Xiaomi reported revenue of RMB99.1 billion for the first quarter ended March 31, 2026, while adjusted net profit reached RMB6.1 billion, driven by strong momentum in smartphones, AIoT, and artificial intelligence initiatives. Xiaomi said operating profit from its core smartphone × AIoT business surged nearly 200 percent quarter-over-quarter as the company accelerated its premiumization and AI ecosystem strategy.
Xiaomi’s smartphone business generated RMB44.3 billion in revenue during the quarter, supported by global smartphone shipments of 33.8 million units. According to Omdia, Xiaomi ranked among the top three global smartphone vendors for the 23rd consecutive quarter and secured top-three shipment rankings in 47 countries and regions.
The company’s premium smartphone strategy continued gaining traction globally. Xiaomi’s smartphone average selling price (ASP) increased 8.2 percent year-over-year to a record RMB1,310. Premium smartphones priced above RMB3,000 represented 23.5 percent of Xiaomi’s total smartphone sales volume in China during the quarter.
Xiaomi strengthened its flagship smartphone portfolio in May 2026 with the launch of the Xiaomi 17 Max, expanding its premium lineup with both compact and large-screen variants targeting diverse consumer preferences.
The company’s AIoT and lifestyle products business generated RMB24.7 billion in revenue with a gross profit margin of 25.2 percent. Overseas IoT revenue reached a record high with double-digit annual growth, driven by strong international demand for tablets, televisions, and smart home appliances.
According to Omdia, Xiaomi’s tablet shipments ranked among the top five globally for the eighth consecutive quarter, while wearable band devices ranked No. 3 worldwide and No. 2 in mainland China. Xiaomi’s TWS earbuds also ranked No. 2 globally and in mainland China. In May 2026, Xiaomi expanded its wearable ecosystem by introducing the Xiaomi Smart Band 10 Pro and its first clip-on earbuds.
Xiaomi’s AIoT platform continued scaling rapidly. As of March 31, 2026, connected IoT devices excluding smartphones, tablets, and laptops reached 1,118.7 million, representing an 18.5 percent year-over-year increase. Users connecting five or more Xiaomi devices climbed 22.3 percent to 23.6 million.
The company also reported strong growth across its AI software ecosystem. Monthly active users of Xiaomi AI Assistant increased 15.5 percent year-over-year to 169.3 million, while the Xiaomi Home App MAU rose 10 percent to 117 million.
Revenue from Xiaomi’s internet services business reached RMB9.5 billion, rising 4.3 percent year-over-year with a gross margin of 76.1 percent. Overseas internet services revenue increased 9 percent to RMB3 billion. Xiaomi’s user base in China reached a record 195.8 million users.
Xiaomi continued aggressive investments in artificial intelligence and next-generation ecosystem development. Research and development expenses increased 33.4 percent year-over-year to RMB9 billion, while R&D personnel expanded to 26,048 employees.
The company announced plans to invest at least RMB16 billion in AI during 2026, with cumulative AI investments expected to exceed RMB60 billion over the next three years. Xiaomi said the investments are aimed at accelerating its “Human × Car × Home” ecosystem strategy integrating smartphones, smart vehicles, IoT products, and AI services into a unified intelligent platform.
Xiaomi also reported significant progress in foundation AI models. Xiaomi MiMo-V2.5-Pro ranked first globally among open-source models on both the Artificial Analysis Intelligence Index and the Agentic Index. Xiaomi MiMo-V2-Pro also topped global daily and weekly call volume rankings on OpenRouter via Hermes Agent. On April 28, 2026, Xiaomi officially open-sourced the Xiaomi MiMo-V2.5 series under the MIT License.
Beyond smartphones and AIoT, Xiaomi’s smart EV, AI and new initiatives segment generated RMB19.9 billion in revenue, increasing 6.9 percent year-over-year. New vehicle deliveries reached 80,856 units during the quarter as Xiaomi continued expanding its “Human × Car × Home” connected ecosystem strategy integrating smartphones, AI, IoT, and electric vehicles.
BABURAJAN KIZHAKEDATH