英文小米集团（1810.HK）业绩回顾：2025年第一季度业绩因AIoT-电动汽车业务及强劲的中国销售而超预期；未来一个月将有重要事件；上调目标价并重申买入 (2)

Key Data __________________________________ GS Forecast ________________________________ GS Factor Profile ____________________________ Source: Company data, Goldman Sachs Research estimates. See disclosures for details.Market cap: HK$1.3tr / $170.6bnEnterprise value: HK$1.1tr / $143.8bn3m ADTV: HK$15.6bn / $2.0bnChinaChina Internet VerticalsM&A Rank: 3Leases incl. in net debt & EV?: No12/2412/25E12/26E12/27ERevenue (Rmb mn) New365,906.4478,660.6610,284.1726,044.3Revenue (Rmb mn) Old365,906.4474,740.6602,243.7717,109.2EBITDA (Rmb mn)30,821.252,555.672,500.089,060.4EPS (Rmb) New1.071.592.202.73EPS (Rmb) Old1.071.512.082.58P/E (X)16.629.921.517.4P/B (X)2.44.63.83.1Dividend yield (%)0.00.00.00.0CROCI (%)16.030.737.139.43/256/25E9/25E12/25EEPS (Rmb)0.420.360.380.421810.HK relative to Asia ex. Japan Coverage1810.HK relative to China Internet VerticalsGrowthFinancial ReturnsMultipleIntegratedPercentile20th40th60th80th100th Xiaomi’s 1Q25 results stayed robust and beat expectations. Reven