External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.</li><li>Smartphone revenue declined 2% YoY due to weaker-than-expected demand and aggressive marketing by rivals, but revenue from IoT and lifestyle products (appliances) continued robust growth (+45% YoY), driven by strength in major appliances (e.g., air conditioners).</li><li>In the quarter, the company shipped 5.4mn air conditioner units (+60% YoY), 790,000 refrigerators (+25% YoY), and 600,000 washing machines (+45% YoY).</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>

For 2Q25, Xiaomi reported above-consensus results, with revenue and operating profit expanding 31% and 128% YoY, respectively.Smartphone revenue declined 2% YoY due to weaker-than-expected demand and aggressive marketing by rivals, but revenue from IoT and lifestyle products (appliances) continued robust growth (+45% YoY), driven by strength in major appliances (e.g., air conditioners).In the quarter, the company shipped 5.4mn air conditioner units (+60% YoY), 790,000 refrigerators (+25% YoY), and 600,000 washing machines (+45% YoY).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/Buy)Rapidly Improving EV Margins