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Smartphone ASP hit an all-time high, while GPM held at 8.5%. In Q2, revenue reached RMB 108.9 bn, with Adj. net profit of RMB 6.2 bn.
However, memory prices are roughly 5x vs. a year ago and will stay elevated in Q3, while smartphone shipments are down YoY. The company allocated nearly 30% of its H1 R&D spend of RMB 18.2 bn to AI, and is targeting EV exports in 2H27.
1) Xiaomi Spring Launch: Key Points. $XIAOMI-W(01810.HK) The event's highlights were the SU7 refresh and progress on its AI foundation model.
a) New-gen SU7: essentially a mid-cycle refresh. Exterior changes are minor, with the focus on hardware upgrades and a small price bump. On configs, the update favors the Standard and Pro trims. Across the lineup, standard kit now includes the V6s Plus super e-motor, lidar and 4D mmWave radar, NVIDIA Thor-U, the Jiaolong chassis, and front four-piston fixed calipers. Pricing-wise...