1810.HK · Hong Kong · A-shares
1810.HK Xiaomi: smartphone×AIoT + EV innovation
Xiaomi 2025 revenue ~¥457.3B (+25%); EV/AI innovation ~¥106.1B (+224%) is the narrative—phone margins and EV scale/GM decide if valuation digests.
Cite a section with a deep link, e.g. /en/r/xiaomi-1810-research#thesis
Snapshot
- Price
- CNY 45
- Mkt cap
- CNY 700.0B
- Revenue
- CNY 457.3B
- EV & innovation revenue
- CNY 106B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Xiaomi 2025 revenue ~¥457.3B (+25%); EV/AI innovation ~¥106.1B (+224%) is the narrative—phone margins and EV scale/GM decide if valuation digests.
Business
Model: phones/AIoT + internet services + EV. Flagships: smartphones; IoT; Xiaomi EV. Edge: value brand, channels, ecosystem. Strategy: human-car-home; EV from scale to profit.
Value chain
CE + auto midstream; upstream SoC/memory/batteries; downstream consumers. Risks: memory costs; EV price war; chip supply.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 45 | 1810.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
CE+EV dual multiple; sensitive to deliveries and adj. NI.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: phone units + EV deliveries; price: ASP; cost: BOM (memory) and auto manufacturing.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 2025 收入 | 4573 亿 | +25% | 公司业绩公告 |
| 手机×AIoT | 3512 亿 | +5.4% | 基本盘 |
| 汽车及创新 | 1061 亿 | +223.8% | 高增叙事 |
| 经调整净利 | 392 亿 | +43.8% | 盈利质量 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 小米 | 手机+车 | 中 | 生态 | 汽车仍早期 |
| 苹果 | 高端 | 高 | 利润池 | 中国份额战 |
| 比亚迪 | 车电 | 中 | 成本 | 手机非主业 |
| 华为系 | 高端国产 | — | 品牌 | 非直接上市对标 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/CEO | 雷军 | 长期 | 强个人品牌与战略 |
| 总裁 | 卢伟冰等 | 核心经营 | 执行层稳定 |
| CFO | 财务负责人 | 在任 | 港股披露 |
Stability: Founder-led clear narrative; EV still in investment/ramp phase.
Outlook
Track EV monthly deliveries/GM, phone ASP/share, memory costs, internet services.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://ir.mi.com/
- https://ir.mi.com/static-files/640b163f-dacb-4612-a32d-45919fd84089 {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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