Financial Data and Key Metrics Changes - In 2025, the total group revenue reached RMB 457.3 billion, marking a 25% year-on-year increase and surpassing the RMB 400 billion mark for the first time [5][16] - Adjusted net profit for 2025 was RMB 39.2 billion, up 44% year-on-year, achieving a record high [5][23] - Overall gross profit margin improved to 22.3%, up 1.3% year-on-year, also a historical high [16] Business Segment Data and Key Metrics Changes - Revenue from the smartphones and IoT segment was RMB 351.2 billion, up 5.4% year-on-year, with a gross profit margin of 21.7% [17] - Smartphone revenue was RMB 186.4 billion, accounting for 40.8% of total revenue, with global shipments reaching 165 million units [17][18] - IoT revenue surpassed RMB 120 billion for the first time, reaching RMB 123.2 billion, reflecting an 18.3% year-on-year growth [7][19] - The smart EV and AI innovation business segment achieved annual revenue of RMB 106.1 billion, up over 200% year-on-year, and recorded an operating profit of RMB 0.9 billion for the first time [21][23] Market Data and Key Metrics Changes - In 2025, Xiaomi maintained a global smartphone market share of 13.3%, ranking in the top three for 22 consecutive quarters [5][18] - In Mainland China, Xiaomi's smartphone sales ranking rose to second, with premium models accounting for 27.1% of total smartphone sales, up 3.8 percentage points year-on-year [6][17] - The company achieved significant growth in overseas markets, particularly in Latin America and Southeast Asia, where shipment rankings improved to second [5] Company Strategy and Development Direction - Xiaomi plans to focus on breakthroughs in hardcore technology, particularly in AI and embodied intelligence, with R&D investment exceeding RMB 33 billion in 2025 and projected to exceed RMB 40 billion in 2026 [9][21] - The company aims to enhance its premium product offerings and expand its presence in mature international markets [6][7] - Xiaomi is committed to integrating AI into its ecosystem, with plans to invest RMB 60 billion in AI over the next three years [12][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the second half of 2025 but expressed confidence in achieving growth targets for 2026 [16][52] - The company is aware of rising memory prices impacting the smartphone segment but aims to manage costs while protecting consumer pricing [27][59] - Management emphasized the importance of maintaining market position and competitive advantages through strong supplier relationships and inventory management [33][60] Other Important Information - Xiaomi's share repurchase program totaled approximately HKD 6.3 billion in 2025, reflecting confidence in the company's long-term future [24] - The company achieved a management level B score in the CDP Climate Change and Water Security Survey, and a score of 81 in EcoVadis Gold Medal for ESG efforts [25] Q&A Session Summary Question: Concerns about rising memory prices and smartphone pricing strategy - Management acknowledged the impact of rising memory prices and indicated that while they aim to protect consumers, price hikes may be necessary if pressures continue [27][32][59] Question: Sales data for new generation vehicles - Management clarified that locked orders for new vehicles are primarily from new buyers, indicating strong demand and a positive outlook for future sales [34][36] Question: AI capabilities and commercialization - Management stated that while AI models are progressing, commercialization is still in early stages, with ongoing improvements expected [40][64] Question: Impact of Middle Eastern situation on business - Management noted that the Middle Eastern market contributes only a small percentage to overall revenue, and the situation remains controllable [55] Question: Future investment in chips and IoT pricing strategy - Management confirmed continued investment in chip development as a strategic capability, while also indicating that pricing strategies for IoT products will align with those for smartphones [69][70]

Financial Data and Key Metrics Changes - In 2025, total group revenue reached CNY 457.3 billion, a 25% year-on-year increase, marking the first time surpassing the CNY 400 billion mark [4][15] - Adjusted net profit reached CNY 39.2 billion, up 44% year-on-year, also a record high [4][21] - Overall gross profit margin was 22.3%, up 1.3% year-on-year, achieving a historical high [15] - Revenue from smartphones and IoT segment was CNY 351.2 billion, up 5.4% year-on-year, with a gross profit margin of 21.7%, up 0.5% year-on-year [16] Business Line Data and Key Metrics Changes - Smartphone revenue was CNY 186.4 billion, accounting for 40.8% of total revenue, with global shipments reaching 165 million units [16][17] - IoT revenue surpassed CNY 123.2 billion, an 18.3% year-on-year growth, with a gross profit margin of 23.1%, up 2.8% year-on-year [6][18] - The EV and AI innovation business segment reached CNY 106.1 billion in revenue, up over 200% year-on-year, with a gross profit margin of 24.3% [20] Market Data and Key Metrics Changes - In 2025, Xiaomi maintained a global smartphone market share of 13.3%, ranking in the top three for 22 consecutive quarters [4][17] - In Mainland China, Xiaomi's smartphone sales ranking rose to second, with premium models accounting for 27.1% of total smartphone sales, up 3.8 percentage points [5][16] - The company achieved record shipments in wearables and TWS earphones, ranking first and second globally, respectively [6][18] Company Strategy and Development Direction - Xiaomi aims to solidify its high-end market position and expand its premium strategy in international markets, including launching a light phone priced at EUR 1,999 [5][6] - The company plans to invest over CNY 40 billion in R&D for 2026, focusing on AI and embodied intelligence [9][12] - Xiaomi's strategy includes deep integration of AI across its product ecosystem, with significant investments in AI capabilities and robotics [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the second half of 2025 but expressed confidence in achieving growth targets for 2026 [15][50] - The company is prepared for potential impacts from rising memory prices and is focused on maintaining competitive pricing strategies [27][57] - Management emphasized the importance of premiumization in IoT and automotive segments, with expectations for continued growth despite economic pressures [45][50] Other Important Information - Xiaomi's cumulative R&D expenditure over the past five years reached CNY 105.5 billion, with plans to exceed CNY 200 billion over the next five years [21][22] - The company actively repurchased shares, demonstrating confidence in its long-term future, with share repurchases totaling approximately HKD 6.3 billion in 2025 [22][23] - Xiaomi received a management level B score in the CDP Climate Change and Water Security Survey, reflecting its commitment to sustainable development [23] Q&A Session Summary Question: Concerns about rising memory prices and their impact on smartphones - Management acknowledged the pressure from rising memory prices and indicated that while they aim to protect consumers from price hikes, adjustments may be necessary in the future [27][30][32] Question: Sales data for new generation vehicles - Management clarified that locked orders for new vehicles are a more reliable indicator of sales, with significant initial demand observed [34][35] Question: AI capabilities and commercialization - Management stated that while AI models are showing promise, commercialization is still in early stages, with ongoing improvements expected [39][63] Question: Impact of Middle Eastern situation on overseas business - Management indicated that the Middle Eastern market contributes only a small portion to overall revenue, and the situation remains controllable [53][56] Question: Pricing strategy for smartphones and vehicles - Management emphasized the importance of maintaining market position while balancing pricing strategies across different product categories [57][58]

Financial Data and Key Metrics Changes - In 2025, total group revenue reached CNY 457.3 billion, up 25% year-on-year, marking the first time surpassing CNY 400 billion [3][12] - Adjusted net profit reached CNY 39.2 billion, up 44% year-on-year, also a record high [3][19] - Overall gross profit margin was 22.3%, up 1.3% year-on-year, a historical high [12] - Revenue from smartphones and IoT segment was CNY 351.2 billion, up 5.4% year-on-year, with a gross profit margin of 21.7% [14] - Internet service revenue hit a record CNY 37.4 billion, up 9.7% year-on-year [17] Business Line Data and Key Metrics Changes - Smartphone revenue was CNY 186.4 billion, accounting for 40.8% of total revenue, with global shipments reaching 165 million units [14][15] - IoT revenue surpassed CNY 123.2 billion, up 18.3% year-on-year, with a gross profit margin of 23.1% [5][16] - The EV and AI innovation business segment reached CNY 106.1 billion, up over 200% year-on-year, with smart EV sales revenue at CNY 103.3 billion [18] Market Data and Key Metrics Changes - In 2025, Xiaomi's global smartphone market share was 13.3%, maintaining a top three position globally for 22 consecutive quarters [3][15] - In Mainland China, Xiaomi's smartphone sales ranking rose to second, with premium models accounting for 27.1% of total smartphone sales [4][14] - In overseas markets, Xiaomi's IoT products achieved significant growth, particularly in Europe where tech home appliances entered the market [5][16] Company Strategy and Development Direction - The company aims to solidify its high-end market position and expand premium sales in mature international markets [4] - Xiaomi plans to invest over CNY 40 billion in R&D for 2026, focusing on AI and embodied intelligence [7][10] - The strategy includes deep integration of AI across various product categories, enhancing user experience and operational efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the second half of 2025 but expressed confidence in achieving growth targets for 2026 [12][44] - The company is prepared for potential impacts from rising memory prices and is focused on maintaining competitive pricing strategies [23][49] - Management emphasized the importance of innovation and product strength in navigating market challenges [57] Other Important Information - The company has committed to sustainable development, purchasing over 40 million kWh of green electricity in 2025 [20][21] - Xiaomi's ESG efforts were recognized with a B score in the CDP Climate Change and Water Security Survey [21] Q&A Session All Questions and Answers Question: Concerns about rising memory prices and their impact on smartphones - Management acknowledged the pressure from rising memory prices and indicated that while they aim to protect consumers from price hikes, adjustments may be necessary in the future [23][27][49] Question: Sales data for new generation vehicles - Management highlighted the success of the new generation vehicles, noting significant locked orders and a commitment to timely deliveries [31][32] Question: AI capabilities and commercialization - Management stated that while AI models are showing promise, commercialization is still in early stages, with ongoing improvements expected [54][56] Question: Impact of Middle Eastern situation on overseas business - Management indicated that the Middle Eastern market contributes only a small portion to overall revenue, and the situation remains controllable [48]

Xiaomi Corporation 2025 Fourth Quarter and Annual Results Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of Xiaomi Corporation (the "Company", and together with its subsidiaries, the "Group") for use in presentations by the Group and does not constitute a recommendation regarding the securities of the Group. No part of t ...

Financial Performance - Total revenue for 2025 reached RMB 457.29 billion, a year-on-year increase of 25.0%[5] - Adjusted net profit for 2025 was RMB 39.17 billion, reflecting a year-on-year growth of 43.8%[5] - The company achieved an annual profit of RMB 41.6 billion in 2025, compared to RMB 23.6 billion in 2024, reflecting strong financial performance[37] - The net profit for the year ending December 31, 2025, increased by 76.3% to RMB 41.6 billion from RMB 23.6 billion in 2024[68] - Basic earnings per share rose to RMB 1.62 in 2025, compared to RMB 0.95 in 2024, reflecting improved profitability[175] Revenue Breakdown - The mobile and AIoT segment accounted for 76.8% of total revenue in 2025, while the smart electric vehicle and AI innovation segment contributed 23.2%[38] - In 2025, Xiaomi's "Mobile × AIoT" segment revenue reached RMB 351.2 billion, a historical high, with a year-on-year growth of 5.4%[18] - Xiaomi's smartphone business revenue in 2025 was RMB 186.4 billion, with a gross margin of 10.9%, and global smartphone shipments reached 165.2 million units[19] - By the end of 2025, Xiaomi's IoT and lifestyle consumer products revenue hit a historical high of RMB 123.2 billion, growing 18.3% year-on-year, with a gross margin of 23.1%[23] - The internet services business generated revenue of RMB 37.4 billion in 2025, a year-on-year increase of 9.7%, with a gross margin of 76.5%[27] Segment Performance - The smartphone and AIoT segment generated revenue of RMB 35.12 billion in 2025, up 5.4% year-on-year[6] - The smart electric vehicle and AI innovation segment saw revenue soar to RMB 10.61 billion, a staggering 223.8% increase year-on-year[6] - Revenue from smart electric vehicles and AI innovation business surged by 223.8% from RMB 32.8 billion for the year ending December 31, 2024, to RMB 106.1 billion for the year ending December 31, 2025[45] - The number of smart electric vehicle deliveries increased by 200.4% from 136,854 units for the year ending December 31, 2024, to 411,082 units for the year ending December 31, 2025[45] User Engagement - Monthly active users reached a record high of 754.1 million by December 2025, a 7.4% increase year-on-year[7] - The number of connected IoT devices reached 1.08 billion, representing a 19.3% year-on-year growth[7] - Xiaomi's AIoT platform connected 1,079.2 million IoT devices by December 31, 2025, a year-on-year increase of 19.3%[23] Research and Development - Research and development expenditure for 2025 was RMB 33.1 billion, a 37.8% increase compared to the previous year[10] - Xiaomi's cumulative R&D spending over the past five years reached RMB 105.5 billion, with plans to exceed RMB 200 billion in the next five years[10] - R&D expenses increased by 37.8% from RMB 24.1 billion in 2024 to RMB 33.1 billion in 2025, reflecting higher investment in electric vehicles and AI[58] Operating Expenses - Operating expenses rose by 32.6% from RMB 55 billion in 2024 to RMB 73 billion in 2025, with significant increases in R&D and sales expenses[57] - Sales and marketing expenses surged by 19.5% from RMB 8.3 billion in Q3 2025 to RMB 9.9 billion in Q4 2025, primarily due to increased advertising related to mobile × AIoT and smart electric vehicles[137] Cash Flow and Investments - The total capital expenditure for 2025 was RMB 18,157.0 million, with significant investments in smart electric vehicles and AI-related innovations totaling RMB 12,023.8 million[165] - The company reported a decrease in cash and cash equivalents of RMB 8,595.9 million for Q4 2025[160] - As of December 31, 2025, cash and cash equivalents amounted to RMB 26,914.4 million, down from RMB 35,548.0 million at the beginning of the period[160] Inventory and Liabilities - Inventory for the mobile AIoT segment rose to RMB 74.76 billion in 2025, up from RMB 60.91 billion in 2024, an increase of 22.8%[191] - Total liabilities increased to RMB 241.77 billion in 2025 from RMB 213.95 billion in 2024, marking a rise of 13%[179] Market Strategy - Xiaomi's new retail strategy resulted in approximately 18,000 Mi Home stores in mainland China by December 2025, with a net increase of over 3,000 stores[17] - The company aims to deliver 550,000 vehicles in 2026, focusing on expanding its sales network with 477 car sales stores established in 138 cities by the end of 2025[33]

Summary of Xiaomi Corp Conference Call Company Overview - **Company**: Xiaomi Corp (Ticker: 1810.HK) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$118.34 billion - **Current Stock Price**: HK$36.32 - **Price Target**: HK$62.00, representing a 71% upside potential from the current price [5][5][5] Key Takeaways 1. **Xiaomi EV Success**: The company is confident that its electric vehicle (EV) will achieve success, supported by significant viewer engagement during the SU7 launch, with over 55 million viewers [1][1][1] 2. **Product Enhancements**: The new SU7 model features improvements such as: - Longer driving range - Stronger motor and chassis - Enhanced safety measures - More comfortable seating - New color options - Better noise control and sun protection - Smoother smart cabin experiences [2][2][2] 3. **AI Integration in EVs**: Xiaomi has launched the XLA Cognitive Large Model, which enhances the ADAS experience and includes features like automated parking assistance in shopping malls [3][3][3] 4. **Investment in AI**: Xiaomi is committed to investing Rmb60 billion in AI over the next three years, demonstrating its competitiveness in the AI sector, as evidenced by the performance of its Hunter Alpha model, which topped the daily API call volume list on OpenRouter [4][4][4] Financial Projections - **Revenue Estimates**: - FY 2024: Rmb365.9 billion - FY 2025: Rmb457.1 billion - FY 2026: Rmb464.1 billion - FY 2027: Rmb572.3 billion [5][5][5] - **Earnings Per Share (EPS)**: - FY 2024: Rmb1.07 - FY 2025: Rmb1.43 - FY 2026: Rmb0.97 - FY 2027: Rmb1.35 [5][5][5] Risks and Considerations - **Upside Risks**: - Better-than-expected orders and customer feedback for the second EV model - Successful ramp-up of offline expansion in China - Increased market share in overseas markets [11][11][11] - **Downside Risks**: - Intense competition in the EV market - Pressure on smartphone gross margins due to inventory de-stocking and weak demand - Concerns regarding smart EV investments [11][11][11] Analyst Ratings - **Current Rating**: Overweight - **Industry View**: In-Line - **Analyst**: Andy Meng, CFA [5][5][5] Conclusion Xiaomi Corp is positioned for growth with its innovative EV offerings and significant investments in AI technology. The company’s strong viewer engagement during product launches and ambitious revenue targets indicate a positive outlook, although it must navigate competitive pressures and market dynamics.

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： 2026年3月23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動 ...

Core Viewpoint - The article discusses the importance of conducting thorough due diligence before making investment decisions, emphasizing that opinions expressed are personal and not qualified investment advice [2][3][4] Group 1 - The analyst has been covering global stocks on Seeking Alpha since 2018 and has approximately a decade of experience in equity markets [1] - The article highlights that the analyst has no current positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2] - It is noted that the research and interpretations provided may contain errors and should not be considered as definitive investment advice [3] Group 2 - The article clarifies that past performance of investments does not guarantee future results, and no specific recommendations are made regarding investment suitability for individual investors [4] - The views expressed may not reflect those of Seeking Alpha as a whole, indicating a diversity of opinions among analysts [4]

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： 2026年3月20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動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 43 [7][5]. Core Insights - Xiaomi's recent product launch, including the new SU7 model and the Mimo-V2-Pro AI model, exceeded market expectations in terms of pricing and features, indicating strong competitive positioning in the AI era [1][2]. - The SU7 model features significant upgrades and competitive pricing, which is approximately HKD 20,000 lower than its main competitor, Tesla, enhancing its market appeal [3]. - Xiaomi's commitment to AI development is underscored by a projected investment of over RMB 60 billion in the next three years, positioning the company as a key player in the AI landscape [2]. Summary by Sections Product Launch - Xiaomi's spring product launch introduced the SU7 model with prices set at HKD 219,900, HKD 249,900, and HKD 303,900, reflecting only a HKD 4,000 increase from the previous generation [1]. - The Mimo-V2-Pro AI model, featuring 1 trillion parameters, ranks 8th globally in performance and offers significant cost advantages compared to competitors [2]. Automotive Segment - The new SU7 model has seen strong initial demand, with over 15,000 orders placed within 34 minutes of launch, indicating robust market interest [3]. - The report anticipates a total delivery of 410,000 vehicles for the year, supported by improvements in sales and production processes [3]. Financial Projections - The report forecasts non-GAAP net profits of RMB 388.9 billion, RMB 345.1 billion, and RMB 453.7 billion for 2025-2027, respectively [5]. - The target price of HKD 43 corresponds to a 29x PE ratio for 2026, reflecting confidence in Xiaomi's growth trajectory [5][37]. Ecosystem Development - Xiaomi's return to the PC market with the Xiaomi Book Pro and the launch of the Watch S5 further enhance its "human-vehicle-home" ecosystem strategy, addressing gaps in its product offerings [4].