Accessible version Xiaomi Corporation Mixed 2Q; better-than-feared smartphone GM; EV momentum to improve from 4Q Reiterate Rating: BUY | PO: 37.00 HKD | Price: 26.18 HKD Mixed 2Q Xiaomi reported 2Q adjusted earnings of CNY6.2bn (+2% QoQ, -43% YoY), 8% above BofAe and broadly in line with consensus. Revenue was CNY109bn (+10% QoQ, -6% YoY). GM was 19.8%, 0.8ppt/0.6ppt below BofAe/consensus. Smartphone GM better than feared; IoT now eyes overseas 2Q smartphone GM was better than expected at 8.5%, vs. the mark ...