Xiaomi Corp Class B (HK:1810)
OTHER OTC:1810
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Xiaomi
(OTC:1810)
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Rating:65Neutral
Price Target:
HK$32.00
▲(0.00% Upside)
Action:Downgraded
Date:04/30/26
The score is led by improved fundamentals (stronger margins, ROE, and conservative leverage) and a positive earnings-call outlook with clear growth/investment plans, but it is held back by weak technicals (broadly below key moving averages with negative MACD) and cash-flow volatility highlighted by the large 2025 free-cash-flow drop.
Positive Factors
Record revenue & profit
Sustained revenue and profit records in FY2025 reflect durable demand recovery and better mix, giving Xiaomi scale to invest in AI/EV initiatives and sustain operating leverage. Larger recurring profits improve capacity to fund R&D, capex and shareholder returns over the medium term.
Negative Factors
Cash-flow volatility
A sharp FCF decline and inconsistent historical cash conversion reduce Xiaomi's cushion for sustained heavy spending and make funding large multi‑year investments or buybacks more contingent on execution. Persistent volatility raises refinancing and allocation risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Record revenue & profit
Sustained revenue and profit records in FY2025 reflect durable demand recovery and better mix, giving Xiaomi scale to invest in AI/EV initiatives and sustain operating leverage. Larger recurring profits improve capacity to fund R&D, capex and shareholder returns over the medium term.
Read all positive factors
Xiaomi (1810) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$791.68B
Dividend YieldN/A
Average Volume (3M)130.90M
Price to Earnings (P/E)35.7
Beta (1Y)1.07
Revenue Growth25.04%
EPS Growth71.31%
CountryHK
Employees43,688
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)1.48
Shares Outstanding21,454,277,000
10 Day Avg. Volume145,343,579
30 Day Avg. Volume130,900,866
Financial Highlights & Ratios
PEG Ratio0.32
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$42.98Price Target Upside34.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering22
EPS Forecast (FY)1.21
Revenue Forecast (FY)HK$491.85B
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 primarily makes money through three major revenue streams: (1) Smartphone sales: Xiaomi generates product revenue by selling smartphones across different price tiers under the Xiaomi, Redmi, and other sub-brands. Revenue is driven by unit s...
Xiaomi Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 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
83
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 428.76B | 457.29B | 365.91B | 270.97B | 280.04B | 328.31B |
| Gross Profit | 92.84B | 101.81B | 76.56B | 57.48B | 47.58B | 58.26B |
| EBITDA | 38.91B | 38.78B | 27.41B | 18.45B | 8.53B | 22.03B |
| Net Income | 37.21B | 41.64B | 23.66B | 17.48B | 2.47B | 19.34B |
Balance Sheet | ||||||
| Total Assets | 481.20B | 508.31B | 402.96B | 323.29B | 269.64B | 292.36B |
| Cash, Cash Equivalents and Short-Term Investments | 117.27B | 112.32B | 105.94B | 112.17B | 70.72B | 90.33B |
| Total Debt | 34.69B | 36.14B | 35.99B | 29.74B | 25.69B | 29.47B |
| Total Liabilities | 228.51B | 241.88B | 213.84B | 159.51B | 127.75B | 155.18B |
| Stockholders Equity | 252.31B | 266.33B | 188.64B | 163.51B | 141.63B | 136.97B |
Cash Flow | ||||||
| Free Cash Flow | 62.52B | 21.37B | 32.00B | 35.03B | -10.19B | 2.62B |
| Operating Cash Flow | 64.82B | 34.14B | 39.30B | 41.30B | -4.39B | 9.79B |
| Investing Cash Flow | -98.22B | -71.68B | -35.39B | -35.17B | 15.55B | -45.01B |
| Financing Cash Flow | 29.98B | 30.77B | -4.00B | -504.97M | -7.85B | 4.50B |
Xiaomi Technical Analysis
Negative
32.00
Price Trends
32.04
Negative
34.41
Negative
41.77
Negative
Market Momentum
-0.28
Negative
44.06
Neutral
21.84
Neutral
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 32 is above the 20-day moving average (MA) of 31.03, below the 50-day MA of 32.04, and below the 200-day MA of 41.77, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 44.06 is Neutral, neither overbought nor oversold. The STOCH value of 21.84 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$39.78B | 4.66 | 17.22% | 2.96% | 15.36% | 42.66% | |
65 Neutral | HK$791.68B | 35.74 | 16.26% | ― | 25.04% | 71.31% | |
62 Neutral | HK$2.29B | 34.44 | 19.27% | 0.50% | 1.72% | 180.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | HK$265.72M | -22.59 | -11.38% | 8.70% | -16.95% | -461.16% | |
48 Neutral | HK$11.27B | 8.83 | 1.98% | ― | 8.16% | -26.27% | |
46 Neutral | HK$258.91M | -2.82 | -13.04% | ― | -45.30% | 53.12% |
* Technology Sector Average
HK:1810
Xiaomi
30.64
-24.16
-44.09%
HK:0751
Skyworth Digital Holdings
5.84
2.80
92.11%
HK:2369
Coolpad Group
0.81
0.09
12.66%
HK:1070
TCL Electronics Holdings
15.62
4.93
46.09%
HK:0927
Fujikon Industrial Holdings Limited
0.52
-0.03
-5.80%
HK:1747
Home Control International Limited
4.18
3.54
553.12%
Xiaomi Corporate Events
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...
Xiaomi Streamlines Shareholdings and Renews VIE Contracts for Mainland Units
Apr 2, 2026
Xiaomi Corporation has restructured the shareholdings of several key mainland China entities, notably Xiaomi Inc., Beijing Wali Internet, Youpin Information Technology and Beijing Electronic Software, consolidating equity predominantly under found...
Xiaomi Expands Equity Incentives With Major Share and Option Grants
Mar 25, 2026
Xiaomi has granted 26,668,415 share awards under its 2023 Share Scheme to 954 selected employees and service providers, with no consideration payable and a vesting schedule running from March 2026 to March 2036, tying vesting volumes to individual...
Xiaomi Posts Record 2025 Revenue as EV and AI Push Accelerates
Mar 24, 2026
Xiaomi reported record full-year 2025 results, with revenue climbing 25% year-on-year to RMB457.3 billion and adjusted net profit surging 43.8% to RMB39.2 billion, driven by strong performance in both its smartphone × AIoT and new initiatives...
Xiaomi Sets March 24 Board Meeting to Approve 2025 Results and Mull Dividend
Feb 24, 2026
Xiaomi has scheduled a board meeting for March 24, 2026, to review and approve the consolidated annual results for the year ended December 31, 2025. The board will also consider the payment of a final dividend, signaling potential shareholder retu...
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.