HSBC Global Research published a report on XIAOMI-W (01810.HK) +1.200 (+2.337%) Short selling $1.21B; Ratio 16.848% , which achieved a non-IFRS net profit of RMB10.83 billion in 2Q25, representing a YoY leap of 75%, topping the market expectation of RMB9.1 billion. The EV business executed remarkably, with the ASP growing from RMB238,300 in 1Q25 to RMB253,700 in 2Q25, and the GM lifting from 23.2% in 1Q25 to 26.4%, given the product mix optimization brought by the delivery of the SU7 Ultra model. On the flip side, the ASP of smartphones dropped from RMB1,211 to RMB1,073, and the GM fell from 12.4% to 11.5%, in wake of the increased proportion of overseas sales and rising storage chip costs. The IoT business revenue grew by 45% YoY to RMB38.7 billion, but the GM reduced from 25.2% in 1Q25 to 22.5% due to the impact of the 618 promotions.Related NewsHaitong Int'l: Incremental Fund Inflows Buoy Up A-shrs; Global Risk Appetite May Face Pressure Ahead of Jackson Hole SymposiumThe target price on XIAOMI-W was trimmed from HKD80.4 to HKD75.9, with a Buy rating maintained. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-22 16:25.)