I think viewing Xiaomi purely based on its smartphone sales is a bit shortsighted. I don't own a Xiaomi phone but I do have 3 Xiaomi air filters, several smart plugs, wifi router, digital thermometer, digital scale, etc. When I buy a new TV, it'll certainly be a Xiaomi TV along with a Xiaomi router which allows me access to the Xiaomi streaming service. The stuff they're doing with smart home devices is probably what's going to drive their valuation in the future.