Xiaomi Corporation posted revenue of RMB99.1 billion for the first quarter ended 31 March 2026, as the group ramped up artificial intelligence investment and reported that core business operating profit grew by nearly 200% quarter-on-quarter.
Adjusted net profit came in at RMB6.1 billion, exceeding market expectations. Smartphone revenue reached RMB44.3 billion on global shipments of 33.8 million units. According to Omdia, Xiaomi ranked in the global top three for the 23rd consecutive quarter. Global average selling price rose 8.2% year-on-year to a record RMB1,310.
Smart EV and IoT Growth
Revenue from the smart EV, AI and new initiatives segment grew 6.9% year-on-year to RMB19.9 billion, with 80,856 new vehicle deliveries. The Xiaomi YU7 GT set the fastest Nurburgring SUV lap time at 7:22.755. IoT and lifestyle products revenue reached RMB24.7 billion with gross margin at 25.2%. Connected IoT devices on the AIoT platform hit 1,118.7 million, up 18.5% year-on-year.
RMB60 Billion AI Commitment
Quarterly R&D expenses rose 33.4% to RMB9.0 billion. Xiaomi will invest at least RMB16 billion in AI in 2026, with total investment set to exceed RMB60 billion over three years. Its MiMo-V2.5-Pro model ranked first among global open-source models on the Artificial Analysis Intelligence Index.
