Xiaomi (1810) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was RMB 108.9 billion, with adjusted net profit of RMB 6.2 billion and gross margin at 19.8%.

• Smartphone ASP reached a record RMB 1,351, with premium smartphones in China accounting for 32.1% of sales.

• Smart EV deliveries reached 104,199 units in Q2, up 28.2% YoY, with cumulative SU7 series deliveries surpassing 500,000.

• IoT and lifestyle products revenue was RMB 31.3 billion, with significant overseas growth and expansion of retail stores.

• Major advancements in AI, robotics, and integration of AI into OS and smart home ecosystem, including the launch of Xiaomi Kunlun architecture and SkyNomad SUV series.

Financial highlights

• Smartphone × AIoT segment revenue was RMB 84.0 billion, with a 20% gross margin.

• Smart EV, AI, and new initiatives revenue was RMB 24.9 billion, up 17.1% YoY, with a 19.2% gross margin.

• Internet services revenue was RMB 9.0 billion, with a 76.8% gross margin.

• R&D expenses in Q2 were RMB 9.2 billion, up 18.9% YoY; first half R&D was RMB 18.2 billion, up 25.6%.

• CapEx in Q2 was RMB 3.6 billion, with significant allocation to innovative businesses.

Outlook and guidance

• Short-term pressures include high storage costs, slow consumer demand recovery, and intense competition.

• Continued investment in AI chips, OS, and embodied intelligence to drive next-stage growth.

• Overseas IoT and EV expansion on track, with accelerated development and new market entries planned.

• No interim dividend declared for H1 2026.