$XIAOMI-W (01810.HK)$ 1.The smartphone business was the main...

1.The smartphone business was the main driver of Xiaomi's recent results. IoT and Internet growth were basically moderate, so another record Q3 revenue is unrealistic.

2. Similar to the Q1 financial report of 2011, due to the lack of core and no promotion, it can be expected that the gross margin of Xiaomi's smartphone business will remain high;

3. The capital market has fully considered the situation of xiaomi Q3 shipment decline, from the half annual report after the release of guidance for the full year 20 billion net profit has been signs.