Xiaomi's Q2 2026 financial report shows auto revenue of 23.9 billion yuan with 104,199 deliveries, but segment operating losses expanded to 2.6 billion yuan and gross margin fell to 19.2%.
Financial Highlights: Revenue Growth and Scale Expansion
On August 18, Xiaomi Group released its Q2 2026 earnings report. Group revenue reached 108.9 billion yuan, with intelligent EV and AI innovation business revenue at 24.9 billion yuan, of which EV revenue was 23.9 billion yuan, up 15.9% YoY and 25.7% QoQ.
Key auto business metrics:
- Q2 deliveries reached 104,199 units, up 28.2% YoY
- New-gen SU7 ranked #1 in 200k+ yuan BEV sedan sales in H1
- YU7 ranked #1 in one-year resale value among BEVs
- Auto revenue accounted for nearly 22% of group total
Xiaomi Group President Lu Weibing noted that Q2 revenue returned to the 100-billion-yuan level with sequential improvements.
Profitability Challenges: Margin Compression
Behind the scale expansion lies continued profitability pressure:
Gross Margin Decline
- Q2 auto segment gross margin was 19.2%, down 7.2 percentage points from 26.4% in Q2 2025
- QoQ decline from 20.1% to 19.2%
- Key reasons: lower SU7 Ultra mix, rising component costs, increased AI investment
Lower ASP
- Q2 ASP was 229,312 yuan/unit, down 9.6% YoY
- Growth driven by volume models rather than premium products
Expanded Operating Loss
- Q2 operating loss was 2.6 billion yuan
- Down 500 million QoQ but up 8x+ YoY
- CapEx reached 2.383 billion yuan, 65.8% of group total
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Auto Revenue (B yuan) | 23.9 | 20.6 | +15.9% |
| Deliveries (10k units) | 10.42 | 8.13 | +28.2% |
| Gross Margin | 19.2% | 26.4% | -7.2pp |
| ASP (10k yuan/unit) | 22.93 | 25.37 | -9.6% |
| Operating Loss (B yuan) | 2.6 | 0.3 | 8x+ |
Strategic Bet: Pengcheng Series
Xiaomi Auto is transitioning from a single BEV sedan to a dual-series layout:
Established: SU7 series (50k+ cumulative); YU7 (resale value leader)
Upcoming: Pengcheng N90 Max and N70 Max EREV SUVs; Kunlun architecture
Annual Target Challenge: The 550k delivery target requires over 60k monthly units in H2.
Differentiation: Human-Car-Home Ecosystem
Xiaomi's core advantage lies in ecosystem synergy:
- AIoT platform: 1.16 billion connected devices, +17.4% YoY
- Mi Home app: 124 million MAU
- HyperOS + MiMo LLM enabling cross-terminal synergy
- Q2 R&D investment: 9.2 billion yuan, +18.9% YoY
For overseas buyers, Xiaomi's trajectory signals China's NEV market has entered the "ecosystem competition" phase. More analysis at EX1000.COM.
