$XIAOMI-W(01810.HK) Take a look at a set of data to get a general idea of the recent trend:

1. The National Bureau of Statistics' domestic consumption data for April: Total retail sales of consumer goods grew 0.2% year-on-year, below market expectations. Against the backdrop of weak consumer sentiment, the market share for automobiles, which are big-ticket consumer goods, is naturally not optimistic. Automobile retail sales saw a significant year-on-year decline of -15.3%. To make matters worse, the retail penetration rate of new energy passenger vehicles has now reached 61.4%. This means weak consumer sentiment, a sluggish automobile market, and fierce competition in the new energy sector. Therefore, this is estimated to be the main reason for the sharp decline in many automobile stocks.

2. Looking at the new energy vehicle sales data from the East: According to data from the China Association of Automobile Manufacturers and the China Passenger Car Association, new energy vehicle exports in April reached 430,000 units, the highest for a single month, representing a year-on-year increase of 110% compared to 200,000 units last year. In the first quarter of 2026, the global market share of China's new energy passenger vehicles has stabilized between 56% and 63%. This indicates that not only is there strong export demand for new energy vehicles, but half of the world's new energy vehicles come from the East, making it highly competitive.

So currently, it's a phase of periodic pressure. On one hand, the domestic market is saturated, and the overall economic environment is characterized by weak consumption, making growth in the new energy sector increasingly difficult. On the other hand, new energy enterprises are highly competitive globally and are in a period of rapid growth. Currently, export sales account for about 70% of total sales, and this proportion may be even higher in the future.

For Xiaomi, the outlook for overseas expansion is relatively optimistic. This is because, on one hand, Xiaomi has always been involved in international markets and has accumulated some experience in overseas sales. On the other hand, various track record achievements, visits by dignitaries, and other factors have continuously and intangibly enhanced its brand potential. This is very important but also very difficult to achieve when launching in overseas markets; it's not something that can be accomplished by hiring one or two celebrities. Judging from the track record of the yu7 gt, Xiaomi's cars have quite obvious advantages in performance and price. Unless there are significant geopolitical issues, from the perspectives of interest and security, after Donald Trump's provocations in the Taiwan Strait, people may be more wary of oil-based energy, potentially making the promotion of new energy products smoother. Moreover, it's clear that this series of developments is not naturally formed but is part of a planned strategy. Developing new energy, forming advantageous industries and supply chains for overseas expansion is a well-played move cultivated over many years. Besides the East paving the way, for automakers, solidly developing good products and building brand power and global competitiveness are essential to seize opportunities.