Q2 2026 Xiaomi Corporation Earnings Call Transcript

Aug 18, 2026 / 11:30 AM GMT

Release Date Price: €2.86

Transcript

Key Points

Positve

Xiaomi Corp (XIACF) achieved a record-high smartphone ASP in Q2 2026, driven by proactive product mix optimization and price increases, which helped offset the impact of rising memory costs.
The company's smartphone business maintained its top-three global market share for the 24th consecutive quarter, ranking among the top three in 53 countries and regions worldwide.
Xiaomi Corp (XIACF)'s AI large model, MiMo V2.5, topped the global open-source model core volume ranking in August 2026, with core volume surging over sixfold in two months, and has begun contributing revenue via API calls and token plans.
The IoT business saw significant year-on-year overseas revenue growth in Q2 2026, driven by expansion into overseas channels and product categories, with over 640 new retail stores opened overseas.
Xiaomi Corp (XIACF)'s EV business delivered 104,199 vehicles in Q2 2026, marking the sixth consecutive quarter of year-on-year growth, and the new SkyNomad extended-range SUV series has received enthusiastic pre-orders.
The company's Internet Services segment demonstrated resilience with global MAUs reaching a record 770 million, and gross margin improving to 76.8% in Q2 2026.

Negative

Xiaomi Corp (XIACF) faced significant pressure from persistently high memory costs, which the management noted exceeded expectations and negatively impacted smartphone gross margins, which fell to 8.5% in Q2 2026.
Smartphone shipments declined year-on-year in Q2 2026 as the company proactively optimized its product structure and increased selling prices, potentially sacrificing volume for profitability.
The IoT business experienced a year-on-year revenue decline in Q2 2026, attributed to the high base effect from national subsidies in the Chinese market in the previous year.
The Smart EV, AI, and other new initiatives segment reported an operating loss of RMB2.6 billion in Q2 2026, reflecting continued heavy investment in AI and other new businesses.
The company's EV gross margin fluctuated due to changes in product mix, with a higher share of lower-priced SU7 deliveries in Q2 2026 compared to the previous quarter, and the final pricing for the new SkyNomad series has not yet been set, creating uncertainty for future margins.
Management acknowledged that consumer demand recovery remains slow and industry competition is intensifying, with short-term operational pressures expected to persist into Q3 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

1810.HK - Xiaomi Corporation
Q2 2026 Xiaomi Corporation Earnings Call
Aug 18, 2026 / 11:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to Xiaomi's 2026 Interim Results Announcement Investor Conference Call and audio webcast.

Today's conference is being recorded. If you have any objection, you may disconnect at this time. If you have any question and would like to raise during the Q&A session later, please press *11 on your telephone keypad to register your question. Should you wish to cancel your question, please press *11. Now I'd like to hand the conference over to your host today, Ms. Isabella Gao from Group Investor Relations and Capital Markets Department. Please go ahead.

Good evening, ladies and gentlemen. Welcome to the investor conference call and audio webcast hosted by Xiaomi Corporation regarding the

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