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Chinese consumer-electronics maker of smartphones, electric vehicles, and a wide range of smart-home/IoT devices.
Chinese consumer-electronics maker of smartphones, electric vehicles, and a wide range of smart-home/IoT devices.
Sells phones, smart-home devices and now cars at low hardware margins, relying on volume, and earns extra from internet services such as advertising and subscriptions on its devices. Electric vehicles launched in 2024 with the SU7. Founder Lei Jun is chairman and controlling shareholder.
In one line: China's Apple, now with a Tesla-like EV line.
Moat: narrow (brand, scale, distribution). Broad device ecosystem and low-cost manufacturing scale build loyalty, though phone and EV markets are intensely competitive.
Headquarters: Beijing, China · Founded: 2010 · Employees: 56,531
Size Xiaomi-w (1810.HK) is a Hong Kong Information Technology company (Telecommunications Equipment) with a market value of $99.0B, the 19th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$30.38 on 6 Nov 2026.
Performance Over six months the shares fell 2.4%, against -19.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 9 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +11.0%); the operating margin is 3.4% (peer median 16.7%).
Valuation It trades at 27.8× forward earnings against a peer median of 18.8× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.0 points below its cost of capital (9.4% WACC).
Credit Xiaomi-w has 4 bonds outstanding ($2.60B), rated BBB by the agencies and trading like AA- at a weighted spread of 95 bp.
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$489B | HK$496B | HK$397B | HK$299B | HK$326B |
| Revenue growth | — | +25% | +32% | -8% | — |
| Gross profit | HK$105B | HK$107B | HK$80.9B | HK$61.0B | HK$52.7B |
| EBITDA | HK$27.9B | HK$40.7B | HK$30.2B | HK$21.1B | HK$10.7B |
| Net income | HK$36.8B | HK$45.2B | HK$25.7B | HK$19.3B | HK$2.88B |
| Free cash flow | n/a | HK$26.1B | HK$39.6B | HK$42.7B | -HK$11.2B |
| Capital expenditure | n/a | HK$13.8B | HK$7.91B | HK$6.93B | HK$6.74B |
| Total debt | HK$51.2B | HK$46.6B | HK$38.3B | HK$32.8B | HK$29.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Xiaomi-w 1810.HK | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% |
| Apple AAPL | $4.98T | +17% | +15% | 33% | 36.8× | 19.0% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 15.8× | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 176.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1810.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.9% | -13.0% | highest of 9 |
| 6-month return | -2.4% | -19.3% | 2nd highest of 9 |
| Distance from 52-week high | -32.6% | -37.1% | 5th highest of 9 |
| Revenue growth (TTM) | +5.7% | +11.0% | 3rd lowest of 9 |
| Operating margin | 3.4% | 16.7% | lowest of 9 |
| Forward P/E | 27.8× | 18.8× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 24.3% | 16.4% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +12.4% | +6.2% | highest of 8 |
| Hurdle (Req g minus delivered) | +11.8 pp | +10.1 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -3.0 pp | +12.8 pp | lowest of 9 |
| EV / EBITDA | 24.5× | 23.1× | 4th cheapest of 7 |
| Net debt / EBITDA | -3.4× | 0.1× | least indebted of 7 |
| Bond spread | 95 bp | 99 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiaomi-w 1810.HK | Hong Kong | $99.0B | -2% | +6% | 3% | 27.8× | 24.3% | +12.4% |
| Motorola Solutions MSI | United States | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% | +9.5% |
| Foxconn Industrial Internet 601138.SS | China | $120B | -35% | +60% | 5% | 13.1× | n/a | n/a |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| Cisco CSCO | United States | $369B | -3% | +12% | 25% | 18.4× | 15.0% | +4.9% |
Xiaomi-w has 4 bonds outstanding with $2.60B face value. The agencies rate it BBB; its bonds trade like AA-. Weighted yield 5.71%, a spread of 95 bp over government bonds.