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Summary of Xiaomi Corp Conference Call Company Overview - **Company**: Xiaomi Corp (Ticker: 1810.HK) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$123.685 billion - **Current Stock Price**: HK$37.70 (as of November 20, 2025) - **Price Target**: HK$62.00, representing a 64% upside potential Key Points Industry Dynamics - **Memory Cost Increase**: The company is facing rising memory costs and plans to implement multiple strategies to mitigate the impact, including: 1. Raising Average Selling Price (ASP) to pass on costs 2. Optimizing product mix to focus on high-end products less sensitive to memory costs 3. Implementing stricter cost control measures across smartphone and other business units [1][2][3] Electric Vehicle (EV) Business - **New EV Models**: The company anticipates the introduction of new EV models in 2026, with accelerated delivery and shorter lead times for existing models (SU7 Pro and Pro Max). News regarding these models is expected within the next three to six months, which could serve as a positive catalyst for the stock [2][3] AIoT Business Performance - **Growth Metrics**: Both domestic and overseas divisions of the AIoT business have shown positive year-over-year growth in Q3 2025, with overseas growth outpacing domestic growth. The trend is expected to continue into 2026, indicating a stronger growth profile for the overseas division [3] Financial Projections - **Earnings Estimates**: - FY 2025 EPS: Rmb 1.53 - FY 2026 EPS: Rmb 1.87 - FY 2027 EPS: Rmb 2.35 - **Revenue Estimates**: - FY 2025: Rmb 467.7 billion - FY 2026: Rmb 592.0 billion - FY 2027: Rmb 677.6 billion - **EBITDA Estimates**: - FY 2025: Rmb 41.8 billion - FY 2026: Rmb 58.9 billion - FY 2027: Rmb 76.7 billion [5] Risks and Considerations - **Upside Risks**: - Better-than-expected orders and customer feedback for the second EV model - Successful offline expansion in China contributing to strong volume - Increased market share in overseas markets - **Downside Risks**: - Intense competition in the EV sector in 2025 - Pressure on smartphone gross margins due to inventory destocking and weak demand - Concerns regarding smart EV investments potentially exerting pressure [10] Analyst Ratings - **Current Rating**: Overweight - **Analyst**: Morgan Stanley - **Industry View**: In-Line [5][10] Additional Information - **52-Week Stock Price Range**: HK$26.80 - HK$61.45 - **Average Daily Trading Value**: US$1.259 million - **Shares Outstanding**: 25,501 million [5] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi Corp's strategies, performance metrics, and market outlook.

Core Viewpoint - The company reported a strong performance in 3Q25, with adjusted net income exceeding expectations due to smart EV breakeven, investment disposal gains, and other income, while traditional business faces challenges from rising memory prices and IoT competition [1] Group 1: Financial Performance - 3Q25 revenue reached RMB113 billion, representing a 22% year-over-year increase, with gross profit margin (GPM) at 22.9%, up 0.4 percentage points quarter-over-quarter [1] - Adjusted net income for 3Q25 was RMB11.3 billion, beating expectations by 8-13%, primarily driven by investment disposal gains and other income [1] - The smart EV segment achieved its first profitable quarter with an operational profit of RMB0.7 billion and profit per vehicle exceeding RMB6,000 [2] Group 2: Business Segments - Smart EV revenue surged by 36.4% quarter-over-quarter to RMB29 billion, driven by the YU7 SUV, although GPM slightly declined to 25.5% due to initial ramp-up costs [2] - Smartphone revenue decreased by 3% year-over-year to RMB46 billion, with an average selling price (ASP) decline of 4% year-over-year [3] - IoT revenue declined by 29% quarter-over-quarter, primarily due to a 64.8% drop in smart large home appliance sales, but GPM improved to 23.9% [4] - Internet services revenue grew by 11% year-over-year to RMB9.4 billion, driven by a 17% increase in advertising revenue, with GPM at 76.9% [5] Group 3: Future Outlook - The company has adjusted its 2025 smartphone shipment target from 170 million-180 million to 160 million-170 million due to memory price pressures [3] - The company expects internet services revenue to reach RMB37 billion in 2025, reflecting a 10% year-over-year growth [5] - The new target price for the company remains at HK$71.14, with a reiteration of the BUY rating [6]

Core Viewpoint - Xiaomi's 3Q revenue and adjusted net profit growth of 22% and 81% YoY, respectively, were slightly above expectations, driven by the fast-growing smart EV business, resilient internet segment, and improved operating efficiency, despite weaker smartphone sales [1][2] Financial Performance - 3Q25 revenue growth of 22% YoY was in line with expectations, supported by smart EV and internet services growth [2] - Smartphone revenue declined by 3% YoY due to flat shipments and a decrease in average selling price (ASP) [2] - Smart EV revenue surged by 198%, achieving operating income breakeven for the first time, attributed to strong EV deliveries and ASP increases [2] - IoT revenue increased by 6% YoY, driven by overseas markets, although this was partially offset by weaker sales in large home appliances in China [2] - Internet revenue grew by 11% YoY, supported by solid advertising growth [2] Outlook - Management is conservative regarding margin headwinds in the near term due to memory cost hikes and EV tax subsidies, but strategic objectives for smartphone and EV market share gains, new retail networks, and overseas expansion remain on track [3] - GPM pressure for smartphones is expected to persist into 4Q25 and 2026, despite securing supply agreements with memory suppliers [3] - For smart EVs, a decline in GPM is anticipated in 2026 due to competition and EV purchase tax subsidies [3] - IoT is expected to benefit from rapid overseas expansion and the development of Xiaomi's OS and local LLM as a foundation for an edge AI ecosystem [3] Strategic Positioning - Xiaomi's strong ecosystem and market expansion strategies are expected to help navigate headwinds, leading to a maintained BUY rating [4] - FY26-27E adjusted EPS has been trimmed by 9% each to reflect 3Q results, rising memory costs, and competition [4] - The new SOTP-based target price of HK$ 55.31 implies a 26.3x FY26E P/E ratio [4] - Upcoming catalysts include product launches, updates on memory pricing, and ramp-up of EV capacity [4]

Asian stocks ended mostly lower on Wednesday, failing to hold onto early gains after a three-day sell-off as investors awaited Nvidia earnings, the release of minutes from the Federal Open Market Committee meeting held on October 28-, and the delayed September jobs report. The dollar index managed to hold ground amid fading hopes of Federal Reserve interest-rate cuts. Gold ticked higher as risk-off mood in financial helped buoy safe-haven demand for the precious metal. Oil prices fell on oversupply worries ...

Core Insights - Southeast Asia's smartphone market experienced a 1% decline in 3Q25, marking the third consecutive quarter of year-on-year contraction with total shipments of 25.6 million units [1] Company Performance - Samsung led the Southeast Asian smartphone market with shipments of 4.6 million units, capturing an 18% market share [1] - Samsung's success is attributed to its premium-leaning portfolio, particularly in higher average selling price (ASP) markets such as Thailand, Vietnam, and Malaysia [1] Market Dynamics - The decline in the smartphone market is contrasted by competitors gaining traction in more price-sensitive markets like Indonesia and the Philippines [1]

Core Viewpoint - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitive edge, improve international brand image, and diversify financing channels [1][4]. Group 1: H-Share Issuance and Listing - The company will select an appropriate timing and issuance window to complete the H-share issuance and listing within 24 months from the shareholders' meeting resolution [3][4]. - The issuance and listing are subject to approval from the shareholders' meeting and compliance with relevant laws and regulations in China and Hong Kong [5][7]. Group 2: Company Performance - In the first three quarters of the year, Transsion Holdings reported revenue of 49.54 billion, a year-on-year decline of 3.33%, and a net profit of 2.148 billion, down 44.97% [7]. - Despite a 22.6% year-on-year revenue growth in the third quarter, net profit decreased by 11.06%, attributed to market competition and supply chain cost impacts [7]. - The company plans to adjust pricing and product structure to maintain healthy gross margin levels in response to cost changes and market competition [7]. Group 3: Market Position - Transsion Holdings is recognized as the "King of African Mobile Phones," with production centers in Ethiopia, India, and Bangladesh, and its products are available in over 70 countries [7]. - According to IDC data, Transsion Holdings holds an 8.6% global market share in smartphones, ranking fourth, with leading shipment volumes in Africa, Pakistan, Bangladesh, and the Philippines [7]. Group 4: Industry Context - The company's move to list in Hong Kong is part of a broader trend of A-share consumer electronics companies seeking to go public in Hong Kong, following others like Lens Technology and Luxshare Precision [8].

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Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% year-over-year [3][4] - Excluding the impact of smartphone supply issues, GMV growth would have been 20%, with revenue up 32% and net income growth at 16% [3][4][5] - The fintech segment reported a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment showed robust growth with TPV up 18% and revenue growth of 10% [31][32] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply disruptions [33][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7][8] - Advertising revenue grew by 56% year-over-year, indicating strong performance in the marketplace [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption had an 8% impact on GMV and a 3% impact on consolidated income [5][6] - The competitive position in e-commerce remains strong, with expectations for recovery as supply issues resolve [35][36] - The travel segment's GMV grew by 13% in Q3, with a take rate increase of 50 basis points [37] Company Strategy and Development Direction - The company is focusing on enhancing user experience and product quality to drive growth [55][56] - Plans to expand the e-grocery business and integrate more banks into the payment platform [8][9] - The introduction of innovative payment methods, such as "Pay by Palm," aims to enhance consumer flexibility [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects a favorable recovery in smartphone supply starting March 2026, which will positively impact growth [35][49] - The high-interest rate environment is anticipated to normalize, providing additional performance positives for the next year [6][42] - The company is optimistic about the growth potential in advertising services, which are expected to outpace other revenue streams [57][59] Other Important Information - The company announced a $400 million ADS buyback program to return cash to shareholders [4][49] - The introduction of new technologies, such as Kaspi Ai, aims to improve merchant experiences and drive sales [16][22] Q&A Session Summary Question: Updates on Hepsiburada and competitive environment in Turkey - Management emphasized the focus on high-quality products and user experience as key growth drivers, with no significant need for capital investments anticipated [55][56] Question: Insights on advertising product growth and potential - Management highlighted the development of a full range of advertising services, with expectations for faster growth than other revenue streams [57][59] Question: Clarification on marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Current trends regarding smartphone supply impact - Management noted that supply remains constrained, particularly for new models, but expects a favorable comp starting in March 2026 [70][71]