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 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><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 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