Xiaomi’s Revenue Reaches RMB108.9 Billion in 2026 Q2; Adjusted Net Profit Improves Quarter-over-Quarter

First-half R&D Investment Reaches RMB18.2 Billion

"Human × Car × Home" Ecosystem Underscores Operational Resilience

BEIJING - Xiaomi Corporation (“Xiaomi” or the “Group”; stock code: 1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things ("IoT") platform at its core, announced its unaudited consolidated results for the three months ended June 30, 2026 ("the Period"). During the Period, despite significant increases in key component costs, including memory, and intensifying industry competition, the Group delivered total revenue of RMB108.9 billion, up 9.9% quarter-over-quarter, once again exceeding RMB100 billion. Adjusted net profit reached RMB6.2 billion, up 2.4% quarter-over-quarter, demonstrating solid operational resilience against market headwinds, according to the official website of Xiaomi.

Guided by its "Human × Car × Home" strategy, Xiaomi delivered steady development across its two segments and four business lines during the Period. Revenue from the smartphone × AIoT segment reached RMB84.0 billion. Within this, revenue from the smartphone business reached RMB42.1 billion, with global smartphone shipments ranking among the top three for 24 consecutive quarters. Revenue from IoT and lifestyle products reached RMB31.3 billion, up 26.7% quarter-over-quarter, with overseas revenue from this business growing rapidly year-over-year. The internet services business advanced steadily, with revenue of RMB9.0 billion, while global monthly active users ("MAU") reached another record high.

Revenue from the smart electric vehicle ("EV"), artificial intelligence ("AI") and other new initiatives segment reached RMB24.9 billion, up 17.1% year-over-year. Within this, revenue from smart EV was RMB23.9 billion, as vehicle deliveries continued to climb during the Period.

Xiaomi's premiumization strategy continued to advance. In the second quarter, the average selling price ("ASP") of Xiaomi smartphones rose 25.9% year-over-year to a record high of RMB1,351. In July 2026, Xiaomi EV officially unveiled the Xiaomi Kunlun Technical Architecture and introduced the Xiaomi SkyNomad Series of extended-range SUVs, formally entering the extended-range market and opening up a new avenue for growth in its smart EV business.

Xiaomi Smartphones Rank Among Global Top Three for 24 Consecutive Quarters as Global Smartphone ASP Sets a New Record

The smartphone industry faced broad headwinds from significant increases in memory costs. Xiaomi proactively optimized its product mix and pricing strategy. In the second quarter, smartphone revenue reached RMB42.1 billion, and global smartphone shipments reached 31.2 million units.

According to Omdia, Xiaomi's global smartphone shipments have ranked among the top three for 24 consecutive quarters. During the Period, Xiaomi's smartphone shipments ranked among the top three in 53 countries and regions globally and among the top five in 67 countries and regions globally, ranking No. 2 in Southeast Asia, Latin America and the Middle East.

Benefiting from the proactive adjustment of its global product mix, the global ASP of Xiaomi smartphones increased by 25.9% year-over-year to a record high of RMB1,351 in the second quarter of this year. According to third-party data, in the Chinese Mainland, smartphones with retail prices at or above RMB3,000 accounted for a record-high 32.1% of the Group's total smartphone units sold, up 4.5 percentage points year-over-year. In the RMB3,000-4,000 price segment in the Chinese Mainland, Xiaomi’s market share reached 16.2%, up 3.3 percentage points year-over-year. In May 2026, Xiaomi successfully launched the Xiaomi 17T Series, its all-in-one imaging flagship smartphone, further enriching its premium product portfolio, and increase the contribution of premium smartphone shipments in the overseas markets.

Xiaomi EV Quarterly Deliveries Surpass 100,000 Units as the Group Formally Enters the Extended-Range SUV Market

Xiaomi's smart EV, AI and other new initiatives segment maintained its growth momentum, with total revenue reaching RMB24.9 billion in the second quarter, up 17.1% year-over-year. Xiaomi EV deliveries continued to climb, with quarterly deliveries reaching 104,199 vehicles, up 28.2% year-over-year, sustaining its trajectory of growth at scale. According to BitAuto, in the first half of 2026, the Xiaomi SU7 Series ranked No. 1 in sales among pure electric sedans priced at or above RMB200,000 in the Chinese Mainland.

Xiaomi EV continued to enrich its product portfolio. Following the Xiaomi SU7 Series and the Xiaomi YU7 Series, the Group unveiled the Xiaomi SkyNomad Series of extended-range SUVs in July 2026, positioned as an "intelligent, reconfigurable, spacious SUV." The Xiaomi SkyNomad N90 Max is equipped with a 76 kWh Xiaomi Armor Scale Battery, delivering a CLTC (China Light-duty Vehicle Test Cycle) combined range of up to 1,705 km, while its cabin supports face-to-face seating, office mode, and bed mode to meet the needs of family travel. With the SkyNomad line, Xiaomi EV has completed a dual-series lineup, positioning it to tap incremental demand.

Xiaomi's safety performance also earned recognition from leading authorities. In the assessment under the China Intelligent-connected Car Assessment Programme (C-ICAP), the Xiaomi YU7 achieved the highest ratings across all four dimensions: driving assistance, parking assistance, smart cockpit and privacy protection. The Xiaomi YU7 also received a "Five-Star Plus Rating" safety certification in the safety tests under the China-New Car Assessment Program (C-NCAP).

Overseas IoT Revenue Grows Rapidly YoY as Connected AIoT Devices Surpass 1.16 Billion

In the second quarter, revenue from the Group's IoT and lifestyle products business reached RMB31.3 billion, with a gross profit margin of 20.1%. Benefiting from the expansion of overseas channels and broader product categories, revenue from overseas IoT and lifestyle products grew rapidly year-over-year, becoming an important driver of growth for the business.

According to Omdia, in the second quarter, Xiaomi's tablet shipments ranked fourth globally, marking the 9th consecutive quarter among the global top five, and ranked fourth in the Chinese Mainland. Both overseas tablet shipments and revenue reached record highs during the Period. Over the same period, Xiaomi's TWS earbud shipments ranked No. 2 globally and No. 2 in the Chinese Mainland, while shipments of its wearable bands ranked No. 2 globally and No. 2 in the Chinese Mainland.

As of June 30, 2026, the number of connected IoT devices on the Group's AIoT platform (excluding smartphones and tablets) reached 1,160.8 million, up 17.4% year-over-year. The number of users with five or more devices connected to the Group's AIoT platform (excluding smartphones and tablets) reached 24.6 million, up 20.2% year-over-year. In June 2026, the MAU of the Xiaomi Home App grew 9.7% year-over-year to 124.1 million, while the MAU of Xiaomi AI Assistant grew 14.2% year-over-year to 174.9 million.

The internet services business remained solid, with revenue of RMB9.0 billion. Its gross profit margin was 76.8%, up 1.4 percentage points year-over-year, and remained at a high level. The user base continued to expand: in June 2026, global MAU reached 766.5 million and MAU in the Chinese Mainland reached 197.7 million, both setting record highs.

Xiaomi Makes Continued Breakthroughs in Core Technologies as AI, OS and Robotics Advance at Full Speed

Xiaomi remains committed to investing in the future as it strives to become a global leader in the evolving realm of cutting-edge technologies. In the second quarter, Xiaomi's R&D expenses reached RMB9.2 billion, up 18.9% year-over-year. In the first half of this year, Xiaomi's R&D expenses reached over RMB18 billion.

In AI, Xiaomi's self-developed large model, Xiaomi MiMo-V2.5, ranked No. 1 on the international model platform OpenRouter in weekly token usage*, reaching 10.5 trillion tokens, gaining broad recognition among developers worldwide. In July 2026, the Xiaomi MiMo on-device model officially completed the national large model filing procedures, and the Xiaomi 17 Max was among the first to receive Level 3 (L3) certifications under the national standards for "Intelligence Grading of Artificial Intelligence Terminal" from the China Computer Industry Association.

In robotics, Xiaomi successively launched two embodied foundation models in July, Xiaomi-Robotics-U0 and Xiaomi-Robotics-1, both of which ranked No. 1 across multiple authoritative international benchmarks. The applications of these technologies were also demonstrated at the Xiaomi EV factory, where the success rate of Xiaomi's embodied robots in dual-sided tasks at the self-tapping threaded insert nut loading station improved from 90.2% to 98.0%, and the robots have been deployed at new workstations in the logistics area of the final assembly workshop.

In August 2026, Xiaomi officially launched its next-generation operating system, the beta version of Xiaomi HyperOS 4. Featuring "Xiaomi Hyper XiaoAi 2.0", powered by the Xiaomi MiMo large model and enhanced with AI, it enables coordinated interactions across ecosystems, scenarios and devices, delivering a significant upgrade to the AI experience. As Xiaomi's foundational core technologies enter a period of intensive realization, the Group is further strengthening the competitive moat of its "Human × Car × Home" ecosystem.