Core Viewpoint - Xiaomi's automotive division has achieved significant delivery milestones, indicating strong market performance and growth potential in the electric vehicle sector [2][3]. Group 1: Delivery Performance - In August, Xiaomi delivered over 30,000 vehicles, marking the second consecutive month of exceeding this delivery figure [2][3]. - The company aims to meet its annual delivery target of 350,000 vehicles for the year [3]. Group 2: Historical Growth - In the second quarter of 2025, Xiaomi's vehicle deliveries reached 81,300 units, a record high, representing a 197.7% increase compared to 27,300 units in the same period last year [3]. Group 3: Product Launch and Market Strategy - Xiaomi's first SUV, the Xiaomi YU7 series, was launched in June, achieving over 240,000 orders within 18 hours of its release [3]. - The company plans to enter the European market with its first electric vehicle by 2027 and aims to compete globally with Tesla and BYD [3].

Core Insights - Xiaomi Group reported strong Q2 2025 results with revenue of 116 billion RMB, a year-on-year increase of 30.5%, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year [1][4] - The automotive business significantly contributed to this performance, delivering 81,300 vehicles in the quarter, generating 20.6 billion RMB in revenue, and achieving a year-on-year growth of 234%, accounting for 17.8% of total revenue [1][4] Financial Performance - Revenue for Q2 2025 reached 115,956.1 million RMB, up from 88,887.8 million RMB in Q2 2024, reflecting a 30.5% increase [4] - Gross profit was 26,101.0 million RMB, a 41.9% increase from 18,394.2 million RMB year-on-year [4] - Operating profit surged to 13,436.7 million RMB, marking a 128.2% increase compared to the previous year [4] - Adjusted net profit was 10,830.7 million RMB, up 75.4% year-on-year [4] Automotive Business Growth - The automotive segment's gross margin improved from 23.2% in Q1 to 26.4% in Q2, with a reduction in operating losses from 500 million RMB to 300 million RMB [4][5] - The SU7 series' product strategy allowed for cost efficiencies, with battery costs reduced by 18% due to increased procurement volumes [5] - The introduction of the SU7 Ultra model, priced at 529,900 RMB, enhanced the average selling price and product margins [7] Production Capacity and Efficiency - The Beijing Yizhuang Phase I factory has reached a monthly production capacity of 32,000 vehicles, with Phase II expected to begin production in Q3, increasing total capacity to over 500,000 vehicles per year [8] - Manufacturing efficiency is high, with a vehicle rolling off the production line every 76 seconds, supporting the delivery of the YU7 series [8] Challenges and Competitive Landscape - The automotive business faced high operating expenses of 5.9 billion RMB in Q2, leading to a per-vehicle cost allocation of 73,000 RMB [9] - Despite strong performance, competition in the 250,000-350,000 RMB market is intensifying, with rivals employing aggressive pricing strategies [9] - The need to balance high R&D investments, which totaled over 30 billion RMB since 2022, with achieving sales volume thresholds for profitability remains a challenge [9] Ecosystem Synergy - Xiaomi's IoT business generated 38.7 billion RMB in revenue, growing 44.7% year-on-year, providing a stable cash flow for the automotive segment [10] - The integration of hardware, software, and services enhances user engagement and creates differentiated profit opportunities [10] Future Outlook - Xiaomi's automotive division is transitioning from survival to a phase focused on balancing scale and profitability, with potential for quarterly profitability by the end of 2025 [12] - The YU7 model's success is crucial for achieving sales targets, with over 200,000 pre-orders indicating strong market demand [12] - Analysts predict Xiaomi could reach a revenue of 1 trillion RMB and a net profit of 100 billion RMB by 2030, positioning it alongside major players like Apple and Tesla [13]

新出炉的财报是观察小米这家聚光灯下的明星公司时下进程的一个窗口。 8月19日晚间，小米发布今年Q2财报，当期小米营收1160亿元，同比增长30.5%，经调整净利润108亿 元，同比增长75.4%。但这份财报也透露出，无论是手机、大家电还是汽车，小米在高调跨界进入新战 场的同时，也在全线面临激烈的行业竞争。 8月20日，截至《华夏时报》记者发稿，小米港股盘中报价52.8港元，涨0.76%，总市值1.37万亿港元。 手机毛利承压 相较去年同期，小米的营收结构已经有所变化：今年Q2，手机依然是小米收入的最大来源，455亿元的 收入接近小米总收入的40%。但去年同期，它的收入占比达到小米总营收的52.3%。 更值得关注的是，作为看家业务，小米手机的增长在今年Q2有所放慢。 出货规模上，今年Q2小米全球智能手机出货量为4240万台，同比增长0.6%，而今年Q1它的出货量同比 增速是3%。小米手机当期455亿元的收入，也同比减少2.1%，环比则降低约10%。而从毛利率这个衡量 盈利能力的关键指标来看，今年Q2小米手机毛利率为11.5%，环比下降0.9个百分点，同比下降0.6个百 分点。 小米在财报中表示，手机收入下降，主 ...

8月19日，小米集团总裁卢伟冰在业绩电话会上表示，公司有信心完成全年35万辆小米汽车的交付目标。 今年第二季度，小米智能电动汽车及AI等创新业务收入大幅增长234%至213亿元，经营亏损大幅收窄至3亿元，小米集团表示， 汽车业务有望于下半年实现单季盈利。 卢伟冰还表示，今年6月，小米首款SUV小米YU7系列正式发布，开售18个小时，累计首单就突破了24万台小米YU7，表现亮 眼。公司也正式决定在2027年正式进入欧洲电动汽车市场。 根据小米集团发布的业绩公告，二季度，小米汽车交付量达8.13万辆，创历史新高，较去年同期的2.73万辆增长197.7%。 （校对/黄仁贵） ...

Core Viewpoint - Xiaomi has launched its new generation foldable flagship smartphone, the Xiaomi MIX Flip 2, and a new series of electric vehicles, the Xiaomi YU7 series, with TCL Huaxing claiming the screens for both products [1][4]. Group 1: Xiaomi MIX Flip 2 - The Xiaomi MIX Flip 2 features screens made with TCL Huaxing's C9 and M9 materials, both having a resolution of 1.5K and 460 PPI, with a peak brightness of 3200 nits and a refresh rate of 120Hz [2]. - The device includes a Snapdragon 8 Gen 2 flagship chip, a 5165mAh battery, and supports 67W wired and 50W wireless fast charging, along with a 50MP Leica main camera and a 50MP ultra-wide-angle lens [4]. - Pricing for the Xiaomi MIX Flip 2 starts at 5999 yuan for the 12GB+256GB version, 6499 yuan for the 12GB+512GB version, and 7299 yuan for the 16GB+1TB version [4]. Group 2: Xiaomi YU7 Series - The Xiaomi YU7 series includes three configurations: YU7, YU7 Pro, and YU7 Max, priced at 253,500 yuan, 279,900 yuan, and 329,900 yuan respectively [4]. - The YU7 features a panoramic curved projection sky screen and a 16.1-inch central control display, both supplied exclusively by TCL Huaxing [5]. - TCL Huaxing has customized a display solution for the YU7, which includes a 16.1-inch central screen and three 11.98-inch sky screens, developed in collaboration with Desay SV and Huayang Group [5]. Group 3: TCL Huaxing Collaboration - TCL Huaxing's sky screen for Xiaomi features a 1.1m ultra-wide panoramic display, 108 PPD ultra-retina level HD display, peak brightness of 1200 nits, and global 903-zone dimming [7]. - The sky screen incorporates advanced technologies such as embedded ultra-black display coating and distortion correction algorithms, achieving minimal reflection and distortion rates [7]. - TCL Huaxing emphasizes the long-standing and fruitful collaboration with Xiaomi, indicating plans to deepen strategic cooperation in flexible displays, low power consumption, and high-resolution technologies [7].

经观汽车 在供应链合作方面，小米YU7系列展现了对头部电池厂商的深度依赖。弗迪和宁德时代作为全球动力电 池市场占有率前二的企业，其联合供应模式既保障了产能稳定性，又通过技术协同提升了产品可靠性。 市场分析显示，YU7系列的电池配置策略精准覆盖了不同消费群体的需求。标准版和Pro版通过磷酸铁 锂电池实现安全与成本的平衡，适合注重实用性的用户；而Max版则以三元锂电池的高性能特性吸引对 续航和加速有极致追求的消费者。工信部最新发布的减免购置税目录中，YU7单双电机四驱版本已赫然 在列，标志着该车系已进入量产准备阶段。车身尺寸方面，YU7以4999mm车长和3000mm轴距的中大 型SUV定位，配合5座布局，进一步拓展了市场受众。 小米官方强调，所有版本均通过新国标电池安全测试，采用多层防护机制应对过充、过放、过流等风 险。此外，小米自研的智能充电算法可根据用户习惯优化充电策略，延长电池使用寿命。这种从硬件到 软件的全链路安全体系，为消费者提供了多重保障。随着6月3日电池配置信息的正式公布，YU7系列的 市场热度持续攀升，预计将在年中上市后引发新一轮新能源SUV竞争。 免责声明：本文观点仅代表作者本人，供参考、交流 ...

Core Insights - Xiaomi held its 15th anniversary strategic product launch event on May 22, showcasing new products including the Xiaomi 15S Pro and the first SUV, the Xiaomi YU7, along with the new Xiaomi Xuanjie O1 and T1 chips [1] Group 1: Product Launch and Achievements - Xiaomi has achieved three significant milestones: maintaining a top-three global smartphone market share for 19 consecutive quarters, successfully transitioning its automotive, chip, and smart factory initiatives from concept to reality, and completing its full ecosystem strategy [1] - The company has invested over 100 billion yuan in R&D over the past five years, with an additional 200 billion yuan planned for the next five years [1] - The Xuanjie O1 chip has successfully entered the flagship chip tier, while the Xuanjie T1 chip integrates a self-developed 4G baseband [1][2] Group 2: Chip Specifications - The Xuanjie O1 chip utilizes second-generation 3nm technology, featuring 19 billion transistors and a compact area of 109mm², with a ten-core CPU and 16-core GPU [2] - The CPU configuration includes two ultra-large cores, four performance cores, two efficiency cores, and two super-efficiency cores, with a peak frequency of 3.9GHz and multi-core scores exceeding A18 Pro [2] - The Xuanjie T1 chip supports 4G eSIM independent communication and has been tested with over 7000 use cases across 100+ cities [2] Group 3: SUV Launch and Market Position - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, with the YU7 series set to launch in July, featuring three versions: standard, Pro, and Max [2][3] - The YU7 standard version boasts an impressive range of 835km, making it the leader in range among mid-to-large pure electric SUVs [3] - The YU7 series includes advanced features such as panoramic display, 700 Tops of assisted driving computing power, laser radar, and continuously variable damping [3] Group 4: Financial Projections - The company is expected to achieve revenues of 506.27 billion yuan, 605.21 billion yuan, and 700.89 billion yuan for the years 2025 to 2027, with corresponding net profits of 35.71 billion yuan, 45.78 billion yuan, and 59.89 billion yuan [3] - The projected price-to-earnings ratios for these years are 36, 28, and 21 times, respectively [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 53.00, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the new self-developed chips, the Xiaomi玄戒 O1 and T1, positions the company among the leading flagship chip manufacturers, enhancing its competitive edge in the market [2]. - The company is expected to see substantial revenue growth, with projected revenues of RMB 506.27 billion, RMB 605.21 billion, and RMB 700.89 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 35.71 billion, RMB 45.78 billion, and RMB 59.89 billion for the same years [5][3]. Summary by Sections Product Launch and Achievements - Xiaomi unveiled its new玄戒 O1 and T1 chips and the YU7 SUV series during its 15th-anniversary event, showcasing a range of innovative products [1]. - The玄戒 O1 chip features advanced specifications, including a 3nm process, 19 billion transistors, and a multi-core CPU architecture, achieving over 3 million points on AnTuTu benchmark [2]. Automotive Business - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, and the YU7 series is set to launch in July, featuring impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - The report forecasts significant revenue and profit growth for Xiaomi, with a projected revenue increase of 35% in 2024 and a steady growth trajectory in subsequent years [5][3]. - The expected earnings per share (EPS) are projected to rise from RMB 0.91 in 2024 to RMB 2.31 by 2027, reflecting strong profitability growth [5].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group, indicating a positive outlook for the company's stock performance in the next 12 months [6]. Core Insights - Xiaomi has achieved significant milestones, including maintaining a top-three global market share in smartphones for 19 consecutive quarters, successfully launching its automotive and chip businesses, and completing its ecosystem strategy [1][3]. - The introduction of the Xiaomi玄戒 O1 and T1 chips positions the company among the leading flagship chip manufacturers, with the O1 chip utilizing advanced 3nm technology and achieving over 3 million points in AnTuTu benchmarks [2]. - The company has delivered over 258,000 units of the SU7 series and is set to launch the YU7 series, which features impressive specifications such as a range of 835 km for the standard version [3]. Financial Projections - Revenue projections for Xiaomi are as follows: 2025 estimated revenue of 506.27 billion RMB, 2026 at 605.21 billion RMB, and 2027 at 700.89 billion RMB, reflecting growth rates of 38.4%, 19.5%, and 15.8% respectively [5]. - The net profit estimates are projected to be 35.71 billion RMB for 2025, 45.78 billion RMB for 2026, and 59.89 billion RMB for 2027, with corresponding growth rates of 50.9%, 28.2%, and 30.8% [5]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 36 in 2025 to 21 in 2027, indicating an improving valuation as earnings grow [5]. Strategic Developments - Xiaomi's investment in research and development has exceeded 100 billion RMB over the past five years, with an additional 200 billion RMB planned for the next five years, highlighting the company's commitment to innovation [1]. - The successful integration of self-developed chips and the launch of the YU7 series are expected to enhance Xiaomi's high-end smartphone strategy and accelerate growth in its automotive business, which is viewed as a new growth curve for the company [3].