In the first quarter of this year, Xiaomi Group’s operating income decreased by 10.9% year-on-year, and net profit decreased by 56.5%.
On May 26, Xiaomi Group announced that in the first quarter of 2026, its operating income was 99.142 billion yuan (RMB, the same below), a decrease of 10.9% year-on-year and 15.5% quarter-on-quarter; net profit was 4.735 billion yuan, a decrease of 56.5% year-on-year and 27.4% quarter-on-quarter; adjusted net profit was 6.072 billion yuan, a decrease of 43.1% year-on-year and 4.4% quarter-on-quarter.
Breaking down the business segments, Xiaomi’s smartphones x AIoT division had revenue of 79.3 billion yuan in the first quarter, while the innovative business division including smart electric vehicles and AI had revenue of 19.9 billion yuan.
Xiaomi stated that in the first quarter, global economic geopolitical uncertainties, rising prices of core components and commodities, and intensified industry competition brought multiple headwinds. The group is continuously optimizing operational efficiency and investing in core technologies such as AI infrastructure.
On the same day, Xiaomi Group announced a 20 billion Hong Kong dollar share buyback plan. The announcement mentioned that this share buyback plan will take effect from June 2nd this year and will last for one year.
Earlier on April 14th, data released by the global technology market research and consulting firm Omdia showed that in the first quarter of 2026, the domestic shipment volume of smartphones in China was 69.8 million units, a decrease of approximately 1.1 million units compared to the first quarter of 2025 which had a shipment volume of 70.9 million units. During this period, Apple’s iPhone saw a staggering 42% year-on-year increase in the Chinese market, capturing a market share of 19%, while Xiaomi’s smartphone shipments plummeted by 35%, reducing its market share to 12%.