Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Market Cap**: HK$1.1 trillion / $143.3 billion - **Enterprise Value**: HK$915.9 billion / $117.8 billion - **Current Price**: HK$42.98 - **Target Price**: HK$56.50 - **Upside Potential**: 31.5% [6][20] Key Points Industry and Market Performance - **Singles' Day GMV**: Xiaomi reported Rmb29.0 billion GMV during the Singles' Day promotion, a 9% decrease from Rmb31.9 billion last year [1][21] - **Smartphone Rankings**: Xiaomi ranked No.2 in sales volume and GMV on JD.com, with three models in the top 10 best-sellers [23][27] - **Market Share**: Xiaomi is gaining volume share in the smartphone segment priced below Rmb3,000 while maintaining leadership in the premium segment with the Xiaomi 17 Pro Max [23][32] Product and Manufacturing Insights - **SU7 Pro/Max Delivery Times**: The waiting time for SU7 Pro and SU7 Max has been reduced to 6-9 weeks from approximately 30 weeks, indicating improved manufacturing capabilities [1][2] - **EV Manufacturing**: In October, Xiaomi delivered 48.6k units, including 15.0k SU7 models, reflecting strong demand and capacity utilization [2][20] - **Upcoming Product Cycle**: A potential new facelift for the SU7 is expected to enhance product offerings into 2026 [19][20] Financial Performance and Projections - **Revenue Growth**: Projected revenue growth for 2024 is Rmb365.9 billion, increasing to Rmb710.8 billion by 2027 [6][17] - **EBITDA Growth**: Expected EBITDA growth from Rmb30.8 billion in 2024 to Rmb79.4 billion in 2027 [6][17] - **EPS Projections**: EPS is projected to grow from Rmb1.07 in 2024 to Rmb2.38 in 2027 [6][17] Strategic Initiatives - **Subsidy for Singles' Day**: Xiaomi announced a Rmb2 billion subsidy for the 2025 Singles' Day, up from Rmb1.3-1.6 billion in previous years, to stimulate sales [24] - **AIoT Sales**: Sales pressure was noted in AIoT categories, but personal care devices showed strong growth [23] Risks and Considerations - **Market Conditions**: The company may face challenges due to a high base from the previous year, impacting year-over-year comparisons [23][32] - **Short-term Volatility**: While the share price may experience short-term fluctuations, the long-term outlook remains positive [20] Future Watchpoints - **Upcoming Results**: Anticipation for 3Q25 results in late November [20] - **Capacity Expansion**: Monitoring progress in EV manufacturing capacity ramp-up [20] - **New Product Launches**: Filing of new EV models and potential technology events towards the end of 2025 [20] Conclusion Xiaomi Corp. is positioned for growth with a strong product lineup and improved manufacturing capabilities. Despite facing challenges in the current market environment, the long-term outlook remains favorable with strategic initiatives aimed at enhancing sales and market share.

RT S3 Partners (@S3Partners)⚡️ $RIVN short interest is $2.54 billion, 166.5 million shares shorted, 21.75% SI % Float. It is a Crowded short with a 70/100 Crowded score and very squeezable with a 100/100 squeeze score.RIVN is a heavily shorted stock this year with 21.1 million shares, worth $321 million, in 2025, a 14.5% increase in total shares shorted. There has been continued short selling recently with 4.6 million shares shorted, worth $70 million, over the last thirty days, a 2.8% increase in total sha ...

As China’s tech firms race to compete in chips, AI and EVs, a Bloomberg investigation finds workers are facing grueling hours and intense pressure https://t.co/X6EgZYfmRO ...

Market Performance - The Dow Jones Industrial Average (DJIA) showed resilience, initially gaining 100 points (0.2%) before closing with a modest decline of 0.1% [2] - The S&P 500 (SPX) followed a similar pattern, gaining 0.4% early on and closing up 0.2% [2] - The Nasdaq Composite (IXIC) performed best, advancing 0.7% in the morning and finishing up 0.6% for the day [2] Tariff Developments - A looming 100% tariff on Chinese goods, particularly due to rare earth export controls, caused the S&P 500 to decline by 1.8% and the Nasdaq 100 by 2.4% [3] - US Treasury Secretary announced that 85 senators are prepared to authorize tariffs of up to 500% on China for purchasing Russian oil, which could disrupt supply chains [4] - The automotive sector is facing a 100% tariff on Chinese electric vehicles, with analysts suggesting manufacturers may reroute products through Mexico [5] Agricultural Sector Impact - President Trump’s consideration to terminate business with China regarding cooking oil led to significant gains in oilseed and related agriculture stocks, with Australian Oilseeds Holdings surging over 260% [6] - Despite the tariff threats, the actual impact on cooking oil commodities is expected to be minimal due to already decreased Chinese shipments [6] Furniture Tariffs - New furniture tariffs ranging from 30% to 50% took effect on October 14th, causing shares of import-reliant retailers like RH and Wayfair to dip, while domestic manufacturers like La-Z-Boy saw modest gains [6] Inflation and Consumer Impact - President Trump declared inflation "over," while 75% of Americans report soaring prices, with tariffs costing the average household $191 per month [11] - Goldman Sachs predicts that US consumers will absorb 55% of tariff costs by year-end, potentially reaching 70% by the end of next year [11] Geopolitical Developments - Trump's announcement of a second meeting with Putin regarding the Ukraine war and India's commitment to stop Russian oil purchases added uncertainty to the market [8] - The market reacted minimally to Trump's threats of strikes on Venezuela, indicating a high tolerance for geopolitical brinkmanship [9] Cryptocurrency Ventures - Eric Trump announced a "Real Estate Tokenization Initiative," but the market for World Liberty Financial tokens has seen a decline of 39.11% over the last 90 days [10] - Bitcoin traded at $108,800, down from a Thursday high of $112,000, reflecting the volatility associated with Trump's announcements [10]

Industry Comparison - China's "engineers-in-charge" model contrasts with America's "lawyerly" governance, impacting infrastructure development and technological advancement [1] - US capital markets thrive while Chinese manufacturing dominates, highlighting different economic strengths [2] - The US needs approximately 20% more engineering talent, while China requires about 50% more rights-protecting legalism [2] Key Discussion Points - The discussion covers the impact of governance models on daily life and growth, including subways, high-speed rail, batteries, EVs, and drones [1] - Common Western misconceptions about China, such as surveillance, social credit, and "imminent collapse," are addressed [1] - The conversation explores potential for an American "abundance agenda" [2] Geopolitical & Economic Factors - The discussion touches upon the US's weakness relative to China and the potential for a US manufacturing comeback [2][3] - The panel considers whether China poses a security threat [2] - US global talent hub is mentioned as a factor [3]

Stock Market in China - The Hang Seng Index has increased by 40% and the Shanghai Composite by 36% over the last 52 weeks, while the S&P 500 and Dow Jones have only seen gains of 16% and 10% respectively [3] - The rally is driven by limited investment options for Chinese investors due to a prolonged slump in the real estate sector and low interest rates [4] - Speculation fueled by government policy is a significant factor, with investments flowing into sectors like new energy, EVs, AI, and semiconductors, based on the belief that government-favored companies are reliable investments [5] - The sustainability of this rally is questioned, as past market surges have led to crashes, and the current economic support from the government needs to translate into tangible results for the broader economy [6] Corporate Feud in Brazil - The conflict between DiDi and Meituan in Brazil highlights the aggressive competition stemming from China's domestic business culture, with DiDi allegedly pressuring restaurants not to partner with Meituan [7] - Meituan's lawsuit against DiDi for unfair competition reflects the irony of both companies employing aggressive tactics against competitors [8] - The resolution of this dispute will depend on Brazilian courts and government decisions, which face the challenge of balancing consumer benefits from price wars against the protection of local businesses [9] - The competitive behavior observed among Chinese companies contrasts with the more rational competition seen in Western firms, which typically focus on product value rather than aggressive price cutting [10] - As Chinese companies expand globally, emerging markets may adopt stricter regulations to protect local industries, influenced by the state-driven competitive environment in China [11]

Summary of Key Points from the Conference Call Industry and Company Involved - **Industry**: Sustainability and Decarbonisation in China - **Company**: Morgan Stanley Asia Limited Core Insights and Arguments 1. **Anti-Involution Campaign**: China's "anti-involution" campaign is a significant focus for investors, aiming to address price wars and overcapacity in key sectors crucial to decarbonisation goals [2][7][9] 2. **Decarbonisation Impact**: The anti-involution drive is expected to influence decarbonisation progress both within China and globally, particularly in "hard-to-abate" sectors such as cement, steel, and aluminium [2][10] 3. **Investor Interest**: There is a renewed investor interest in sustainability fund flows and energy transition themes in China, with an uptick in inflows into sustainability funds observed in Q1 2025 [3][9] 4. **Policy Signals**: Recent policy signals from China indicate a focus on tackling overcapacity, with discussions on various sectors including solar, materials, and new energy vehicles (NEVs) [8][10] 5. **Global Decarbonisation**: China's clean energy exports, including solar panels and electric vehicles, are projected to significantly reduce global CO2 emissions, with an estimated reduction of 220 million tonnes in 2024 alone [12] 6. **Competition Dynamics**: The current intense competition in China's cleantech sectors has kept decarbonisation costs low for other countries; however, a reduction in competition could lead to increased costs for these technologies abroad [13] Other Important but Potentially Overlooked Content 1. **Capacity Reduction Focus**: The focus on reducing old and dirty capacity in hard-to-abate sectors is a recurring theme, with the government actively checking for overproduction in coal and other sectors [10][12] 2. **Trade Reliance**: Many countries still rely on Chinese products for their decarbonisation efforts, which could face headwinds from trade tensions [12] 3. **Renewable Energy Standards**: New solar capacity built between 2022-2024 has already adopted new emission reduction standards, indicating progress in the sector [11] 4. **Long-term Investment Story**: China's decarbonisation remains a long-term secular investment story, with consistent emphasis on its relevance since 2020 [9] This summary encapsulates the critical insights from the conference call, highlighting the implications of China's anti-involution campaign on sustainability and decarbonisation efforts.

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Xiaomi’s success in EVs is partly down to being in the right place at the right time. But its chief executive also deserves plenty of credit https://t.co/LOR55rq5h8 ...

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