$XIAOMI-W(01810.HK)Previously, making money from Xiaomi might have been mostly luck, but this time, the third attempt will finally rely on knowledge to make money.

From a financial report perspective, I am still satisfied. Besides the current 22.3% sustained high growth rate reflected in the financial report, with revenue in the hundreds of billions and a 20% gross margin, the current market capitalization can basically support the current stock price. The market always swings between overheating and overcooling.

Looking at the potential, unlike some so-called high-tech companies in China, Xiaomi has a solid year-on-year growth of 52% in R&D investment, laying the groundwork for future high-end development. Coupled with sufficient cash flow to handle changes, AI and overseas expansion are accelerating. If breakthroughs can be made in overseas markets, AI, and chips, it could lead to a qualitative change. With continuous high investment in R&D and the scale of products, Xiaomi has some inherent advantages. Moreover, judging from past public sentiment, the product strength is indeed solid, and the approach is pragmatic—no issues in the medium to long term.

As for the actions of institutional capital, I can only say they are no saints, nor examiners, nor charitable organizations providing information to retail investors. They are not only irresponsible for their opinions but also quick to change their stance. Recently, the tactics of manipulating individual stocks to trap retail investors are everywhere—untrustworthy. Retail investors are always divided and never united, but recently, public opinion has unprecedentedly united, only to find the product strength beyond reproach, which ironically provided cover for short-selling. Think carefully if there’s something behind this.

Just hold steady during short-term fluctuations and wait for the flowers to bloom.