小米集团 (01810.HK) 2026年第二季度业绩电话会
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会议摘要
Xiaomi Group's 2026 interim results were released, with a total revenue of 108.9 billion yuan and an adjusted net profit of 6.2 billion yuan. Mobile phone business ASP hit a record high, the global market share of the top three. IoT business revenue was 31.3 billion yuan, with significant growth in overseas revenue. Xiaomi's car delivery increased year-on-year for six consecutive quarters, and its sales volume in the first half of the year ranked first among high-end pure electric cars in mainland China. Xiaomi has made progress in the field of AI and body robots and released a number of innovative products. Despite challenges such as high storage costs and slow recovery of consumer demand, Xiaomi has maintained steady business growth through capacity improvements and strategic adjustments. In the future, Xiaomi will continue to increase its investment in hard core technology fields such as AI chips, operating systems, and body intelligence, and is committed to becoming a global leader in hard core technology.
会议速览
Xiaomi Group's 2026 Interim Results Release Meeting: Strategic Update and Financial ReviewXiaomi Group shared the company's latest strategic updates and business progress, reviewed its financial performance in the first half of the year, and set up a question-and-answer session to answer investors' questions in the 2026 interim results release investor conference call and live online audio broadcast. The reminder contains forward-looking statements and non-IFRS indicators.
Second Quarter 2026 Performance Review and AI, Robotics Progress and Future Strategic OutlookThe meeting reviewed the results of the second quarter of 2026, including the revenue and market performance of mobile phones, IoT business and Xiaomi Auto. The latest developments in the field of AI and body robots were shared, such as the Xiaomi note v2.5 series topping the global large model trading volume list, and the successful application of robots in automobile factories. Looking to the future, it is emphasized that it will continue to increase investment in hard-core technology fields such as AI chips and operating systems to cope with short-term pressure and achieve long-term strategic goals.
Second Quarter 2026 Financial Report: Innovative Business Growth and Research and Development of Environmental MaterialsThe report details the financial situation in the second quarter of 2026, including total revenue, gross profit margin, and the performance of each business segment, with special emphasis on the significant growth of innovative businesses such as smart electric vehicles and AI, and the role of self-developed low-carbon materials in improving product competitiveness. At the same time, it mentions the investment in scientific and technological innovation and public welfare undertakings, and shows the corporate social responsibility and sustainable development strategy.
Dynamic Balance and Future Prospects under the Rising Cost of Xiaomi Mobile Phone BusinessThis paper discusses the coping strategies of Xiaomi mobile phone business under the background of rising storage costs, including product structure adjustment, sales strategy optimization, etc., as well as the business outlook in the next few quarters, and thinks that the business has entered a controllable state.
User Portrait and Market Positioning Analysis of Pengcheng Series ModelsThe dialogue discussed the small situation of Pengcheng series models, and emphasized the difference between them and the existing models in terms of user positioning, especially the increase of family car purchase scenes and users' high attention to the ever-changing space. The analysis pointed out that the Pengcheng series has attracted more older user groups, and users' innovative applications of vehicle space have exceeded expectations, indicating that the model has significant advantages in meeting the needs of diverse scenarios.
AI Monetization Path and Automotive Business Gross Margin Fluctuation AnalysisThe dialogue focused on the AI monetization strategy, referring to the short-to long-term exploration direction and the first half of the investment, emphasizing the steady promotion of AI and ecological integration. At the same time, the reasons for the fluctuation of gross profit margin of automobile and new business, including the impact of AI, are discussed, and the factors that may affect the gross profit margin in the third and fourth quarters are predicted.
Analysis of Gross Margin Fluctuation and New Model Market ReactionThe reasons for gross margin fluctuations were discussed, including Australian delivery risks, initial cost growth of new products and the impact of large model revenue start-up, and it was mentioned that the new model N70 and N90 markets responded well, but the final pricing would determine the gross margin.
Company Inventory Strategy and Gross Margin Pressure Analysis: Strategic Reserves and Market AdjustmentDiscusses the company's inventory strategy, including the significant increase in raw material inventory, mainly due to the increase in strategic reserves and memory unit prices, and the decline in finished product inventory due to 618 promotional activities. Point out the potential gross margin pressure from these strategies and mention the impact on inventory of the initial delivery of new generation products.
Overseas Business Development and Future Planning: Xiaomi Home, IOT and EV Seaing StrategiesDiscussed Xiaomi's business expansion in overseas markets, including the growth of Xiaomi's home stores to 640, which is planned to reach 1000 by the end of the year, as well as the overseas layout of IOT products and electric vehicles. It highlighted Xiaomi's brand influence in overseas markets, especially in the field of high-end mobile phones and IOT, as well as the strategic planning and market acceptance of electric vehicles going to sea.
Discussion on Internet Business Growth and AI Layout: User Base and Technological InnovationThis paper discusses the stable growth trend of Internet business under the background of the expansion of user base and the increase of the proportion of high-end users, and looks forward to the layout and integration of AI in the fields of mobile phone operating system, smart home, intelligent driving and robot, and emphasizes the support of AI technology to the whole ecosystem and the synergy effect of future development.
Discussion of AI revenue growth and future disclosure plans and R & D expense trendsThe growth in AI-related income is discussed, which is currently classified within New Business Other income and may be disclosed separately in the future. The pressure on storage costs and the firm investment in research and development costs were mentioned, and the trend of research and development costs was not adjusted.
Proportion of Xiaomi Electric Vehicle Sales and Prospects of Gross MarginThe expected proportion of electric vehicle sales in Xiaomi's overall sales and the impact of the decline in the unit price of electric vehicle sales on gross margin are discussed, emphasizing the impact of product mix on ASP fluctuations rather than the direct determinants of gross margin.
Mobile Phone Market Trends and Xiaomi Robot Strategic OutlookThis paper discusses the high-end trend of the mobile phone market in the context of rising storage costs and the possible dynamic balance in the future, and explores the internal positioning and development goals of Xiaomi robots, emphasizing its synergy with existing businesses and long-term development prospects.
要点回答
Q：What are the latest developments in the field of AI and robots?
A：In the field of AI, Xiaomi released the Xiaomi note v2.5 series and topped the global large model trading volume list, with outstanding full-modal perception of smart bodies and code capabilities, competitive prices and a full range of open source. In addition, Xiaomi has also released the exploratory AI programming assistant scale code, as well as the full-link document office performance scheme and the whole-house intelligent AI open source scheme log 2.0. In terms of AI mobile phones, Xiaomi Touch OS4 integrates AI capabilities into OS, launches Super Love 2.0 and supports the completion of complex tasks across applications and devices. In terms of giant robots, the Xiaomi robot team won the championship in several international competitions, and achieved a self-tapping nut double-sided operation success rate of 98% in the Xiaomi automobile factory, and began to explore the work contents such as the new station in the logistics area of the assembly workshop.
Q：How did Xiaomi's mobile phone module perform in the second quarter?
A：In the second quarter, Xiaomi actively optimized the product structure and raised the selling price, and the mobile phone ASP hit a record high. Although mobile phone shipments have declined, they still remain in the top three in the world, and their market share has been the top three in the world for 24 consecutive quarters. It ranks among the top three smartphone shipments in 53 countries and regions around the world, and ranks among the top five smartphone shipments in 67 countries and regions around the world.
Q：What is the revenue of the IoT business in the second quarter of 2026?
A：In the second quarter of 2026, the IoT business achieved revenue of 31.3 billion yuan. Although the high base of the Chinese market has led to a year-on-year decline in revenue, under the influence of overseas channel expansion and category increase, overseas revenue has increased significantly year-on-year. As of June 30, Xiaomi has opened more than 640 new retail stores overseas, and many products rank second or fourth in the world.
Q：What is the total revenue and adjusted net profit of Xiaomi Group in the second quarter of 2026?
A：In the second quarter of 2026, Xiaomi Group's total revenue was 108.9 billion yuan and adjusted net profit was 6.2 billion yuan. Xiaomi Auto delivered 104199 vehicles in 2Q2026, the sixth consecutive quarter of delivery YoY growth. Among pure electric cars with a sales price of more than 2000 yuan in mainland China, Xiaomi ranks first in sales of mobile phones. At the same time, the cumulative delivery of Xiaomi cars exceeded 500000 units.
Q：For the future, especially in the fourth quarter, what do you think of the rising cost of memory?
A：I expect memory costs to show a slow rise in the fourth quarter. Based on this judgment, I think the mobile phone business has entered a visible and controllable state. In the third quarter, take the 100 series as an example. The series was released in August of previous years and has made a good start. The products are strong and consumers have reached a consensus on the trend of rising costs and prices.
Q：After adjustment, how do we perform in Q2?
A：Q2 Although our shipments have declined year-on-year, we still maintain the third place in the world. SP set a record high, with a year-on-year growth of nearly 300 yuan, and its gross profit margin remained at 8.5, exceeding everyone's expectations.
Q：With regard to the ED plate, what is the response after the release of the Pengcheng series? What are the characteristics and changes of user portraits? What are the advantages compared with competing products?
A：Pengcheng series of unique design, clear positioning, and the existing product differentiation is obvious, to avoid the internal user snatch. The current small user base is highly compatible with expectations, the age of new users is relatively high, and the demand for family car purchase or multi-person ride scenarios has increased significantly. In addition, the Pengcheng series of variable space attention is very high, although the user has not yet real car experience, but has shown a rich application scenario, order expectations are more optimistic.
Q：After the launch of memo v2.5, what is the user feedback? In what aspects does memo show systematic advantages?
A：Since we launched Memo v2.5 in the first half of the year, the global user response has been enthusiastic. Especially in terms of token calls, we reached the top of the world in the week at the end of July, and the monthly calls also reached the top of the world. This is not only an affirmation of our model's performance, decommissioning capability, efficiency and cost control, but also the result of a true vote by developers around the world on our model.
Q：What new applications and developments can Memo share in the near future?
A：In the future, we will launch a series of new applications for users to use Memo. First of all, we will launch the first desktop application, so that users can use memo directly on the PC. Secondly, we are training new models and believe that we will meet with you soon. In addition, we are still actively promoting the commercialization process of memo, but we are still in the stage of large-scale investment, and we are not eager to pursue short-term profits, but steadily and pragmatically promote the AI reconstruction of the original Chejia ecosystem.
Q：What is Memo's commercialization strategy?
A：Our commercialization strategy is not eager to pursue edge business, but to continue to iterate and improve the ability of the memo model, release new models, and apply them to OS scenarios. At the same time, we have deeply integrated memo's large model with mobile phones and OS, and opened some API and token plan. Although these businesses have begun to bring in a small amount of revenue, we have not taken them as the main goal of current realization.
Q：What are the reasons for the fluctuation of gross profit margin of automobile and new business, and what are the factors that will affect the gross profit margin in the future? For the positive feedback from consumers after the release of the pre-sale price of Pengcheng N70090 max 9 in the future, can you predict the gross profit margin level of automobile business in the third and fourth quarters?
A：In the second quarter, the gross profit margin of automobiles and new businesses fluctuated month-on-month and year-on-year, mainly affected by three factors: first, the second quarter of last year was affected by special delivery conditions, resulting in a higher base; second, the initial cost of the new generation of products was delivered in this quarter, and the initial delivery accounted for a relatively large proportion, resulting in a decline in the month-on-month gross profit margin; third, it had a negative impact on the gross margin of the entire sector. At present, we have not yet finalized the pricing, so the specific gross margin of the car will not be accurately assessed until the pricing is announced. However, judging from the current reaction, it is expected that the impact of Pengcheng N70 and N90 on Q3 and Q4 gross margins may be reflected.
Q：Why are overseas dealers so interested in Xiaomi?
A：There are three main reasons: first, it is believed that smart electric vehicles going out to sea has become the mainstream trend in the future, and Xiaomi, as one of the few Chinese brands that can be high-end brands, is unique in the overall positioning of people and cars; second, Xiaomi is a technology company. Companies that have entered the automotive industry as a company, rather than traditional automakers, have attracted the attention of a large number of top dealers.
Q：What about the car going to sea?
A：Cars are also on schedule and are expected to go to sea in the second half of 2027. We have visited many countries this year and found that overseas car dealer partners pay a lot of attention to Xiaomi and hope to become a dealer (dealer) of Xiaomi.
Q：Can you make an outlook on the subsequent growth trend and gross margin status of the Internet business?
A：The Internet business is divided into two parts: one part is related to shipments, and the other part is related to stock users (MAU). At present, the global MAU has reached a record high, close to 0.2 billion, and the proportion of high-end users is gradually increasing. The stability and contribution of these users are crucial to the stability of Internet business. In the past few quarters, advertising revenue has also maintained healthy growth, and the demand for publicity has a positive impact on the mobile advertising business. In summary, these factors have led to a relatively stable Internet business and are expected to maintain a certain growth trend.
Q：In terms of AI layout, what are the company's key directions?
A：The company's AI layout mainly includes several key directions. The first is the quarterly model, which is the most important line and will empower the whole ecology of people and cars. Secondly, in the field of mobile phones, it is committed to completing the comprehensive reconstruction of traditional Android OS to AIOS. In addition, the meter local be local in the smart home scene is also an important part. Although the current cost is high, with the optimization and technological progress, it is expected to reduce operating costs and improve user experience in the future. The third line is the field of intelligent driving technology and robotics related to the car business.
Q：AI related revenue growth and future trends?
A：At present, AI-related revenue is mainly included in other revenue from new businesses such as 7000-level AI, which is a small percentage of revenue as Memo has just started to realize. However, at the appropriate point in time, the company may disclose this data separately. For future trends, although taking into account the pressure on storage costs, the company is firmly advancing its AI strategy and has not adjusted its previous commitments.
Q：What is the proportion of growth supporting the EV market and the expected impact on the overall market?
A：Regarding the growth ratio supporting the EV market, the company said that it is difficult to give specific expectations, but the goal is to achieve the success of two series of products, based on the Modana platform and the Kunlun platform respectively. The two platforms are expected to evolve towards the goal of an integrated economy.
Q：Views on the decline in unit price of electric vehicle sales and the outlook for gross margin?
A：Sales unit price fluctuation is due to product mix change, Q1 delivery is more expected, Q2 delivery initial price is lower, resulting in lower ASP. The Ultra series has a higher ASP, and on average, ASP does not directly reflect the gross margin situation. He believes that ASP is a result rather than a target, and the relationship with gross margin is not linear. In the future, as storage costs rise, manufacturers will adjust prices and eventually form a dynamic balance, but it is difficult to make accurate estimates of the market in the short term.
Q：In the current global mobile phone market environment, how to adjust the company's product portfolio and strategy?
A：As for the situation that the storage price continues to be high, he personally has reservations, believing that the current high price will not be maintained for a long time, but there will be a correction. Based on this judgment, we will review the future cost and price of mobile phones, and adjust the strategy according to the market dynamics. In the long run, although it is difficult to predict the number of changes in the market, he firmly believes that the big name of mobile phones as a necessity will still exist.
Q：What is the positioning and development strategy of Xiaomi robots within the company?
A：Mr. Lu said that it may take a long time for the large-scale commercialization and maturity of humanoid robots, so it is difficult to set clear goals in the short term. Xiaomi invests in the direction of robots because it is optimistic about its long-term development trend and believes that it has deep potential to combine with existing businesses. At present, it is not considered as a takeaway service and other specific uses, but hopes that robots can take the lead in Xiaomi's internal scenes such as smart factories and home scenes, and jointly promote the development of Xiaomi's ecology and capabilities through collaborative innovation with large models, chips and other fields. Robots are seen as a long-term strategic direction rather than a specific goal to be pursued in the short term.
