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3、ch reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Refer to important disclosures on page 16 to 18.Analyst Ce

4、rtification on page 13.Price Objective Basis/Risk on page 13.12867730 Xiaomi Corporation 2Q largely in line;tones down smartphone shipment;L-T outlook intact at IoT/EV Reiterate Rating:BUY|PO:69.00 HKD|Price:52.40 HKD 2Q results largely in line 2Q-adjusted earnings were 3%/6%above BofAe/consensus at

5、 CNY10.8bn(+2%QoQ,+75%YoY).Revenue and gross profit were largely in line,while real operating margin was 0.7ppt behind ours,due to a slightly lower GM.We trim 2025-27E-adjusted earnings by 1-3%after reflecting long-term outlook.Our SOTP-based PO is unchanged at HK$69:(1)HK$34/share for the core busi

6、ness(22x 2026E P/E,unchanged);and(2)HK$35/share for the EV business(4x 2H26-1H27E P/S,unchanged).We reiterate Buy on Xiaomi.Smartphone:tones down shipment,GM to recover in 4Q Mgmt.slightly toned down 2025 smartphone shipment to 175mn units(vs 175-180mn prior)on weaker demand.They stated that the QoQ