1/ Xiaomi Q1 2026 results due tonight, 7:30pm Beijing. Supply chain contacts say SU7 Ultra production is running ahead of schedule. One number I'm watching above everything else: auto gross margin. 🚗
2/ FY2025 EV segment hit RMB 106.1 billion, up 224% YoY. First time Xiaomi auto crossed the RMB 100 billion mark. The Q1 question: did momentum hold, and did gross margin improve from the ~20% level reported at year end?
3/ Also tracking: memory component cost headwind. Xiaomi flagged this earlier in Q1 as a watch item. At their scale, component pricing swings matter for gross margin. Could surprise either way.
4/ One thing I confirmed: tonight's earnings call will include a dedicated Q&A section on the auto segment roadmap. Management is clearly signalling that SU7 volume and margin trajectory is the story. That's new. Listening carefully. 📱
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