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CLSA Keeps Outperform on XIAOMI-W; Smartphone & AIoT Biz Expected to Remain Under Pressure in 1H
2026-03-25 11:40:30
XIAOMI-W (01810.HK)'s 4Q25 results met expectations, with total revenue rising by 7.3% YoY to RMB116.9 billion and the adjusted core EBIT falling by 32% YoY to RMB4.6 billion, according to a CLSA research report. The performance of the smartphone and AIoT businesses was weak, but the electric vehicle business continued to be a highlight.

CLSA expects XIAOMI-W's smartphone and AIoT businesses to face more challenges in 1H26, including reduced national subsidies, a sharp rise in memory prices, and the impact of the Middle East conflict. The broker has kept an Outperform rating on XIAOMI-W, with a target price of HKD45.
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