Xiaomi YU7系列

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小米集团-W(01810):创新业务快速发展,IoT业务收入创新高
Yong Xing Zheng Quan· 2025-08-22 13:17
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% ...
小米集团Q2实现营收1160亿元,交付新车81302辆再创新高
Ju Chao Zi Xun· 2025-08-19 10:28
Core Insights - Xiaomi Group reported a record total revenue of 116 billion yuan for Q2 2025, representing a year-on-year growth of 30.5% [2] - The adjusted net profit reached 10.8 billion yuan, marking a significant year-on-year increase of 75.4% [2] Business Segments - The revenue from the mobile and AIoT segment was 94.7 billion yuan, showing a year-on-year growth of 14.8% [2] - The smart electric vehicle and AI innovation segment generated 21.3 billion yuan, with smart electric vehicle revenue accounting for 20.6 billion yuan and other related business revenue at 600 million yuan, both achieving record highs [2] Vehicle Deliveries and Product Launch - The company delivered 81,302 new vehicles in Q2, setting a new historical record [2] - The Xiaomi YU7 series, the company's first SUV, was launched in June 2025, featuring three configurations with starting prices of 253,500 yuan, 279,900 yuan, and 329,900 yuan, respectively [2] - The Xiaomi YU7 series received strong order demand, surpassing 240,000 units within 18 hours of its launch [2] AI Integration and New Products - The company continues to leverage AI to enhance the smart cockpit of the Xiaomi YU7 series, receiving positive feedback for features like voice control and multimodal interaction [3] - The first generation of Xiaomi AI glasses was also launched in June 2025, equipped with advanced multimodal smart interaction capabilities, including real-time translation in multiple languages [3]
小米Q2净利润同比增75.4%,大家电收入增66.2%创历史新高,手机业务下降2.1%
美股IPO· 2025-08-19 10:12
Core Viewpoint - Xiaomi Group reported a record high total revenue of RMB 1160 billion in Q2, representing a year-on-year growth of 30.5%, and an adjusted net profit of RMB 108 billion, up 75.4% year-on-year, showcasing strong profitability and growth potential [1][3][12]. Financial Performance - Total revenue for Q2 reached RMB 1159.6 billion, marking a 30.5% increase compared to the previous year, surpassing the forecast of RMB 1149.4 billion [4]. - Adjusted net profit was RMB 108.3 billion, reflecting a significant year-on-year increase of 75.4%, exceeding the expected RMB 102.3 billion [5]. - Operating profit stood at RMB 134.4 billion, outperforming the forecast of RMB 104.3 billion [6]. - Gross margin improved to 22.5%, although it slightly decreased by 0.3 percentage points quarter-on-quarter [7]. - R&D expenditure reached RMB 77.6 billion, up 41.2% year-on-year, surpassing the expected RMB 71.8 billion [8]. Business Segment Performance Electric Vehicle and AI Segment - Revenue from the electric vehicle and AI segment reached RMB 213 billion, with the automotive business contributing RMB 206 billion, reflecting a staggering year-on-year growth of 233.9% [10][12]. - The number of new car deliveries was 81,302, a 197.7% increase from the previous year [12]. - The gross margin for the automotive segment was 26.4%, significantly up from 15.4% year-on-year, with operating losses narrowing to RMB 3 billion [13]. Smartphone Business - Smartphone revenue was RMB 455 billion, down 2.1% year-on-year, primarily due to a decrease in average selling price (ASP) [10][14]. - Despite a slight increase in global shipment volume to 42.4 million units, the gross margin for smartphones fell from 12.1% to 11.5% due to intensified market competition and promotional activities [10][14]. - Xiaomi's high-end smartphone strategy is showing results, with a 27.6% market share in high-end smartphones in mainland China, up 5.5 percentage points year-on-year [14]. IoT and Home Appliances - The IoT and lifestyle product segment generated RMB 387 billion in revenue, a 44.7% year-on-year increase, marking a historical high [11][15]. - Revenue from smart home appliances grew by 66.2%, with significant sales in air conditioners, refrigerators, and washing machines [15]. - The number of active users globally reached 731 million, an 8.2% increase year-on-year, with 989 million connected IoT devices, up 20.3% [15]. R&D and Innovation - R&D investment continued to increase, reaching RMB 78 billion in Q2, with the number of R&D personnel hitting a record high of 22,641 [17]. - The focus on artificial intelligence is evident, with the release of open-source multimodal models and language models, enhancing product competitiveness [17].
小米多项数据创新高,却难掩背后隐忧?
Jin Rong Jie· 2025-05-28 07:24
Core Viewpoint - Xiaomi has reported strong financial performance for Q1 2025, with multiple historical highs in revenue and profit, despite facing recent controversies related to its automotive division [1][2]. Financial Performance - Total revenue for Q1 2025 increased by 47.40% year-on-year to 111.29 billion RMB, with IoT and lifestyle products contributing significantly [2]. - Adjusted net profit for Q1 2025 reached 10.68 billion RMB, marking a 64.47% year-on-year growth [2][3]. - Overall gross margin improved by 0.54 percentage points to 22.83%, driven by higher margins in IoT and lifestyle products, despite a decline in smartphone margins [2][3]. Smartphone Business - Global smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, while the average selling price (ASP) rose by 5.8% to 1,210.6 RMB [3]. - Revenue from the smartphone segment grew by 8.89% year-on-year to 50.61 billion RMB, although gross margin declined from 14.80% to 12.41% due to rising component costs [3]. IoT and Consumer Electronics - The IoT and lifestyle products segment achieved record revenue of 32.34 billion RMB, up 58.73% year-on-year, with a gross margin increase of 5.35 percentage points to 25.22% [4]. - Smart home appliances saw significant growth, with revenue increasing by 113.8%, particularly in refrigerators and air conditioners [4]. Internet Services - Monthly active users reached a record high of 719 million globally, with a 9.2% year-on-year increase [5]. - Revenue from advertising grew by 19.7% year-on-year to 6.6 billion RMB, contributing to an expanded gross margin of 76.93% for the internet services segment [5]. Automotive Business - Xiaomi delivered 75,869 units of the Xiaomi SU7 series in Q1 2025, with an ASP of 238,300 RMB, reflecting a 1.63% increase from the previous year [8]. - The automotive segment's gross margin reached 23.17%, significantly higher than the previous year's 12.26% [8]. - Despite operational losses of 500 million RMB in the automotive division, management remains optimistic about achieving an annual delivery target of 350,000 units [11]. Market Challenges - Recent controversies surrounding the SU7 model have raised concerns about brand perception and market performance [10][12]. - The competitive landscape in the electric vehicle market is intensifying, with new pricing strategies being adopted by competitors [14].
收入及盈利均再次创下历史新高 小米集团-W(01810)发布一季度业绩 股东应占溢利109.24亿元 同比增加161.22%
智通财经网· 2025-05-27 09:42
Group 1 - The company reported a revenue of 111.29 billion RMB for the first quarter of 2025, a year-on-year increase of 47.4% [1] - Gross profit reached 25.41 billion RMB, up 50.96% year-on-year, while net profit attributable to shareholders was 10.92 billion RMB, marking a 161.22% increase [1] - The adjusted net profit for the quarter was 10.7 billion RMB, a historical high with a year-on-year growth of 64.5% [1] Group 2 - The company’s global smartphone shipments reached 41.8 million units in the first quarter of 2025, a 3.0% year-on-year increase, maintaining a top-three global ranking with a market share of 14.1% [2] - The number of active users globally reached 719 million, a 9.2% increase year-on-year, while the number of connected IoT devices grew to 944 million, up 20.1% [2] - The company delivered 75,869 units of the Xiaomi SU7 series vehicles in the first quarter of 2025 [2] Group 3 - The company invested 6.7 billion RMB in R&D during the first quarter of 2025, a 30.1% year-on-year increase, with R&D personnel reaching a record high of 21,731, accounting for 47.7% of total employees [3] - The company’s high-end smartphone sales in mainland China accounted for 25.0% of total smartphone sales, a 3.3 percentage point increase year-on-year [3] - The market share for smartphones priced at 4,000 RMB and above in mainland China reached 9.6%, up 2.9 percentage points year-on-year, with the Xiaomi 15 Ultra achieving over 90% year-on-year growth in its first month of sales compared to the Xiaomi 14 Ultra [3]