Core Viewpoint - Xiaomi has appointed Wei Siqi as the new General Manager of the China Marketing Department following the dismissal of Wang Teng due to a leak, marking a significant leadership change in the company [1][11]. Group 1: Leadership Changes - Wei Siqi has been promoted to General Manager of the China Marketing Department after previously holding key positions in both Xiaomi's mobile and automotive divisions [4][5]. - Wei Siqi, born in 1988 and a graduate of the Central Academy of Fine Arts, has been with Xiaomi since 2013, taking on various roles including product design and management [9]. Group 2: Company Performance - Xiaomi's Q2 financial report shows total revenue of 116 billion yuan, a year-on-year increase of 30.5%, marking three consecutive quarters of revenue exceeding 100 billion yuan [12]. - The adjusted net profit for the same period was 10.8 billion yuan, reflecting a year-on-year growth of 75.4% [12]. - The smartphone business generated revenue of 45.5 billion yuan with a gross margin of 11.5%, and global smartphone shipments reached 42.4 million units, a slight increase of 0.6% year-on-year [12]. Group 3: Stock Performance - Xiaomi's stock has seen a significant rise, increasing over 120% in 2024 and more than 30% since the beginning of the year [13]. - As of October 17, Xiaomi's stock closed at 45.96 HKD, with a total market capitalization of 1.2 trillion HKD [13].

Core Insights - Xiaomi has appointed Wei Siqi as the new General Manager of the China Marketing Department following the dismissal of Wang Teng due to a leak [1][11] - Wei Siqi has a background in product management and has been with Xiaomi since 2013, previously holding key positions in both the smartphone and automotive divisions [5][9] - The company is set to launch the new Redmi K90 Pro Max on October 23, marking it as the first Pro Max model in the Redmi series [11][12] Company Developments - Wang Teng, the former General Manager, was dismissed in September for leaking information, and he has expressed interest in pursuing entrepreneurial projects [11][12] - Xiaomi's revenue for Q2 reached 116 billion yuan, a year-on-year increase of 30.5%, with a net profit of 10.8 billion yuan, up 75.4% [12] - The smartphone business generated 45.5 billion yuan in revenue, with a gross margin of 11.5%, and global smartphone shipments totaled 42.4 million units, reflecting a 0.6% year-on-year growth [12] Stock Performance - Xiaomi's stock has seen significant growth, increasing over 120% in 2024 and more than 30% since the beginning of the year [13] - As of October 17, Xiaomi's stock closed at 45.96 HKD, with a total market capitalization of 1.2 trillion HKD [13]