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 hosted its flagship product launch event on 25 Sep, debuting Xiaomi 17 flagship phones, Pad 8 series tablets, premium smart home products and new customization service for YU7/SU7 Ultra EVs.</li><li>In particular, we view Xiaomi 17’s RMB4,499 starting price as competitive against iPhone 17 (RMB5,999), as it is positioned as the best compact flagship in China with features such as 7000mAh battery (vs prior 5400mAh) and Leica Summilux tri-camera.</li><li>17 Pro/Max’s starting prices of RMB4,999/5,999 are lower than 15 Pro/Pro Ultra last year, and it introduces innovative Magic Back Screen and direct Apple ecosystem integration, underscoring Xiaomi's "full benchmark to iPhone" strategy.</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 hosted its flagship product launch event on 25 Sep, debuting Xiaomi 17 flagship phones, Pad 8 series tablets, premium smart home products and new customization service for YU7/SU7 Ultra EVs.In particular, we view Xiaomi 17’s RMB4,499 starting price as competitive against iPhone 17 (RMB5,999), as it is positioned as the best compact flagship in China with features such as 7000mAh battery (vs prior 5400mAh) and Leica Summilux tri-camera.17 Pro/Max’s starting prices of RMB4,999/5,999 are lower than 15 Pro/Pro Ultra last year, and it introduces innovative Magic Back Screen and direct Apple ecosystem integration, underscoring Xiaomi's "full benchmark to iPhone" strategy.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) - Product Launch Takeaways: Xiaomi 17’s Competitive Pricing

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<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

<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

<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...

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>For the KTX Tactical DR Picks portfolio today, we recommend selling XIAOMI80 with a return of -0.7%, while initiating an investment position in POPMART80, a DR referencing POP MART INTERNATIONAL GROUP LTD., a designer and distributor of art toys listed on the Hong Kong Stock Exchange.</li><li>The average price of the underlying securities in the portfolio declined by 0.53%, as global markets traded cautiously amid ongoing uncertainty surrounding US tariffs.</li><li>According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.</li></ul>

For the KTX Tactical DR Picks portfolio today, we recommend selling XIAOMI80 with a return of -0.7%, while initiating an investment position in POPMART80, a DR referencing POP MART INTERNATIONAL GROUP LTD., a designer and distributor of art toys listed on the Hong Kong Stock Exchange.The average price of the underlying securities in the portfolio declined by 0.53%, as global markets traded cautiously amid ongoing uncertainty surrounding US tariffs.According to our study through the KTX USDTHB Carry Trade model, the baht has remained relatively strong.

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) - Product Launch Takeaways: Xiaomi 17’s Competitive Pricing

Xiaomi hosted its flagship product launch event on 25 Sep, debuting Xiaomi 17 flagship phones, Pad 8 series tablets, premium smart home products...

CMB International

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) - 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

KTX Tactical DR Picks

For the KTX Tactical DR Picks portfolio today, we recommend selling XIAOMI80 with a return of -0.7%, while initiating an investment position in...

Krungthai XSpring

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