机构：招银国际 研究员：Alex NG/Hanqing LI Xiaomi is expected to report 2Q25 results in mid-Aug. We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below consensus estimates, mainly driven by solid smartphone, strong EV demand, robust IoT on China subsidy and stable GPM across all segments. Looking ahead, we stay positive on 1) Smartphone: global share gains to continue, premiumization strategy, and new retail strategy expansion; 2) IoT: ...