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 1Q25 results in late-May.</li><li>We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above consensus estimate, backed by strong smartphone share gains (regained No.1 spot in China) and China subsidy in IoT/home appliance and resilient GPM across all segments.</li><li>Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains from Apple/Samsung and expansion in LATAM/EMEA/SEA; 2) IoT: China subsidy, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, SUV YU7 upside and improving 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 is expected to report 1Q25 results in late-May.We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above consensus estimate, backed by strong smartphone share gains (regained No.1 spot in China) and China subsidy in IoT/home appliance and resilient GPM across all segments.Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains from Apple/Samsung and expansion in LATAM/EMEA/SEA; 2) IoT: China subsidy, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, SUV YU7 upside and improving 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) - 1Q25 Preview: Expect Strong Results Ahead

Equity Capital Markets

<ul>
<li>Xiaomi announced to raise about HK$42.5bn (~US$5.5bn) in an upsized share sale of 800mn new shares at the price of HK$53.25/ share (6.6% discount to closing price on 24 Mar), implying 3.2% of existing issued share capital.</li>
<li>The proceeds will be used for business expansion, R&amp;D investment and working capital.</li>
<li>Following stock rally of 68% YTD (vs 25% HSCEI), investors we spoke to are not too surprised on the placement, and we think the funding will be a long-term positive for Xiaomi’s global expansion strategy for smartphone, AIoT and EV businesses, which should offset near-term concern of 3.2% dilution. </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 announced to raise about HK$42.5bn (~US$5.5bn) in an upsized share sale of 800mn new shares at the price of HK$53.25/ share (6.6% discount to closing price on 24 Mar), implying 3.2% of existing issued share capital.
The proceeds will be used for business expansion, R&amp;D investment and working capital.
Following stock rally of 68% YTD (vs 25% HSCEI), investors we spoke to are not too surprised on the placement, and we think the funding will be a long-term positive for Xiaomi’s global expansion strategy for smartphone, AIoT and EV businesses, which should offset near-term concern of 3.2% dilution. 

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) - Placement Confirmed for Global Business Expansion

<ul><li>Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.</li><li>Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.</li><li>Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. </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 delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. 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) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

<ul><li>Xiaomi will report 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg consensus, driven by a better mix in smartphones, China subsidies for smartphones/IoT and stronger EV GPM</li><li>. Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains and an improving mix, backed by its flagship models and expansion in LATAM/EMEA/SEA; 2) IoT: China national subsidies, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, launch of SUV YU7 and improving profitability. Overall, we are confident on Xiaomi’s core biz strength and growth momentum of EV business.</li><li>We lift FY24-27E EPS by 8-22% to reflect a better product mix and stronger EV margin. Reiterate BUY and raise SOTP-based TP to HK$ 54.53 for higher EPS estimates and sector re-rating, implying 33.9x FY25E P/E. </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 will report 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg consensus, driven by a better mix in smartphones, China subsidies for smartphones/IoT and stronger EV GPM. Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains and an improving mix, backed by its flagship models and expansion in LATAM/EMEA/SEA; 2) IoT: China national subsidies, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, launch of SUV YU7 and improving profitability. Overall, we are confident on Xiaomi’s core biz strength and growth momentum of EV business.We lift FY24-27E EPS by 8-22% to reflect a better product mix and stronger EV margin. Reiterate BUY and raise SOTP-based TP to HK$ 54.53 for higher EPS estimates and sector re-rating, implying 33.9x FY25E P/E. 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) - 4Q24 Preview: Expect Another Strong Beat; Raise TP to HK$54.53

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

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) - 1Q25 Preview: Expect Strong Results Ahead

We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above...

CMB International

Xiaomi (1810 HK) - Placement Confirmed for Global Business Expansion

We also note that its share price rallied 30% in one month during its last placement in Dec 2020. Below is our analysis on the rationale and...

CMB International

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates

CMB International

Xiaomi (1810 HK) - 4Q24 Preview: Expect Another Strong Beat; Raise TP to HK$54.53

Xiaomi will report 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg...

CMB International

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

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