Xiaomi Earnings Call: Memory Price Growth May Slow in H2, Operational Pressure Turning "Controllable"; Bullish on Pengcheng Volume and AI Long-Term Value

Xiaomi management stated during the earnings call that memory price growth is expected to moderate in the second half of the year, though costs will remain elevated. With adjustments to product mix and launch cadence, operational pressure on the smartphone business is gradually turning "controllable." Meanwhile, the company is bullish on the market performance of the Pengcheng extended-range model, while AI remains in early stages of large-scale investment and commercialization, with long-term value expected to be further unlocked through the integration of the "human-vehicle-home" ecosystem.