V i e w p o i n t | 18 Jun 2025 14:02:13 ET │ 12 pages Xiaomi (1810.HK) Hong Kong Investor Meetings Takeaways CITI'S TAKE We hosted Xiaomi investor meetings in Hong Kong on 17-18th June. Investors' questions focused on upcoming YU7 (including demand and supply, GM and pricing) and future plans, IoT strength and overseas new retail strategy, smartphone chipset and memory price impact. Investors also were concerned about China subsidies phase-out impact. Co. believes 1Q25 smartphone and IoT increase is driven ...

Core Insights - Vuzix Corporation is experiencing increasing commercial momentum in 2025, with a focus on AI-powered smart glasses and strategic partnerships [2][9] - The company reported a 21% decrease in total revenues for Q1 2025 compared to Q1 2024, primarily due to lower product sales [3][4] - Despite challenges in the smart glasses market, Vuzix maintains a positive outlook, supported by improvements in enterprise sales and strategic programs [2][9] Financial Performance - Total sales for Q1 2025 were $1.581 million, down from $2.004 million in Q1 2024 [3] - Gross loss increased to $0.265 million in Q1 2025 from $0.053 million in Q1 2024, attributed to reduced manufacturing builds [4] - Net loss decreased to $8.638 million, or $0.11 per share, compared to a net loss of $10.048 million, or $0.16 per share in the prior year [7] Expense Analysis - Research and Development expenses decreased by approximately 5% to $2.606 million in Q1 2025 [5] - Selling and Marketing expenses saw a significant decrease of approximately 31% to $1.537 million [6] - General and Administrative expenses slightly decreased by approximately 3% to $3.961 million [7] Operational Outlook - The company ended Q1 2025 with working capital of $19.5 million, indicating sufficient resources to execute its operating plan [9] - Vuzix aims to secure design wins in ODM/OEM products and grow its business with defense contractors [9] - Anticipated follow-on orders for smart glasses are expected to reduce existing inventory and facilitate the introduction of next-generation products [9]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 06 May 2025 14:08:19 ET │ 36 pages China Hardware and Semiconductors 4Q24/1Q25 Results Wrap and Inventory Tracker | Dull results again; Semis inventory digestion continues CITI'S TAKE 19%/20% of our 4Q24/1Q25 results beat (vs. 23% in 3Q24) while most semis missed. Our China tech inventory tracker indicated relatively healthy inventory levels for consumer electronics hardware in 1Q25, while AI hardware stayed at high levels likely due to strategic stocking. Meanwhile, successi ...

Flash | 01 May 2025 08:23:38 ET │ 12 pages Xiaomi (1810.HK) Quick Take – EV Apr Shipment to 28k+ CITI'S TAKE Xiaomi reported SU7 Apr delivery exceeded 28k units. We expect the lower delivery amount vs. Mar of 29k+ is due to fewer working days in Apr. Combined Yiche Jan-Mar Xiaomi SU7 shipment data, we estimate Xiaomi YTD EV delivery could exceed 104k units, making 30% of its 2025 delivery target of 350k (vs. CitiE' 400k). We believe plant Phase1 capacity increase and Phase2 capacity online in 3Q25 could sup ...

Core Viewpoint - Alphabet and Meta Platforms are facing antitrust actions that have negatively impacted their stock prices, but this situation may present a buying opportunity for investors [1][2][3]. Company-Specific Risks - Alphabet's stock has fallen by 27% and Meta's by 32% as of April 22 due to increased market volatility and company-specific risks [2]. - Alphabet has lost two antitrust cases related to Google Search and online advertising, with potential remedies including the sale of its Chrome web browser or changes to its payment agreements with Apple [6][10]. - The Federal Trade Commission's case against Meta is in its early stages, with potential outcomes including the forced sale or spinoff of Instagram and WhatsApp [7][11]. Market Position and Revenue - Alphabet and Meta are major players in the tech industry, generating billions in annual ad revenue, with Alphabet dominating internet search and Meta's apps reaching 3.35 billion daily active users [4][5]. Antitrust Implications - The potential breakup of these companies may not be as detrimental as perceived, as both have established ecosystems with strong network effects [8][10]. - Even if Alphabet were to lose its payment arrangement with Apple, Google Search would likely remain viable due to its multiple distribution channels [9][10]. - Meta's ecosystem is less layered, and losing a major app could impact its overall value, but a spinoff could also unlock shareholder value [12]. Investment Opportunities - Despite antitrust risks, the long-term potential of AI technologies could provide significant growth opportunities for both companies [14][17]. - Current valuations are compelling, with Alphabet trading at a PEG ratio of 1.2 and Meta at 1.4, suggesting they may be better investment options compared to more mature companies like Walmart [14][17]. Future Growth Catalysts - Both companies are exploring AI-driven growth, with Alphabet focusing on cloud services, autonomous vehicles, and quantum computing, while Meta is expanding its hardware offerings and integrating AI into its social media platforms [15].