Q1 2026 Xiaomi Corp Earnings Call Transcript
Key Points
- Xiaomi Corp (XIACF) achieved a total revenue of RMB99.1 billion and an adjusted net profit of RMB6.1 billion in Q1 2026.
- The company maintained its position among the top three globally in smartphone shipments for 23 consecutive quarters, with a market share of 11.3%.
- Xiaomi's IoT business achieved a revenue of RMB24.7 billion, with overseas revenue reaching a record high and achieving double-digit year-on-year growth.
- The gross profit margin for Xiaomi's IoT business was 25.2%, demonstrating the company's ability to hedge against fluctuations in a single industry through multi-business synergy.
- Xiaomi's AI initiatives, including the MiMo-V2.5 series, have shown significant progress, with the MiMo-V2.5-Pro ranking first in the Comprehensive Intelligence Index among global open-source large models.
- Xiaomi's smartphone shipments declined due to proactive control of shipments of mid- to low-end products and channel inventory.
- The sharp rise in memory costs has impacted the smartphone industry, posing a challenge to maintaining profit margins.
- The IoT business experienced a year-on-year decline in domestic revenue due to the high base of national subsidy last year.
- Xiaomi's Smart EVs, AI, and other new initiatives segment incurred an operating loss of RMB3.1 billion in Q1 2026.
- The company faces a triple cycle of cost, demand, and competition challenges in the short term, impacting strategic planning and execution.
Ladies and gentlemen, welcome to Xiaomi's 2026 first-quarter results announcement, investor conference call, and audio webcast. Today's conference is being recorded. (Operator Instructions)
Now, I would like to hand the conference over to your host today, Mr. Xu Ran, General Manager of 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 company's 2026 Q1 results.
Before we start the call, we would like to remind you that this call may include forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions comes from a variety of sources outside of Xiaomi. This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to but not
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