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]

Core Viewpoint - Citi's report indicates that Xiaomi Group is expected to announce its Q3 2025 results on November 18, with overall performance likely to be slightly below expectations due to lower smartphone gross margins and IoT revenue, while internet and electric vehicle businesses are expected to meet projections [1] Summary by Categories - **Earnings Announcement** - Xiaomi Group is set to release its Q3 2025 earnings on November 18 [1] - **Performance Expectations** - Overall performance is anticipated to be slightly below Citi's expectations [1] - Key factors contributing to this outlook include lower-than-expected smartphone gross margins and IoT revenue [1] - Internet business and electric vehicle business performance is expected to align with projections [1]

Core Viewpoint - Xiaomi Group's stock experienced a significant decline, reaching a new low since April 2023, primarily due to expectations of lower-than-expected earnings in the upcoming Q3 2025 report [1] Financial Performance Expectations - 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 decrease of 5% [1] - The decline in smartphone gross margins and IoT revenue is attributed to unfavorable regional mix and rising memory prices, while internet and electric vehicle businesses are expected to meet projections [1] Business Segment Analysis - Huatai Securities anticipates that Xiaomi's automotive business may achieve profitability in Q3 [1] - Despite challenges in the smartphone sector due to rising storage costs, the company is maintaining a high-end strategy, which is expected to mitigate some industry pressures, with a projected gross margin of around 11% for the second half of the year [1] - The IoT business is expected to maintain strong gross margins, even with the impact of reduced government subsidies on revenue growth, as there were no promotional events in Q3 [1] - The internet business continues to show steady performance [1]