8月19日，小米集团发布2025年第二季度财报。数据显示，小米二季度总营收1160亿元，连续三个季度 超千亿元，同比增长30.5%；经调整净利润达108亿元，同比增长75.4%。 汽车业务加速成长，步入规模化增长快车道。智能电动汽车及AI等创新业务收入213亿元；小米汽车新 车交付81302台，截至7月累计交付已超30万台；中国内地92个城市开业335家汽车销售门店。 智能手机高端化持续突破，全球重点市场占有率上涨。智能手机出货量达4240万台，连续8个季度实现 同比增长，连续5年稳居全球前三。高端化取得重要成果，中国内地4000～5000元价位的市占率为 24.7%，排名第一；5000～6000元价位的市占率为15.4%，同比提升6.5个百分点。全球重点市场占有率 稳步上涨，手机出货量在60个国家和地区排名前三，69个国家和地区排名前五，欧洲排名第二，东南亚 排名重返第一，中东、拉美市场稳居第二。 IoT业务创历史新高，家电业务大幅增长。loT与生活消费产品收入387亿元，同比增长44.7%，其中智能 大家电收入增长66.2%。空调出货量超540万台，同比增长超60%，刷新单季历史纪录。 研发投入大幅加码， ...

机构：银河证券 研究员：石金漫/高峰/秦智坤 研发投入稳定增长，坚定不移推进底层核心技术研发：2025年H1公司研发费用同比增长35.8%至144.8 亿元，研发费用率同比-0.1Pct至6.4%，Q2 单季研发费用同比增长41.2%至77.6亿元，研发费用率同比 +0.5pct至6.7% 研发费用的增长主要来源于智能电动汽车与AI等创新业务的研发开支，公司坚定不移的 推进A工芯片、大模型、操作系统等底层技术研发，提升科技硬实力，截止2025年6月30日，公司研发 人员达到22641人，创历史新高。期间费用率方面，2025年H1公司销售/管理/财务费用率分别为 6.6%/1.4%/ 0.4%，同比分别-0.3pct/-0.5pct/+1.0pct，良好的费用管控能力叠加收入规模高速扩张带来费 用分摊，公司期间费用率稳中有降，推动公司盈利能力提升。 投资建议：预计2025年-2027年公司将分别实现营业收入4977.35亿元、6303.60亿元、7245.73亿元，实 现净利润417.17亿元、557.10亿元， 667.90亿元，EPS分别为1.60元、2.14元、2.57元，对应PE分别为 32.78倍、2 ...

小米集团-W(01810) 公司研究/公司点评 创新业务快速发展，IoT 业务收入创新高 ——小米集团（01810）2025 年第二季度业绩点评 ◼ 事件描述 根据公司公告，小米集团于 8 月 19 日披露 2025 年第二季度业绩。该 季度公司收入同比增长 30.5%至 1159.56 亿元，经调整净利润同比增 长 75.4%至 108.31 亿元。 ◼ 核心观点 创新业务快速发展：2025 年第二季度，公司智能电动汽车及 AI 等创 新业务分部实现收入 213 亿元，经营亏损 3 亿元。其中，智能电动汽 车收入为 206 亿元，交付新车达 81,302 辆。公司于 2025 年 6 月正式 发布了 Xiaomi YU7 系列，开售 18 小时锁单量突破 240,000 台。我们 认为，在公司销量持续增长以及规模效应不断显现的基础上、以及在 公司强劲产品力以及"人车家全生态"战略的推动下，公司创新业务 有望实现持续的收入快速增长及盈利能力提升。 智能手机业务海外渗透率不断提升：2025 年第二季度，公司智能手机 业务收入 455 亿元，毛利率 11.5%；全球出货量为 42.4 百万台，同比 增长 0.6% ...

2025 年 08 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn [Table_Title] 持续"稳健进取"的核心经营策略，盈利再创历 史新高 ——小米集团-W（1810.HK）2025Q2 财报点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小米集团-W | -7.8% | -4.1% | 197.2% | | 恒生指数 | 1.4% | 6.3% | 43.7% | | 市场数据 | 2025/08/21 | | --- | --- | | 当前价格（港元） | 51.35 | | 52 周价格区间（港元） | 18.18-61.45 | | 总市值（百万港元） | 1,367,589.18 | | 流通市值（百万港元） | 1,367,589.18 | | 总股本（万股） | 2,60 ...

Core Viewpoint - Xiaomi Group's Q2 2025 financial report shows significant growth in revenue and adjusted net profit, driven by its automotive business and other segments, despite challenges in its smartphone division [6][8]. Financial Performance - Q2 revenue reached 116 billion yuan, a year-on-year increase of 30.5%, while adjusted net profit was 10.8 billion yuan, up 75.4% [6]. - The automotive business delivered 81,300 vehicles, generating 20.6 billion yuan in revenue with a gross margin of 26.4% [9][15]. Automotive Business Insights - The automotive division's operating loss decreased from 500 million yuan in Q1 to 300 million yuan in Q2, marking a 40% improvement [9][12]. - The gross margin for the automotive business improved from 23.2% in Q1 to 26.4% in Q2, indicating effective cost management and scale effects [13][14]. - Xiaomi's automotive business is close to profitability, needing to reduce costs or increase margins by approximately 6,000 yuan per vehicle to break even [16][20]. Smartphone Business Challenges - Smartphone revenue was 45.5 billion yuan, accounting for 39.3% of total revenue, but showed a decline of 2.1% year-on-year and 10.1% quarter-on-quarter [19]. - The average selling price (ASP) of smartphones fell to 1,073 yuan, down 11.3% quarter-on-quarter, reflecting increased competition and a shift to lower-priced models [21]. IoT and Internet Services Growth - IoT and lifestyle product revenue reached 38.7 billion yuan, a 44.7% increase year-on-year, with a gross margin of 22.5% [22]. - Internet services revenue was 9.1 billion yuan, growing 10.1% year-on-year, with a high gross margin of 75.4% [23][24]. Cost Management and Efficiency - Xiaomi's overall expense ratio decreased to 13.9%, down 2.2 percentage points year-on-year, showcasing effective cost control despite entering the automotive sector [28]. - The company achieved cost efficiency through scale effects and shared R&D investments across its product lines [29][30]. Future Outlook - With a backlog of over 200,000 orders for the YU7 model, Xiaomi is well-positioned to meet its annual target of 350,000 vehicle deliveries [17]. - The automotive business is expected to achieve quarterly profitability by late 2025 or early 2026, potentially ahead of competitors like Xpeng and NIO [17].

Core Insights - Xiaomi Group reported a total revenue of 1159.56 billion yuan for Q2 2025, a year-on-year increase of 30.5%, and a net profit of 108.31 billion yuan, up 75.4% year-on-year [1][2] - Despite a challenging global smartphone market, Xiaomi's smartphone business showed positive growth, particularly in overseas markets, achieving significant market share increases in Southeast Asia and Europe [1][6] - The company aims to enter the "200 million club" in smartphone sales, positioning itself alongside Apple and Samsung as a leading player in the industry [8][9] Financial Performance - Xiaomi's smartphone and AIoT business generated 946.93 billion yuan in revenue, a 14.8% year-on-year increase, accounting for 81.7% of total revenue [5] - Smartphone revenue for Q2 was 455.2 billion yuan, a decrease of approximately 10% from Q1, primarily due to a decline in average selling price (ASP) [5][11] - ASP decreased from 1210.6 yuan in Q1 to 1073.2 yuan in Q2, influenced by a higher proportion of lower-priced smartphones sold in overseas markets [5][11] Market Position - Xiaomi's smartphone shipments reached 42.4 million units in Q2, a 1.5% increase from the previous quarter, with a market share of 16.8% in China, making it the top brand domestically [5][6] - In Southeast Asia, Xiaomi's market share rose to 18.9%, while in Europe, it regained the second position with a market share of 23.4%, surpassing Apple for the first time [6][9] Strategic Focus - The company is shifting its strategy from scale expansion to a focus on quality and profitability, aiming for high-end product offerings and ecosystem synergy [8][9] - Xiaomi's high-end smartphone sales accounted for 27.6% of total smartphone sales in China, a 5.5 percentage point increase year-on-year [8][11] - The company plans to adopt differentiated strategies in various international markets, focusing on product structure adjustments in mature markets and prioritizing scale in emerging markets [9][11] Business Structure Optimization - In Q2, Xiaomi's smartphone revenue share decreased to 39.3%, while IoT and lifestyle products increased to 33.4% [11] - IoT and lifestyle product revenue reached 387 billion yuan, a 44.7% year-on-year increase, with smart home appliances growing by 66.2% [11][12] - The smart electric vehicle and AI segment reported a revenue of 213 billion yuan, a staggering 234% increase year-on-year, despite a slight operational loss [12]

Core Viewpoint - Xiaomi Group reported a significant increase in revenue and net profit for Q2 2025, indicating strong growth despite challenges in the smartphone segment [3][4]. Financial Performance - Xiaomi Group's revenue for Q2 2025 reached 116 billion RMB, a year-on-year increase of 30.5% [3]. - The adjusted net profit for the same period was 10.8 billion RMB, reflecting a year-on-year growth of 75.4% [3]. - The gross profit for the smartphone segment was 5.22 billion RMB, with a gross margin of 11.5%, down from 12.1% in the previous year [3][4]. - IoT and lifestyle products generated a gross profit of 8.72 billion RMB, with a gross margin of 22.5%, up from 19.7% year-on-year [3]. - Internet services revenue was 6.86 billion RMB, with a gross margin of 75.4%, slightly down from 78.3% [3]. Segment Performance - Smartphone revenue decreased by 2.1% year-on-year to 45.5 billion RMB, attributed to a decline in average selling price (ASP) in overseas markets [4]. - IoT and lifestyle products saw a revenue increase of 44.7% year-on-year, reaching 38.7 billion RMB [4]. - Internet services revenue grew by 10.1% year-on-year to 9.1 billion RMB [4]. - The innovative business segment, including smart electric vehicles and AI, generated 21.3 billion RMB in revenue, with a loss of 300 million RMB [4]. Market Outlook - The smartphone market is expected to experience zero or minimal growth, leading Xiaomi to revise its sales target for the year to approximately 175 million units [5]. - The company aims to optimize product structure and improve ASP in response to market conditions [5]. - Xiaomi's R&D investment for the quarter was 7.8 billion RMB, a year-on-year increase of 41.2%, with an expected total investment of 30 billion RMB for the year [6].

Core Viewpoint - Xiaomi Group reported a record high revenue of RMB 115.96 billion for Q2, marking a 30.5% year-on-year increase, with a net profit of RMB 11.9 billion and an adjusted net profit of RMB 10.83 billion, up 75.4% year-on-year [1][2]. Financial Performance - Revenue for Q2 reached RMB 115.96 billion, compared to RMB 88.89 billion in the same period last year, reflecting a 30.5% increase [2]. - Gross profit was RMB 26.10 billion, up 41.9% year-on-year [2]. - Operating profit surged to RMB 13.44 billion, a 128.2% increase from the previous year [2]. - The adjusted net profit of RMB 10.83 billion represents a 75.4% increase year-on-year [2]. Automotive Business - In Q2 2025, revenue from Xiaomi's smart electric vehicles and AI-related businesses was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion [3]. - The gross margin for the smart electric vehicle segment was 26.4%, but the segment incurred an operating loss of RMB 300 million [3]. - Xiaomi has invested over RMB 30 billion in automotive and innovative businesses from 2022 to the first half of 2025, leading to significant losses in new business segments [5]. Research and Development - Xiaomi's R&D expenditure in Q2 was RMB 7.8 billion, a 41.2% increase year-on-year, with a total of 22,641 R&D personnel, the highest in the company's history [6][7]. Smartphone and IoT Business - Revenue from the smartphone segment was RMB 45.5 billion, with a gross margin of 11.5%, and global smartphone shipments reached 42.4 million units, a slight increase of 0.6% year-on-year [9]. - The IoT and lifestyle products segment achieved record revenue of RMB 38.7 billion, up 44.7% year-on-year, with a gross margin of 22.5%, an increase of 2.8 percentage points [9]. Stock Performance - As of August 19, Xiaomi's stock price closed at HKD 52.4, down 1.23%, with a total market capitalization of HKD 1.36 trillion, reflecting a nearly 14% decline from its recent high of HKD 61.45 on June 27 [11][12].

Core Insights - Xiaomi Group reported a revenue of 116 billion yuan for Q2, marking a year-on-year growth of 30.5%, and has surpassed 100 billion yuan for three consecutive quarters [1] - The adjusted net profit reached 10.8 billion yuan, a significant increase of 75.4% year-on-year, continuing a trend of exceeding 10 billion yuan for two consecutive quarters [1] Revenue Breakdown - Smartphone business generated revenue of 45.5 billion yuan, with shipment volume showing positive growth for eight consecutive quarters [1] - IoT and lifestyle products revenue amounted to 38.7 billion yuan, reflecting a year-on-year growth of 44.7% [1] - Smart home appliances saw a revenue increase of 66.2% year-on-year [1] - Revenue from innovative segments such as smart electric vehicles and AI reached 21.3 billion yuan, representing a remarkable year-on-year growth of 234%, achieving a historical high [1]

Core Viewpoint - Xiaomi Group reported record-high revenue and adjusted net profit for the second quarter of 2025, indicating strong growth across various business segments [1][2]. Financial Performance - The total revenue for the second quarter reached RMB 115.96 billion, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2% [2]. - The adjusted net profit for the second quarter was RMB 10.83 billion, marking a 75.4% year-on-year increase [2]. - Gross profit for the quarter was RMB 26.10 billion, up 41.9% year-on-year [2]. - Operating profit increased by 128.2% year-on-year to RMB 13.44 billion [2]. Automotive Business - Revenue from the smart electric vehicle and AI innovation segment was RMB 21.3 billion, with smart electric vehicle revenue at RMB 20.6 billion [2]. - The segment reported a gross margin of 26.4% but incurred an operating loss of RMB 300 million [2]. - A total of 81,302 new vehicles were delivered in the second quarter [2]. Smartphone and IoT Business - Revenue from the smartphone segment was RMB 45.5 billion, with a gross margin of 11.5% [3]. - Global smartphone shipments reached 42.4 million units, reflecting a 0.6% year-on-year growth [3]. - The IoT and lifestyle products segment achieved record revenue of RMB 38.7 billion, a 44.7% year-on-year increase, with a gross margin of 22.5% [3]. Research and Development - R&D expenditure for the second quarter was RMB 7.8 billion, up 41.2% year-on-year [3]. - The number of R&D personnel reached a record high of 22,641 [3].