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Is Xiaomi at the bottom yet? The market looks weak indeed, hovering around 3.5, corresponding to 27.6 HKD. It has dropped from 59.9, nearly halving—quite brutal. Smartphone shipments fell 26.5% in Q2, but ASP hit 1351 yuan, a record high. They actively cut low-end models because storage chip prices surged too much to bear. Volume is down but prices are up; this is a deliberate adjustment, not a crash. The car business is still burning cash; the Pengcheng SUV launches in September, and R&D spending keeps rising, with 9.2 billion yuan invested. No profits in the short term, but cash on hand is sufficient. Research reports still give high target prices; institutions like Dongwu are still recommending buy. Management says the toughest times are almost over, and flagship phones will launch in the second half. I think this level is the bottom area, but it will take time to bounce back. Let's wait for smartphone gross margin stabilization and Pengcheng delivery data before deciding. Cutting losses at this level isn't very cost-effective. #波动雷达：币种异动观察 ——$XIAOMI