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 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...

<ul><li>Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.</li><li>We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.</li><li>We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. </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 “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. 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) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

<ul><li>We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;</li><li>2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);</li><li>3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 2025; </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.

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 2025; 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) - Key Takeaways from Xiaomi Investor Day 2025

<ul><li>Xiaomi’s 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.</li><li>Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.</li><li>We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz 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 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz 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) - Positive on Premiumization, YU7 Ramp-Up and SoC Breakthrough in 2H25E

<ul><li>Xiaomi held its strategic product launch event on 22 May, featuring the selfdeveloped 3nm SoC chip “XRING O1 and T1”, Xiaomi 15S Pro, Pad 7 Ultra and SUV YU7.</li><li>We believe Xiaomi’s self-developed chip strategy will enhance product differentiation, cost structure and competitiveness of its flagship smartphones in the premium market in the long term, and Xiaomi’s RMB50bn investment into chips in next 10 years will continue to strengthen its technology leadership and AIoT ecosystem.</li><li>In addition, we expect the new YU7 model to boost sales and profitability after coming into the market in July. </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 held its strategic product launch event on 22 May, featuring the selfdeveloped 3nm SoC chip “XRING O1 and T1”, Xiaomi 15S Pro, Pad 7 Ultra and SUV YU7.We believe Xiaomi’s self-developed chip strategy will enhance product differentiation, cost structure and competitiveness of its flagship smartphones in the premium market in the long term, and Xiaomi’s RMB50bn investment into chips in next 10 years will continue to strengthen its technology leadership and AIoT ecosystem.In addition, we expect the new YU7 model to boost sales and profitability after coming into the market in July. 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) - Self-Developed 3nm SoC Debut Is the Bright Spot

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) - 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 (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX...

CMB International

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn...

CMB International

Xiaomi (1810 HK) - Positive on Premiumization, YU7 Ramp-Up and SoC Breakthrough in 2H25E

We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV...

CMB International

Xiaomi (1810 HK) - Self-Developed 3nm SoC Debut Is the Bright Spot

We reiterate BUY with SOTP-based TP of HK$ 59.99 based on 36.1x FY25E P/E. Upcoming catalysts include 1Q25 results, AI glasses launches and EV...

CMB International

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