1810.HK · XIACY · compiled 16 September 2026
Every car Xiaomi sells with China and USD pricing, the four revenue lines and what each actually earns, the silicon and AI programmes, and the two numbers that broke the story in 2026. Prices converted at USD/CNY 6.698; group figures in RMB.
What changed between FY2025 and now
FY2025 was the best year in Xiaomi's history: revenue RMB 457.3bn, adjusted net profit RMB 39.2bn, 410,000 cars against a 300,000 target, and the EV segment's first annual operating profit. Three things then went wrong at once, and none of them is about demand for the brand.
Xiaomi Auto — everything on sale in September 2026
Three families and six price points, from RMB 209,900 to RMB 814,900. The SkyNomad SUVs launched on 7 September on Xiaomi's first extended-range architecture — and launched RMB 20,000–30,000 below their own pre-sale prices, which tells you how the order book was tracking.
The Max launched RMB 20,000 below its pre-sale price — a 7.7% cut between announcement and launch. Aimed at family buyers who never considered the SU7: Lu Weibing says buyer overlap with the sedan is "very small."
The car that opened the third growth curve, launched 28 March 2024. SU7 series cumulative deliveries passed 500,000 on 17 August 2026. The new generation took 15,000 locked orders in 34 minutes and 30,000 in three days.
The fastest ramp in the lineup and the reason January 2026 hit 39,002 units, of which the YU7 was roughly 97%. Combined SU7 + YU7 deliveries passed 700,000 by late July 2026.
The largest of the range and the biggest single swing factor in H2 2026. Extended range is how Xiaomi reaches the buyers a BEV-only lineup could not — the same move Li Auto built its business on.
Lu Weibing on the Q2 call: "when we designed this car we have not thought of so many special features, but now I think it can already satisfy many scenarios." The space story is doing the work the driving story does for the SU7.
Pre-sold 3,680+ locked orders in days when announced. Its fading mix is one of the three reasons management gave for segment gross margin falling from 26.4% to 19.2% — Ultra carries the best margin in the range.
Deliveries, margin and profit
Three series, ten quarters. The first shows a car business that flattened; the second and third show a group whose profit is back where it was two years ago on 18% more revenue.
Units · May and June were only given as a combined quarter figure · August reported as "over 30,000" with no exact number
Percent · Q1 2024 – Q2 2026 · company-reported
RMB bn · non-IFRS, the company's headline metric · Q4s are derived as the full year less the first three quarters
Two reportable segments, four businesses
The single most useful thing to understand about Xiaomi's accounts: the car is reported together with AI, chips and robotics in one line. A segment loss is therefore not proof the car loses money, and a segment profit is not proof AI pays. Management has not split them.
| Line | Q2 2026 revenue | Gross margin | What it actually is |
|---|---|---|---|
| Smartphones | RMB 42.1bn 38.7% of group |
8.5% | 31.2m units, top-3 globally for 24 consecutive quarters. ASP at a record high and premium mix at a record 32.1% of China sales — and the margin still halved. This is the memory story. |
| IoT & lifestyle | RMB 31.3bn | 20.1% | The designated "profit stabiliser." #2 globally in wearables and TWS, #4 in tablets. Revenue fell year-on-year against the national-subsidy comp, but overseas grew strongly — 640+ new overseas retail stores opened by June. |
| Internet services | RMB 9.0bn | 76.8% | The quiet annuity. 8% of revenue, but at 76.8% gross margin it throws off roughly RMB 6.9bn of gross profit — more than the entire group's adjusted net profit. 770m global MAU, 198m in China, both records. |
| Smart EV, AI & other | RMB 24.9bn 23% of group |
19.2% | EV sales RMB 23.9bn + RMB 1.0bn "other" including large-model API revenue. Implied ASP RMB 229,312. Operating loss RMB 2.6bn. GM was 26.4% a year ago. |
| Group | RMB 108.9bn | 19.8% | Adjusted net profit RMB 6.2bn. R&D RMB 9.2bn in the quarter, up 18.9%; RMB 18.2bn in H1, of which ~30% was AI. |
What the R&D is buying
FY2026 R&D is budgeted above RMB 40bn, of which more than RMB 16bn goes to AI, embodied intelligence and other new initiatives — and all of it lands in the same reported segment as the car.
In-house silicon
Xiaomi's answer to owning the phone's most important component. Lei Jun called the first one the company's "first answer sheet" in chip design.
Foundation models
Xiaomi's model strategy is open-source and deliberately unmonetised — the CFO's words are "we are not too anxious to pursue monetization."
Embodied intelligence
The clearest strategic divergence from Xiaomi's Chinese peers, and the reason its robotics spend is easier to underwrite than theirs.
What Xiaomi actually builds itself
Worth pinning down, because it is narrower than the marketing implies and it bounds how much of the EV gross margin Xiaomi controls.