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Xiaomi has been lying down for too long and is finally about to see the "light".

Xiaomi Group (1810.HK) released its Q3 2022 financial report (ended in September) after the Hong Kong stock market on the evening of November 23, 2022. The key points are as follows:

  1. Overall performance: smartphones are still the biggest drag on the company's performance. Xiaomi Group-W.HK's total revenue this quarter was RMB 70.5 billion, a year-on-year decrease of 9.7%, which was in line with market expectations (RMB 70.2 billion). The decrease in the company's revenue this quarter was mainly due to the drag from smartphones and IoT hardware businesses. Xiaomi Group's gross profit margin this quarter was 16.6%, a year-on-year decrease of 1.7pct, which was in line with market expectations (16.7%). The company continued to digest inventory and made certain inventory impairments this quarter through promotions.

  2. Smartphone business: quantity and price both dropped in the sluggish market. This quarter, Xiaomi's smartphone business achieved revenue of RMB 42.5 billion, a year-on-year decrease of 11.1%, which was basically in line with market expectations (RMB 42.8 billion). Xiaomi's global smartphone shipments decreased by about 4 million units YoY. Dolphin Analyst calculated that the Chinese market declined by about 2 million units YoY, and the Indian market declined by about 2 million units as well. This quarter, Xiaomi's smartphone average selling price fell to RMB 1,058, a year-on-year decrease of 2.9%, mainly due to the structural impact from the increase in the proportion of overseas shipments with lower prices brought by promotions.

  3. IoT business: the sales of star products cannot prevent the decline. This quarter, Xiaomi's IoT business achieved revenue of RMB 19.1 billion, a year-on-year decrease of 9%, which was basically in line with market expectations (RMB 19.3 billion). The business, which was originally growing at double digits, is now experiencing a decline close to double digits. Large appliances such as air conditioners and refrigerators have all experienced growth of more than 50%, but this cannot stop the sharp decline in other IoT hardware demands.

  4. Internet services: hardware entrance, highlighting its resilience to risk. This quarter, Xiaomi's internet services business achieved revenue of RMB 7.1 billion, a year-on-year decrease of 3.7%, which was significantly better than market expectations (RMB 5.9 billion). The performance was mainly due to the continuously increasing number of users. However, the overall environment also affected the individual user monetization. Dolphin Analyst calculated that Xiaomi's ARPU value for domestic users in Q3 was RMB 37.95 (a YoY decrease of 17.9%), and the ARPU value for overseas users was RMB 4.02 (a 0.5% YoY decrease), which is starting to decline.

  5. Expense and performance: determined to invest in the automotive industry. Operating expenses generally have rigid characteristics when not laying off employees. In this quarter, despite adding 2,445 employees, Xiaomi's quarterly operating expenses decreased by RMB 200 million QoQ, indicating that the company has begun to initiate cost reduction measures. Judging from the R&D investment and R&D personnel this quarter, the company added a net of 2,211 R&D personnel, and the R&D expenditures for electric vehicles increased by more than RMB 200 million again. These all indicate that the company has started cost reduction measures during the industry downturn, but it still insists on investing in the automotive industry. Overall, Xiaomi "once again" met the market expectations this quarter.

Looking directly at Xiaomi's financial report, the "three major businesses" are still performing poorly: ① smartphone business continued to decline by 11% this quarter; ② IoT business continued to decline by 9%; ③ Internet services also showed a significant decline, down by 3.7%. Especially for the IoT and Internet service businesses, compared with the slight decline in the previous quarter, the decline in this quarter has become even greater.

So, does this mean that Xiaomi's business has become worse? The Dolphin Analyst does not think so. Looking closely at this financial report, the Dolphin Analyst believes that Xiaomi should be "mixed with joy and anxiety."

The cause for concern is naturally the comprehensive decline in all businesses. However, as the market has anticipated the decline in Xiaomi's business, the "results" of this quarter did not surprise anyone. In addition, there were also "bright spots" in Xiaomi's financial report. ①In terms of inventory: there was a decline this quarter, with inventory at the end of this quarter at 53 billion yuan, down by 4.8 billion yuan on a quarter-over-quarter basis. It is estimated that the inventory impairment this quarter had an impact of approximately 2 billion yuan. After excluding this, the company still consumed more than 2 billion yuan in its operations;②Smartphone business: Xiaomi's largest source of revenue. Although the shipment volume in this quarter still declined by 8% year-on-year, the Dolphin Analyst discovered that the 4 million units' decline this quarter mainly came from China and India. Other regions worldwide showed signs of a year-on-year stability. The Dolphin Analyst speculated that the handset sales in other regions are expected to recover early, which will help Xiaomi to emerge from its low point;③Internet Business: Although Xiaomi experienced a rare decline this quarter, it still stabilized above 7 billion yuan, and performed better than market expectations and its Internet advertising counterparts. This also shows that Xiaomi occupies the hardware entrance and has better risk resistance.

Overall, although R&D expenses will still suppress Xiaomi's profit release before the production of the Xiaomi car, investors may see signs of Xiaomi's other businesses starting to rebound early from the inventory data and segmentation business situation.

The following is Dolphin's specific analysis of Xiaomi's financial report:

I. Overall performance: smartphones are still the biggest drag on the company's performance

1.1 Revenue

Xiaomi Group's total revenue for the third quarter of 2022 was 70.5 billion yuan, down 9.7% year-over-year, slightly higher than market expectations (70.2 billion yuan). The decline in the company's revenue is mainly due to the impact of the weak intelligent smartphone market. Under unstable factors such as the economic slowdown and the epidemic, overall demand in the smartphone market is weak, and both Xiaomi's smartphone and IoT businesses have experienced significant decline.

Among Xiaomi Group's major businesses this quarter, the revenue of smartphones, IoT, and Internet services accounted for 60.3%, 27%, and 10%, respectively. The smartphone business is still Xiaomi Group's largest source of revenue, but due to the decline in smartphone business performance, its revenue share in the company's total revenue has decreased.

1.2 Gross profit margin

In Q3 2022, Xiaomi's gross profit margin was 16.6%, down 1.7 points year-on-year, in line with market expectations (16.7%).

As Xiaomi's hardware revenue accounts for about 90%, the company's gross profit margin is mainly affected by hardware products. The significant decline in smartphone gross profit margin in the past two quarters, especially affected by the sluggish smartphone market, is the main reason for the company's gross profit margin decline. The gross profit margin of software (Internet services) remains relatively stable and remains above 70%.

II. Mobile phone business: simultaneous decline in quantity and price in a weak market

In Q3 2022, Xiaomi's smartphone business revenue was RMB 42.5 billion, a year-on-year decrease of 11.1%. The decline in the company's mobile phone business this quarter mainly stems from a significant decline in shipments, which was affected by the poor demand from both the domestic and overseas markets.

Dolphin Analyst has disaggregated Xiaomi's smartphone business into quantity and price to see the main driving forces of this quarter's smartphone business:

Quantity: In Q3 2022, Xiaomi's smartphone shipments were 40.2 million units, a year-on-year decrease of 8.4%, barely returning to the 40 million quarterly shipments.

The significant drop in Xiaomi's smartphone shipments this quarter is mainly due to the overall sluggishness of the smartphone market. Global smartphone shipments fell again by 8.8% this quarter, and the decline in shipments in OV's two companies' was more than 20%. Among the main factors are 1) slowing economic growth, leading to overall market demand weakness; 2) domestic factors such as the epidemic have made China's smartphone market even weaker; and 3) OV's two companies, with a higher proportion of domestic shipments, are more affected by the market.

Of the 4 million smartphones that Xiaomi decreased compared with the same period of last year, roughly 2 million were lost domestically and roughly 2 million were lost overseas. In terms of different markets, there is no clear sign of a recovery in Xiaomi's domestic smartphone shipments this quarter, while its overseas market has steadily improved, indicating that its overall overseas business has begun to recover.

Price: The average shipment price of Xiaomi smartphones in the third quarter of 2022 was 1058 yuan, a year-on-year decrease of 2.9%. The main reasons for the price decline this quarter are: 1) the increase of low-priced smartphone sales in overseas markets, which structurally affects the company's average shipment price under the circumstances of an increasing proportion of overseas smartphone shipments; 2) With a high inventory, the company increased the promotion efforts of its products.

Xiaomi's high-end strategy has had a certain effect on the increase of the company's smartphone ASP. The average shipment price has increased from around 1000 yuan in the past to over 1050 yuan. However, due to recent weak market demand, the company has promoted its products to digest its excessive inventory.

In the third quarter of 2022, Xiaomi's smart phone business gross profit was 3.78 billion yuan, a year-on-year decrease of 38.1%, accounting for 32.3% of the company's gross profit. The sharp drop in gross profit of Xiaomi's mobile phone business this quarter is due to the factors of a decrease in revenue and a significant decline in gross profit margin.

The gross profit margin of the smart phone business this quarter was 8.9%, a year-on-year decrease of 3.9 percentage points. Due to the impact of traditional promotion factors in the second quarter, the gross profit margin itself showed a seasonal decline, which will rebound seasonally in the third quarter. Compared with the same period last year, the gross profit margin of mobile phones this quarter has a significant decline, mainly due to the weak demand for mobile phone markets this year and the high inventory of the company's mobile phones. The company's increased promotion efforts affect the gross profit margin, while the increase in inventory impairment also has a certain impact on the gross profit margin.

III. IoT Business: Star Products Can't Stop the Decline

In the third quarter of 2022, Xiaomi's IoT business realized revenue of 19.1 billion yuan, a year-on-year decrease of 9%, mainly due to the global economic impact and weakened demand for several IoT products in overseas markets.

Xiaomi's main IoT products mainly include TVs and laptops. In the third quarter of 2022, the main IoT products achieved revenue of 5.8 billion yuan, a year-on-year decrease of 18.3%, mainly due to the decrease in laptop shipments and the decrease in the average price of smart TVs. After the epidemic, the demand for the PC market shrank. According to IDC data, global PC shipments in the third quarter fell by 14.3% year-on-year.

Xiaomi's smart TVs continued to grow against the trend compared with the same period last year, with a global shipment volume of 3.3 million units in the third quarter of 2022, a year-on-year increase of 9.3%. In markets outside India, the company's shipments of smart TVs increased by more than 40% year-on-year this quarter.

"Other IoT products of Xiaomi achieved a revenue of RMB 13.3 billion in Q3 of 2022, a year-on-year decrease of 4.2%." The main reason for the year-on-year decline was the significant weakening of demand for some IoT products in overseas markets, and the growth of smart home appliances to some extent made up for the overall decline of the whole business.

One of the rare highlights of this quarter is "the growth of smart home appliances (air conditioners, refrigerators, and washing machines) reached more than 70% year-on-year this quarter, mainly due to the increase in the shipments of smart air conditioners and refrigerators." The company's air conditioning product shipments exceeded 1 million units, an increase of 70% year-on-year. Refrigerator shipments exceeded 240,000 units, an increase of 150% year-on-year.

Compared with the entire IoT product business decline, it can be seen that the performance of other products except for large single items such as air conditioners, refrigerators, and televisions was relatively low during this quarter.

"Xiaomi's IoT business gross profit in Q3 of 2022 was RMB 2.57 billion, a year-on-year increase of 5.9%." The main reason for the increase in gross profit was that the gross profit margin of the IoT business in this quarter increased year-on-year.

"The gross profit margin of the Q3 IoT business was 13.5%, an increase of 1.9pct year-on-year." The IoT gross profit margin has been continuously increasing year-on-year since the low point of 11.6%, which validates Dolphin Analyst's view in March's financial report review "The decline in panel prices has promoted the recovery of business gross profit margin from the cost side."

"Now that the panel price has broken the cash cost in Q2 and there is little downward space, the gain of the panel price changes on the gross margin of the company's IoT business will begin to weaken starting from Q3. From the financial report, we can see that the recent IoT gross margin has fluctuated downward, and the main reason is still the sluggish downstream demand of IoT, which affects the gross profit margin of the business."

"IV. Internet services: hardware entrance highlights anti-risk characteristics."

"Xiaomi's internet service business achieved a revenue of RMB 7.1 billion in Q3 of 2022, a year-on-year decrease of 3.7%, accounting for 10% of the company's total revenue." The decline in revenue of internet service accelerated, but it is still significantly better than market expectations (about RMB 6 billion). Due to the impact of the overall macro environment, the market has anticipated a decline in internet services, mainly due to the current financial technology and advertising business decline.

Specifically, the following are the details of the internet services:

①Advertising services: It is the largest component of the company's internet services. In the third quarter, Xiaomi's advertising service revenue was RMB 4.5 billion, a YoY decrease of 0.8%, which was mainly affected by the mainland China region.

Pre-installed advertising revenue in mainland China was affected by a YoY decline in mobile shipments this quarter, with the company's mobile shipments decreasing by 8.4% YoY. However, diversified advertising customers and improved monetization efficiency drove the company's advertising revenue to increase MoM.

②Gaming revenue: Remains stable. In the third quarter, Xiaomi's gaming revenue was RMB 1 billion, a YoY increase of 1.8%. According to Gamma Data, the overall sales revenue of the mobile gaming market in mainland China has declined by 25%, while the company achieved counter-cyclical growth, mainly benefited from the growth of active gaming users and increased stickiness and the continuous improvement of paid user penetration rate. The company's products, serving as the hardware entry point, have a strong ability to resist risks.

③Other value-added services: Xiaomi's other value-added business revenue was RMB 1.5 billion in the third quarter, and its financial technology business continued to shrink.

From the performance of Xiaomi and Apple's value-added business, companies that dominate the hardware entry point tend to have stronger risk resistance. Despite the double-digit decline in the overall advertising market, the internet services of both companies still demonstrate better resilience.

Dolphin Analyst will decompose Xiaomi's internet service business by volume and price:

MIUI users: As of September 2022, the monthly active MIUI users reached 564 million, a YoY increase of 16.1%, and the growth rate of MIUI users this quarter fell below 20%. Although the internet continued to decline this quarter, the number of users still maintained a two-digit expansion rate.

ARPU value: Comprehensive calculation of ARPU value for a single quarter based on the MIUI user base. In the third quarter, Xiaomi's internet service ARPU value was RMB 12.5, a YoY decrease of 17%. The reason for the decline in Xiaomi's ARPU value this quarter is due to the decline in domestic users' ARPU value (domestic advertising business/pre-installed business decline) and structural impact brought by the increase in the proportion of overseas users with relatively low ARPU values. Q3 2022 Xiaomi Internet Service Business Gross Profit was RMB 5.09 billion, YoY declined 5.7%. The YoY decline of Internet gross margin rate of this quarter was 1.5%, mainly due to the decrease in advertising gross margin rate caused by the reduction of pre-installation revenue related to smartphone shipments.

The rising Internet service business gross margin rate of Xiaomi Company itself is mainly driven by the structural pull brought by the increase in the proportion of high-gross-margin advertising business. However, the decline in the company's smartphone shipments and the impact of the macro economy have affected the growth of its advertising business, thereby affecting the gross margin rate of its Internet business.

Compared with other companies in the advertising industry, Xiaomi, which has hardware entry points, still maintains a gross margin rate of more than 70% in its internet business, highlighting the anti-risk nature of the company's business.

V. Overseas Market: The overseas region except India, the stabilizing trend in sight

Q3 2022 Xiaomi overseas revenue was RMB 35.6 billion, YoY declined 13%, and the revenue ratio rose to 50.5%.

Xiaomi's overseas Internet revenue still achieved a growth of 17.2% this quarter, while the double-digit decline in revenue this quarter mainly came from hardware business. The direct impact of unstable factors such as regional conflicts, pandemics, overseas logistics, and national policies affected Xiaomi's exports of smartphones and IoT products. According to Dolphin Analyst's estimation, the quarterly overseas sales of Xiaomi mobile phones (outside China) decreased by 5.4% YoY. Therefore, the decline of Q3 overseas IoT business will be even more apparent.

Part of Xiaomi's success comes from globalization, and currently nearly half of Xiaomi's revenue comes from overseas markets. Although the "globalization strategy" can to some extent diversify Xiaomi's risks, instability in multiple regions directly affects the business development of Xiaomi. Xiaomi's global shipments in Q3 compared with the same period last year decreased by about 4 million units, of which ①China's mainland market: the YoY decrease in Xiaomi mobile phone shipments in Q3 was about 2 million units, mainly due to the sluggish domestic smartphone market; ②India Market: Xiaomi mobile phone shipments in Q3 YoY decreased by about 2 million units, mainly due to the erosion of some of Xiaomi's share by other brands' promotional activities this quarter; ③Other markets: combined with China and India markets, Xiaomi's sales volume in other overseas markets remained flat YoY in Q3, indicating that Xiaomi's mobile phone business is slowly recovering from the decline in these areas.

Due to Xiaomi's business philosophy around the "hardware + software" model, although the overseas smartphone shipments have seen a year-on-year decline, the overseas user base on the software side continues to grow (with the number of new purchases exceeding that of replacements). From the distribution of MIUI users, Xiaomi has already had 564 million MIUI users, more than 400 million of whom are from the overseas market, by the end of this quarter. In other words, although Xiaomi comes from mainland China, overseas users now account for three-quarters of the company.

Since there are significant differences between domestic and overseas users, and overseas users' ARPU value per person is much lower than domestic users', the higher proportion of overseas users structurally lowers the company's ARPU value. This quarter, Xiaomi's Internet services ARPU value was 12.5 yuan, down 17% year-on-year. The reasons are mainly ① the growth of overseas users and ② the decline in domestic ARPU value.

Dolphin Analyst's estimate shows that in the third quarter, Xiaomi's domestic ARPU value per user was 37.95 yuan, down 17.9% year-on-year, mainly due to the reduction of domestic advertisers' budgets and the decline of domestic pre-installed business. Meanwhile, Xiaomi's overseas ARPU value per user was 4.02 yuan, down 0.5% year-on-year, interrupting the trend of sustained growth in the past. This also shows that the company's overseas Internet business is still affected by the overall macro environment and the decline in advertiser spending.

As economic growth slows down, overall advertising and other Internet services are beginning to tighten budgets, both domestically and abroad. However, the company still benefits from the continued growth in users, which to some extent avoids the collapse of Internet business.

VI. Expenses and Performance: The Determination of All-In-Car

In the third quarter of 2022, Xiaomi's total expenses amounted to 10.21 billion yuan, an increase of 8.7% year-on-year. The operating expense ratio increased by 2.5 percentage points, mainly due to the significant increase in R&D expenses. The total number of Xiaomi employees increased by 2,445 this quarter, with most of the increase coming from the R&D department. Except for R&D, only 230 additional personnel were added, indicating that Xiaomi has begun to focus on cost and expense control in other departments. In this quarter, Xiaomi also established a compensation committee and is likely to continue to reduce costs and expenses in the future.

1) R&D expenses: 4.07 billion yuan this quarter, up 25.7% year-on-year, accounting for 5.8% of revenue. R&D expenses continue to rise, mainly due to the increase in R&D spending related to innovative businesses such as smart cars. The number of Xiaomi's R&D personnel increased by 2,211 on a quarterly basis this quarter. Combining the growth of the company's R&D personnel and the investment in car R&D, Dolphin Analyst believes that Xiaomi is still sticking to its electric car project and investing heavily in it. R&D expenses: The R&D expenses for this quarter include R&D expenses for intelligent electric vehicles of RMB 829 million, which has had an impact of about 1.18% on the R&D expense ratio. The increase in R&D expenses has raised the company's expense level as Xiaomi Automotive has not yet achieved revenue. From the perspective of R&D expense ratio, Xiaomi's R&D expense ratio, which was originally around 3%, has increased to over 5.8%, and will remain at a high level in the future.

Sales expenses: RMB 4.88 billion for this quarter, unchanged from the same period last year, accounting for 6.9% of revenue. The reduction in the sales expense ratio for this quarter is mainly due to the reduction in advertising and promotion expenses. There is a high correlation between sales expense items and changes in product sales.

Administrative expenses: RMB 1.26 billion for this quarter, down 1.5% year-on-year, accounting for 1.8% of revenue. The decline in administrative expenses is mainly due to the reduction in professional service expenses.

In Q3 2022, Xiaomi's overall gross margin was 16.6%, down 1.7% year-on-year. The decline in company's gross margin is mainly due to the decline in the gross margin of the mobile phone business and Internet service business.

The decline in gross profit of the mobile phone business is mainly due to the weak demand in the mobile phone market. The company has increased its promotional efforts in overseas markets and made certain inventory impairment in the quarter. As the mobile phone business remains sluggish, the Internet service has become the largest source of the company's gross profit. However, the decline in the gross profit margin of advertising and financial technology businesses in this quarter has led to the decline in the gross profit margin of Internet business. The decline in gross profit margins of the two largest sources in this quarter has lowered the company's gross margin level.

The adjusted net profit for Q3 2022 was RMB 2.1 billion, in line with market expectations of RMB 2 billion. From the perspective of the company's operational performance (excluding investment fair value changes), Xiaomi's financial report for this quarter basically meets market expectations.

Dolphin Xiaomi Group historical articles:

Financial report season

August 19, 2022 conference call "After the comprehensive decline in the financial report, how will the management explain (Xiaomi 22Q2 conference call)"

August 19, 2022 financial report review "Layoffs can't save Xiaomi's multiple difficulties" On May 19, 2022, conference call《 Xiaomi is in a Dilemma, What did the Management Say? (Mi 22Q1 Conference Call)

On May 19, 2022, financial report review《 Under Internal and External Pressures, Xiaomi is not the Best Choice

On March 22, 2022, conference call《 Xiaomi Group's Unremarkable Financial Report, What did the Management Say? (Summary of the Conference Call)

On March 22, 2022, financial report review《 A Mediocre Xiaomi: Tasteless to Eat, A Pity to Discard

On November 30, 2021, conference call《 After Xiaomi Launches Pure Electric Vehicles, What Can Ideal Auto Rely On to Compete? (Minutes of the Conference)

On November 23, 2021, conference call《 How Does Xiaomi Management Explain the Slide in Phone Sales Due to Shortage? (Xiaomi Conference Call)

On November 23, 2021, financial report review《 The Rise and Fall of Xiaomi: Where is it Headed?

On August 26, 2021, conference call《 Xiaomi Group: After a Beautiful Report Card, What did the Management Talk About?

On August 25, 2021, financial report review《 Don't Doubt It Anymore, Xiaomi is Ascending to the "Gods"

On May 26, 2021, financial report review《 With Impressive Performance, Will Xiaomi be Worthy of Davos Double Click?

On March 25, 2021, conference call《 How Did Xiaomi Respond to the Chip Shortage, Slow Progress in Internet of Things/IoT and Car Making?》 2021 Financial Report Review of Xiaomi: "Is the performance worse than expected and what's the matter with Xiaomi?" (https://longbridgeapp.com/news/31865503)

In Depth

June 17, 2022 "Consumer Electronics Full Bloom: Apple Stands Strong, while Xiaomi is Struggling" (https://longbridgeapp.com/topics/2917540)

December 1, 2021 "Honor is Attacking the City, and Xiaomi is Once Again Facing a Life-and-Death Crisis" (https://longbridgeapp.com/news/51240042)

November 24, 2021 "What Went Wrong with Xiaomi's Steep Decline?" (https://longbridgeapp.com/topics/1370347?invite-code=032064)

June 11, 2021 "2021, Xiaomi Transforms like a Phoenix | Dolphin Analyst Report" (https://longbridgeapp.com/news/37872830)

March 16, 2021 "Dolphin Analyst | Has Xiaomi Finally Broken Its Bad Luck?" (https://longbridgeapp.com/news/31271114)

Live Broadcast

August 19, 2022 "Xiaomi Group-W (01810.HK) Q2 2022 Earnings Conference Call" (https://longbridgeapp.com/lives/115331?channel=n115331)

May 19, 2022 "Xiaomi Group-W (01810.HK) Q1 2022 Earnings Conference Call" (https://longbridgeapp.com/lives/12511?channel=nl12511&invite-code=FRQWBJ)

March 22, 2022 "Xiaomi Group (1810.HK) FY2021 Q4 and Annual Results Announcement" (https://longbridgeapp.com/lives/9065?channel=n9065)

December 28, 2021 "Lei Jun X Su Bingtian · Xiaomi New Year Live Stream" (https://longbridgeapp.com/lives/6099?channel=n6099)

November 23, 2021 "Xiaomi Group (1810.HK) Q3 2021 Results Announcement" (https://longbridgeapp.com/lives/4894) 2021 September 15th "Let the Magic Begin - Xiaomi New Product Launch Conference"

2021 August 25th "Xiaomi Group-W (01810.HK) 2021 Interim Performance Conference"

2021 August 10th "2021 Lei Jun Annual Speech"

2021 May 26th "Xiaomi Group (1810.HK) 2021 First Quarter Performance Teleconference"

2021 March 30th "Xiaomi Spring New Product Launch DAY2"

Risk Disclosure Statement: Dolphin Analyst Disclaimer and General Disclosure.

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