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 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.</li><li>Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.</li><li>We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz 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 1Q25 adjusted earnings at RMB 10.7bn (+28% QoQ, +64% YoY) beat CMBI/consensus expectations by 8/18%, thanks to strong sales across all segments and GPM improvement on better smartphone mix, IoT ASP hike and smart EV GPM improvement.Looking into 2025, we expect smartphone/EV premiumization strategy, IoT/EV capacity ramp-up and in-house SoC chip to continue to boost better revenue mix and earnings growth.We maintain our positive view on Xiaomi’s Human x Car x Home ecosystem expansion, premiumization strategy, SP/AIoT overseas markets and smart EV biz 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) - Positive on Premiumization, YU7 Ramp-Up and SoC Breakthrough in 2H25E