$XIAOMI-W(01810.HK)1. The synergistic effects of the "Human-Vehicle-Home Full Ecosystem" strategy are beginning to emerge. The integration of smart cars with existing smartphones and AIoT (Artificial Intelligence of Things) products is building a comprehensive ecosystem that is difficult for competitors to replicate, significantly enhancing user stickiness and per-customer value.

2. The smartphone business maintains a solid global market share, with the premiumization strategy continuing to yield results. Meanwhile, internet services revenue, as a high-margin engine, provides the company with stable cash flow and profit protection that transcends hardware cycles.

3. The company's forward-looking investments and strategic positioning in artificial intelligence and robotics have secured a critical foothold in the next wave of technological revolution. These long-term potentials are not yet fully reflected in the current valuation.