 38.7 billion yuan in revenue, a 44.7% increase year-on-year, with a gross margin of 22.5% [17]. - The smart home appliance revenue reached a historical high, growing 66.2% year-on-year, with air conditioning sales exceeding 5.4 million units [12][17]. - Xiaomi emphasizes the importance of technological innovation and user-centric design in its home appliance strategy [12][13]. Group 6: Market Position and Future Outlook - Xiaomi is focused on avoiding price wars and internal competition, prioritizing long-term strategic positioning over short-term rankings [5][46]. - The company has been recognized as one of the top 50 global brands in the Kantar BrandZ list for 2025 [11]. - Xiaomi's long-term vision includes enhancing user engagement and creating a network economy through its extensive IoT ecosystem, which has nearly 1 billion connected devices [41].

Core Viewpoint - Xiaomi's Q2 financial report shows record high revenue and net profit, driven by strong performance in smartphones, IoT, and automotive sectors. Key investor concerns include the profitability of the automotive business, sustainability of high-end smartphone margins, and the potential of AI strategy to create new valuation narratives [1][5][12]. Financial Performance - Total revenue for Q2 reached 116 billion yuan, a year-on-year increase of 30.5%, marking the fifth consecutive quarter of record highs [5][12]. - Adjusted net profit for the quarter was 10.8 billion yuan, up 75% year-on-year, also a record high for three consecutive quarters [5][12]. - Gross margin improved to 22.5%, an increase of 1.8 percentage points year-on-year [5][12]. Automotive Business - Xiaomi's automotive business reported a reduced operating loss of 300 million yuan in Q2, with hopes of achieving monthly or quarterly profitability in the second half of the year [1][11]. - Vehicle deliveries reached 81,300 units in Q2, a 197.7% increase from the same period last year, contributing to a 233.9% surge in automotive revenue to 21.3 billion yuan [1][11]. - The company plans to enter the European electric vehicle market by 2027 [1][11]. Smartphone Business - Xiaomi aims to join the "200 million club" in global smartphone shipments within the next three to five years [1][11]. - Despite an increase in high-end smartphone sales, Q2 smartphone gross margin fell to 11.5% due to rising component costs and a slower new product release schedule [1][11][12]. - The company maintained a global smartphone market share of 14.7%, ranking third worldwide [12][13]. IoT and AI Strategy - The AI strategy is structured in three layers: large models, application layer, and transformation layer, aiming to create a closed-loop ecosystem of "people-vehicle-home" [2][12]. - IoT revenue reached 38.7 billion yuan in Q2, a 44.7% increase year-on-year, with a gross margin of 22.5% [12][13]. - The company emphasizes the importance of self-developed chips and AI technology as core competitive advantages [7][12]. Home Appliances - Revenue from smart home appliances reached a record high, growing 66.2% year-on-year, with air conditioning sales exceeding 5.4 million units, also showing over 60% growth [9][12]. - The company is focused on transforming traditional home appliances into smart products, leveraging user scenarios for innovation [9][10]. Market Position and Future Outlook - Xiaomi's strategy includes avoiding price wars and focusing on long-term market positioning rather than short-term rankings [3][11]. - The company is committed to continuous investment in core technologies and aims for sustainable growth across all business lines [11][15].

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]

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]

小米集团Q2总收入1160亿元，同比增长30.5%，经调整净利润同比猛增75.4%，双双创下历史新高。智 能电动汽车及AI等创新业务分部收入达到人民币213亿元，其中汽车业务贡献了206亿元。智能手机收入 455亿元，同比下降2.1%，这主要受到平均销售单价下降的影响。 小米集团Q2总收入1160亿元， 同比增长30.5% ，经调整净利润108亿元， 同比猛增75.4% ，双双创下 历史新高。 智能大家电收入增长达66.2%创历史新高，智能电动汽车及AI等创新业务分部收入达到人民币213亿元， 其中汽车业务贡献了206亿元。智能手机收入455亿元，同比下降2.1%，这主要受到平均销售单价下降的 影响。 19日，小米集团公布Q2财报： 小米集团第二季度营收1159.6亿元人民币，同比增长30.5%，创历史新高。预估1149.4亿元人民币。 调整后净利润108.3亿元人民币，同比增长75.4%，同样创下历史新高。预估102.3亿元人民币。 营业利润134.4亿元人民币，预估104.3亿元人民币。 毛利率提升至22.5%，但环比略降0.3个百分点。 研发支出77.6亿元人民币，同比增长41.2%。预估71.8亿元人 ...