External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Xiaomi’s 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates, thanks to better smartphone ASP (+7% YoY), smart EV’s stronger operating income and better operating leverage.</li><li>Looking into FY26E, while smartphone/auto industry headwinds remain in near term, we believe Xiaomi is well-positioned to strengthen its industry leadership given its solid execution in premiumization strategy, IoT overseas expansion, share gains of new-gen SU7/YU7 and leading multi-modal AI capability.</li><li>Overall, we lower our FY26-27E NP by 4-9% to factor in 4Q25 results and weaker GPM in FY26-27E. Our new SOTP-based TP of HK$44.47 implies 29.5x/23.9x FY26/27E P/E. Reiterate BUY.</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 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates, thanks to better smartphone ASP (+7% YoY), smart EV’s stronger operating income and better operating leverage.Looking into FY26E, while smartphone/auto industry headwinds remain in near term, we believe Xiaomi is well-positioned to strengthen its industry leadership given its solid execution in premiumization strategy, IoT overseas expansion, share gains of new-gen SU7/YU7 and leading multi-modal AI capability.Overall, we lower our FY26-27E NP by 4-9% to factor in 4Q25 results and weaker GPM in FY26-27E. Our new SOTP-based TP of HK$44.47 implies 29.5x/23.9x FY26/27E P/E. Reiterate BUY.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) - 4Q25 Better than Feared; Positive on AI Investment to Bear Fruit in 2026-27

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Electric vehicle industry weakened due to the decline of the giant BYD.</li>
<li>The stagnant smartphone business has been in fact bringing customers to other businesses.</li>
<li>The five-year P/E band suggests an upside of 100% and a price target of HK$81.</li>
</ul>


Electric vehicle industry weakened due to the decline of the giant BYD.
The stagnant smartphone business has been in fact bringing customers to other businesses.
The five-year P/E band suggests an upside of 100% and a price target of HK$81.


XM/Xiaomi (1810 HK): Pessimistic About Industries Can Be Wrong

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Diagonal Spreads enjoy popularity, accounting for 30% of all trades. Historically low implied volatility favors long volatility positions. Slightly bullish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Xiaomi (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Diagonal Spreads enjoy popularity, accounting for 30% of all trades. Historically low implied volatility favors long volatility positions. Slightly bullish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Xiaomi (1810 HK): Calendar Spreads and Other Top Trades Ahead of Earnings

<ul>
<li>We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.</li>
<li>China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.</li>
<li>Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.</li>
</ul>


We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.
China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.
Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.


This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Xiaomi (1810 HK) - 4Q25 Better than Feared; Positive on AI Investment to Bear Fruit in 2026-27

Xiaomi’s 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates...

CMB International

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

XM/Xiaomi (1810 HK): Pessimistic About Industries Can Be Wrong

Electric vehicle industry weakened due to the decline of the giant BYD. The stagnant smartphone business has been bringing customers to other...

Ming Lu

Xiaomi (1810 HK): Calendar Spreads and Other Top Trades Ahead of Earnings

Xiaomi's live multi-leg option strategies show popularity of Diagonal Spreads and long volatility positions, providing actionable insights on...

Gaudenz Schneider

This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi (1810 HK) - 4Q25 Better than Feared; Positive on AI Investment to Bear Fruit in 2026-27

Xiaomi’s 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates...

CMB International

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

XM/Xiaomi (1810 HK): Pessimistic About Industries Can Be Wrong

Electric vehicle industry weakened due to the decline of the giant BYD. The stagnant smartphone business has been bringing customers to other...

Ming Lu

Xiaomi (1810 HK): Calendar Spreads and Other Top Trades Ahead of Earnings

​Xiaomi's live multi-leg option strategies show popularity of Diagonal Spreads and long volatility positions, providing actionable insights on...

Gaudenz Schneider

This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Xiaomi's live multi-leg option strategies show popularity of Diagonal Spreads and long volatility positions, providing actionable insights on...