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AIoT: Driven by the 618 shopping festival, Q2 IoT revenue grew 28% quarter-over-quarter to RMB 31.6 billion, showing a clear recovery in major home appliances and smart home products. The variable for Q3 lies in memory chip prices: if they peak and pull back, smartphone gross margins will have room to recover. As new EV models scale up, their revenue contribution will continue to expand. Xiaomi's third quarter looks even more compelling than its second. Consumer electronics demand is rebounding