On August 6, XIAOMI-W declined 3.04% in regular trading, trading at HK$26.74/share, with turnover of HK$29.64 billion. The sell-off was driven by multiple brokerages cutting short-term earnings forecasts amid persistent memory chip cost inflation, compounded by continued profit-taking following the Pengcheng vehicle launch event.

On the fundamental side, CICC estimates Xiaomi's Q2 adjusted net profit will decline 43.55% year-over-year to RMB 6.114 billion, and has lowered its full-year adjusted net profit forecast by 7% to RMB 31.5 billion, citing sustained storage chip price hikes as the core headwind. Meanwhile, Xiaomi Mall raised retail prices on multiple flagship smartphones by RMB 300-500 starting August 2, fueling market concerns over terminal demand erosion. Xiaomi's president previously characterized the current memory price cycle as a \"super cycle\" with negative impacts unlikely to dissipate in the near term.

Separately, the company conducted share buybacks totaling approximately HK$100 million over August 3 and August 5, repurchasing a combined 3.592 million shares, signaling management confidence despite near-term margin compression.

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