---
title: "In \"The Big Banks,\" China International Capital Corporation estimates that Xiaomi's adjusted net profit for the last quarter will be between 5.5 billion and 6 billion RMB"
description: "BOC International expects Xiaomi's adjusted net profit for the fourth quarter of 2025 to be between RMB 5.5 billion and 6 billion, affected by weak smartphone shipments and the Internet of Things busi"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/277414794.md"
published_at: "2026-03-02T06:29:17.000Z"
---

# In "The Big Banks," China International Capital Corporation estimates that Xiaomi's adjusted net profit for the last quarter will be between 5.5 billion and 6 billion RMB

> BOC International expects Xiaomi's adjusted net profit for the fourth quarter of 2025 to be between RMB 5.5 billion and 6 billion, affected by weak smartphone shipments and the Internet of Things business. Overall gross margin is expected to contract, although the profit margin from internet services remains stable. Xiaomi will accelerate its high-end strategy to cope with market pressures and anticipates that new models will be key to growth. Revenue and net profit forecasts for 2026-2027 have been lowered, maintaining a "Buy" rating with a target price of RMB 47.88

Bank of China International released a report, predicting that Xiaomi (01810.HK) will see a significant slowdown in revenue growth to 8% year-on-year in the fourth quarter of 2025, but a quarter-on-quarter increase of 4% to RMB 117.6 billion. This is influenced by weak smartphone shipments and a noticeable downturn in the Internet of Things (IoT) business, partially offset by the resilience of electric vehicle sales. The overall gross margin is expected to shrink by 2 percentage points from 22.9% in the third quarter, primarily due to rising memory prices, IoT promotions, and a deteriorating electric vehicle product mix, although the profit margin in the internet services segment remains stable. Coupled with an increase in operating expenses and a decrease in investment income at the end of the year, Xiaomi's adjusted net profit for the fourth quarter of 2025 is expected to be between RMB 5.5 billion and RMB 6 billion.

Looking ahead to 2026, the surge in memory prices will further exacerbate pressures in the global mass-market smartphone industry, affecting Xiaomi's shipment outlook. To address these challenges, the bank expects Xiaomi to accelerate its high-end strategy domestically while deepening its layout in strategic overseas markets through regional customization. For the smart electric vehicle business, due to a decline in sales in the first quarter caused by model upgrades and overall industry weakness, it is believed that the upcoming new car releases and their market response will be key catalysts for Xiaomi to regain growth momentum.

The bank has lowered its revenue forecasts for Xiaomi for 2026-2027 by 2% and 1%, to RMB 510 billion and RMB 597 billion, respectively, and adjusted net profit forecasts down by 8% and 7% to RMB 35 billion and RMB 48 billion, reflecting a bleaker smartphone shipment outlook, rising BOM costs, and compressed electric vehicle profit margins. Although Xiaomi faces comprehensive pressure on profitability in the short term, it believes that its aggressive investments in artificial intelligence, robotics, and chips are expected to yield early returns this year, supporting stock price valuation. The "Buy" rating is maintained, with a target price of RMB 47.88

### Related Stocks

- [XIACY.US - Xiaomi Corporation](https://longbridge.com/en/quote/XIACY.US.md)
- [01810.HK - XIAOMI-W](https://longbridge.com/en/quote/01810.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 小米 17 是一款尺寸较小的手机，但配备了较大的电池 | 小米已在全球推出其最新旗舰手机，小米 17 和 17 Ultra，同时还推出了一个以徕卡品牌命名的 Leitzphone Ultra 版。小米 17 和 17 Ultra 将在英国、欧洲及部分市场很快上市，价格分别为 899 英镑/999  | [Link](https://longbridge.com/en/news/277311828.md) |
| 雷军：未来五年小米将重点攻坚芯片、AI、操作系统等底层核心技术 | 小米集团董事长兼 CEO 雷军在民营企业座谈会上表示，未来五年小米将重点攻坚芯片、AI、操作系统等底层核心技术。他强调，民营经济促进法的实施为企业提供了更好的营商环境，支持政策更加精准。雷军指出，民营企业应与国家发展战略同频共振，专注于创新 | [Link](https://longbridge.com/en/news/276701602.md) |
| 冲上热搜！多品牌手机即将全面涨价：可能不止一轮，新品至少贵 1000！网友直呼换不起，有人打算只换电池 | 中国手机行业将于 2026 年 3 月全面涨价，预计新品价格上涨至少 1000 元，部分中高端机型涨幅可达 2000-3000 元。涨价原因主要是存储芯片成本上涨，市场研究机构预测新品手机均价将上涨 15%-25%。主流品牌如 OPPO、小 | [Link](https://longbridge.com/en/news/277150341.md) |
| 港交所表示，小米于 2 月 25 日以 1 亿港元回购了 280 万股 B 类股票 | 小米于 2 月 25 日以 1 亿港元回购 280 万股 B 类股份，香港交易所表示 | [Link](https://longbridge.com/en/news/276886603.md) |
| 小米将在发生车辆事故后成立安全委员会 | 小米将在车辆事故频发之际成立安全委员会 | [Link](https://longbridge.com/en/news/277406801.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.