小米2026Q2财务报告

1

HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimitedtakenoresponsibilityforthe

contentsofthisannouncement,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliability

whatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisannouncement.

XIAOMICORPORATION

小米集团

(AcompanycontrolledthroughweightedvotingrightsandincorporatedintheCaymanIslandswithlimitedliability)

StockCodes:1810(HKDcounter)and81810(RMBcounter)

RESULTSANNOUNCEMENT

FORTHETHREEANDSIXMONTHSENDEDJUNE30,2026

Theboard(the“Board”)ofdirectors(the“Directors”)ofXiaomiCorporation小米集团(the“Company”)ispleasedtoannouncetheunauditedconsolidatedresultsoftheCompanyanditssubsidiaries(collectively,the“Group”)forthethreeandsixmonthsendedJune30,2026.TheseinterimresultshavebeenpreparedinaccordancewithInternationalAccountingStandard34,“InterimFinancialReporting”,andreviewedbyPricewaterhouseCoopers,theindependentauditoroftheCompany,inaccordancewithInternationalStandardonReviewEngagements2410,“Reviewofinterimfinancialinformationperformedbytheindependentauditoroftheentity”,issuedbytheInternationalAuditingandAssuranceStandardsBoard.TheinterimresultshavealsobeenreviewedbytheauditcommitteeoftheCompany(the“AuditCommittee”).

Inthisannouncement,“we”,“us”,and“our”refertotheCompanyandwherethecontextotherwiserequires,theGroup.

KEYHIGHLIGHTS

Unaudited

Threemonthsended

Quarter-

over-

quarter

change

Year-

June30,2026

June30,2025

March31,2026

over-yearchange

(Renminbi(“RMB”)inmillions,unlessspecified)

Revenue

108,921.6

115,956.1

-6.1%

99,141.6

9.9%

Grossprofit

21,608.9

26,101.0

-17.2%

21,810.1

-0.9%

Operatingprofit

10,870.2

13,436.7

-19.1%

5,312.6

104.6%

Profitbeforeincometax

11,565.3

14,402.8

-19.7%

5,728.7

101.9%

ProfitfortheperiodNon-IFRSMeasure:

9,463.4

11,873.2

-20.3%

4,734.6

99.9%

AdjustedNetProfit1

6,2191

10,8307

-426%

6,0721

24%

1Seethesectionentitled“Non-IFRSMeasure:AdjustedNetProfit”formoreinformationaboutthenon-IFRSmeasure.

2

Unaudited

Sixmonthsended

June30,2026

June30,2025

Year-

over-yearchange

(RMBinmillions,unlessspecified)

Revenue

208,063.2

227,249.4

-8.4%

Grossprofit

43,419.0

51,506.9

-15.7%

Operatingprofit

16,182.8

26,562.1

-39.1%

Profitbeforeincometax

17,294.0

27,570.8

-37.3%

Profitfortheperiod

14,198.0

22,765.9

-37.6%

Non-IFRSMeasure:AdjustedNetProfit

12,291.2

21,506.3

-42.8%

BUSINESSREVIEWANDOUTLOOK

1.OverallPerformance

Inthesecondquarterof2026,geopoliticaluncertaintiespersisted,whilesignificantincreasesinkeycomponentcosts,includingmemory,alongwithintensifiedindustrycompetition,continuedtocreateheadwindsforourbusiness.Meanwhile,theartificialintelligence(AI)industryenteredaphaseofrapidadvancement.Weproactivelyoptimizedouroperationalmanagement,focusingonfoundationaltechnologycapabilities,includingAI,toempowerour“Human×Car×Home”ecosystem.Totalrevenueforthesecondquarterof2026reachedRMB108.9billion.Segment-wise,inthesecondquarterof2026,revenueofoursmartphone×AIoTsegmentreachedRMB84.0billion;revenueofoursmartelectricvehicle(“EV”),AIandothernewinitiativessegmentreachedRMB24.9billion.Inthisquarter,ouradjustednetprofitreachedRMB6.2billion.

Inthesecondquarterof2026,oursmartphoneshipmentsreached31.2millionunits.AccordingtoOmdia,wemaintainedtop3globalsmartphoneshipmentrankingforthe24thconsecutivequarter.AsofJune30,2026,thenumberofconnectedIoTdevicesonourAIoTplatform(excludingsmartphonesandtablets)reachedarecordhighof1,160.8million,up17.4%year-over-year.InJune2026,ourglobalmonthlyactiveusers(“MAU”)2reachedarecordhighof766.5million,up4.8%year-over-year.Inthesecondquarterof2026,weachievedtotaldeliveriesof104,199vehicles,up28.2%year-over-year.

Wecontinuedtoexecuteonour2020–2030goalofinvestinginfoundationalcoretechnologiesandbecomingagloballeaderintheevolvingrealmofcutting-edgetechnologies.Inthesecondquarterof2026,ourresearchanddevelopment(“R&D”)expensesincreasedby18.9%year-over-yeartoRMB9.2billion.AsofJune30,2026,ourresearchanddevelopmentpersonnelaccountedfor47.2%ofourtotalemployees.AsofJune30,2026,wehaveobtainedmorethan47,000patentsworldwide.

2Includingsmartphonesandtablets.

3

WecontinuedtoadvanceourAIcapabilities.XiaomiMiMo-V2.5,ourfoundationmodellaunchedinApril2026,continuedtoreceivewidespreadsupportfromusersglobally.OntheOpenRouterplatform,XiaomiMiMo-V2.5rankedastheNo.1modelinweeklytokenusage3,reaching10.5trilliontokens.InJune2026,weofficiallyunveiledXiaomiMiloco2.0(XiaomiLocalCopilot2.0),anopen-sourceAIsolutionforhomeintelligence,poweredbytheXiaomiMiMolargelanguagemodel.ComparedtoXiaomiMiloco1.0,XiaomiMiloco2.0furtherexploresnewsmarthomescenarios,movingtowardproactivehomeintelligencethat“remembers,recognizespeople,andtakesaction”.

Wesimultaneouslyexplorethefrontierofembodiedintelligence.InJuly2026,welaunchedandopen-sourcedXiaomi-Robotics-U0,a38-billionparametermultimodalautoregressivegenerativefoundationmodelforembodiedintelligence.OntheWorldArenabenchmark,Xiaomi-Robotics-U0rankedNo.1among126modelsworldwidewiththehighestoverallscore4.Inthesamemonth,wealsolaunchedXiaomi-Robotics-1,anembodiedfoundationmodelforreal-worldmobilemanipulationtasks,pre-trainedon100,000hoursofreal-worlddata.Xiaomi-Robotics-1rankedNo.1ontheRoboCasa365simulationbenchmark5.AlsoinJuly2026,wedemonstratedourroboticscapabilitiesattheXiaomiEVfactory.Weimprovedthesuccessrateofourrobotsindual-sidetasksattheself-tappingthreadedinsertnutloadingstationfrom90.2%to98%.Moreover,ourrobotsweredeployedatnewworkstationsinthelogisticsareaofthefinalassemblyworkshop,includingcenterconsoleside-coversortingandreturnableboxfolding,achievingsuccessratesof90%forbothtasks.InJune2026,Xiaomi’sroboticsteamwonfirstplaceinboththeGigaBrainChallenge-RoboChallengeTrackoftheCVPR2026WorkshopsandtheWBC(WholeBodyControl)TrackoftheICRA2026,underscoringourcutting-edgeR&Dcapabilitiesinembodiedintelligence.

InAugust2026,weofficiallylaunchedthebetaversionofXiaomiHyperOS4,ournext-generationoperatingsystem.Wecontinuetoimprovefoundationalexperienceandusability.WehaveaddedpreciseloadcalculationandmemorypreloadingcapabilitiestoourproprietaryXiaomiHyperCore,andestablishedaruntimeenvironmentforXiaomiHyperOSapplications.Inaddition,wehaveupgradedouromni-ecosystemAIcapabilitieswiththeintroductionof“XiaomiHyperXiaoAi2.0”.ThroughimprovementstotheAIarchitectureandtheintegrationoftheXiaomiMiMolargelanguagemodel,itpossessesenhancedtaskorchestrationandcontentgenerationcapabilities.Furthermore,wehaveconductedspecializedoptimizationsforcross-appandcross-devicescenarios,enablingAItoevolvefrommerely“understandinginstructions”toactually“gettingthingsdone.”

Westeadilyimprovedtheoperationalefficiencyofournewretailstores.AsofJune2026,thenumberofourlargeXiaomistores(over500squaremeters)intheChineseMainlandexceeded270.Atthesametime,westeadilyexpandedournewretailmodelintheoverseasmarkets,withthetotalnumberofoverseasnewretailstoressurpassing640,coveringSoutheastAsia,Europe,EastAsia,LatinAmerica,theMiddleEast,Africa,etc.

Inthesecondquarterof2026,wecontinuedtoimproveoperatingefficiency,withtheoperatingexpenseratioofoursmartphone×AIoTsegmentreaching14.2%,down0.6percentagepointsquarter-over-quarter.Meanwhile,wecontinuedtoinvestproactivelyinthefuture,andourcapitalexpendituresforthequarteramountedtoapproximatelyRMB3.6billion,includingRMB2.4billionallocatedtothesmartEV,AIandothernewinitiativessegment.

3FromJuly20,2026toJuly26,2026.

4AsofJuly15,2026.

5AsofJuly15,2026.

4

Wearecommittedtocontinuouslyenhancingshareholdervalueandhavebeenactivelyrepurchasingoursharesintheopenmarket.WeadoptedanewsharerepurchaseprogramonMay26,2026,withatotalamountofuptoHKD20billion.Sincethebeginningofthisyear6,wehaverepurchasedapproximately377.5millionsharesintheamountofapproximatelyHK$11.7billion,exceedinglastyear’stotalrepurchaseamount.

Ourbrandcontinuedtogainrecognitionglobally.InJuly2026,werankedNo.232ontheFortuneGlobal500list,up65spotsfrom2025,markingour8thconsecutiveyearonthelistandourhighestrankingsinceourdebutin2019.Inthesamemonth,werankedNo.2intheTop502026KantarBrandZChineseGlobalBrandBuilders,markingour9thconsecutiveyearonthelist.

2.Smartphone×AIoT

Inthesecondquarterof2026,revenuefromoursmartphone×AIoTsegmentreachedRMB84.0billion.Thegrossprofitmarginofoursmartphone×AIoTsegmentreached20.0%.

Smartphones

Inthesecondquarterof2026,theglobalsmartphoneindustryfacedbroadheadwindsfromsignificantincreasesinmemorycosts.AccordingtoOmdia,globalsmartphoneshipmentsweredown6%year-over-yearinthesecondquarterof2026.Facingtheseheadwinds,weproactivelyoptimizedourproductmixandpricingstrategy,whileactivelyadjustingshipmentcadence.Ourglobalsmartphoneshipmentsreached31.2millionunitsinthisquarter,andoursmartphonerevenuereachedRMB42.1billion,withagrossprofitmarginof8.5%.

Wecontinuedtoadvanceourpremiumizationstrategyandproactivelyimproveourproductmix.Inthesecondquarterof2026,theaveragesellingprice(“ASP”)ofoursmartphonesreachedarecordhigh,up25.9%year-over-yeartoRMB1,351.Accordingtothird-partydata,inthesecondquarterof2026,oursmartphoneunitswithretailpricesatoraboveRMB3,000soldintheChineseMainlandaccountedfor32.1%ofourtotalsmartphoneunitssold,reaching

arecordhighandup4.5percentagepointsyear-over-year.IntheRMB3,000-4,000segmentintheChineseMainland,ourmarketsharereached16.2%,up3.3percentagepointsyear-over-year.

AccordingtoOmdia,inthesecondquarterof2026,werankedNo.3globallyinsmartphoneshipments,maintainingtop3globalsmartphoneshipmentrankingforthe24thconsecutivequarter.OursmartphoneshipmentsrankedNo.2inSoutheastAsia,LatinAmericaandtheMiddleEastwithmarketsharesof19.3%,16.2%and13.5%,respectively.WerankedNo.3inEuropeandAfrica,withmarketsharesof16.5%and10.9%,respectively.Inthesecondquarterof2026,oursmartphoneshipmentsrankedamongthetopthreein53countriesandregionsgloballyandamongthetopfivein67countriesandregionsglobally.

6FromJanuary1,2026toAugust13,2026.

5

IoTandlifestyleproducts

Inthesecondquarterof2026,revenuefromourIoTandlifestyleproductsreachedRMB31.3billion.ThegrossprofitmarginofourIoTandlifestyleproductsreached20.1%.

AsofJune30,2026,thenumberofconnectedIoTdevices(excludingsmartphonesandtablets)onourAIoTplatformreached1,160.8million,up17.4%year-over-year.ThenumberofuserswithfiveormoredevicesconnectedtoourAIoTplatform(excludingsmartphonesandtablets)reached24.6million,up20.2%year-over-year.InJune2026,theMAUofourXiaomiHomeAppgrewto124.1million,up9.7%year-over-year.TheMAUofourAIAssistant(“小愛同學”)grewto174.9million,up14.2%year-over-year.

Ourtabletbusinessmaintainedstableperformance.AccordingtoOmdia,inthesecondquarterof2026,ourtabletshipmentsadvancedtoNo.4globally,amongthetopfiveforthe9thconsecutivequarterandrankedNo.4intheChineseMainland.

AccordingtoOmdia,inthesecondquarterof2026,ourTWSearbudshipmentsrankedNo.2globallyandNo.2intheChineseMainland.Ourshipmentsofwearablebands7rankedNo.2

globallyandNo.2intheChineseMainland.

OuroverseasIoTandlifestyleproductscontinuedtogrow.Inthesecondquarterof2026,drivenbytheexpansionofoverseaschannelsandbroaderproductcategories,ouroverseasIoTandlifestyleproductsrevenueincreasedrapidlyyear-over-year.Notably,boththeshipmentsandrevenueofoverseastabletreachedrecordhighsinthisquarter.

Internetservices

Inthesecondquarterof2026,ourinternetservicesrevenuereachedRMB9.0billion.Thegrossprofitmarginofourinternetserviceswas76.8%,up1.4percentagepointsyear-over-year.

Ourinternetuserbasecontinuedtoexpand.TheMAUgloballyandintheChineseMainlandbothhitrecordhighs.InJune2026,ourglobalMAUreached766.5million,up4.8%year-over-year,andourMAUintheChineseMainlandreached197.7million,up7.0%year-over-year.InJune2026,theglobalMAUofoursmartTVs8reached76.9million,up4.3%year-over-year.

Inthesecondquarterof2026,ouradvertisingbusinesssustainedgrowthmomentum,withadvertisingrevenuereachingRMB7.2billion,up4.8%year-over-year.OuroverseasinternetservicesrevenuereachedRMB2.9billion.Overseasinternetservicesrevenueaccountedfor32.1%ofourtotalinternetservicesrevenue.

7Includingbasicbands,basicwatchesandsmartwatches.

8IncludingXiaomiBoxandXiaomiTVStick.

6

3.SmartEV,AIandOtherNewInitiatives

Inthesecondquarterof2026,revenuefromoursmartEV,AIandothernewinitiativessegmentreachedRMB24.9billion,up17.1%year-over-year,consistingofRMB23.9billionfromsmartEVandRMB1.0billionfromotherrelatedbusinesses(includingAIbusinessrevenuegeneratedbytheXiaomiMiMolargelanguagemodelseries).Inthesecondquarterof2026,thegrossprofitmarginofoursmartEV,AIandothernewinitiativessegmentwas19.2%.Inthesecondquarterof2026,thelossfromoperations9relatedtooursmartEV,AIandothernewinitiativessegmentwasRMB2.6billion.

Inthesecondquarterof2026,theoverallpassengervehiclemarketintheChineseMainlandexperiencedadownturn,withretailvolumedecliningby22%year-over-year10.Weachievedtotaldeliveriesof104,199vehiclesinthisquarter,up28.2%year-over-year.Inthefirsthalfof2026,theXiaomiSU7SeriesrankedNo.1insalesvolumeamongpureelectricsedanspricedaboveRMB200,000intheChineseMainland11.AsofAugust17,2026,cumulativedeliveriesofourXiaomiSU7Serieshaveexceeded500,000units.AccordingtotheJuly2026ChinaVehicleValueRetentionRatioResearchReport,jointlyreleasedbyChinaAutomobileDealersAssociationandJingzhengu,theXiaomiYU7Seriesrankedfirstamongone-yearmajorpureelectricvehicles,withavalueretentionratio12of82.8%.TheXiaomiSU7Seriesrankedfourth,withavalueretentionratioof75.3%.Meanwhile,theXiaomiSU7Seriesrankedfirstinvalueretentionratioamongone-yearmajorpureelectricsedans.

Wecontinuedtorefineourtechnologiesandenrichourproductportfolio.InJuly2026,weofficiallyunveiledtheXiaomiKunlunTechnicalArchitecture,includingtheXiaomiKunlunPlatform,XiaomiKunlunHyperRange,andXiaomiKunlunTotalSafety.Builtonthistechnicalarchitecture,wedebutedourfirstextended-rangeSUVseries:theXiaomiSkyNomadSeries,includingtwovariants:theXiaomiSkyNomadN90MaxandtheXiaomiSkyNomadN70Max.WedefinedtheXiaomiSkyNomadSeriesasan“intelligent,reconfigurable,spaciousSUV”.TheXiaomiSkyNomadSeriesadoptsafullyflatfloorfromfronttorear,withspeciallyoptimizedrearwheel-archespackagingtodeliverarectangularlayout.Theextra-longseatsliderailsofferflexiblespaceutilization,accommodatingface-to-faceseating,amobileworkspace,andaflat-bedmode.IntermsofXiaomiKunlunHyperRange,weusealarge-batteryextended-rangearchitecture,dual-motorall-wheeldrive,andXiaomiKunlun1.5Trange-extenderunit.TheXiaomiSkyNomadSeriesdeliversaCLTC13combinedrangeofupto1,705km.IntermsofXiaomiKunlunTotalSafety,theXiaomiSkyNomadSeriesadoptsanArmorCage-typebodystructureandintegratedhot-stampeddoorring,equippedwiththeXiaomiArmorScaleBattery.Anditsmulti-directionalcollisionteststandardsexceedtheindustry’sstringentstandards.Theofficialpre-salepricesoftheXiaomiSkyNomadN90MaxandtheXiaomiSkyNomadN70MaxareRMB299,900andRMB259,900,respectively,andareexpectedtolaunchinSeptember2026.

9Income/(loss)fromoperationsisdefinedasgrossprofitminusoperatingexpenses.

10AccordingtoChinaPassengerCarAssociation(CPCA).

11Source:BitAuto,asofJune30,2026.

12ValueRetentionRatioiscalculatedasused-carresalepricedividedbynew-carmanufacturer’ssuggestedretailprice.

13ChinaLight-dutyVehicleTestCycle.

7

WecontinuetostrengthenourEVsafetysystems.InJune2026,intheassessmentundertheC-ICAP(ChinaIntelligent-connectedCarAssessmentProgramme,RevisionofVersion2024),theXiaomiYU714achievedthehighestratingsacrossallfourdimensions:drivingassistance,parkingassistance,smartcockpitandprivacyprotection.InJuly2026,inthesafetytestsundertheC-NCAP(ChinaNewCarAssessmentProgramme,2024Edition),theXiaomiYU715achieveda“Five-StarPlusRating”safetycertification.TheXiaomiYU7performedexceptionallyacrossallthreesafetytestdimensions:occupantprotection,VRU(vulnerableroaduser)protectionandactivesafety.

Wearecontinuouslyhoningourtechnologiesthroughtracktesting.InJune2026,ourXiaomiYU7GTwithTrackPackagesetthefirstautonomousdrivinglaprecordattheNürburgringNordschleife,achievingalaptimeof10:29.483.

4.CorporateSocialResponsibility(CSR)

Asweadvancedthedevelopmentoflow-carbonmaterials,wecontinuedtoincreaseourinvestmentintheproprietaryresearchanddevelopmentofcorematerials.Ourself-developedXiaomiTitanAlloy2.0hasachievedcarbonemissionsof1.1kgCO2eperkilogram,representingapproximatelya93%reductioncomparedwithconventionalprimaryaluminum.IthasbeenverifiedundertheinternationalEnvironmentalProductDeclaration(EPD)systemandregistered.Whilemaintainingexcellentstructuralstrength,italsodeliversenhancedtoughness,withallperformancemetricsmeetingstringentautomotivestructuralcomponentstandards.XiaomiTitanAlloy2.0hasenteredmassproductionandisdeployedintheNew-GenerationXiaomiSU7SeriesandtheXiaomiYU7Series.ThismaterialtechnologybreakthroughfurtherstrengthenedourproprietarytechnologycapabilitiesandenhancedthecompetitivenessofpremiumproductsinoursmartEVbusiness,whilereinforcingthelow-carboncompetitivenessofourproductsinglobalmarkets.

Intermsofpovertyanddisasterrelief,inJuly2026,followingfloods,hailstorms,andotherdisastersinGuangxi,Hubei,Gansu,Liaoning,Jilin,Hebeiandotherregions,theXiaomiFoundationdonatedRMB10millionincashtosupportemergencyrelief,transitionalresettlement,andpost-disasterreconstructionintheaffectedareas.Topromotetechnologyinnovation,asofJune30,2026,theXiaomiInnovationJointFund16hascumulativelydonatedapproximatelyRMB274million,supporting182researchteamsintheChineseMainland.

14Thetestedmodelwasthelong-rangeversionofXiaomiYU7.

15Thetestedmodelwasthelong-rangeversionofXiaomiYU7.

16EstablishedwithdonationsfromBeijingXiaomiFoundation.

8

MANAGEMENTDISCUSSIONANDANALYSIS

SecondQuarterof2026ComparedtoSecondQuarterof2025

Thefollowingtablesetsforththecomparativefiguresforthesecondquarterof2026andthesecondquarterof2025:

Unaudited

Threemonthsended

June30,2026

June30,2025

(RMBinmillions)

Revenue

108,921.6

115,956.1

Costofsales

(87,312.7)

(89,855.1)

Grossprofit

21,608.9

26,101.0

Researchanddevelopmentexpenses

(9,231.3)

(7,763.4)

Sellingandmarketingexpenses

(8,648.5)

(7,778.0)

Administrativeexpenses

(1,481.7)

(1,627.1)

Fairvaluechangesonfinancialinstrumentsmeasured

atfairvaluethroughprofitorloss

6,457.7

3,363.5

Shareofnetprofitsofinvestmentsaccounted

forusingtheequitymethod

42.4

86.9

Otherincome

2,159.6

299.4

Other(losses)/gains,net

(36.9)

754.4

Operatingprofit

10,870.2

13,436.7

Financeincome,net

695.1

966.1

Profitbeforeincometax

11,565.3

14,402.8

Incometaxexpenses

(2,101.9)

(2,529.6)

Profitfortheperiod

9,463.4

11,873.2

Non-IFRSMeasure:AdjustedNetProfit

6,219.1

10,830.7

9

Revenue

Revenuedecreasedby6.1%fromRMB116.0billioninthesecondquarterof2025toRMB108.9billioninthesecondquarterof2026.Thefollowingtablesetsforthourrevenuebysegmentinthesecondquarterof2026andthesecondquarterof2025:

Unaudited

Threemonthsended

June30,

Amount

2026

%oftotalrevenue

June30,

Amount

2025

%oftotalrevenue

(RMBinmillions,unlessspecified)

Smartphone×AIoT

84,025.8

77.1%

94,692.8

81.7%

SmartEV,AIandothernewinitiatives

24,895.8

22.9%

21,263.3

18.3%

Totalrevenue

108,921.6

100.0%

115,956.1

100.0%

Smartphone×AIoT

Revenuefromoursmartphone×AIoTsegmentdecreasedby11.3%fromRMB94.7billioninthesecondquarterof2025toRMB84.0billioninthesecondquarterof2026.Thefollowingtablesetsforthourrevenuebylineofoursmartphone×AIoTsegmentinthesecondquarterof2026andthesecondquarterof2025:

Unaudited

Threemonthsended

June30,

Amount

2026

%oftotalrevenue

June30,

Amount

2025

%oftotalrevenue

(RMBinmillions,unlessspecified)

Smartphone×AIoT

Smartphones

42,118.7

38.7%

45,520.0

39.3%

IoTandlifestyleproducts

31,278.0

28.7%

38,712.2

33.4%

Internetservices

9,043.7

8.3%

9,097.7

7.8%

Otherrelatedbusinesses

1,585.4

1.4%

1,362.9

1.2%

Totalrevenueof

smartphone×AIoTsegment

84,025.8

77.1%

94,692.8

81.7%

10

(i)Smartphones

Revenuefromoursmartphonesdecreasedby7.5%fromRMB45.5billioninthesecondquarterof2025toRMB42.1billioninthesecondquarterof2026,primarilyduetothedecreaseinoursmartphoneshipments,partiallyoffsetbytheincreaseinoursmartphoneASP.Oursmartphoneshipmentsdecreasedby26.5%from42.4millionunitsinthesecondquarterof2025to31.2millionunitsinthesecondquarterof2026,primarilyduetotheoptimizationofourproductportfolioandthereductioninshipmentsofourmid-rangeandlow-endsmartphones,aswellastheweakenedglobaldemanddrivenbythecontinuedincreaseinpriceofkeycomponents.TheASPofoursmartphonesincreasedby25.9%fromRMB1,073.2perunitinthesecondquarterof2025toRMB1,351.0perunitinthesecondquarterof2026,arecordhigh,primarilyduetotheoptimizationofourproductportfolio,thehighercontributionofsmartphoneshipmentsintheChineseMainland,aswellastheincreasedASPintheoverseasmarketsdrivenbythesuccessfullaunchofXiaomi17TSeriesinMay2026.

(ii)IoTandlifestyleproducts

RevenuefromourIoTandlifestyleproductsdecreasedby19.2%fromRMB38.7billioninthesecondquarterof2025toRMB31.3billioninthesecondquarterof2026,primarilyduetothedecreasedrevenueintheChineseMainlandresultingfromthereductioninnationalsubsidies,partiallyoffsetbytheincreasedrevenueintheoverseasmarkets,drivenbytablets,smartTVsandwearables.

(iii)Internetservices

Revenuefromourinternetservicesdecreasedby0.6%fromRMB9.1billioninthesecondquarterof2025toRMB9.0billioninthesecondquarterof2026,primarilyduetothedecreasedrevenuefromourgamingbusinessandothervalue-addedservices,partiallyoffsetbytheincreasedrevenuefromouradvertisingbusiness.

(iv)Otherrelatedbusinesses

Revenuefromourotherrelatedbusinessesincreasedby16.3%fromRMB1.4billioninthesecondquarterof2025toRMB1.6billioninthesecondquarterof2026,primarilyduetotheincreasedrevenuefromsalesofmaterials,partiallyoffsetbythedecreasedrevenuefrominstallationservicesprovidedforairconditioners.

SmartEV,AIandOtherNewInitiatives

RevenuefromoursmartEV,AIandothernewinitiativessegmentincreasedby17.1%fromRMB21.3billioninthesecondquarterof2025toRMB24.9billioninthesecondquarterof2026.

RevenuefromoursmartEVincreasedby15.9%fromRMB20.6billioninthesecondquarterof2025toRMB23.9billioninthesecondquarterof2026,primarilyduetotheincreaseinourvehicledeliveries,partiallyoffsetbythedecreaseinourvehicleASP.Ourvehicledeliveriesincreasedby28.2%from81,302unitsinthesecondquarterof2025to104,199unitsinthesecondquarterof2026,primarilyduetotheincreaseddeliveriesofXiaomiYU7Series,partiallyoffsetbythedecreaseddeliveriesofXiaomiSU7Ultra.TheASPofoursmartEVdecreasedby9.6%from

11

RMB253,662perunitinthesecondquarterof2025toRMB229,312perunitinthesecondquarterof2026,primarilyduetothelowercontributionfromdeliveriesofXiaomiSU7Ultra.

Revenuefromourotherrelatedbusinessesincreasedby56.5%fromRMB0.6billioninthesecondquarterof2025toRMB1.0billioninthesecondquarterof2026,primarilyduetotheincreasedrevenuefromafter-salesservicesrelatedtooursmartEVbusiness,aswellastheincreasedrevenuefromourAIbusinessrelatedtoXiaomiMiMolargelanguagemodelseries.

CostofSales

Ourcostofsalesdecreasedby2.8%fromRMB89.9billioninthesecondquarterof2025toRMB87.3billioninthesecondquarterof2026.Thefollowingtablesetsforthourcostofsalesbysegmentinthesecondquarterof2026andthesecondquarterof2025:

Unaudited

Threemonthsended

June30,

Amount

2026

%oftotalrevenue

June30,

Amount

20