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 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><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 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...