Technology Hardware, Storage and Peripherals

Xiaomi Corporation

Today’s Key News Recap

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0608 | Dolphin Focus: 🐬 Macro/Industry 1) HK and A-shares suffered a broad selloff today. A blowout US NFP flipped rate-cut expectations and pushed UST yields higher, with the tech-led rout on Wall St. spilling into APAC; Korea hit a circuit breaker and Japan tumbled, amplifying fear.High-multiple AI and semiconductor names led the de-rating, driving clear negative spillovers. Adding to the pressure, global houses such as Goldman Sachs have downgraded HK equities, and epic IPOs like SpaceX slated for this week are siphoning liquidity; the confluence of headwinds triggered panic foreign selling and a stampede among onshore funds...

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Multiple headwinds spark a sharp selloff; NVDA teams up with SK hynix | Daily News Recap

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0604 | Dolphin Research focus: 🐬 Stock pick 1, $SpaceX(SPCX.US) Elon Musk's SpaceX is set to list on Nasdaq on Jun 12 with ticker 'SPCX'. The IPO is priced at $135, targeting $75bn of proceeds and valuing the company at $1.77tn.The deal would set a new global IPO record by proceeds. This mega listing could siphon liquidity from global markets, while lifting valuations across the commercial space value chain upstream and downstream.

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SpaceX sets Jun 12 Nasdaq debut; WeChat A2A enables mobile AI interop | Daily News Recap

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0527 | Dolphin Research Focus: 🐬 Macro/Industry1) Per the National Bureau of Statistics (NBS), profits at industrial enterprises above designated size rose 24.7% in Apr., accelerating from 15.8% in Mar. This is the fastest pace since Nov-2023.Earnings recovery was evident, led by equipment manufacturing and high-tech manufacturing. AI-driven demand and a rebound in PPI were the main drivers.However, upstream-downstream divergence persists and the domestic-demand repair is not yet firm, so earnings sustainability bears watching. This is supportive for a repair in A-share manufacturing and cyclical sectors...

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CATL lands a large-scale ESS project in Europe; MU tops RMB 1tn mkt cap as memory rally continues | Daily News Recap

Xiaomi

Conference Minutes

Below is Dolphin Research's Trans of Xiaomi Corp.'s FY26 Q1 earnings call. For our take on the results, cf. 'Xiaomi: Questioning Life? The worst is behind us'.I. $XIAOMI-W(01810.HK) core takeaways recap. 1) Shareholder returns: YTD 2026, the company has repurchased approx. HK$8.4bn in the open market, already exceeding last year's total buybacks. 2) Overall performance: Q1 revenue of RMB 99.1bn, Adj. net profit of RMB 6.1bn; overall GPM at 22%...

Xiaomi (Trans): Paid tokens >30%; confident of hitting 550k vehicles target

Financial Analysis

1810.HK released its Q1 2026 results after the HK close on May 26 (Beijing time), covering the quarter ended Mar 2026. Key takeaways: 1) Overall performance.Revenue was RMB 99.1bn (-11% YoY). The decline was mainly dragged by smartphones and autos, with legacy businesses (smartphones and AIoT) down 14.5% YoY.GPM was 22% (-80bps YoY). The YoY contraction mainly reflected lower smartphone and auto margins...

Xiaomi: Rock bottom? The worst is over

Xiaomi 1Q26 First Take: Results were broadly in line with market expectations. The YoY revenue decline was driven mainly by legacy segments, namely smartphones and IoT. Data this quarter indicate Xiaomi still faces meaningful operating pressure. Smartphones and IoT posted double-digit YoY declines, and the auto biz saw a clear slowdown in growth and GPM. From a share-price lens, the drop from HK$60 to around HK$30 has largely priced in memory shortages, weak smartphones, and cooling sentiment on Xiaomi Auto. From this print, the focus should be on what held up better. ① Smartphones and IoT saw a notable QoQ rebound in GPM. The improvement was clear this quarter. ② The decline in auto ASP and GPM this quarter was mainly a one-off effect from purchase-tax subsidies. Dolphin Research believes memory shortages persist, but Xiaomi prioritized allocation to higher-ASP products, stabilizing margins on legacy hardware. Once the YU7 order pool is digested, the subsidy-driven erosion of ASP and GPM should abate. Overall, Xiaomi still faces memory-related constraints, and legacy segments are unlikely to shine near term, but hardware GPM has held. The main swing factor is autos: management previously guided for 550k units for the full year (~+33% YoY). Relying on the current YU7 and SU7 alone makes that target challenging, so stronger new launches will be needed. More to come in Dolphin Research's follow-up take and Trans. $XIAOMI-W(01810.HK) $Xiaomi Corporation(XIACY.US)

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0526 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The US and Iran reached a framework for an MoU; Iran would reopen the Strait of Hormuz within 30 days of signing, the US would unfreeze $12bn of Iranian assets, and both sides would implement a ceasefire.This would significantly ease near-term Middle East tensions and stabilize the global energy supply chain (about 30% of crude flows through the strait). It supports a pullback in oil and a rebound in energy stocks.However, the arrangement is temporary and does not address core issues such as Iran's nuclear program. Longer-term execution remains uncertain.2) Hang Seng Indexes Company announced the results of its regular quarterly index rebalancing. ...

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BEKE rolls out HK buyback shield; Xiaomi faces earnings test tonight | Daily News Recap

0518 | Dolphin Research Focus: Macro/Industry. NBS data show Jan–Apr retail sales at RMB 16.49tn (+1.9% YoY).Apr alone was RMB 3.72tn, up just 0.2% YoY. Ex-auto retail rose 3.1% YoY, online retail +6.6%, and restaurant revenue +3.8%.The recovery remains weak, with Apr growth nearly stalling. Auto demand dragged and consumer confidence stayed soft, while online and services held up better, highlighting a clear divergence...

Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

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0515 | Dolphin Research Focus: 🐬 Macro/Industry 1) Today is Jerome Powell's final day as Fed Chair, and Kevin Warsh begins his first term. On the same day, Governor Stephen Miran tendered his resignation and will step down as Warsh takes office.The leadership change opens a window for a policy shift at the Fed. Warsh, a hawk, advocates QT plus rate cuts and may tweak the inflation framework.Miran voted against at all six FOMC meetings; his exit weakens the dovish camp. In the near term, this heightens uncertainty around monetary policy, affecting global liquidity and asset pricing...

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Xiaomi YU7 GT slated for end-May launch; XPeng GX flagship to debut next week | Daily News Recap

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0513 | Dolphin Research Focus: 🐬 Macro/Industry 1) On May 12, the Bureau of Labor Statistics reported April CPI rose 0.6% MoM and 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and shelter remain the key drivers.Inflation proved stickier than expected. Most on Wall St. now expect the Fed to delay cuts, implying a higher-for-longer rate path.2) On May 12, the U.S. Senate voted 51–45. It confirmed Kevin Warsh as a Fed Governor...

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New AI collaboration features ignite MiniMax; Xiaomi 17 Max big-screen flagship debuts | Daily News Recap

Shanghai Lihesuai Xin AI Venture Capital Adds Xiaomi and Zhangjiang High-Tech Subsidiary as Partners

Xiaomi SU7 Ultra catches fire in Nanchang with no casualties, official preliminarily rules out battery thermal runaway

Xiaomi Repurchases 3.6 Million B-Class Shares for HKD 98.4 Million on June 8

Xiaomi increases stake in Kingsoft Software to 5.39%

Xiaomi Robot Team Wins Dual Titles at CVPR 2026 and ICRA 2026 International Competitions

Xiaomi-W Repurchased 3.5 Million Shares for Approx. 98.03 Million HKD Last Friday

UBTECH's Super Bionic Humanoid Robot Pre-orders Break 2,110 Units in 6 Days

Xiaomi Buyback and Mytime Fundraising: HK Tech Capital Actions Reveal New Valuation Logic

Xiaomi Robots Win Double Championships at Two Major International Events, My16 Model Breaks 40% Success Rate

IDC Releases Q1 2026 China Foldable Phone Data: Huawei Tops, Honor Rises to Second

WeChat Collaborates with Multiple Phone Manufacturers to Launch A2A Capabilities, Supporting Voice Messaging and Calls

Xiaomi Group Spends 100.3 Million HKD to Repurchase 3.5 Million Class B Shares

Xiaomi Announces 20 Billion HKD Buyback, Timekettle Raises Funds for AI Infrastructure as HK Tech Stocks Enter Cash-Backed Period

Daiwa Maintains Buy Rating on Xiaomi, Cuts Target Price to HK$33 After Q1 Results

Xiaomi Group repurchases 10.5 million shares for HK$298 million on May 28

CICC: Xiaomi Q1 Results Meet Expectations; Maintains Outperform Rating and HKD 37 Target Price

Canaccord Downgrades Xiaomi to 'Underperform' After Q1 Miss, Cuts Target Price

Morgan Stanley Maintains Neutral Rating on Xiaomi with HK$35 Target Price, Q1 Results in Line with Expectations

Major Banks Release Latest Stock Ratings and Target Prices: HSBC, Xiaomi, Lenovo Among Those Watched