Hong Kong-listed companies traded mixed on Wednesday after a fresh round of earnings, with results pointing to uneven demand across China's consumer and technology sectors and a divergence in growth rather than a broad-based recovery.

Haidilao International (HKG:6862) fell 10% after reporting weaker earnings, with 2025 attributable profit declining to 4.05 billion yuan from 4.71 billion yuan a year earlier.

Revenue edged up 1.1% to 43.2 billion yuan, signalling subdued dine-in demand.

The hotpot restaurant chain operated 1,383 restaurants as of year-end and shut or relocated 85 self-operated outlets, reflecting ongoing network optimization.

DBS said weaker table turnover and intensifying competition have weighed on performance, though franchising, secondary brands, and delivery could support a gradual recovery. It added margins may stabilize with tighter cost control, but flagged risks from weaker turnover and a softer macro environment.

Tongcheng Travel (HKG:0780) rose 3% after reporting stronger results, with full-year attributable profit increasing to 2.37 billion yuan from 1.97 billion yuan in 2024.

However, the travel platform's tourism segment declined 6.9% for the year, reflecting weaker outbound demand to Southeast Asia and Japan as well as a scaling back of certain businesses, underscoring uneven recovery in travel.

Xiaomi (HKG:1810) shares retreated 3% after reporting mixed results, with fourth-quarter attributable profit declining 27% to 6.54 billion yuan even as revenue rose 7.3%.

Full-year revenue climbed 25% to 457.3 billion yuan, while attributable profit increased to 41.6 billion yuan, supported by growth in its electric vehicle and new initiatives segment.

Higher component costs and intensifying competition weighed on fourth-quarter profitability, highlighting margin pressure despite strong top-line growth.

Counterpoint Research said China's smartphone market is expected to remain under pressure from March through May, with some relief likely in early June as the mid-year "618" shopping festival drives promotional activity.

The smartphone market is being squeezed by rising memory costs, with research firm IDC forecasting a 12.9% decline in the global market this year due to an ongoing supply shortage.

Meanwhile, Nexteer Automotive (HKG:1316) shed 9% despite reporting stronger earnings, with attributable profit rising 65%, highlighting cautious sentiment toward the auto sector.

DBS said Nexteer stands to benefit from steer-by-wire adoption and higher levels of autonomous driving, with China a key growth driver, though risks from weaker global demand and tariffs remain.