Xiaomi Corporation reported unaudited revenue of RMB108.9 billion for the second quarter of 2026, up 9.9 per cent quarter-over-quarter, despite significant increases in memory and component costs and intensifying industry competition. Adjusted net profit reached RMB6.2 billion, up 2.4 per cent quarter-over-quarter.

Smartphones hold top-three global ranking for 24 quarters

Revenue from the smartphone x AIoT segment reached RMB84.0 billion, of which smartphones contributed RMB42.1 billion on shipments of 31.2 million units. According to Omdia, Xiaomi’s global smartphone shipments have ranked among the top three for 24 consecutive quarters, placing among the top three in 53 countries and regions and top five in 67 countries and regions — including No. 2 in Southeast Asia, Latin America and the Middle East.

The company’s premiumisation strategy pushed the global average selling price of Xiaomi smartphones up 25.9 per cent year-over-year to a record RMB1,351. In the Chinese Mainland, smartphones priced at RMB3,000 or above accounted for a record 32.1 per cent of units sold, up 4.5 percentage points year-over-year.

EV deliveries surpass 100,000 as SkyNomad line launches

The smart EV, AI and other new initiatives segment generated RMB24.9 billion, up 17.1 per cent year-over-year, with EV revenue of RMB23.9 billion. Quarterly EV deliveries reached 104,199 vehicles, up 28.2 per cent year-over-year. According to BitAuto, the Xiaomi SU7 Series ranked No. 1 in sales among pure electric sedans priced at or above RMB200,000 in the Chinese Mainland for the first half of 2026.

In July, Xiaomi unveiled its Kunlun Technical Architecture and the SkyNomad Series of extended-range SUVs, entering the extended-range market for the first time. The Xiaomi YU7 also received top ratings across driving assistance, parking assistance, smart cockpit and privacy protection under China’s C-ICAP programme, along with a Five-Star Plus safety rating under C-NCAP.

IoT, internet services and R&D continue to scale

IoT and lifestyle product revenue reached RMB31.3 billion, up 26.7 per cent quarter-over-quarter, with overseas revenue growing rapidly. Xiaomi’s tablet shipments ranked fourth globally, while TWS earbuds and wearable bands each ranked No. 2 globally. Connected AIoT devices on its platform reached 1,160.8 million as of 30 June 2026, up 17.4 per cent year-over-year.

Internet services revenue reached RMB9.0 billion at a 76.8 per cent gross margin, with global monthly active users hitting a record 766.5 million. R&D spending in the quarter rose 18.9 per cent year-over-year to RMB9.2 billion, bringing first-half R&D investment to more than RMB18 billion. Xiaomi’s self-developed MiMo-V2.5 model ranked first on OpenRouter for weekly token usage, while the company also launched two embodied robotics foundation models and the beta of its next-generation HyperOS 4 operating system in the quarter.