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’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><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’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