Xiaomi Q2 report: smartphone sales are down as the average selling price goes up

Xiaomi has reported a revenue of CNY 108.9 billion ($16.2 billion) for Q2 2026 – this is with a gross profit margin of 19.8% and an adjusted net profit of CNY 6.2 billion ($919 million).

Revenue breakdown for Xiaomi’s Q2: smartphones & AIoT vs. EVs, AI and others

Most of that came from smartphones and AIoT devices – CNY 84.0 billion. This division reported a gross profit margin of 20.0%. The Smart EV, AI and Other New Initiatives division brought in CNY 24.9 billion with a gross profit margin of 19.2%. Mind you, the EV division lost money this quarter – you can find more details on…