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Xiaomi Corp (1810.HK)

Q3 2026
▲2▼2

AI and EV gains offset by phone slump and memory shortage

  • AI and EV momentum Xiaomi's MiMo-V2.5 AI model ranked first globally, EV revenue topped 100 billion yuan, and the SU7, SkyNomad, and September deliveries impressed analysts.

    Highlights the key positive forces that drove Xiaomi's stock in Q3.

  • New product launches and supply deal Xiaomi unveiled the TSMC-made Xring O3 chip, launched the cheaper 18 Fold, and secured Sunwoda battery supply, strengthening its product lineup and supply chain.

    Shows new product and supply chain developments that supported the stock.

  • Memory-chip shortage hits phones A memory-chip shortage forced a 30% phone shipment-target cut, with China shipments down 21.7%; later Q2 shipments fell 26%, net profit dropped 42.6%, and new businesses lost 2.6 billion yuan.

    Explains the major negative force that pressured Xiaomi's stock.

  • US expansion dims and Apple threat US expansion hopes dimmed, and Apple's foldable iPhone Duo threatens Xiaomi's premium foldable share despite its price advantage.

    Points to external challenges that weighed on Xiaomi's outlook.

August 2026
▲2▼2

AI and EV strength offset smartphone slump and memory costs

  • MiMo-V2.5 AI model ranks first globally Xiaomi's MiMo-V2.5 AI model ranked first globally with 10.5 trillion weekly tokens, showing strong AI adoption that could open new revenue streams and support the stock.

    This is a new positive development in AI that was not in earlier reports.

  • EV momentum accelerates with strong sales and analyst praise Xiaomi's SU7 outsold Mercedes in China, SkyNomad got 70,000 first-month orders, and September deliveries topped 40,000. Citi issued a buy rating and UBS named Xiaomi a likely global EV winner.

    This shows new EV sales milestones and analyst validation not covered in earlier reports.

  • Memory costs crush smartphone profits Memory costs crushed smartphones: Q2 shipments fell 26%, net profit dropped 42.6%, and margins narrowed. New businesses lost 2.6 billion yuan, and Southeast Asia phone shipments slumped 23%.

    This provides new specific financial damage from memory costs and regional weakness.

  • US expansion hopes dim as Xiaomi may miss delegation Xiaomi may miss a US delegation, hurting US expansion hopes. This adds geopolitical and regulatory uncertainty to its growth plans.

    This is a new negative development regarding US market access not mentioned earlier.

Latest
▲3▼1

Xiaomi's EV order surge and analyst backing offset weak phone demand

  • SkyNomad EV orders hit 70,000, deliveries top 40,000 Xiaomi's new SkyNomad EV line took 70,000 orders in its first month, and September car deliveries passed 40,000, a 2026 best. Shares jumped 7.6% on the news. Strong end-customer demand for its cars is the clearest reason the stock is moving up.

    This is the single biggest new price driver in the period, showing real EV demand.

  • Citi buy rating on margin recovery and EV growth Citi issued a buy rating on Xiaomi, expecting smartphone profit margins to recover and the EV business to expand with new models. Analyst support like this can pull in buyers and support the share price even when the broader market is quiet.

    A fresh analyst upgrade is a direct, new reason investors are buying the stock.

  • UBS sees Xiaomi as global EV winner UBS named Xiaomi among Chinese carmakers most likely to become major players overseas, forecasting Chinese brands reach 37% global share by 2030. That supports Xiaomi's long-term growth story and makes its EV expansion look more credible to investors.

    It adds a new, longer-term demand case for Xiaomi's car business.

  • Southeast Asia phone slump and lost US trip Southeast Asia smartphone shipments fell 23% in the second quarter, the weakest since 2014, with Xiaomi hit despite higher selling prices. Separately, Xiaomi may miss a US corporate delegation, reducing hopes for expanded US business. Both weigh on the stock.

    These are the main new counterweights to the positive EV and analyst news.

September 2026
▲3▼1

Xiaomi's chip and foldable push sharpens its premium edge

  • Xiaomi unveils Xring O3 chip, taps TSMC for manufacturing Xiaomi introduced its self-developed Xring O3 chip, made by TSMC on 3-nanometer technology, plus two other chips for AI and autonomous driving. This reduces reliance on outside suppliers and strengthens Xiaomi's technology story, supporting the stock's long-term value.

    This is a new event that boosts Xiaomi's technology credentials and future pricing power.

  • Xiaomi 18 Fold undercuts Apple's iPhone Duo in China Xiaomi launched its 18 Fold at 10,999 yuan, well below Apple's 15,999-yuan iPhone Duo, and it goes on sale Thursday. The lower price and earlier launch position Xiaomi well in China's crowded foldable market, which can lift sales and market share.

    This new launch shows Xiaomi's competitive pricing and timing advantage against Apple.

  • Xiaomi partners with Sunwoda for EV batteries Xiaomi Auto announced a deep strategic partnership with Sunwoda, with its Pengcheng series to use Sunwoda batteries on a large scale. This secures battery supply for Xiaomi's growing EV business, supporting future deliveries and revenue.

    This new partnership helps secure a key component for Xiaomi's EV expansion.

  • Apple's foldable entry intensifies competition Apple unveiled its first foldable iPhone, the iPhone Duo, entering a market where Huawei and Xiaomi already compete. While Xiaomi's 18 Fold is cheaper, Apple's brand and ecosystem could pressure Xiaomi's share of the premium foldable segment.

    This new competitive threat could cap Xiaomi's foldable market share gains.

▲3▼1

Xiaomi's chip and foldable push sharpens its premium edge

  • Xiaomi unveils Xring O3 chip, taps TSMC for manufacturing Xiaomi introduced its self-developed Xring O3 chip, made by TSMC on 3-nanometer technology, plus two other chips for AI and autonomous driving. This reduces reliance on outside suppliers and strengthens Xiaomi's technology story, supporting the stock's long-term value.

    This is a new event that boosts Xiaomi's technology credentials and future pricing power.

  • Xiaomi 18 Fold undercuts Apple's iPhone Duo in China Xiaomi launched its 18 Fold at 10,999 yuan, well below Apple's 15,999-yuan iPhone Duo, and it goes on sale Thursday. The lower price and earlier launch position Xiaomi well in China's crowded foldable market, which can lift sales and market share.

    This new launch shows Xiaomi's competitive pricing and timing advantage against Apple.

  • Xiaomi partners with Sunwoda for EV batteries Xiaomi Auto announced a deep strategic partnership with Sunwoda, with its Pengcheng series to use Sunwoda batteries on a large scale. This secures battery supply for Xiaomi's growing EV business, supporting future deliveries and revenue.

    This new partnership helps secure a key component for Xiaomi's EV expansion.

  • Apple's foldable entry intensifies competition Apple unveiled its first foldable iPhone, the iPhone Duo, entering a market where Huawei and Xiaomi already compete. While Xiaomi's 18 Fold is cheaper, Apple's brand and ecosystem could pressure Xiaomi's share of the premium foldable segment.

    This new competitive threat could cap Xiaomi's foldable market share gains.

▲2▼2

Xiaomi's profit hit by memory costs, but EV and AI shine

  • Smartphone shipments plunge 26% on memory price surge Global smartphone shipments fell 6% in Q2 2026, and Xiaomi's shipments dropped 26% to 31.2 million units. High memory prices forced Xiaomi to prioritize margins over volume, hurting revenue and profit. This is a major headwind for the stock.

    This explains a key reason for Xiaomi's weak Q2 results and near-term pressure.

  • Xiaomi's AI model tops global usage rankings Xiaomi's MiMo-V2.5 AI model ranked first globally with 10.5 trillion tokens called in a week, up 12% week-on-week. This shows strong adoption of Xiaomi's AI technology, boosting its tech credentials and future monetization potential.

    Highlights Xiaomi's growing AI leadership, a positive long-term driver.

  • Xiaomi EV outsells Mercedes in China Xiaomi delivered over 80,000 SU7 sedans in China in H1 2026, while Mercedes sold only 1,153 cars. This stark contrast shows Xiaomi's strong EV demand and competitive edge in the premium segment.

    Demonstrates Xiaomi's EV success against legacy automakers, supporting growth narrative.

  • Q2 net profit falls 42.6%, missing forecasts Xiaomi's Q2 net profit dropped 42.6% to 6.2 billion yuan, below expectations, due to higher memory costs and competition. Smartphone revenue fell 7.5% and gross margin narrowed to 8.5%. EV revenue rose 15.9% but new businesses lost 2.6 billion yuan.

    This is the period's most important financial update, directly impacting investor sentiment.

July 2026
▲2▼1

Xiaomi cuts phone target on chip shortage, but EV and AI shine

  • Memory-chip shortage forces shipment cut A severe memory-chip shortage forced Xiaomi to cut its 2026 phone shipment target by 30%, with China shipments plunging 21.7% amid a shrinking global market and rising prices.

    This is a major negative event that directly impacted Xiaomi's core smartphone business and investor sentiment.

  • EV revenue surpasses 100 billion yuan Xiaomi's EV revenue surpassed 100 billion yuan for the first time, driven by the Sky Nomad SUV launch, marking a significant milestone in its automotive business.

    This is a new positive development showing strong growth in Xiaomi's EV segment, a key future driver.

  • India duty cuts and $6.5B incentive India's duty cuts and a $6.5 billion incentive package provided a boost to Xiaomi's prospects in the Indian market, potentially offsetting some negative trends.

    This is a new positive regulatory and financial incentive that could improve Xiaomi's competitive position in a key market.

  • Target raised to 110M on premium demand Xiaomi later raised its 2026 phone shipment target to 110 million units on stronger premium demand, but memory costs continue to pressure margins and EV/AI benefits remain long-term.

    This shows a partial recovery and positive demand signal, but with ongoing cost pressures and uncertain long-term benefits.

▲4

Xiaomi raises phone target, expands EV and AI footprint

  • Xiaomi raises 2026 phone target to 110M on strong demand Xiaomi lifted its 2026 smartphone delivery target from 90M to 110M units after better-than-expected first-half sales, especially in premium phones. This signals resilient demand and supports revenue and profit, though rising memory costs still pressure margins.

    This is the most direct and material new event for Xiaomi's core phone business, reversing earlier pessimism.

  • Xiaomi in talks for EV and smart home production in Thailand Xiaomi is considering an EV production base and R&D center in Thailand, and is also in talks to make smart home appliances there. This expands its manufacturing footprint, lowers costs, and opens new growth markets, though talks are early and benefits are long-term.

    It shows Xiaomi actively expanding global production, a key driver for future growth and cost competitiveness.

  • Xiaomi's open-weight AI model ranks top five in usage Xiaomi's open-weight AI model is among the top five on OpenRouter by token usage, showing strong adoption of cheaper Chinese AI alternatives. This boosts Xiaomi's tech credentials and could drive future monetization, though direct revenue impact is still unclear.

    It highlights Xiaomi's growing presence in AI, a potential new growth area that enhances its technology story.

  • Xiaomi EV revenue tops 100 billion yuan for first time Xiaomi's smart EV business exceeded 100 billion yuan in revenue for the first time, ranking fifth among Chinese automakers on the Fortune China 500 list. This confirms the EV segment is scaling rapidly, adding a major new revenue pillar beyond phones.

    It provides concrete evidence of Xiaomi's EV success, a key part of its long-term growth story.

▲2▼2

Memory shortage slashes Xiaomi's phone outlook, but EV and India offer hope

  • Memory shortage forces 30% cut to 2026 phone shipment target Xiaomi cut its 2026 shipment target to ~95 million units from 135 million because AI server demand is soaking up memory chip supply, making phones more expensive to build. This directly threatens phone revenue and profit, a core part of Xiaomi's business.

    This is the biggest new negative force on Xiaomi's core smartphone business.

  • China and global phone shipments slump, Xiaomi hit hardest China's Q2 smartphone shipments fell 4.3% and global shipments hit a 13-year low, down 11%. Xiaomi's China shipments plunged 21.7% as it raised prices due to memory costs, while Huawei and Apple held prices steady and gained share. This shows Xiaomi losing ground in a shrinking market.

    Confirms the demand damage and competitive losses from the memory crunch.

  • Xiaomi unveils Sky Nomad SUV, expanding EV lineup Xiaomi launched a new extended-range electric SUV series called Sky Nomad, moving beyond sedans into a popular category. The EV business is already a revenue pillar, and this expansion could drive future growth, though heavy investment still weighs on margins.

    A new growth driver that offsets some smartphone weakness.

  • India cuts import duties and launches $6.5 billion manufacturing incentive India removed import duties on smartphone parts and announced a $6.5 billion production incentive, lowering costs for Xiaomi's local manufacturing. This supports Xiaomi's cost competitiveness and supply chain in a key market, though the benefit is indirect and long-term.

    Policy tailwinds that improve Xiaomi's cost position in India.

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