Q: What is XIAOMI-W(01810) 2024 Earnings Summary?

**Bullish Points:**

1. **Revenue Growth**: Q2 2024 revenue increased by 32.0% YoY to RMB 88,887.8 million, and H1 2024 revenue increased by 29.6% YoY to RMB 164,394.7 million.

2. **Gross Profit**: Q2 2024 gross profit increased by 29.9% YoY to RMB 18,394.2 million, and H1 2024 gross profit increased by 36.8% YoY to RMB 35,223.9 million.

3. **Operating Profit**: Q2 2024 operating profit increased by 45.7% YoY to RMB 5,888.7 million.

4. **Net Profit**: Q2 2024 net profit increased by 38.3% YoY to RMB 5,069.7 million, and H1 2024 net profit increased by 17.3% YoY to RMB 9,242.9 million.

5. **Adjusted Net Profit**: H1 2024 adjusted net profit increased by 51.3% YoY to RMB 12,666.4 million.

6. **Smartphone Shipments**: Global smartphone shipments increased by 28.1% YoY to 42.2 million units in Q2 2024.

7. **Market Share**: Xiaomi's global smartphone market share is 14.6%, maintaining a top-three position globally for 16 consecutive quarters.

8. **AIoT Platform**: Connected devices on the AIoT platform reached 822.2 million, up 25.6% YoY.

9. **Retail Expansion**: Over 12,000 offline retail stores in mainland China, with a 10.4% market share in offline smartphone channels in Q2 2024.

10. **Stock Repurchase**: Approved a HKD 10 billion stock repurchase program, with HKD 3.68 billion repurchased so far in 2024.

11. **R&D and Innovation**: R&D expenditure increased by 20.7% YoY to RMB 5.5 billion in Q2 2024, with significant advancements in AI and product enhancements.

**Bearish Points:**

1. **Operating Profit Decline**: H1 2024 operating profit decreased by 3.7% YoY to RMB 9,571.8 million.

2. **Adjusted Net Profit Decline**: Q2 2024 adjusted net profit decreased by 4.9% QoQ to RMB 6,175.4 million.

3. **Gross Profit Margin**: Gross profit margin decreased from 22.3% in Q1 2024 to 20.7% in Q2 2024.

4. **Smartphone ASP**: Average Selling Price (ASP) of smartphones decreased by 0.8% YoY to RMB 1,103.5 per unit in Q2 2024.

5. **Operating Expenses**: Increased R&D, sales, and marketing expenses, with R&D expenses up 20.7% YoY to RMB 5,497.7 million and sales and marketing expenses up 31.8% YoY to RMB 5,899.1 million in Q2 2024.

6. **Financial Instruments**: Fair value loss on financial instruments increased from RMB 300 million in Q2 2023 to RMB 800 million in Q2 2024.

7. **Net Financial Income**: Decreased by 13.6% YoY to RMB 800 million in Q2 2024.

8. **Income Tax Expense**: Increased by 24.8% YoY to RMB 1.6 billion in Q2 2024.

9. **Debt**: Total borrowings increased to RMB 300 billion as of June 30, 2024, up from RMB 277 billion as of March 31, 2024.

**Summary:**

Xiaomi-W (01810) has shown strong revenue and profit growth in Q2 2024, with significant increases in gross profit, net profit, and global smartphone shipments. The company has also expanded its AIoT platform and retail presence, and has a robust stock repurchase program. However, there are concerns regarding the decline in operating profit for H1 2024, a decrease in adjusted net profit QoQ, and increased operating expenses. Additionally, the company faces challenges with decreased gross profit margins, lower smartphone ASP, and increased financial instrument losses. Overall, while Xiaomi's financial performance is strong, it must address these challenges to sustain its growth trajectory.

For more information, you can read the original text of Xiaomi-W (01810)'s financial report.