1Q25 results beat across all segments and better GPM. Xiaomi's 1Q25 revenue grew 47% YoY to RMB 111.3bn thanks to growth across all segments: 1) smartphone: sales climbed 9% YoY and ASP hit record-high at RMB 1,121 (up 5.8% YoY), backed by successful premiumization strategy; No.1 position with share gains in China (18.8% share); 2) IoT: sales jumped 58.7% YoY with rapid growth in air conditioner/refrigerator/washing machine (65%+ YoY shipment); GPM improved 5.4ppts to 25.2% thanks to ASP hike and a better p ...