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#XiaomiQ2Earnings Xiaomi’s Q2 results make the company look less like a smartphone brand and more like a broader consumer-tech platform 👀 The EV business continued to accelerate as deliveries grew, while smartphones faced higher costs and intense competition. What stood out to me is how quickly the balance of the growth story seems to be shifting 🚗 I wouldn’t say EVs have already replaced smartphones as Xiaomi’s core engine. Phones still provide the scale, users and ecosystem that support the wider business. But autos are adding a new source of momentum at a time when smartphone growth is becoming harder and more expensive. The interesting question now isn’t simply whether EVs “rescued” one quarter. It’s whether Xiaomi can scale that business without losing focus or putting too much pressure on margins. This feels like the beginning of a different Xiaomi—but the transition is still being tested.