V i e w p o i n t | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 06 Aug 2025 10:41:36 ET │ 15 pages Xiaomi (1810.HK) 2Q25 Preview: A Strong Quarter but Largely In-line CITI'S TAKE Xiaomi is expected to announce its 2Q25 results on 19th Aug. Overall, 2Q25 is largely in-line with record high revenue in group level/IoT/EV etc. (but sub-seasonal on high 1Q25 base). We anticipate adj. net profit to reach Rmb10.4bn (+68% YoY, -3% QoQ) with sequential decline dragged by lower smartphone ASP/GM and higher opex. We lower 2025-26 sm ...