Xiaomi Corp Class B (HK:1810)
:1810
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Xiaomi
(1810)
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Rating:70Outperform
Price Target:
HK$43.00
▲(39.25% Upside)
Action:ReiteratedDate:01/14/26
The score is primarily supported by strong financial performance (healthy profitability, low leverage, and strong free-cash-flow growth), but is meaningfully weighed down by weak technical signals (price below key moving averages and negative MACD). Valuation is neutral with a mid-range P/E and no dividend yield data.
Positive Factors
Strong cash generation
Sustained FCF growth and high conversion of net income to free cash provide durable funding for R&D, capex and ecosystem investments without heavy reliance on external financing, supporting long-term product development and strategic flexibility.
Negative Factors
Intense smartphone competition
A distant third-place market share in a concentrated top-tier market implies persistent competitive pressure on volumes and pricing. Competing against deep-pocketed rivals can compress margins and require continuous investment to defend share over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained FCF growth and high conversion of net income to free cash provide durable funding for R&D, capex and ecosystem investments without heavy reliance on external financing, supporting long-term product development and strategic flexibility.
Read all positive factors
Xiaomi (1810) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$801.80B
Dividend YieldN/A
Average Volume (3M)188.51M
Price to Earnings (P/E)22.3
Beta (1Y)1.07
Revenue Growth35.67%
EPS Growth122.22%
CountryHK
Employees43,688
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)0.27
Shares Outstanding21,459,814,000
10 Day Avg. Volume221,279,014
30 Day Avg. Volume188,508,741
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)4.37
Price to Sales (P/S)2.25
P/FCF Ratio25.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$43.57Price Target Upside41.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)1.2
Revenue Forecast (FY)HK$501.67B
Xiaomi Business Overview & Revenue Model
Company Description
Xiaomi Corporation, an investment holding company, provides hardware, software, and internet services in Mainland China, India, Europe, and internationally. It operates through Smartphones, IoT and Lifestyle Products, Internet Services, and Others...
How the Company Makes Money
Xiaomi generates revenue through multiple key streams, primarily from the sale of smartphones, which contribute a significant portion of its income. The company employs a unique pricing strategy, often selling devices at low margins to capture mar...
Xiaomi Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 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
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 428.76B | 365.91B | 270.97B | 280.04B | 328.31B | 245.87B |
| Gross Profit | 92.84B | 76.56B | 57.48B | 47.58B | 58.26B | 36.75B |
| EBITDA | 38.91B | 27.41B | 18.45B | 8.53B | 22.03B | 11.05B |
| Net Income | 37.21B | 23.66B | 17.48B | 2.47B | 19.34B | 20.36B |
Balance Sheet | ||||||
| Total Assets | 481.20B | 402.96B | 323.29B | 269.64B | 292.36B | 253.06B |
| Cash, Cash Equivalents and Short-Term Investments | 117.27B | 105.94B | 112.17B | 70.72B | 90.33B | 98.91B |
| Total Debt | 34.69B | 35.99B | 29.74B | 25.69B | 29.47B | 18.43B |
| Total Liabilities | 228.51B | 213.84B | 159.51B | 127.75B | 155.18B | 129.35B |
| Stockholders Equity | 252.31B | 188.64B | 163.51B | 141.63B | 136.97B | 123.39B |
Cash Flow | ||||||
| Free Cash Flow | 62.52B | 32.00B | 35.03B | -10.19B | 2.62B | 18.85B |
| Operating Cash Flow | 64.82B | 39.30B | 41.30B | -4.39B | 9.79B | 21.88B |
| Investing Cash Flow | -98.22B | -35.39B | -35.17B | 15.55B | -45.01B | -17.68B |
| Financing Cash Flow | 29.98B | -4.00B | -504.97M | -7.85B | 4.50B | 26.22B |
Xiaomi Technical Analysis
Negative
30.88
Price Trends
34.42
Negative
37.35
Negative
45.48
Negative
Market Momentum
-0.84
Positive
35.78
Neutral
9.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1810, the sentiment is Negative. The current price of 30.88 is below the 20-day moving average (MA) of 33.28, below the 50-day MA of 34.42, and below the 200-day MA of 45.48, indicating a bearish trend. The MACD of -0.84 indicates Positive momentum. The RSI at 35.78 is Neutral, neither overbought nor oversold. The STOCH value of 9.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$801.80B | 22.33 | 16.22% | ― | 35.67% | 122.22% | |
66 Neutral | HK$36.07B | 4.66 | 9.56% | 2.96% | 21.26% | 94.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | HK$11.65B | 24.30 | 2.01% | ― | 6.10% | -70.77% |
* Technology Sector Average
HK:1810
Xiaomi
30.88
-8.02
-20.62%
HK:0751
Skyworth Digital Holdings
6.17
3.36
119.57%
HK:1070
TCL Electronics Holdings
14.31
7.87
122.20%
Xiaomi Corporate Events
Xiaomi Co‑founder Lin Bin Plans Up to US$2 Billion Share Disposal to Fund New Investment Vehicle
Dec 28, 2025
Xiaomi co-founder, executive director and vice chairman Lin Bin has notified the board that he plans to begin selling part of his holdings of the company’s class B ordinary shares from December 2026, subject to regulatory compliance in Hong ...
Xiaomi Founder Increases Stake, Signaling Confidence in Future Growth
Nov 24, 2025
Xiaomi Corporation announced that its founder and controlling shareholder, Mr. Lei Jun, has increased his shareholding in the company by purchasing 2,600,000 Class B ordinary shares. This move reflects Mr. Lei’s strong confidence in the comp...
Xiaomi Announces Significant Share Awards and Options to Employees
Nov 19, 2025
Xiaomi Corporation announced the grant of 29,366,734 Award Shares to 3,334 selected participants under its 2023 Share Scheme, which includes employees and service providers. Additionally, Xiaomi HK granted 496,300 XMHK Options to three employees u...
Xiaomi Reports Strong Q3 2025 Financial Results with Record Growth
Nov 18, 2025
Xiaomi Corporation announced its unaudited financial results for the third quarter of 2025, showcasing a significant year-over-year revenue increase of 22.3% to RMB113.1 billion. The company’s strategic focus on ‘Human × Car ×...
Xiaomi Board to Review Q3 Financial Results on November 18, 2025
Oct 17, 2025
Xiaomi Corporation has announced that its board of directors will meet on November 18, 2025, to review and approve the unaudited consolidated third-quarter results for the company and its subsidiaries. This meeting is significant as it will provid...
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.