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Xiaomi
(OTC:1810)
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Rating:67Neutral
Price Target:
HK$28.00
▼(-12.50% Downside)
Action:Reiterated
Date:07/11/26
The score is driven primarily by strong underlying financial quality—especially low leverage and improved profitability—partly offset by weaker technicals (below key longer-term moving averages with negative MACD) and some fundamental caution from softer recent revenue and free-cash-flow momentum. Valuation (P/E ~16.4) is supportive but not a major catalyst on its own.
Positive Factors
Conservative balance sheet (low leverage)
Xiaomi's very low leverage (debt ~0.13x equity) provides durable financial flexibility in the cyclical consumer electronics sector. This reduces refinancing and solvency risk, supports opportunistic capex or M&A, and preserves ability to sustain investments through downturns.
Negative Factors
Revenue growth volatility
Top-line has shown meaningful swings, with TTM revenue declining after prior strength. Persistent revenue volatility undermines predictability of earnings and cash flow, heightens execution risk for strategic initiatives, and makes long-term planning and margin leverage less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet (low leverage)
Xiaomi's very low leverage (debt ~0.13x equity) provides durable financial flexibility in the cyclical consumer electronics sector. This reduces refinancing and solvency risk, supports opportunistic capex or M&A, and preserves ability to sustain investments through downturns.
Read all positive factors
Xiaomi (1810) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$688.68B
Dividend YieldN/A
Average Volume (3M)192.44M
Price to Earnings (P/E)17.1
Beta (1Y)1.16
Revenue Growth12.77%
EPS Growth14.09%
CountryHK
Employees56,531
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)1.36
Shares Outstanding21,342,701,000
10 Day Avg. Volume256,911,397
30 Day Avg. Volume192,436,728
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)3.53
Price to Sales (P/S)2.06
P/FCF Ratio44.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$39.79Price Target Upside24.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)1.09
Revenue Forecast (FY)HK$478.93B
Xiaomi Business Overview & Revenue Model
Company Description
Xiaomi Corporation, an investment holding entity, delivers a comprehensive suite of hardware, software, and internet services across a broad international footprint, including Mainland China, India, and Europe. Its business is organized into disti...
How the Company Makes Money
Xiaomi primarily makes money from (1) selling hardware devices and (2) monetizing its installed user base via internet services.
1) Hardware sales (device revenue)
- Smartphones: A major revenue stream comes from selling Xiaomi-branded smartphone...
Xiaomi Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call conveyed strong financial and operational momentum: record revenue and adjusted net profit, robust IoT and EV growth, improving margins across segments, rapid R&D and AI progress, and clear premiumization and international expansion wins. Against this, management was candid about meaningful near‑term headwinds — notably elevated memory prices, increased short‑term cost burden from heavy R&D/CapEx and early‑stage commercialization risks for AI initiatives — and flagged execution/market pressures in the latter half of 2025 and into 2026. Overall, the positives (record results, segment profitability, scale in EVs, AI foundational progress and clear investment roadmap) outweigh the near‑term challenges, but the company faces execution and cost risks that require monitoring.Positive Updates
Record Annual Revenue
Total group revenue reached RMB 457.3 billion in FY2025, surpassing RMB 400 billion for the first time and increasing 25% year‑on‑year (new company record).
Negative Updates
Memory Price Inflation Pressures
Industry memory prices rose significantly and for longer/higher magnitude than expected due to AI demand; management expects prolonged cycle and material margin pressure across smartphones, tablets and notebooks. Xiaomi acknowledged substantial short‑term cost pressure and potential need to raise handset prices if cost absorption is exhausted.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue
Total group revenue reached RMB 457.3 billion in FY2025, surpassing RMB 400 billion for the first time and increasing 25% year‑on‑year (new company record).
Read all positive updates
Company Guidance
Xiaomi’s forward guidance emphasized heavy investment and clear operational targets: R&D is planned to exceed RMB 40 billion in 2026 (R&D was RMB 33.1 billion in 2025) with more than RMB 16 billion allocated to AI, embodied intelligence and related innovation, a commitment to invest RMB 60 billion in AI over the next three years, and an estimate that cumulative R&D spending over the next five years will exceed $200 billion; CapEx in 2025 was RMB 18.2 billion (up 73% YoY) with >66% toward Smart EV and AI/innovation. On product and delivery goals, Xiaomi is “fully committed” to 550,000 vehicle deliveries in 2026 after delivering 411,082 cars in 2025 and surpassing 600,000 cumulative deliveries by Feb‑13‑2026 (SU7 locked orders: >15,000 in 34 minutes, >30,000 in 3 days). The company also signaled continued capital returns (share repurchases ~HKD 6.3 billion in 2025, ~HKD 4.7 billion since early 2026 and an automatic repurchase plan capped at HKD 2.5 billion) while citing underlying scale metrics—2025 revenue RMB 457.3 billion (up 25%), adjusted net profit RMB 39.2 billion (up ~44%), smartphone shipments 165 million, IoT revenue RMB 123.2 billion (up 18.3%), Internet MAU 750 million (Dec‑2025), and flagship AI/model milestones (MiMo‑V2‑Pro >1 trillion parameters / 1M token context window).Xiaomi Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 444.24B | 457.29B | 365.91B | 270.97B | 280.04B | 328.31B |
| Gross Profit | 98.01B | 101.81B | 76.56B | 57.48B | 47.58B | 58.26B |
| EBITDA | 47.79B | 38.78B | 27.41B | 18.45B | 8.53B | 22.03B |
| Net Income | 35.40B | 41.64B | 23.66B | 17.48B | 2.47B | 19.34B |
Balance Sheet | ||||||
| Total Assets | 495.09B | 508.31B | 402.96B | 323.29B | 269.64B | 292.36B |
| Cash, Cash Equivalents and Short-Term Investments | 102.05B | 112.32B | 105.94B | 112.17B | 70.72B | 90.33B |
| Total Debt | 35.25B | 36.14B | 35.99B | 29.74B | 25.69B | 29.47B |
| Total Liabilities | 229.94B | 241.88B | 213.84B | 159.51B | 127.75B | 155.18B |
| Stockholders Equity | 265.03B | 266.33B | 188.64B | 163.51B | 141.63B | 136.97B |
Cash Flow | ||||||
| Free Cash Flow | 20.79B | 21.37B | 32.00B | 35.03B | -10.19B | 2.62B |
| Operating Cash Flow | 27.84B | 34.14B | 39.30B | 41.30B | -4.39B | 9.79B |
| Investing Cash Flow | -73.27B | -71.68B | -35.39B | -35.17B | 15.55B | -45.01B |
| Financing Cash Flow | -14.37B | 30.77B | -4.00B | -504.97M | -7.85B | 4.50B |
Xiaomi Technical Analysis
Neutral
32.00
Price Trends
27.03
Negative
29.88
Negative
36.16
Negative
Market Momentum
0.03
Negative
58.70
Neutral
81.84
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1810, the sentiment is Neutral. The current price of 32 is above the 20-day moving average (MA) of 24.07, above the 50-day MA of 27.03, and below the 200-day MA of 36.16, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 58.70 is Neutral, neither overbought nor oversold. The STOCH value of 81.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:1810.
Xiaomi Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | HK$35.92B | 11.68 | 17.01% | 2.96% | 15.36% | 42.66% | |
67 Neutral | HK$688.68B | 17.11 | 13.50% | ― | 12.77% | 14.09% | |
62 Neutral | HK$2.03B | 34.88 | 19.26% | 0.50% | 1.72% | 180.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | HK$247.84M | -9.22 | -11.38% | 8.70% | -14.71% | 37.97% | |
47 Neutral | HK$8.29B | 20.36 | 2.04% | ― | 8.16% | -26.27% | |
43 Neutral | HK$209.12M | -2.24 | -13.04% | ― | -45.30% | 53.12% |
* Technology Sector Average
HK:1810
Xiaomi
26.88
-30.87
-53.45%
HK:0751
Skyworth Digital Holdings
4.39
1.12
34.25%
HK:2369
Coolpad Group
0.63
-0.99
-61.11%
HK:1070
TCL Electronics Holdings
14.25
4.72
49.59%
HK:0927
Fujikon Industrial Holdings Limited
0.49
-0.19
-27.72%
HK:1747
Home Control International Limited
3.80
1.30
52.12%
Xiaomi Corporate Events
Xiaomi launches HK$4 billion automatic share buy-back under expanded repurchase plan
Jun 18, 2026
Xiaomi has launched an automatic share buy-back program as part of its previously announced HK$20 billion on-market repurchase plan, appointing an independent broker to repurchase up to HK$4 billion of class B shares on the Hong Kong Stock Exchang...
Xiaomi Shareholders Approve All Resolutions at 2026 AGM, Renew Buyback Mandate
Jun 2, 2026
Xiaomi shareholders approved all ordinary and special resolutions at the June 2, 2026 annual general meeting, including receipt of the 2025 audited financial statements and re‑election of executive and independent non‑executive directo...
Xiaomi Grants Over 52 Million Shares Under 2023 Equity Incentive Scheme
May 27, 2026
Xiaomi has granted 52,522,873 shares at no consideration to 3,626 employees and service providers under its 2023 Share Scheme, with the awards scheduled to vest between May 28, 2026 and May 27, 2030 based on time and performance rankings. The sche...
Xiaomi Launches New HK$20 Billion Share Buyback Plan
May 26, 2026
Xiaomi has adopted a new on-market share repurchase program that will allow it to buy back up to HK$20 billion of its Class B shares over the 12 months following its 2026 annual general meeting, replacing an existing program. The move follows the ...
Xiaomi Balances Profit Pressure With Heavy R&D Push and AI Advances in Q1 2026
May 26, 2026
Xiaomi reported first-quarter 2026 revenue of RMB99.1 billion, with its smartphone × AIoT segment contributing RMB79.3 billion and its smart EV, AI and new initiatives segment adding RMB19.9 billion. The firm shipped 33.8 million smartphones,...
Xiaomi Sets 2026 AGM to Approve 2025 Results and Share Capital Mandates
Apr 28, 2026
Xiaomi has called its annual general meeting for 2 June 2026 in Beijing, where shareholders will review the audited consolidated financial statements for 2025 and receive reports from the board and external auditor. The meeting will also vote on t...
Xiaomi Moves to Overhaul Governance Charter to Meet Hong Kong Standards
Apr 28, 2026
Xiaomi Corporation plans to replace its existing memorandum and articles of association with a new set that aligns with updated Hong Kong Listing Rules, including core shareholder protection standards and the Corporate Governance Code. The changes...
Xiaomi Sets May 26 Board Meeting to Review First-Quarter Results
Apr 24, 2026
Xiaomi Corporation has scheduled a board meeting for May 26, 2026, to review and approve the group’s unaudited consolidated financial results for the first quarter ended March 31, 2026. The timing of the meeting signals that investors and an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.