Xiaomi reported CNY 108.9 billion in total revenue for the second quarter of 2026, with adjusted net profit holding at CNY 6.2 billion despite a challenging external environment. The company’s gross margin stood at 19.8%, while smartphone revenue reached CNY 42.1 billion, accounting for 38.7% of total sales. Global smartphone shipments totaled 31.2 million units, though smartphone gross margin declined to 8.5% from 9.3% in the first half of the year.
The AIoT segment, including smartphones and connected devices, generated CNY 84 billion in revenue with a gross margin of 20%. IoT business revenue rose to CNY 31.3 billion, while internet services contributed CNY 9 billion at a gross margin of 76.8%. New initiatives in smart EVs, AI, and robotics delivered CNY 24.9 billion in revenue, up 17.1% year-on-year. R&D spending increased 18.9% to CNY 9.2 billion, with roughly 30% allocated to AI projects.
Xiaomi’s EV division reported 104,199 deliveries in the quarter, marking the sixth consecutive quarter of year-on-year growth. Cumulative deliveries of the SU7 series surpassed 500,000 units as of August 17, 2026, with the model ranked as the top-selling pure electric sedan priced above CNY 200,000 in mainland China during the first half of the year. The company introduced the Kunlun extended-range vehicle architecture and announced the SkyNomad series of extended-range SUVs, including the N90 Max and N70 Max, with presale prices set at CNY 299,900 and CNY 259,900, respectively.
In AI, Xiaomi’s MiMo V2.5 model ranked first globally in core token volume on OpenRouter by early August, with core volume surging from 1.5 trillion to 10.5 trillion tokens in two months. The company also open-sourced its Robotics-1 model in August and achieved a 98% success rate in automated tasks at its EV factory. Robotics milestones included victories at CVPR 2026 and ICRA 2026 competitions.
Smartphone market performance remained stable, with Xiaomi ranked third globally for the 24th consecutive quarter. Regional shares included 19.3% in Southeast Asia, 16.2% in Latin America, and 16.5% in Europe. Premium smartphone sales in mainland China reached a record 32.1% of total sales, while AIoT products such as tablets, TWS earbuds, and wearables maintained top global rankings.
Xiaomi’s share price rose 1.16% to $26.18 following the results, with a 52-week range of $21.30 to $59.90 and a P/E ratio of 9.15. The company was ranked 232nd on the Fortune Global 500 list, improving by 65 places year-on-year, and placed second in Kantar BrandZ’s Top 50 Global Brands in China for 2026.
