Analysis: Xiaomi’s Smartphone Slip Overshadows EV Success

Xiaomi Corp.’s quarterly results have prompted several brokerages to cut their forecasts for the Chinese electronics giant’s earnings and stock price, as a dip in revenue from its mainstay smartphone business overshadowed its success in electric vehicles (EVs).

Bocom International Holdings Co. Ltd. has lowered its revenue estimates for the Hong Kong-listed company to 466.6 billion yuan ($65.9 billion) for 2025 and 534 billion yuan the following year. Huatai Securities Co. Ltd. has cut its estimates for Xiaomi’s non-GAAP net profit growth by 1.6% for 2025 and 7.6% for 2026. The brokerage has also slashed its stock price target for Xiaomi to HK$53.8 ($6.92) from HK$65.4.