19 November 2025 | 6:44AM HKT Equity Research Xiaomi Corp. (1810.HK) Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Eunice Liu +852-2978-7472 | eunice.liu@gs.com Goldman Sachs (Asia) L.L.C. Earnings Review: 3Q25 EPS beat on stronger EV sales and non-op gains; Refreshing our views on key investor debates/questions; Buy 1810.HK 12m Price Target: HK$53.50 Price: HK$40.78 Upside: 31.2% Xiaomi's 3Q25 results came in modestly better than expectations. Revenue grew +22% yoy (2% ...