Core Viewpoint - Goldman Sachs reports that Xiaomi Group-W (01810) Q2 performance is largely in line with expectations, with a 30% year-on-year revenue growth and a 75% increase in adjusted net profit, exceeding the bank's forecasts by 7% to 13% [1] Financial Performance - Revenue increased by 30% year-on-year, driven by strong performance in AIoT, which grew by 45%, surpassing Goldman Sachs and market predictions by 2% and 8% respectively [1] - Adjusted net profit rose by 75% year-on-year, exceeding Goldman Sachs' expectations [1] Product Performance - Electric vehicle sales offset weak smartphone sales, indicating a shift in product demand [1] Forecast Adjustments - Revenue forecasts for Xiaomi from 2025 to 2027 remain largely unchanged, but adjusted net profit forecasts have been lowered by 1% to 4% due to increased R&D investments and taxes [1] - Target price has been reduced from HKD 69 to HKD 65, while maintaining a "Buy" rating [1] Stock Performance - Over the past three months, Xiaomi's stock performance has aligned closely with index trends, with a year-to-date increase of 54% [1] - Concerns about the slowdown in AIoT sales growth and the gradual increase in electric vehicle manufacturing capacity have been noted, despite a slight rise in delivery volumes in August [1]