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#XiaomiQ2Earnings Xiaomi’s second-quarter results show its business becoming less dependent on smartphones. Electric-vehicle deliveries continued growing, strengthening the argument that autos can become a meaningful second engine. Smartphones, however, faced higher component costs and intense competition, placing pressure on margins even as Xiaomi continued promoting premium models and expanding its connected-device ecosystem. The important question is whether EV growth can offset weakness in Xiaomi’s established businesses without consuming too much capital. Vehicle deliveries alone are not enough; investors should track average selling prices, gross margin, manufacturing utilization and progress toward operating profitability. My view is that Xiaomi’s “Human × Car × Home” ecosystem remains strategically attractive, but the company is entering a more complex phase. EVs may improve long-term growth, while smartphones and AIoT must continue generating the cash needed to finance expansion.