小米集团-W：4Q25 better than feared; Positive on AI investment to bear fruit in 2026-27-20260325

25 Mar 2026 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) Xiaomi (1810 HK) - 4Q25 better 27 4Q25 better than feared; Positive on AI investment to bear fruit in 2026-27 Xiaomi's 4Q25 results were better than feared, with revenue/adj. net profit growth of +7%/-24% YoY, 1%/10% above Bloomberg consensus estimates, thanks to better smartphone ASP (+7% YoY), smart EV's stronger operating income and better operating leverage. Looking into FY26E, while smartphone/auto industry ...