Zhi Tong Cai Jing·2025-08-11 07:04Group 1 - UBS forecasts Xiaomi Group-W (01810) AIoT business to maintain rapid growth in Q2, predicting sales of 36.6 billion and 140.6 billion RMB for Q2 and the full year, representing year-on-year growth of 37% and 35% respectively [1] - The firm has lowered its earnings estimates for the group by 10.4% for Q2 and 5.5% for the full year, with the target price reduced from 62 HKD to 60 HKD, maintaining a "Neutral" rating [1] - Xiaomi's smartphone sales in Q2 reached 41 million units, showing a year-on-year increase of 0.5% and a quarter-on-quarter rise of 1.5%, with sales in the Chinese market boosted by subsidies and the 618 shopping festival, growing by 8% year-on-year [1] Group 2 - The company expects total smartphone sales for the year to reach 175 million units, benefiting from increased market share in emerging markets and the mid-to-high-end market in China [1] - Due to the impact of the 618 promotional activities leading to a decrease in average selling price, along with the expanding contribution from emerging markets offsetting the ongoing high-end strategy, the smartphone gross margin for Q2 is expected to remain stable at approximately 11.6% quarter-on-quarter [1]