External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Xiaomi delivered better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.</li><li>1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.</li><li>Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Xiaomi delivered better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) – Impressive Earnings Recovery in 1Q23; Reiterate BUY

Xiaomi Corp

Xiaomi (1810 HK) – Impressive Earnings Recovery in 1Q23; Reiterate BUY