XIAOMI-W (01810) released its first quarter performance, with total revenue of 99.1 billion yuan. Global smartphone shipments have ranked among the top three for 23 consecutive quarters.

Xiaomi-W (01810) released its performance for the three months ending March 31, 2026. The group achieved revenue of RMB 99.142 billion (all units in the text are the same), a decrease of 10.9% year-on-year; adjusted net profit was RMB 6.072 billion, a decrease of 43.1% year-on-year. In the first quarter of 2026, geopolitical uncertainties have been disrupting the global economy, while core components such as storage and commodity prices have been rising sharply, and intensified industry competition continues to bring headwinds. Faced with these challenges, we continue to optimize operational efficiency and focus on strengthening core technologies such as AI capabilities to empower the group's "People, Cars, Home Full Ecosystem" strategy. In the first quarter of 2026, Xiaomi Group's total revenue was RMB 99.1 billion. By business segment, in the first quarter of 2026, our "Smartphone x AIoT" segment revenue was RMB 79.3 billion; our "Smart Electric Vehicles and AI Innovation" segment revenue was RMB 19.9 billion. In the first quarter of 2026, the group's adjusted net profit was RMB 6.1 billion. In the first quarter of 2026, our smartphone shipment volume was 33.8 million units. According to Omdia data, our global smartphone shipments have ranked among the top three in the world for 23 consecutive quarters, with a market share of 11.3%. As of March 31, 2026, the number of IoT devices connected to our AIoT platform (excluding smartphones, tablets, and laptops) reached 1.1187 billion, an increase of 18.5% year-on-year. In the first quarter of 2026, our new car delivery volume reached 80,856 vehicles, an increase of 6.6% year-on-year. In March 2026, our global monthly active users reached 746 million, an increase of 3.8% year-on-year. We are steadily implementing the group's "New Ten-Year Goal": making large-scale investments in core technologies to become a global leader in the next generation of hardcore technology. In the first quarter of 2026, our R&D expenditure was RMB 9 billion, an increase of 33.4% year-on-year. As of March 31, 2026, the number of our R&D personnel reached a record high of 26,048. We are continuously deepening our presence in the field of artificial intelligence. In terms of base model development, on April 23, 2026, we officially launched the Xiaomi MiMo-V2.5 series large model public beta test. The Xiaomi MiMo-V2.5 series includes MiMo-V2.5, V2.5 Pro, V2.5-TTS Series, and V2.5-ASR. Among these, the Xiaomi MiMo-V2.5 Pro has reached the world's top Agent model level in terms of general intelligence, complex software engineering, and long-term tasks, surpassing the previous generation Xiaomi MiMo-V2 Pro in all aspects. In the Comprehensive Intelligence Ranking of Large Models by Artificial Analysis, the Xiaomi MiMo-V2.5 Pro ranks jointly first globally in terms of comprehensive intelligence index for open-source large models, entering the top five in the global ranking of large models, while the Agent index ranks first globally among open-source large models. On April 28, 2026, we officially open-sourced the Xiaomi MiMo-V2.5 series under the MIT license, supporting commercial inference deployment and secondary training without additional authorization. We are fully empowering the "People, Cars, Home Full Ecosystem" scenario with AI capabilities. In April 2026, we officially launched a small-scale test for the PC and screen speaker version of Xiaomi miclaw. After expanding the test categories, Xiaomi miclaw now supports multiple terminals including smartphones, tablets, PCs, and screen speakers, with cross-terminal capabilities receiving a significant upgrade. In addition, the China Academy of Information and Communications Technology (CAICT) recently initiated an evaluation of the Claw smart assistant on the mobile terminal, making Xiaomi miclaw the first domestically evaluated mobile intelligent assistant through this authoritative test. This marks the recognition of Xiaomi's technological strength and product experience in the intelligent assistant field, highlighting Xiaomi's forward-looking layout in the field of AI applications in the "People, Cars, Home Full Ecosystem". We continue to explore the boundaries of physical intelligence. In April 2026, we officially released and open-sourced the physical model Xiaomi Robotics-0 for post-training full-process, opening up a complete set of data processing, training methods, and inference code in hopes of lowering the technical barriers to intelligent robotics by adopting an open-source approach. We are steadily optimizing the operational efficiency of new retail stores. As of March 2026, we have over 16,000 Xiaomi stores in mainland China, with over 260 new retail stores larger than 500 square meters. At the same time, we are steadily advancing the new retail model internationally, with over 520 new retail stores in overseas regions covering Southeast Asia, Europe, East Asia, Latin America, the Middle East, and Africa. In the first quarter of 2026, we continue to improve business operational efficiency, with the operating expense ratio of the "Smartphone x AIoT" segment at 14.9%, a decrease of 2.5 percentage points quarter-on-quarter. At the same time, we are actively investing in the future, with capital expenditures of approximately RMB 3.3 billion this quarter, an increase of 20.0% year-on-year. We remain committed to enhancing shareholder value and actively repurchasing stocks in the public market. Since the beginning of 2026, we have repurchased approximately HKD 8.4 billion worth of stocks, equivalent to approximately 250.5 million shares, exceeding the total amount repurchased in the entire previous year.