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Xiaomi’s Q1 2026 results show a company balancing a still-dominant smartphone and AIoT business with an expanding but loss-making smart EV and AI innovation arm. Phones and AIoT generated RMB 79.3 billion, helped by an 8.2% rise in average selling price and strong international positioning, while the EV division delivered 80,856 vehicles and RMB 19.9 billion in revenue but posted a RMB 3.1 billion operating loss due to subsidies and rising component costs. Adjusted net profit fell year-over-year as revenue dipped, even as R&D spending surged and Xiaomi advanced AI initiatives—reflecting a strategic trade-off between near-term profitability and long-term EV/AI ambitions.
Xiaomi is managing short-term profitability pressures while investing heavily in EVs and AI, a trade-off that affects supply chains, component demand, and competitive positioning. Tech professionals should watch product mix, R&D direction, and margin impacts for partnership and hiring decisions.
Dossier last updated: 2026-05-26 10:21:31
Xiaomi Group reported Q1 2026 deliveries of 80,856 new cars, up 6.6% year-over-year, as part of its smart electric vehicle (EV) and AI innovation business. The division generated RMB 19.9 billion in revenue (up 6.9%), with RMB 19.0 billion from smart EVs and RMB 0.9 billion from related services. Gross margin for the segment was 20.1%, pressured by vehicle purchase tax subsidies and rising core component costs, and operating loss reached RMB 3.1 billion. The results sit alongside broader company updates showing strong R&D investment and large-scale AI model work, underscoring Xiaomi’s continued capital allocation to EVs and AI despite near-term losses. This matters for competitors, suppliers, and investors tracking consumer EV and AI convergence.
Xiaomi reported Q1 2026 results showing smartphone and AIoT revenue of RMB 79.3 billion, with smartphones accounting for RMB 44.3 billion. The company said average global selling price for phones rose 8.2% year-over-year to RMB 1,310, a record high. Xiaomi also highlighted stronger international footprint: top-three shipment ranking in 47 countries/regions and top-five in 65 markets. Separately, its smart EV and AI innovation segment generated RMB 19.9 billion in revenue with vehicle deliveries up 6.6% to 80,856 units, but operating loss impacted by subsidies and rising component costs. The results matter for device market pricing trends and Xiaomi’s global competitiveness.
Xiaomi reported FY2026 Q1 adjusted net profit of RMB 6.072 billion, down 43.1% year-over-year, with total revenue of RMB 99.1 billion (-10.9%) and core gross margin at 22.0%. Adjusted profit beat market expectations while revenue missed. Smartphone and AIoT revenue fell 14.5% to RMB 79.3 billion, but ASP rose 8.2% and quarterly shipments were 33.8 million (11.3% global share). EV and AI/innovation revenue grew 6.9% to RMB 19.9 billion but recorded an operating loss of RMB 3.1 billion; EV deliveries were 80,856. Xiaomi boosted R&D spend to RMB 9.0 billion (+33%), open-sourced the MiMo-V2.5 series, and continued buybacks (~HKD 8.4 billion YTD). Operating cash flow was negative RMB 17.92 billion.
Xiaomi released its Q1 2026 earnings: revenue totaled RMB 99.14 billion, with the Phone + AIoT segment contributing RMB 79.3 billion and the Smart Electric Vehicles and AI innovation segment RMB 19.9 billion. Adjusted net profit for the quarter was RMB 6.1 billion. The split highlights Xiaomi’s continued reliance on smartphones and AIoT for core revenue while its EV and AI innovation businesses remain a smaller but growing portion of sales. The results matter for investors and the broader tech sector as they reflect Xiaomi’s revenue mix and progress commercializing EV and AI initiatives amid wider industry shifts toward AI-enabled devices and intelligent vehicles.
中国电子信息产业发展研究院数据显示，4月份中国市场进口品牌手机出货量同比增长1.8%