汇丰环球研究发表报告，指小米集团-W(01810.HK) 2025年第二季度非国际财务报告准则净利润达108.3亿元人民币(下同)，按年增长75%，高于市场预期的91亿元。电动车业务表现亮眼，单车平均售价从2025年第一季度的23.83万元人民币按季提升至25.37万元，毛利率从首季23.2%提升至26.4%，主要受惠于SU7 Ultra车型交付启动带来的产品结构优化。另一方面，智能手机平均售价从1,211元人民币降至1,073元，毛利率从12.4%下滑至11.5%，主要因海外销售占比提升及存储芯片成本上升。物联网(IoT)业务收入按年增长45%至387亿元人民币，但受618促销影响，毛利率从首季25.2%降至22.5%。
考虑到供应链限制对电动车业务扩张的影响，以及2025年第三季度传统淡季和新机发布减少对智能手机出货量的制约，该行将2025至2027年净利润预测下调5%至6%。目标价由80.4港元下调至75.9港元，维持“买入”评级。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-19 16:25。)
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