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.

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<ul><li>Xiaomi’s 3Q revenue/adj.NP growth of 22%/81% YoY are slightly above our/market expectation, driven by fast-growing smart EV business, resilient internet segment and operating efficiency, offsetting weaker smartphone sales.</li><li>During the earnings call, mgmt. discussed investor concerns on memory cost hike and EV purchase tax subsidies.</li><li>Regarding memory pricing upcycle, mgmt. expected smartphone/PC/ tablet GPM pressure will persist in 4Q25/ 2026 despite supplier agreement to secure full-year supply in 2026, and Xiaomi’s smartphone strategy will prioritize share gains over profitability. </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 3Q revenue/adj.NP growth of 22%/81% YoY are slightly above our/market expectation, driven by fast-growing smart EV business, resilient internet segment and operating efficiency, offsetting weaker smartphone sales.During the earnings call, mgmt. discussed investor concerns on memory cost hike and EV purchase tax subsidies.Regarding memory pricing upcycle, mgmt. expected smartphone/PC/ tablet GPM pressure will persist in 4Q25/ 2026 despite supplier agreement to secure full-year supply in 2026, and Xiaomi’s smartphone strategy will prioritize share gains over profitability. 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) - 3Q25 Above; Not Immune to Memory Cost Hike...

<ul><li>Xiaomi is expected to report 3Q25 results in mid-Nov.</li><li>We expect 3Q25E to deliver another strong adj. net profit growth of 60% YoY to RMB 10.01bn, in-line with consensus estimates, mainly driven by strong momentum of smart EV with improving profitability and stable IoT/internet growth.</li><li>For GPM, despite smartphone BOM cost hikes (esp. memory), our 3Q GPM estimate is at 22.9% (vs 22.5% for consensus), backed by resilient smart phone (SP)/IoT/internet GPM at 11%/23%/75.3%, while EV GPM may come in softer at 25.8% (vs 26.4 in 2Q) on capacity constraint, on our estimate. </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 3Q25 results in mid-Nov.We expect 3Q25E to deliver another strong adj. net profit growth of 60% YoY to RMB 10.01bn, in-line with consensus estimates, mainly driven by strong momentum of smart EV with improving profitability and stable IoT/internet growth.For GPM, despite smartphone BOM cost hikes (esp. memory), our 3Q GPM estimate is at 22.9% (vs 22.5% for consensus), backed by resilient smart phone (SP)/IoT/internet GPM at 11%/23%/75.3%, while EV GPM may come in softer at 25.8% (vs 26.4 in 2Q) on capacity constraint, on our estimate. 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) - Expect Another Strong Quarter on Better EV Business...

<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

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.

<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

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.

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Xiaomi (1810 HK)

Xiaomi (1810 HK) - 3Q25 Above; Not Immune to Memory Cost Hike...

Xiaomi’s 3Q revenue/adj.NP growth of 22%/81% YoY are slightly above our/market expectation, driven by fast-growing smart EV business, resilient...

CMB International

Xiaomi (1810 HK) - Expect Another Strong Quarter on Better EV Business...

We expect 3Q25E to deliver another strong adj. net profit growth of 60% YoY to RMB 10.01bn, in-line with consensus estimates, mainly driven by...

CMB International

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

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