小米集团 (01810.HK) 2025年第二季度业绩电话会
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会议摘要
Xiaomi Group's mid-term performance in 2025 is impressive, with total revenue of 116 billion yuan, a year-on-year increase of 30.5%, gross profit margin of 22.5%, a year-on-year increase of 1.8 percentage points, and adjusted net profit of 10.8 billion yuan, a year-on-year increase of 75%. The global shipment volume of its mobile phone business ranks third, with AIoT business revenue of 38.7 billion yuan, a year-on-year increase of 44.7%. The smart electric vehicle business had a revenue of 21.3 billion yuan in the second quarter, with a gross profit margin of 26.4%, delivering 81,000 new cars and planning to enter the European market in 2027. Research and development investment reached 7.8 billion yuan, a year-on-year increase of 41.2%, with research and development personnel accounting for 46.2% of the total staff. The future strategy focuses on technological intensification, brand premiumization, global market expansion, and modal ecosystem development, increasing investment in AI technology to drive the network effect of the ecosystem and achieve a major transformation in the business model.
会议速览
Xiaomi Group's mid-term performance for 2025 announced: strategic updates and financial performanceThe meeting focused on Xiaomi Group's mid-term performance in 2025, including strategic updates, business situation, and financial performance, emphasizing the risks and uncertainties of forward-looking statements, while also introducing the arrangements for performance review and Q&A sessions.
Xiaomi's second quarter performance is impressive: revenue and profit reach a new high, multiple business lines grow steadily.In the second quarter, Xiaomi's total revenue reached 116 billion yuan, a year-on-year increase of 30.5%, with adjusted net profit of 10.8 billion yuan, a year-on-year increase of 75%, hitting a historical high for three consecutive quarters. The group's gross profit margin reached 22.5%, an increase of 1.8 percentage points year-on-year. The mobile phone business continues to rank among the top three globally, with the highest activation volume in the Chinese market; the home appliance business is growing rapidly; successfully launched the first self-developed 3-nanometer flagship chip and three terminal products. In response to changes in industry competition, the company shared outlooks for both the volume and profit of the mobile phone business, as well as strategies for the continued healthy development of the large home appliance business.
Xiaomi's market strategy and breakthrough in high-end transformation.Xiaomi ranks among the top three in the global smartphone market, with the highest activation volume in Mainland China and significant market share growth in various overseas regions. Faced with a mature market, Xiaomi has set clear growth goals and is advancing towards a high-end strategy, with self-developed chips and AI technology as key factors. Sales of high-end phones in Mainland China have increased, with a focus on breaking into the high-end market in overseas markets, and there is also significant profit contribution in the personal device sector.
In the second quarter of 2025, the shipment of products reached a record high, with Xiaomi leading the new trend of smart home appliances.In the second quarter of 2025, global shipments of tablets, wearable devices, and headphones saw significant growth, with the release of Xiaomi AI glasses performing well. The company's home appliance business revenue reached a new high, with air conditioning business achieving both volume and price increases. The company firmly believes that the trend in the industry is towards the smartification of traditional home appliances, and will continue to invest in core technologies, reconstruct user scenarios, and lead market innovation.
Development and future strategic prospects of Xiaomi's home appliances and automotive businessThe conversation covers Xiaomi's achievements in the home appliance and automotive fields, emphasizing the importance of technological innovation, quality standards, design texture, and premium service, as well as the commitment to explosive product strategy, cost-effectiveness, and user information rights. It mentioned Xiaomi's outstanding performance in delivery volume and track records for its automotive division, and the prospect of entering the European market in 2027. It also stressed the key role of business transformation and management upgrades in enhancing overall capabilities, and the development along the strategic lines of technological hardening, branding high-end, market globalization, and modal ecosystemization over the next five years, aiming to achieve long-term healthy growth.
Impressive performance in the second quarter of 2025: total revenue of 116 billion, gross profit margin increased by 1.8 percentage points, and mobile shipments have grown for eight consecutive quarters.Under the guidance of a new core business strategy that is both stable and proactive, the company delivered outstanding performance in the second quarter of 2025. Total revenue reached 116 billion Yuan, a year-on-year increase of 30.5%, and the gross profit margin increased to 22.5%, up 1.8 percentage points from the previous year. Revenue from the mobile phone business reached 94.7 billion Yuan, a year-on-year increase of 14.8%. The shipment volume of smartphones has increased for eight consecutive quarters, ranking third globally with a market share of 14.7%. Revenue from the AIoT business reached a record high of 38.7 billion Yuan, a year-on-year increase of 44.7%.
Impressive performance in the second quarter of 2025: Double growth in smart home appliances and internet services.In the second quarter of 2025, the company's smart home appliance revenue reached a record high, with a significant year-on-year growth rate, especially in air conditioning, refrigerators, washing machines, and other products performing exceptionally well. Internet service business revenue increased by 10.1%, with a global monthly active user count of 731 million, and a 12.4% year-on-year growth in the user count in mainland China. Overseas internet service revenue accounted for 33%, reaching a historical high. Revenue from smart electric vehicles and AI innovation business accounted for 18.3% of total revenue.
Xiaomi Group's second quarter financial report in 2025: Significant growth in smart electric vehicles and AI innovation business.In the second quarter of 2025, Xiaomi Group achieved sales revenue of 20.6 billion yuan in smart electric vehicles, with a gross profit margin of 26.4%, delivering 181,302 new vehicles at an average price of 253,662 yuan. Research and development investment reached 7.8 billion yuan, a year-on-year increase of 41.2%, with R&D personnel accounting for 46.2% of the total employees. Adjusted net profit was 10.8 billion yuan, a year-on-year increase of over 75%. At the same time, Xiaomi also made significant achievements in low-carbon environmental protection, public welfare donations, and technological innovation.
Q&A session focuses on LOT and mobile business: Discussing overseas market expansion and gross profit margin trends.In the Q&A session, investors raised questions about the performance of the LOT sector in domestic and foreign markets and the future planning of overseas new retail systems. They also expressed concerns about the short-term fluctuations and long-term trends of the mobile business gross profit margin, and discussed the potential impact of industry concentration increase and high-end trend on gross profit margin.
IoT business and new retail: China and overseas market expansion strategy.The growth of IoT business in China and overseas markets was discussed, pointing out that the growth rate in the Chinese market is benefiting from the development of new retail, especially the expansion of offline stores; while the overseas market is benefiting from the widening of channels. The plan is to achieve rapid expansion of overseas new retail through large-scale closed-loop operations, and it is expected to open more than 1,000 stores next year. This move will greatly promote the development of the IoT business.
Analysis of Fluctuations in Mobile Phone Gross Profit Margin and High-End Market StrategyThe increase in memory prices, battery material control, and other factors leading to cost increase were discussed, impacting the gross profit margin of mobile phones. Especially in the second quarter, with fewer new product launches, the gross profit margin decreased, but it is expected that the concentration of new product launches in the fourth quarter will lead to a rise in the gross profit margin. The long-term strategy focuses on the high-end market, emphasizing technology investment, especially innovation in chips, operating systems, and three key technology areas, to consolidate the high-end market and drive the mid-to-low-end market. At the same time, the high sales volume during the peak season for air conditioners also promoted the overall revenue growth in the China region.
Explore the trend of AOT business gross profit margin and research and development expenditure direction.The conversation revolves around the quarterly changes in the gross profit margin of the AOT business and the factors affecting it, while also paying attention to the competition in the home appliance market and the risk of slowing consumption market. Management needs to anticipate the trend of gross profit margin in the second half of the year. In addition, the discussion also focused on the accelerated growth of the company's research and development investment, particularly in the direction of large models and chip investment in autonomous driving technology, vehicles, and new businesses, and the plan for whether to continue increasing investment in the future.
Analysis on the fluctuation of household appliance profit margins and the trend of technological investment.The decline in gross profit margin in the second quarter was mainly attributed to the impact of the 618 promotion, the target of the home appliance business sector has not been adjusted, and research and development investment covers core technology and product lines. Significant improvements in assisted driving technology, and future technology investment will continue to increase.
IOT Gross Margin and EV Profit Forecast: Short-term Confidence and Long-term Trends DiscussThe discussion touched on the fact that the IoT gross profit margin has remained above 20% for four consecutive quarters, with an expected upward trend to continue. The EV gross profit margin has increased to 26.4%, achieved through product structure adjustments for rapid growth. The steady state level of gross profit margin in the medium to long term is yet to be observed, with short-term profitability being affected by uncertain factors.
Discussion on Increase in Gross Margin and Profit Targets for the Second Half of the Year.The conversation revolved around the reasons for the increase in gross profit margin, pointing out that the increase in average unit price and modular standard production are key factors. It also mentioned the goal of achieving profitability in a single quarter or month in the second half of the year, emphasizing that investment in new businesses is significant and that the overall situation is still in a period of heavy investment.
Analysis of Overseas Internet Business Growth Strategies and Localization Operations ResultsDiscussed the reasons for the growth of overseas Internet businesses, including the operational dividends brought by localized operations and the contribution of improved high-priced product structures to revenue growth. In addition, localization capabilities have attracted more international brands and apps to cooperate, driving further development in overseas markets.
Xiaomi company's edge AI development strategy and future outlook.The discussion revolved around Xiaomi's continued investment in the field of AI, including self-developed models, AI glasses, and the YU7 cockpit AI function, exploring Xiaomi's software and hardware layout and strategic thinking in the future direction of edge AI.
AI and IoT ecosystem: Long-term vision and edge AI trendsDiscussed the layout of AI large models, application layer and transformation layer, emphasized the future trend of edge AI, and the long-term goal of human participation in the entire ecosystem of business closed loops and network effects under the connection of billions of IoT devices.
Upgrading the Xiaomi business model and the application of AI technology in the entire ecosystem.The importance of Xiaomi's transformation from a rural economic company to a network economic company was discussed, emphasizing the key role of increasing user stickiness in upgrading the business model. At the same time, the application of AI technology in products such as smartphones, glasses, and cars was mentioned, demonstrating Xiaomi's diversified layout in the field of AI and future growth space.
Explore the growth of the mobile phone industry and strategies for developing the electric vehicle business.The discussion revolves around the growth expectations for the mobile phone industry in the second half of the year and the domestic market's annual sales target. At the same time, the long-term gross profit margin trend of the electric car business, as well as the company's 2027 European market expansion plan and potential impact, are also discussed.
Current situation of the mobile phone market, Xiaomi's strategy adjustment, and outlook on the automotive business.The stagnation of global smartphone market growth was discussed, and Xiaomi adjusted its target to 175 million units, emphasizing product structure optimization and ICP improvement. Mentioning the automotive business, the company promised not to participate in price wars, focusing on order delivery and new car model development to increase profit margins. Xiaomi remains firm in its overseas strategy, aiming to enter the European market by 2027 and adapting the Chinese model to fit foreign markets.
Analysis of Xiaomi's Improved Automotive Gross Profit Margin and Overseas Branding StrategyDiscussed the reasons for the increase in Xiaomi's car gross profit margin, including pricing of high-end models, platform standardization, and production efficiency; looking ahead, there will be no major changes in costs. At the same time, analyzed the awareness of the Xiaomi brand overseas, as well as strategies to enhance the recognition of the Xiaomi car brand through user-initiated behaviors.
The prospects of robot business and the growth strategy of household appliance business.Discussion was held on the potential of robots as a business opportunity, pointing out that although facing challenges, the future looks promising. In the home appliance business, particularly air conditioning, rapid growth has been achieved through increasing average selling prices and profit margins, maintaining competitiveness in the face of industry price wars. It is expected that there will be huge growth potential in both domestic and international markets in the future.
Xiaomi Group's AI talent strategy and research and development investment layout.The conversation focused on Xiaomi Group's talent strategy, with a special emphasis on talent deployment and research and development investment in the field of AI. The spokesperson emphasized the importance of AI talent and computing power investment, revealing that approximately 30 billion R&D expenses will be allocated this year, with 25% of it being used in the AI field, aiming to drive the production of more excellent results.
要点回答
Q：How is Xiaomi performing in the tablet, wearable device, and home appliance businesses?
A：In terms of personal devices, global shipments of Xiaomi tablets increased by 42.3% year-on-year, wearable devices ranked first in global shipments, and headphones ranked second in global shipments. The home appliance business continued to grow at a high speed, with revenue from smart home appliances reaching a record high, with air conditioning business achieving both volume and price increases. Xiaomi adheres to the principle of technology-driven home appliances, continuously improving product technology, quality standards, design, and service, and maintaining commercial efficiency leadership through explosive product strategies.
Q：What are the specific plans for the future development and high-end strategy of Xiaomi smartphones?
A：Xiaomi will resolutely advance its high-end strategy, using cutting-edge technology and self-developed chips to narrow the gap with international brands such as Apple and Samsung. The company also plans to increase sales in overseas markets to achieve global sales of over 200 million units. At the same time, Xiaomi will improve its product structure through user upgrades, strengthen technological research and development, seize opportunities such as AI, and enhance brand image and reputation.
Q：How does Xiaomi view and handle the issue of power balance in mobile phones in personal devices?
A：Xiaomi maintains its top three global smartphone shipment ranking, with a market share of 14.7%, and has achieved rapid growth in market share in various regions overseas. Despite the smartphone industry entering a mature stage with little overall growth, Xiaomi is determined to increase its market share by one percentage point each year and continues to break through with a high-end strategy, enhancing product competitiveness through self-developed chips and AI technology.
Q：What is the delivery status and future development plan of Xiaomi's car?
A：In the second quarter, Xiaomi delivered 81,000 new cars, with over 30,000 deliveries in July alone. Xiaomi's first SUV, the Xiaomi Expected Series, was released in June this year and sold over 240,000 units in 18 hours, demonstrating the strength of Xiaomi's model and methodology. Xiaomi has decided that Xiaomi Cars are expected to officially enter the European market in 2027.
Q：What achievements has Xiaomi made in business transformation and management upgrade?
A：In the past five years, Xiaomi has continuously carried out business transformation and management upgrades, and its overall capabilities have been significantly improved, delivering impressive performance for several consecutive quarters. Currently, Xiaomi has been selected for the Fortune Global 500 list for seven consecutive years, ranking 297th, an improvement of 100 places from last year. Xiaomi will continue to transform and upgrade along the strategic lines of technological hardening, brand premiumization, market globalization, and modal ecosystemization, to support the long-term healthy development of each business line.
Q：How much overall assistance does the current investment in assisted driving provide? Will there be continued increase in investment every quarter in large models and chips in the future?
A：The investment in assisted driving has been very helpful to us, especially by improving the accuracy of sensor data processing, significantly increasing the overall accuracy of assisted driving. We will continue quarterly investments in both large models and chips according to the original budget schedule, and we expect to gradually increase these investments.
Q：In terms of overseas internet business, this quarter we have seen growth rate of overseas revenues exceed that of domestic revenues. Apart from the increase in shipments, have there been any attempts to explore the composition of r two or the overseas internet business model?
A：We adopt a localization operation strategy overseas, and fine-tuned operations have brought significant benefits, such as a year-on-year growth rate of 50% to 60% for products priced over $600. In addition, with the improvement of product structure, we have attracted more international brands and app collaborations, further enhancing business performance.
Q：Regarding the profit margin of automobiles, what do you think of the current situation? What are your prospects for the future?
A：I believe that currently the average unit price of our cars is very high, reaching more than 250,000 without tax and over 280,000 with tax, indicating that our products have reached a high-end level. Additionally, the three new cars we have launched are based on the same platform, have good standardization and economies of scale, combined with high production efficiency, these factors together support the current good gross profit margin. Looking ahead, I do not see any major variables in terms of costs.
Q：How well-known is the brand of Xiaomi cars? What plans are there in the future to enhance this aspect?
A：Although Xiaomi's brand awareness in Europe has exceeded 95%, its brand awareness in the automotive field is not high. We plan to solve the brand awareness and user interest issues of Xiaomi cars before 2027. However, from the current perspective, some users have already imported Xiaomi cars to Europe and successfully registered them, showing that the brand awareness of Xiaomi cars may be much higher than we expected.
Q：View on the robot category as a business opportunity, and how the company deals with the impact of industry price wars in the home appliances business?
A：Xiaomi is optimistic about the long-term development opportunities in the robotics industry, especially in the direction of humanoid robots. It has already applied them in its own factories to improve efficiency, but the difficulty of achieving closed-loop applications is currently high. In terms of its home appliance business, Xiaomi's air conditioning business is developing rapidly. Although the industry is fiercely competitive in terms of prices, Xiaomi has proven its competitiveness in this field by increasing the average unit price and maintaining gross profit margin growth. Xiaomi does not prioritize short-term rankings as goals, but instead focuses on product competitiveness and user satisfaction. In the large home appliance market, Xiaomi believes it still has several times room for growth, not only in the Chinese market, but also in overseas markets such as Southeast Asia, where it has made good progress.
Q：What are Xiaomi's layouts in AI talent strategy?
A：Xiaomi attaches great importance to its AI strategy and has invested approximately 30 billion RMB in research and development this year, with about a quarter of that amount allocated to the AI field. Xiaomi focuses on talent investment in AI, including manpower and technical support, and has already achieved a series of remarkable results. Xiaomi will continue to pay attention to and promote its AI strategy, further strengthen talent deployment and technological investment in relevant areas.
