24 January 2026 | 6:48AM HKT Equity Research Xiaomi Corp. (1810.HK) Lower smartphone/EV volume estimates against softer industry backdrop; Refresh valuation scenarios and stay Buy | | | In this note, we lower our estimates on Xiaomi's 2026-27E revenue and profitability by 8%/17% on average primarily on account of: 1) Lower smartphone shipments (esp. in the mass segment) on ASP hike; we model smartphone ASP +6%/+4% yoy in 2026/27E (vs. 0% yoy in 2025E) and shipments -5%/+2% yoy to 158mn/162mn in 2026/27E (vs ...