External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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