Core Viewpoint - Xiaomi Group reported strong financial results for Q2 2025, with revenue of 115.96 billion RMB, a year-on-year increase of 30.5%, and adjusted net profit of 10.83 billion RMB, up 75.4% year-on-year, exceeding Bloomberg consensus expectations and setting historical highs [1] Group 1: Smartphone Performance - Xiaomi's smartphone revenue decreased by 2.1% year-on-year to 45.52 billion RMB, primarily due to a 2.7% decline in average selling price (ASP) to 1,073.2 RMB, partially offset by a 0.6% increase in shipment volume to 42.4 million units [1] - Despite an increase in high-end smartphone shipments in mainland China, the launch of the REDMIA5 series in April 2025 led to a decline in ASP in overseas markets, contributing to a 0.6 percentage point drop in smartphone gross margin to 11.5% [1] Group 2: IoT and Internet Services - IoT and lifestyle consumer products achieved revenue of 38.71 billion RMB in Q2, a year-on-year growth of 44.7%, setting a historical high, with a gross margin of 22.5%, up 2.8 percentage points year-on-year [2] - Internet services revenue reached 9.1 billion RMB, growing 10.1% year-on-year, with a gross margin of 75.4%, slightly down year-on-year but still a core profit contributor [2] - Global monthly active users increased to 731.2 million, up 8.2% year-on-year, supporting revenue growth in services [2] Group 3: Automotive Business - The company delivered 81,302 new vehicles in Q2, a historical high, with the Xiaomi YU7 series SUV achieving over 240,000 orders within 18 hours of launch, indicating strong market interest [2] - The vehicle models feature high-end configurations such as an 800V silicon carbide high-voltage platform and laser radar, with an ASP of 253,700 RMB, up 10.9% year-on-year, contributing to improved profitability [2] Group 4: Investment Outlook - The company's effective execution of its "high-end + full ecosystem + globalization" strategy led to another quarter of unexpected growth in Q2 2025, with short-term growth driven by YU7 vehicle deliveries and AIoT product launches [3] - Long-term growth potential is anticipated from the implementation of large model technology and the synergy of the "people, vehicle, home" ecosystem [3] - The company is assigned a target price of 62.3 HKD per share, indicating an upside potential of 18.6% from the recent closing price, maintaining a "buy" rating [3]

全生态协同发力，盈利创历史新高 事件：小米集团于 8 月 20 日发布业绩公告，公司 2025 第二季度实现营收 1159.6 亿元（人民币，下同，标明除外），同比增长 30.5%，经调整净利润为 108.3 亿元，同比大幅增长 75.4%，营收与经调整净利润表现均小幅超出彭博一致性 预期，且均创下历史新高。业绩高增源于三大动力：智能手机高端化与份额提 升双轮驱动，AIoT 生态规模效应持续放大，智能电动汽车业务表现继续突破 贡献增量。 报告摘要 手机表现优于同行，出货量增加被 ASP 下降抵消。2025Q2 公司智能手机收入同 比减少 2.1%至人民币 455.2 亿元，主要是由于智能手机平均销售单价（ASP）下 降 2.7%至 1073.2 元，部分被智能手机出货量增加 0.6%至 4240 万台所抵消。尽 管中国大陆市场高端智能手机出货量占比提升，但 2025 年 4 月成功发布 REDMI A5 系列导致境外市场 ASP 下降带动整体 ASP 的下滑，境外市场竞争加剧及毛利 率较低的产品收入占比增加使得智能手机毛利率同比下降 0.6 个百分点至 11.5%。 根据 Canalys 的数据，2025Q2 ...