---
title: "Understanding the Market | Xiaomi Corporation-W briefly fell over 4% in early trading, Citigroup expects its third-quarter performance may be slightly below expectations"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262810357.md"
description: "Xiaomi Corporation-W fell more than 4% in early trading, hitting a low of HKD 43.88, the lowest since April this year. Citigroup expects its third-quarter performance to be slightly below expectations, mainly due to lower-than-expected smartphone gross margins and Internet of Things revenue. It is expected that the adjusted net profit will reach RMB 10.2 billion, affected by smartphone gross margins and Internet of Things revenue. Huatai Securities believes that Xiaomi's automotive business may turn profitable in the third quarter, with the smartphone business maintaining a gross margin of around 11%, and the gross margin of the Internet of Things business expected to remain strong"
datetime: "2025-10-27T03:22:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/262810357.md)
  - [en](https://longbridge.com/en/news/262810357.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/262810357.md)
---

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# Understanding the Market | Xiaomi Corporation-W briefly fell over 4% in early trading, Citigroup expects its third-quarter performance may be slightly below expectations

According to the Zhitong Finance APP, Xiaomi Corporation-W (01810) fell more than 4% in early trading, hitting a low of HKD 43.88, the lowest since April this year. As of the time of writing, it is down 3.22%, trading at HKD 44.44, with a transaction volume of HKD 7.075 billion.

In terms of news, Citigroup released a research report stating that Xiaomi Corporation is expected to announce its third-quarter results for 2025 on November 18. Overall, the performance may be slightly below the bank's expectations, mainly due to lower-than-expected smartphone gross margins and Internet of Things (IoT) revenue, while the Internet business and electric vehicle business are generally in line with expectations. Citigroup now expects the group's adjusted net profit to reach RMB 10.2 billion (a year-on-year increase of 64%, a quarter-on-quarter decrease of 5%), affected by smartphone gross margins dragged down by an unfavorable regional mix and rising memory prices, as well as IoT revenue impacted by the weakening of China's subsidy effect.

Huatai Securities expects that Xiaomi's automotive business may turn profitable in the third quarter. Against the backdrop of rising storage prices, the company insists on a high-end strategy in its mobile phone business, partially offsetting the adverse effects of the industry, and it is expected to maintain a gross margin level of around 11% in the second half of the year; in terms of IoT business, although the reduction of national subsidies affects revenue growth, there are no promotional events in the third quarter, and it is expected that the company's IoT gross margin will continue to remain strong; the Internet business continues to maintain stability

### 相關股票

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

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