Having fallen below 30, is the Xiaomi SU7 no longer a sure thing? Xiaomi's stock price has plummeted from its peak, primarily due to the impact of its mobile phone business. In Q1, Xiaomi's global shipments declined by 19% year-on-year, with a sharp drop of 35% in the Chinese market. Rising storage prices have eroded profits, with gross profit margin falling from 12% to 8.3%. The automotive business lacks growth potential, and the AIoT business is still largely a marketing ploy. Trying to do everything but failing to achieve top-three rankings in any one area has led to declining profitability and a need for valuation discounts.