25Q2 营收和经调整净利润均创历史新高。 25Q2 公司总营收 1160 亿元，同比 +30.5%/ 环比 +4.2% ；毛利率 22.5% ，同比 +1.8pct/ 环比 -0.3pct ；经调整净利润 108 亿元，同比 +75.4%/ 环比 +1.5% ，再创新高，其中智能电动汽车及 AI 等创新业务经营亏损 3 亿元。公司稳 步执行"新十年目标"，大规模投入底层核心技术， 25Q2 研发支出 78 亿元，同比 +41.2% ，截 至 25Q2 末公司研发人员 2.26 万人创历史新高。 汽车： Q2 毛利率超预期，亏损持续收窄，期待 25H2 产能加速释放。 25Q2 智能电动汽车及 AI 等创新业务收入 213 亿元，环比 +14.4% ，其中汽车 / 其他业务收入分别为 206/6 亿元； Q2 经营亏损 3 亿元，较上季度经营亏损 5 亿元环比进一步收窄；毛利率 26.4% ，环比 +3.2pct ， 主要系核心零部件成本下降、单位制造成本降低、 SU7 Ultra 交付上量带动。公司 Q2 新车交付 量环比 +7.2% 至 8.1 万辆；关注下半年产能爬坡、新车交付上量节奏； 27 年将进军 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [8] Core Views - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion CNY, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [5][8] - The company is focusing on its "New Decade Goal," with significant investments in core technologies and a record high of 78 billion CNY in R&D spending in Q2 2025, reflecting a year-on-year increase of 41.2% [5][8] - The automotive segment is expected to see accelerated capacity release in the second half of 2025, with a narrowing of operating losses from 5 billion CNY to 3 billion CNY in Q2 2025 [5][8] - The IoT business continues to show strong growth, with revenue of 387 billion CNY in Q2 2025, a year-on-year increase of 44.7% [5][8] - The smartphone segment experienced a slight decline in revenue, with Q2 2025 revenue at 455 billion CNY, a year-on-year decrease of 2.1% [5][8] - The internet services segment reported steady growth, with revenue of 91 billion CNY in Q2 2025, a year-on-year increase of 10.1% [6][8] Summary by Sections Financial Performance - Q2 2025 total revenue was 116 billion CNY, with a gross margin of 22.5% and an adjusted net profit of 108 billion CNY, marking a year-on-year increase of 75.4% [5][8] - The company expects total revenue for 2025 to reach 489.9 billion CNY, with adjusted net profit projected at 43.1 billion CNY [8] Automotive Segment - Revenue from smart electric vehicles and AI-related businesses reached 213 billion CNY in Q2 2025, with a gross margin of 26.4% [5][8] - The company plans to enter the European market in 2027, which is expected to enhance its global brand influence [5][8] IoT Segment - The IoT business achieved a record revenue of 387 billion CNY in Q2 2025, driven by strong sales in smart home appliances [5][8] - The gross margin for IoT was 22.5%, reflecting improvements in product mix [5][8] Smartphone Segment - The smartphone business reported revenue of 455 billion CNY in Q2 2025, with a gross margin of 11.5% [5][8] - The company adjusted its annual shipment target to 175 million units, focusing on high-end and global market expansion [5][8] Internet Services - Internet services revenue reached 91 billion CNY in Q2 2025, with a gross margin of 75.4% [6][8] - The global monthly active user count reached 730 million, marking a year-on-year increase of 8.2% [6][8]

Core Viewpoint - Keep is adjusting its offline business strategy by moving away from the Keepland gym model and focusing on retail and event ecosystems to better align with market demands and its strengths [3][7]. Group 1: Offline Business Adjustments - The Keepland gym model has effectively ended, with no plans for further expansion, as the company shifts focus to offline retail and event organization [3][7]. - Keep's first offline self-operated product store opened in Shanghai, strategically located near high-end sports brands, aiming to attract affluent consumers and sports enthusiasts [3][4]. - The store emphasizes product experience, with a layout that prioritizes retail and experiential areas in a 172 square meter space [4][5]. Group 2: Product Offerings - The store features a comprehensive range of sports equipment, apparel, smart wearables, and fitness foods, catering to home fitness and outdoor training needs [4]. - Keep's offline strategy includes promoting smart sports watches and the KS smart fitness machine, linking hardware with its membership system to enhance user conversion [6]. Group 3: Financial Performance and Market Position - Keepland's average monthly revenue per store failed to exceed 150,000 yuan, while competitors achieved higher revenues, leading to a strategic retreat [7]. - Keep's self-branded sports products were initially seen as a growth opportunity, but the market potential has not met expectations, prompting a shift in focus towards event organization [8]. Group 4: Event Organization and Revenue Sources - Keep is increasingly viewing offline events as a new growth engine, with a shift in resources towards this area as virtual sports event growth slows [8][9]. - The company has organized nearly 100 paid virtual sports events in 2023, with participation fees ranging from 20 to 179 yuan, and has begun to integrate offline events into its strategy [8][9]. Group 5: Technological Integration - Keep's "All in AI" initiative aims to enhance user experience through AI-generated training plans and personalized recommendations, which has positively impacted its market perception [10]. - The offline stores serve as product showcases and user experience hubs, while the event business activates users and expands brand reach, supported by AI technology and membership systems [10][11].

Core Insights - Keep is adjusting its offline business strategy by moving away from the "Keepland" gym model and focusing on self-operated retail stores and event ecosystems to better align with market demands and its strengths [1][8][12] Group 1: Offline Business Strategy - The "Keepland" gym model is nearing its end, with Keep shifting focus to offline retail and event scenarios [1] - Keep's first self-operated retail store opened in Shanghai, strategically located near high-end sports brands, aiming to attract affluent consumers and sports enthusiasts [1][2] - The new store emphasizes product experience, with a layout that prioritizes retail and experiential areas [2][5] Group 2: Product Offering and Experience - The store covers a wide range of sports equipment and apparel, catering to home fitness and outdoor training needs [2] - A dedicated experience area allows customers to test products like smart sports watches and fitness machines, showcasing the advantages of offline shopping [5] Group 3: Transition from Keepland - Keepland's closure is attributed to high rental costs, rising customer acquisition costs, and challenges in user retention, leading to a loss of competitive edge [8][9] - The average monthly revenue for Keepland stores was around 150,000 yuan, significantly lower than competitors [9] Group 4: Shift to Events and AI Integration - Keep is pivoting towards organizing offline events as a new growth engine, moving resources from consumer products to event organization [10][11] - The company has launched numerous paid virtual sports events, with a focus on offline events in 2023, integrating technology to enhance user experience [10][11] - Keep's "All in AI" initiative aims to leverage AI for personalized training and product recommendations, enhancing user engagement and operational efficiency [11][12] Group 5: Future Outlook - The offline self-operated stores are positioned as product showcases and user experience hubs, while event business drives user activation and brand expansion [12] - Keep is redefining its offline role, aiming to connect users and validate technology, with future success dependent on user and market response [12]

Group 1 - The "618" shopping festival this year featured a 39-day duration, the longest in history, with simplified promotional rules and the use of AI tools to enhance efficiency for merchants [1][3] - Major platforms like Taobao and JD.com shifted from complex discount structures to straightforward price reductions, aiming to improve consumer experience and engagement [3][10] - Consumer behavior has evolved, with a growing focus on product quality, cost-effectiveness, and after-sales service, leading to a decline in the effectiveness of complicated discount strategies [3][4] Group 2 - The rise of instant retail has become a competitive battleground, with brands like Apple and Xiaomi reporting over 50% year-on-year growth in daily orders during the "618" event [6][7] - Notable performance was observed in various sectors, including fast-moving consumer goods, with brands like Watsons and Miniso achieving significant order increases [7][8] - Instant retail is now seen as a core strategy for brands to capture market share, driven by consumer demand for immediate satisfaction [8][10] Group 3 - The integration of national subsidies with promotional events has led to remarkable sales growth across multiple categories, particularly in home appliances and electronics [10][11] - The demand for durable consumer goods has surged, supported by government policies encouraging upgrades and replacements [11] - AI technology has emerged as a transformative force in e-commerce, enhancing various processes from product selection to customer service [12][13] Group 4 - AI tools are being utilized to create personalized shopping experiences, with platforms offering features that generate tailored product recommendations based on user data [12] - The potential of AI in e-commerce extends beyond current applications, with expectations for deeper integration into the consumer, merchant, and platform interactions [12][13] - The collaboration between AI technology and e-commerce platforms is expected to empower Chinese brands in their digital transformation efforts [13]

Core Insights - Miao embroidery is recognized as a "living epic of the Miao people" and is one of China's first national intangible cultural heritages, preserving the history, culture, art, and emotions of the Miao ethnic group through intricate patterns and symbols [1] - The embroidery process is complex, involving various techniques such as seed embroidery, broken line embroidery, horsehair embroidery, and appliqué, with artisans meticulously creating vibrant designs on clothing [3] - The increasing demand for Miao embroidery has led artisans to recruit and train more embroiderers in Miao villages, blending traditional patterns with modern aesthetics, resulting in products that appeal to both domestic and international markets [8] Industry Developments - Miao embroidery artisans are collaborating with international fashion brands, integrating traditional colors and patterns into contemporary designs, including clothing and accessories [6] - The number of domestic and international orders for Miao embroidery is rising, with products being exported to over ten countries [8] - Artisans are actively participating in fashion events such as Paris and Milan Fashion Weeks to showcase Miao embroidery techniques and promote its rich cultural heritage [6]

Market Performance - On June 11, the Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index increased by 0.83%, and the ChiNext Index gained 1.21%[3] - The total trading volume on June 11 was 1.29 trillion CNY, a decrease of approximately 160 billion CNY from the previous trading day[1] Sector Analysis - Key sectors that performed well included non-ferrous metals, agriculture, non-bank financials, and automobiles, while pharmaceuticals and telecommunications saw slight declines[1] - The automotive sector saw a significant boost as multiple companies committed to a payment term of no more than 60 days, with over 10 companies making similar commitments[5] Economic Indicators - From January to May, China's automobile sales reached 12.748 million units, with new energy vehicles accounting for 44% of total sales, reflecting a year-on-year growth of 10.9%[7] - The global wearable device market saw a year-on-year growth of 10.5% in Q1 2025, with China’s market growing by 37.6%[8][9] Fund Dynamics - Over 60% of actively managed equity funds have recovered to levels seen two months prior, with a notable performance from funds focused on innovative pharmaceuticals and AI sectors[11] - The largest ETF in the market, Huatai-PB CSI 300 ETF, announced a cash dividend of 0.880 CNY per share, with total dividends expected to exceed 8 billion CNY[13] Market Sentiment - Positive sentiment in the market was driven by optimistic developments in US-China trade negotiations, which are expected to reduce previous negative impacts on the market[1] - The stability of the market indices suggests a potential for further strength in the upcoming periods[1]

Core Viewpoint - The Xinjiang Uygur Autonomous Region has announced the suspension of the 2025 subsidy program for the replacement of consumer goods starting from June 15, 2023, due to the depletion of funds allocated for this initiative [1] Group 1: Policy Changes - The subsidy policies for automobile scrapping and updating, as well as for replacing household appliances, smartphones, electric bicycles, and home renovation, will be suspended from June 15, 2023, at 24:00 [1] - Consumers who purchased new cars before June 15, 2023, must submit their application materials by July 15, 2023, to be eligible for the automobile replacement subsidy [1] Group 2: Future Notifications - The timing for the resumption of these subsidy activities will be announced at a later date [1]

Core Insights - The global wearable device market is projected to ship 45.57 million units in Q1 2025, reflecting a year-on-year growth of 10.5% [1] - The Chinese market shows significant growth, with shipments reaching 17.62 million units, a year-on-year increase of 37.6% [1] Market Breakdown - The wearable device market includes smartwatches and fitness bands, with global smartwatch shipments expected to reach 34.81 million units in Q1 2025, marking a 4.8% year-on-year growth [1] - In China, smartwatch shipments are anticipated to be 11.4 million units, representing a year-on-year growth of 25.3% [1] - The fitness band market is expected to see global shipments of 10.76 million units in Q1 2025, showing a robust year-on-year growth of 34.0% [1] - China's fitness band market is projected to ship 6.21 million units, with a remarkable year-on-year growth of 67.9% [1]

Group 1 - The government has been implementing a "trade-in" policy for consumer goods, benefiting consumers and boosting consumption momentum since last year [1][3] - Funding for the trade-in policy comes from tax revenues, with both central and local governments contributing [3][5] - Central government funding for the trade-in program has doubled this year, with 300 billion yuan in special bonds issued to support the initiative, an increase of 150 billion yuan from the previous year [3][7] Group 2 - Local governments are required to match central funding, with provinces like Shandong actively raising funds to meet the 15% local contribution requirement [6][8] - The trade-in policy has led to significant sales growth for companies, with a reported 30% increase in sales for Shandong Sanyuan Home Appliances in the last quarter and the first four months of this year [8][10] - The scope of the trade-in policy has expanded to include a wider range of consumer products, enhancing the benefits for consumers [10][11]