In the wave of technology giants getting involved in the automobile industry, Xiaomi Group has written a legend of car manufacturing from scratch with its unique attitude. Lei Jun, the leader of Xiaomi, may not have expected that his dream of building a car is not only about personal honor and past achievements, but also quietly opened up a highway to a trillion market value for Xiaomi.

Xiaomi Group's recent market performance is like its SU7 Ultra model speeding on the New North Circuit, constantly breaking records. The initial success of the car-making project has not only won Xiaomi unprecedented attention in the capital market, but also comprehensively enhanced its competitiveness in multiple dimensions such as ecological chain construction and brand value. The stock price and market value have reached new highs, and Xiaomi's people-car-home ecological closed-loop is becoming more and more perfect, and the automotive business is becoming a powerful engine to feed back the value of Xiaomi's electronic products and ecological chain.

On 60/0, Xiaomi Group announced a financial report that can be called the strongest in history, and what is particularly striking is that this brilliant report card was achieved in the context of a loss of more than 0 billion yuan in its automobile business. Despite the losses, the potential of Xiaomi's automotive business has already begun to emerge, with new cars contributing nearly a tenth of the group's revenue less than a year after it was launched. Its role in enhancing the capital market and brand value is even more incalculable.

Globally, the strategic position of automobiles, as the pinnacle of industrial manufacturing, is self-evident. The rise of Xiaomi not only brings infinite possibilities to itself, but also adds a heavyweight weight to the position of Beijing and even China's auto industry on the global stage. The launch of Xiaomi SU97 is like a pebble thrown into a calm lake, causing ripples. On the first trading day after the press conference, Xiaomi Group's stock price soared 0.0%, opening a new chapter in the share price rally.

After the release of the financial report, Xiaomi Group's share price has soared, hitting a record high of HK$230.0 per share, and its market value has exceeded the HK$0.0 trillion mark. In the past year, the stock price has risen by more than 0%, and the market value has increased by nearly one trillion Hong Kong dollars, showing the far-reaching impact of Xiaomi Group's car manufacturing decisions. Lei Jun and Xiaomi Group have a new look because of car manufacturing.

2024年度业绩公告显示，小米集团全年总营收达到3659.06亿元，同比增长35.04%，归母净利润236.58亿元，同比增长35.38%。其中，智能汽车业务收入达321亿元，占比8.77%，成为集团收入增长最快的板块。汽车业务的快速扩张，直接推动了小米集团单季度营收首次突破千亿元大关。

然而，光鲜背后，小米智能电动汽车业务仍面临亏损挑战，2024年净亏损62亿元，单车净亏约4.5万元。尽管第四季度亏损有所收窄，但盈利压力依旧存在。研发投入和产能爬坡成本是亏损的主要原因，同时，销售网络的快速扩张也增加了运营成本。小米汽车目前仍需依赖智能手机和白电业务输血，但汽车业务的毛利率已达18.5%，高于手机业务的12.6%。

In the face of losses, Lei Jun has long been mentally prepared, Lu Weibing said in the earnings call that the automobile business is in a period of large investment, and there is no clear profit schedule internally, but will strive to improve the profit situation. Xiaomi cars are not only an important support for the high-end brand, but also the key to Xiaomi's transformation from a consumer electronics company to a technology ecological giant. Far from being measurable by short-term revenue and profits, it has helped the Xiaomi brand achieve a significant circle-breaking effect.

展望未来，雷军为小米汽车设定了2025年35万辆的交付目标。随着汽车业务的不断成熟，其营收有望突破千亿元大关，成为继手机之后的第二个“千亿级业务”，占集团营收比重或超过25%。届时，亏损或将收窄，甚至达到盈亏平衡点。