优秀的互联网医疗行业上市公司，迎来了业绩兑现期。 2025年上半年，方舟健客实现营收14.94亿元，其中，综合医疗服务业务收入3.57亿元，同比增长 11.4%；线上零售药店服务收入8.64亿元，同比增长28.2%。盈利方面，公司净利润实现扭亏为盈，达 1250万元；经调整净利润再创新高，同比增长16.8%至1760万元，在普遍面临微利或难以实现盈利的行 业中脱颖而出。 这是继京东健康、阿里健康之后，又一家实现业绩突破的互联网医疗上市公司。这也意味着，方舟 健客也引领着慢病管理行业，进入价值化发展阶段。 然而对比前两者2000亿港元、超800亿港元的市值，市值仅在50亿港元左右的方舟健客当前却被严 重低估了。 方舟健客首创以"熟人医患"模式为基石的"AI+H2H（Hospital to Home 从医院到家庭）智慧医疗新 生态创新平台"，拥有22.9万注册医生、超5280万名注册用户，且平台用户忠诚度、支付意愿领先于行 业水平，构了公司发展的护城河。 忠实用户价值未被发掘，恰是方舟健客被低估的原因。从京东健康财报可以看到，其当前也更加注 重提高月活用户的粘性，重点将泛流量模式逐步转向精细化、定制化的医疗服务。 ...

Core Viewpoint - The electric vehicle (EV) business has become the biggest highlight for Xiaomi in the latest quarter, with both Morgan Stanley and UBS emphasizing that EV deliveries will be a key driver for the stock price in the second half of the year [1][5][11]. Financial Performance - Xiaomi's Q2 2025 adjusted net profit reached 10.831 billion RMB, a year-on-year increase of 75.4%, marking the highest quarterly profit in history [3]. - Total revenue for Q2 reached 115.956 billion RMB, a year-on-year growth of 30% and a quarter-on-quarter growth of 4%, exceeding Morgan Stanley's expectations by 3% [15]. - The company's overall gross margin improved to 22.5%, up 1.8 percentage points year-on-year, but down 0.3 percentage points quarter-on-quarter [8]. Business Segment Analysis - The EV business showed a gross margin of 26.4%, significantly up by 3.3 percentage points quarter-on-quarter, indicating strong profit potential [8]. - AIoT business gross margin was 22.5%, up 2.8 percentage points year-on-year but down 2.7 percentage points quarter-on-quarter [9]. - The smartphone business faced challenges with a gross margin of 11.5%, down 0.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, reflecting intense market competition [10]. Electric Vehicle Business Insights - UBS maintains a delivery forecast of 720,000 units for 2026, assuming full capacity operation of the second-phase factory [14]. - The average selling price of EVs increased by 6.4% quarter-on-quarter to 254,000 RMB, driven by high-end models SU7 Ultra and YU7 [11]. - The strong order intake for the YU7 model is expected to drive EV delivery volumes, which will be a key catalyst for stock price growth in the second half of the year [13]. Market Outlook - Morgan Stanley maintains an "Overweight" rating with a target price of 62 HKD, indicating an 18% upside potential from the current stock price [1][5]. - The company's diversified business strategy is proving effective, with the rapid development of the EV business opening new growth avenues [17].

Core Viewpoint - Morgan Stanley believes that the explosive growth of Xiaomi's electric vehicle (EV) business is effectively compensating for the slowdown in its smartphone business, with the ramp-up of production capacity at the Beijing second factory in the second half of the year expected to be a catalyst for the stock price [2] Group 1: Financial Performance - Xiaomi's total revenue for Q2 reached 1159.56 billion RMB, a year-on-year increase of 30% and a quarter-on-quarter increase of 4%, exceeding Morgan Stanley's expectations by 3% [9] - The AIoT business revenue was 387 billion RMB, a significant year-on-year increase of 45%, surpassing expectations by 18% [9] - The EV business revenue was 213 billion RMB, more than doubling year-on-year and exceeding estimates by 6% [9] - Smartphone business revenue was 455 billion RMB, a year-on-year decline of 2%, falling short of expectations by 8% [9] - Internet services revenue was 91 billion RMB, a year-on-year increase of 10%, but 5% below expectations [10] Group 2: Profitability and Margins - The overall gross margin for the company reached 22.5%, an increase of 1.8 percentage points year-on-year, but a decrease of 0.3 percentage points quarter-on-quarter [6] - The EV business gross margin was 26.4%, significantly increasing by 3.3 percentage points quarter-on-quarter, indicating strong profitability prospects [6] - The AIoT business gross margin was 22.5%, up 2.8 percentage points year-on-year but down 2.7 percentage points quarter-on-quarter [6] - The smartphone business gross margin was 11.5%, reflecting a year-on-year and quarter-on-quarter decline of 0.7 and 0.9 percentage points, respectively, due to intense market competition [7] Group 3: Future Outlook - The EV business is seen as the biggest highlight for Xiaomi in the current quarter, with average selling prices increasing by 6.4% to 254,000 RMB, driven by high-end models SU7 Ultra and YU7 [8] - Morgan Stanley analysts believe that the delivery volume of EVs will be a key driver for the stock price in the second half of the year, especially following strong orders for the YU7 model [8] - UBS maintains a delivery forecast of 720,000 units for 2026, assuming full capacity operation at the second factory, which requires stable production capacity by the end of Q4 [8][11]

作为雷科技编辑，看过数码圈无数奇闻趣事，即便如此，我也很少用"荒诞"来形容一件事，但最近手机圈的一条新闻，让我思来想去，好像只有"荒诞"能形 容。 近期，有用户为了解锁Bootloader，发明了所谓的「降级跑路法」，大概操作就是前往小米售后申请系统降级，趁工程师解除Bootloader锁后，抢夺手机逃 离现场。 图源：酷安 所谓Bootloader锁，如同手机系统的"大门钥匙"，解锁之后不仅可以降级，还能ROOT甚至刷第三方ROM，以及一些其他修改系统底层的操作。而锁定后用 户则无法自由刷机或降级，彻底失去对底层系统的控制权。 之所以出现「降级跑路法」这种情况，核心原因是小米对解锁Bootloader的要求极其苛刻，用户只能通过这种极端方式，绕开官方设置的解锁门槛，以获取 对手机底层系统的控制权， 这种荒诞行为背后，折射出小米与昔日发烧友用户的彻底"决裂"。那么，究竟是什么导致了这场"荒诞剧"的上演？ "为发烧而生"的用户，站在了小米的对立面 在酷安上，关于"小米解锁Bootloader"的热度达到了267.3万，引发了2万次讨论，这在属于"小众"的玩机圈中，已经算热度很高的话题，其中相关帖子更是达 到了千 ...

如果你看到一个人从手机店里狂奔出来，身后一个店员紧追不舍，你会选择冷眼旁观，还是伸出一条腿？ 自从小米将官方解除 BL 锁的手段限制的越来越苛刻、甚至诞生出了诸如「小米高考」之类的外号之后，一部分想要解锁刷机的用户就开发出了上面这种 骚操作…… 具体来说，就是拿着手机去售后网点申请系统降级——因为这步操作需要解锁 BL——然后趁着工程师操作过程中，抢走已经解锁的手机。 7 月某家小米之家的监控视频｜网络 这样的事情并非什么新现象，其实早在今年年初，就曾有过类似的「教程」和「案例」，只是传播范围没有七月这次这么大而已。 能够逼得用户这样铤而走险的，自然是小米最近两年执行的新 BL 解锁策略。 图｜OSChina 除了小米社区账号 5 级和实名认证之外，还需要在 15 分钟内正确回答几十道涉及 Android 基础、数学、编程乃至逻辑题目，甚至是答题后写申请的「申 论」一应俱全。 知道的是解锁小米手机，不知道的以为是科举考试。 离谱的难度、刁钻的时间和没有固定规则的申请文书，小米的态度已经很明显了： 解锁 BL 的风险是巨大的，不适合一般人。 这就逼得很多人，像文章开始说的那样，被迫去小米门店跟工程师斗智斗勇了。 ...

本文来自微信公众号：爱范儿 （ID：ifanr），作者：马扶摇，题图来自：AI生成 如果你看到一个人从手机店里狂奔出来，身后一个店员紧追不舍，你会选择冷眼旁观，还是伸出一条腿？ 自从小米将官方解除BL锁的手段限制的越来越苛刻、甚至诞生出了诸如"小米高考"之类的外号之后，一部分想要解锁刷机的用户就开发出了上面这种骚 操作…… 除了小米社区账号5级和实名认证之外，还需要在15分钟内正确回答几十道涉及Android基础、数学、编程乃至逻辑题目，甚至是答题后写申请的"申论"一 应俱全。 知道的是解锁小米手机，不知道的以为是科举考试。 离谱的难度、刁钻的时间和没有固定规则的申请文书，小米的态度已经很明显了： 解锁BL的风险是巨大的，不适合一般人。 这就逼得很多人，像文章开始说的那样，被迫去小米门店跟工程师斗智斗勇了。 只不过抢手机的成功率也不是100%的……根据几位参加过"小米马拉松"的酷安用户跟帖反馈：小米售后工程师回锁BL的速度很快。据传闻部分门店甚至 已经给操作台装上了玻璃隔板，防用户如防零元购。 具体来说，就是拿着手机去售后网点申请系统降级——因为这步操作需要解锁BL——然后趁着工程师操作过程中，抢走已经解锁的 ...

Core Insights - The article discusses the entrepreneurial journey of Lei Jun and the founding of Xiaomi, highlighting the challenges and strategies that led to its success [4][20][21] - It emphasizes the importance of hard work, learning from failures, and maintaining a user-centric approach in building a great company [5][6][36] Group 1: Entrepreneurial Journey - Lei Jun's early experiences with Kingsoft and the challenges faced during the launch of the "Pangu" office suite shaped his understanding of market needs and user demands [12][13][16] - The transition from Kingsoft to founding Xiaomi in 2010 was driven by a deep reflection on the essence of the internet and the desire to create a significant company [19][20] - Xiaomi's initial marketing strategy involved extensive engagement on social media to find early adopters, which was crucial for its launch [21][22] Group 2: Challenges and Resilience - Xiaomi faced a "death spiral" in 2015 due to declining sales and supply chain issues, which required a strong response from the leadership to regain market confidence [33][34] - The company's ability to unite its team and maintain user trust during tough times was pivotal in overcoming challenges [35][36] Group 3: Key Principles and Strategies - The article outlines 36 entrepreneurial principles derived from Lei Jun's experiences, emphasizing the importance of focus, trust, and continuous improvement [27][28][29] - It highlights the significance of creating a strong team and fostering a culture of innovation and resilience within the company [30][31][32] - The concept of "explosive products" is introduced, suggesting that successful products are the result of effective production, appropriate pricing, and user-oriented innovation [87][89][92]

Summary of Xiaomi Group Conference Call Company Overview - Xiaomi Group has evolved through four development stages, from building a hardware ecosystem to creating a comprehensive ecosystem involving smart devices, IoT, and smart cars, while leveraging internet services for synergy [2][3]. Financial Performance - In 2024, Xiaomi achieved a revenue of 365.9 billion RMB and a profit of approximately 23.7 billion RMB, marking a year-on-year growth of 35.4% [2][6]. - The growth rate is considered impressive for a company of Xiaomi's size [6]. Market Position - The global smartphone market saw a shipment volume of approximately 1.223 billion units in 2024, with a year-on-year growth of about 7%. In mainland China, the shipment volume was around 285 million units, growing by about 4% [7]. - Xiaomi holds significant positions in both global and Chinese markets, ranking among the top five smartphone manufacturers [7]. Product and Technology Development - AI technology is identified as a crucial driver for the future smartphone industry, with Xiaomi investing in self-developed chips like the Xuanwu O1 to enhance user experience and penetrate the high-end market [2][8][10]. - Xiaomi's high-end strategy has been successful, with the average selling price (ASP) increasing significantly from 973 RMB in 2019 to 1,137 RMB in 2024 [10][13]. Brand Strategy - Xiaomi operates a brand matrix with the Xiaomi and Redmi brands, effectively promoting its high-end strategy while maintaining a budget-friendly image with Redmi [11]. - The company has successfully captured market share in the high-end segment, achieving a 24.3% market share in the 4,000 to 5,000 RMB price range in China [13]. Home Appliance Business - The home appliance segment is increasingly important, with expectations for the overall scale to exceed 50 billion RMB by 2025. The white goods sector is growing rapidly, particularly in air conditioning and washing machines [17][18]. - Xiaomi's white goods revenue is projected to reach nearly 30 billion RMB in 2025, reflecting a growth rate of 60% to 70% [18]. Automotive Sector - Xiaomi's first car model, the SU7, launched in 2024, achieved a delivery volume of 139,000 units, competing with Tesla's Model 3 and BYD's Han [4][24]. - The company plans to expand its automotive business through a new retail strategy, aiming for a delivery capacity of 600,000 to 700,000 units by 2026 [26][33]. Risks and Challenges - Xiaomi faces risks related to brand perception and potential inefficiencies in its supply chain, which could impact long-term growth [27]. Future Outlook - Revenue projections for Xiaomi from 2025 to 2027 are optimistic, with expected revenues of 480 billion RMB, 600 billion RMB, and 700 billion RMB respectively. Net profit is anticipated to reach 43 billion RMB in 2025 and 57 billion RMB in 2026 [34]. - The company is recommended for investment, as its current market valuation does not fully reflect its future potential [34].

（全球TMT2025年5月6日讯）近期，OPPO、荣耀、小米、蚂蚁集团、中手游、苹果、英特尔、Meta、Oklo、恩智浦、Discord、华纳音乐、 Quantum Computing、DXC Technology等公司高管变动。 OPPO内部消息，原中国区总裁刘波因脱产参加高管学习计划卸任该职位。高级副总裁段要辉直接负责中国市场，对中国区整体业务负责。另 外，此次调整还涉及线下销售板块，由原Reno与A系列GTM部长汤杰负责中国区线下销售工作 ，向段要辉汇报。2024年1月，段要辉升任公司高 级副总裁后分管中国区，刘波向其汇报。 赵明卸任两家荣耀终端公司董事长 北京荣耀终端有限公司、西安荣耀终端有限公司发生工商变更，赵明卸任董事长职务。其中，北京公司由方飞接任董事长职务，西安公司由刘洋 接任。此前，荣耀内部宣布，赵明因身体原因，向公司提出辞去CEO等相关职务，董事会决定由李健任CEO职务。 雷军在小米之家改任董事 小米之家商业有限公司发生工商变更，雷军由执行董事改任董事，同时经营范围新增智能家庭消费设备销售、美发饰品销售。该公司成立于2017 年6月，法定代表人为孙波，注册资本1亿人民币，由小米通讯技术有限 ...

2025年2月27日 早盘，小米股价一度涨超4% 文｜ 凌川儿 编辑｜ 阿树 新媒体编辑｜ 宝珠 视觉 | 顾芗 2月27日，对雷军来说可能只是一个寻常的工作日，但并不由他掌控，这天他在媒体上经历了人生的"大 起大落"。 此前有多家媒体报道，由于今日早盘小米股价一度涨超4%，创下小米集团股价历史记录，雷军财富超过 农夫山泉创始人钟睒睒，成为中国首富。随后小米股价发生跳水，雷军身价重新被钟睒睒超过。 "雷军喜提中国首富1小时体验卡"的话题也一度冲上热搜榜第一。 27日下午，财联社报道，雷军在武大校友群对此回应称：假消息。 盐财经记者查阅福布斯富豪实时榜单后发现，目前钟睒睒仍以565亿美元的个人财富排名中国第一，雷 军凭借约425亿美元位居第四。 | | | | | | | THE REAL-TIME BILLIONAIRES LIST | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025 List | Request Spreadsheet | Reprints | | | | Filter ...