Core Viewpoint - Xiaomi Group-W (01810.HK) has experienced a significant decline in stock price, dropping over 3% and accumulating a total decrease of 25% over the past month [2] Group 1 - As of the latest update, Xiaomi's stock price is reported at 44.42 HKD, reflecting a decrease of 3.01% [2] - The trading volume for Xiaomi's shares reached 5.994 billion HKD [2]

Core Viewpoint - Xiaomi Group's stock has dropped over 3% and has seen a cumulative decline of 25% in the past month, attributed to rising memory chip prices and declining sales in the Chinese market [1] Financial Performance - As of the latest report, Xiaomi's stock is trading at 44.42 HKD with a transaction volume of 5.994 billion HKD [1] - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decline of 5% [1] Market Conditions - The storage chip market is currently experiencing a price surge, which has been acknowledged by Xiaomi's founder Lei Jun, who noted significant increases in memory prices [1] - According to Guotai Junan Securities, Xiaomi's smartphone gross margin is expected to decline slightly by 0.5 percentage points to 11% in Q3 due to the impact of rising storage prices and a decrease in sales proportion from the Chinese market [1] Product Performance - The total sales of the Xiaomi 17 series, released at the end of September, have increased by 30% year-on-year, with the Pro version accounting for over 80% of sales, indicating successful high-end product positioning [1] - The steady increase in automotive delivery volumes is anticipated to contribute positively to operational profitability [1] Future Outlook - Xiaomi is expected to announce its Q3 2025 earnings on November 18, with overall performance likely to be slightly below Citigroup's expectations due to lower smartphone gross margins and IoT revenue [1]

Core Viewpoint - Xiaomi Group's stock has dropped over 3% and has seen a cumulative decline of 25% in the past month, attributed to rising memory chip prices and a decrease in sales in the Chinese market [1] Group 1: Financial Performance - As of the latest report, Xiaomi's stock is trading at 44.42 HKD with a trading volume of 5.994 billion HKD [1] - Citigroup forecasts that Xiaomi's adjusted net profit will reach 10.2 billion RMB, reflecting a year-on-year growth of 64% but a quarter-on-quarter decline of 5% [1] - The anticipated gross margin for Xiaomi smartphones is expected to decline by 0.5 percentage points to 11% in Q3 due to the impact of rising memory prices and a decrease in sales in the Chinese market [1] Group 2: Product Performance - The total sales of the recently launched Xiaomi 17 series have increased by 30% year-on-year, with the Pro version accounting for over 80% of sales, indicating successful high-end product positioning [1] - The performance of the electric vehicle segment is showing steady improvement, which may contribute positively to the company's overall profitability [1] Group 3: Market Outlook - Xiaomi is set to announce its Q3 2025 earnings on November 18, with expectations that overall performance may slightly underperform due to lower-than-expected smartphone gross margins and IoT revenue [1] - The decline in IoT revenue is attributed to the weakening effect of subsidies in China [1]

Group 1 - The Hong Kong Hang Seng Tech Index has fallen by over 1% [1] - Xiaomi Group's stock price has decreased by more than 3% [1]

Core Viewpoint - 招银国际 expects Xiaomi Group-W (01810) to achieve a year-on-year adjusted net profit growth of 60% to 10.01 billion RMB in Q3, aligning with market expectations [1] Group 1: Financial Performance - The anticipated gross margin for Q3 is 22.9%, surpassing the market forecast of 22.5% despite rising BOM costs [1] - The target price for Xiaomi has been adjusted from 62.96 HKD to 61.3 HKD, while maintaining a "buy" rating [1] Group 2: Future Outlook - The outlook for Q4 remains positive, with expectations that the Xiaomi 17 Pro and Pro-max will enhance the sales mix [1] - Strong delivery performance in the electric vehicle segment is noted, with improvements in profitability and potential capacity expansion [1] - The internet business is projected to grow steadily, with an expected gross margin of 75% [1] Group 3: Adjustments to Profit Forecasts - The adjusted net profit forecasts for fiscal years 2025 to 2027 have been slightly reduced by 3% to 4% to account for weak smartphone performance, electric vehicle breakeven in Q3, and rising BOM costs [1]

Core Viewpoint - Xiaomi Group-W (01810) is expected to report a 60% year-on-year increase in adjusted net profit for Q3, reaching 10.01 billion RMB, aligning with market expectations [1] Financial Performance - The anticipated gross margin for Q3 is 22.9%, surpassing the market forecast of 22.5% despite rising BOM costs [1] - The forecast for adjusted net profit for fiscal years 2025 to 2027 has been slightly reduced by 3% to 4% due to weak smartphone performance and rising BOM costs [1] Product Outlook - The company maintains a positive outlook for Q4, with expectations that the Xiaomi 17 Pro and Pro-max will enhance the sales mix [1] - Strong delivery performance in the electric vehicle segment is noted, with improved profitability and potential capacity expansion [1] Internet Business - The internet business is projected to continue stable growth, with an expected gross margin of 75% [1]

Xiaomi Corp 3Q25 Preview Summary Company Overview - **Company**: Xiaomi Corp (1810.HK) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$150.321 billion - **Price Target**: HK$62.00 - **Current Price**: HK$45.80 Key Points Electric Vehicle (EV) Performance - **Stronger-than-expected EV shipments**: Xiaomi's EV shipments exceeded 40,000 units in September, leading to an increase in the full-year 2025 shipment forecast from 370,000 units to 385,000 units [3][10] - **Break-even achievement**: The company is expected to achieve EV break-even in 3Q25, marking the first time since the official EV launch in 2Q24 [3][27] Smartphone Business - **Margin pressure**: The smartphone segment is facing margin pressure due to rising memory costs, leading to a reduction in the 2026 smartphone margin estimate from 12.4% to 10.9% [4][10] - **Long-term outlook**: While the smartphone business can eventually pass through the cost pressures, near-term earnings will be impacted [4] AIoT Growth - **Deceleration in growth**: After achieving 59% YoY growth in 1Q25 and 45% in 2Q25, AIoT growth is expected to decelerate, prompting a 5% revenue forecast reduction for 2025 and an 8% reduction for 2026 [5][10] - **Long-term potential**: Despite the slowdown, Xiaomi's AIoT segment is believed to have robust long-term growth potential due to synergies from the combined offerings of smartphones, EVs, and AIoT [5] Earnings Estimates - **Revisions for 2025-2027**: - 2025 net income estimate raised by 1% due to better-than-expected EV shipments - 2026 net income estimate reduced by 6% due to smartphone margin pressure and AIoT slowdown - 2027 estimate trimmed by 3% reflecting a recovery in smartphone margins [6][14] Financial Metrics - **Revenue Forecasts**: - 2025: Rmb 467.7 billion - 2026: Rmb 592.0 billion - 2027: Rmb 677.6 billion [18] - **Net Income**: - 2025: Rmb 40.2 billion - 2026: Rmb 45.5 billion - 2027: Rmb 57.7 billion [18] Valuation Methodology - **SOTP Valuation**: The price target is derived from a sum-of-the-parts (SOTP) methodology, applying a cost of equity of 11% for smartphones and IoT, and 11.4% for Internet services [16][34] Risks and Opportunities - **Opportunities**: Successful EV launches could enhance brand equity and market share in high-end segments [29] - **Risks**: Rising geopolitical tensions and potential supply chain issues could negatively impact performance [28][38] Conclusion - **Investment Thesis**: Xiaomi is positioned for growth with its unique integration of smartphones, EVs, and AIoT, despite facing near-term challenges in margins and growth rates [30][29]

智通财经APP讯，小米集团-W(01810)发布公告，于2025年10月27日，就根据股份计划合共发行4130.46 万股股份。 ...

Core Viewpoint - Xiaomi Group-W (01810) announced the issuance of a total of 41.3046 million shares under its share scheme on October 27, 2025 [1] Summary by Category - **Company Announcement** - Xiaomi Group-W will issue 41.3046 million shares as part of its share plan [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年10月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 01810 | 說明 | | | | | | | | 多櫃檯證券代號 | | 81810 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變 ...