小米-2025 年第二季度预览 - 核心业务季节性利润率下降，评级中性Q225 preview_ seasonal margin decline expected for core business; reiterate Neutral

ab 7 August 2025 First Read Xiaomi Q225 preview: seasonal margin decline expected for core business; reiterate Neutral Q225 results on Aug 19th Xiaomi's Q225 smartphone sell through totalled 41mn units, +0.5% YoY/+1.5% QoQ per Counterpoint. By region, China sell-through grew 8% YoY driven by subsidy and 618 shopping festival, while Europe and RoW recorded -1%/+1.4% YoY and -4%/+3% QoQ due to competition from Samsung and share gain in EM, respectively. We estimate Q225 sell-in to be largely in-line with sell ...