On August 21, XIAOMI-W rose 3.82% in regular trading. The stock continued its post-earnings rally driven by sustained positive sentiment from multiple investment bank endorsements and the company's humanoid robot public debut.

On the catalyst front, Morgan Stanley maintained its Overweight rating with a target price of HK$32, expecting smartphone gross margins to remain resilient in the second half as memory price increases normalize. Huatai Securities maintained its Buy rating, while Barclays stated that the company's AI strategy is being severely underestimated by the market, maintaining an Overweight rating with a target price of US$30, implying significant upside. Meanwhile, the new-generation humanoid robot debuted at the World Robot Conference on August 19, featuring 66 degrees of freedom and achieving 98% success rate in automotive factory tasks.

Fundamentally, Q2 revenue reached RMB 108.9 billion, up 9.9% sequentially, returning to the RMB 100 billion level. Smartphone ASP surged 25.9% YoY to a record RMB 1,351. Management signaled that the most difficult period has passed, with cost pressures becoming more controllable in the second half.

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