Gasgoo Munich- Xiaomi Group (HK01810) released its financial results for the second quarter of 2026. Revenue reached 108.9 billion yuan, exceeding the 100-billion yuan threshold. Adjusted net profit was 6.2 billion yuan, an increase from the previous quarter. R&D spending rose 18.9% year-on-year to 9.2 billion yuan.
The Smartphone × AIoT division recorded revenue of 84 billion yuan. The smartphone business generated 42.1 billion yuan. Shipment volumes ranked in the global top three for the 24th consecutive quarter. IoT and lifestyle products revenue was 31.3 billion yuan, driven by overseas expansion. Internet services revenue was 9 billion yuan, as global monthly active users reached a record high.
Image source: Xiaomi
The smart electric vehicle and AI innovation division reported revenue of 24.9 billion yuan, up 17.1% year-on-year. Smart EV revenue was 23.9 billion yuan.
Lu Weibing, partner and president of Xiaomi Group, said revenue returned to 100 billion yuan in the second quarter. Top-line growth and profit improved sequentially. The Xuanjie O1 chip, launched last year, shipped over 1 million units across three devices. The next-generation Xiaomi Xuanjie chip will launch soon.
Lu said the group's business structure is optimizing. The share of automotive and AIoT operations is rising. Despite rising memory costs, Xiaomi's smartphone business maintained its global top three position.
For the second half of the year, slower memory price increases are expected to support the launch of flagship devices. The Redmi K100 series launched in August. Several flagship products will launch in September. The Xiaomi SkyNomad EV launch is a milestone. The group expects strong performance in the second half of 2026.
