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

<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...

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.</li><li>However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.</li><li>As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.</li></ul>

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

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.

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

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

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

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881...

Quam Securities

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

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