External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.</li><li>Smartphone revenue declined 2% YoY due to weaker-than-expected demand and aggressive marketing by rivals, but revenue from IoT and lifestyle products (appliances) continued robust growth (+45% YoY), driven by strength in major appliances (e.g., air conditioners).</li><li>In the quarter, the company shipped 5.4mn air conditioner units (+60% YoY), 790,000 refrigerators (+25% YoY), and 600,000 washing machines (+45% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.Smartphone revenue declined 2% YoY due to weaker-than-expected demand and aggressive marketing by rivals, but revenue from IoT and lifestyle products (appliances) continued robust growth (+45% YoY), driven by strength in major appliances (e.g., air conditioners).In the quarter, the company shipped 5.4mn air conditioner units (+60% YoY), 790,000 refrigerators (+25% YoY), and 600,000 washing machines (+45% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK/Buy)Rapidly Improving EV Margins

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Xiaomi’s 2Q revenue/NP growth of 31%/75% YoY are largely in line with our/ market expectations, and GPM was upbeat at 22.5% (+1.8ppt YoY) thanks to strong EV GPM offset by softer smartphone.</li><li>For 2H25E, mgmt. turned slightly conservative on the smartphone market, and revised FY25E shipment guidance to 175mn (vs prior 175-180mn) with softer GPM given BOM cost hikes (DDR4, battery).</li><li>Despite near-term headwinds, we are constructive on Xiaomi’s longterm strategy: 1) Smartphone: global share gains and premiumiumization; 2) IoT: large home appliances momentum and overseas channel expansion; 3) Smart EV: YU7 demand, European market (2027E) and profitability upside. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi’s 2Q revenue/NP growth of 31%/75% YoY are largely in line with our/ market expectations, and GPM was upbeat at 22.5% (+1.8ppt YoY) thanks to strong EV GPM offset by softer smartphone.For 2H25E, mgmt. turned slightly conservative on the smartphone market, and revised FY25E shipment guidance to 175mn (vs prior 175-180mn) with softer GPM given BOM cost hikes (DDR4, battery).Despite near-term headwinds, we are constructive on Xiaomi’s longterm strategy: 1) Smartphone: global share gains and premiumiumization; 2) IoT: large home appliances momentum and overseas channel expansion; 3) Smart EV: YU7 demand, European market (2027E) and profitability upside. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - 2Q25 in Line; Solid EV/IoT Momentum Offset by Softer Smartphone Outlook

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>The setup for this earnings release is interesting as Xiaomi has underperformed HSI since the end of June.</li>
<li>Xiaomi’s Q2 earnings setup features low vols a strong beat record and interesting Q2 dynamics.</li>
<li>Implied vol sits near historic lows despite the approaching earnings. </li>
</ul>


The setup for this earnings release is interesting as Xiaomi has underperformed HSI since the end of June.
Xiaomi’s Q2 earnings setup features low vols a strong beat record and interesting Q2 dynamics.
Implied vol sits near historic lows despite the approaching earnings. 


Xiaomi (1810.HK) Q2 Earnings: Setup Features Low Volatility and Recent Underperformance

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index and HSCI Index (among others) post market close today. </li>
<li>The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.</li>
<li>Capping will lead to most inflows to <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index and HSCI Index (among others) post market close today. 
The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.
Capping will lead to most inflows to Meituan (3690 HK) while the largest outflows will be from Alibaba Group Holding (9988 HK) and Xiaomi Corp (1810 HK). 


Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

<ul><li>Xiaomi is expected to report 2Q25 results in mid-Aug.</li><li>We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below consensus estimates, mainly driven by solid smartphone, strong EV demand, robust IoT on China subsidy and stable GPM across all segments.</li><li>Looking ahead, we stay positive on 1) Smartphone: global share gains to continue, premiumization strategy, and new retail strategy expansion</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi is expected to report 2Q25 results in mid-Aug.We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below consensus estimates, mainly driven by solid smartphone, strong EV demand, robust IoT on China subsidy and stable GPM across all segments.Looking ahead, we stay positive on 1) Smartphone: global share gains to continue, premiumization strategy, and new retail strategy expansionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - 2Q25 Preview: Expect Strong Earnings Backed by IoT/EV Momentum...

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xiaomi (1810 HK)

Xiaomi (1810 HK/Buy)Rapidly Improving EV Margins

For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.

Mirae Asset Securities

Xiaomi (1810 HK) - 2Q25 in Line; Solid EV/IoT Momentum Offset by Softer Smartphone Outlook

Xiaomi’s 2Q revenue/NP growth of 31%/75% YoY are largely in line with our/ market expectations, and GPM was upbeat at 22.5% (+1.8ppt YoY) thanks to...

CMB International

Xiaomi (1810.HK) Q2 Earnings: Setup Features Low Volatility and Recent Underperformance

Xiaomi's upcoming earnings release is intriguing due to underperformance, low volatility, strong beat record, and historic lows in historic...

John Ley

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

Xiaomi (1810 HK) - 2Q25 Preview: Expect Strong Earnings Backed by IoT/EV Momentum...

We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi (1810 HK/Buy)Rapidly Improving EV Margins

For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.

Mirae Asset Securities

Xiaomi (1810 HK) - 2Q25 in Line; Solid EV/IoT Momentum Offset by Softer Smartphone Outlook

Xiaomi’s 2Q revenue/NP growth of 31%/75% YoY are largely in line with our/ market expectations, and GPM was upbeat at 22.5% (+1.8ppt YoY) thanks to...

CMB International

Xiaomi (1810.HK) Q2 Earnings: Setup Features Low Volatility and Recent Underperformance

​Xiaomi's upcoming earnings release is intriguing due to underperformance, low volatility, strong beat record, and historic lows in historic...

John Ley

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

Xiaomi (1810 HK) - 2Q25 Preview: Expect Strong Earnings Backed by IoT/EV Momentum...

We expect that 2Q25E is likely another strong quarter with revenue/adj. net profit growth of 32%/66% YoY to RMB117bn/10.3bn, slightly below...

CMB International

Xiaomi's upcoming earnings release is intriguing due to underperformance, low volatility, strong beat record, and historic lows in historic...