杰富瑞发表报告指，由于智能手机需求疲弱，小米第二季业绩可能逊预期，目标价由73港元下调至69.85港元，维持“买入”评级。报告指，第三方数据及行业调查显示，2025年第二季全球智能手机需求疲软，除美国市场出现部分提前需求。安卓设备库存高企，特别是在新兴市场如东南亚和印度。该行将2025年第二季小米智能手机收入预测下调约5%，毛利率预测下调0.5%至11.8%；由于对全球智能手机需求和竞争格局的更悲观看法，同时将智能手机的长期毛利率预测略微下调至12%以下。 不过，该行提到，小米电动车交付进展顺利，毛利率因产品组合改善而上升，维持第二季交付量为8.1万辆，毛利率将按季上升至23.9%，主要因SU7 Ultra车型交付占比提升。管理层近期表示，第二座电动车工厂尚未开始商业化生产，但一旦投入营运，将能迅速提升产能。投资者对中国汽车行业的情绪变得更为谨慎，因其他本地品牌新推出的车型需求低于预期。但SU7和YU7车型的等待时间依然较长，这使该行对其长期看涨预测充满信心。
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