英文小米集团2025年第一季度业绩超预期；第二款电动汽车YU7将于7月推出

M UpdateXiaomi Corp | Asia PacificResults Beat in 1Q25; Second EV, YU7, to Arrive in JulyXiaomi reported 1Q25 adj. net profit of Rmb10.676bn, up 64% YoY and 28% QoQ: This is the highest quarterly profit in its history, supported by: 1) Smartphones: Revenue rose 9% YoY to Rmb50.6bn, 3% above our forecast.2) AIoT: Revenue increased 59% YoY to Rmb32.3bn, 8% higher than our estimate.3) Internet: Revenue rose 13% YoY to Rmb9.1bn, 1% below MSe. Internet services revenue in mainland China hit a record high of Rmb6.4 billion, up 14.8% YoY. Advertising revenue was up 20% YoY. 4) EV: Revenue increased 12% QoQ to Rmb18.6bn, 2% below our forecast. 5) Margin: GPM rose 0.5ppt YoY and 2.2 ppts QoQ to 22.8%, the best performance in its history. 6) Cost synergy: The opex ratio was 13.9%, below our forecast of 14.5%.Outlook for 2Q-3Q25 - YU7 seen as the key catalyst: We believe the launch of YU7, scheduled for July 2025, will likely be the most important catalyst for Xiaomi this year. As it is an SU