Below is Dolphin Research's Trans of Xiaomi Corp.'s FY26 Q1 earnings call. For our take on the results, cf. 'Xiaomi: Questioning Life? The worst is behind us'.

1810.HK released its Q1 2026 results after the HK close on May 26 (Beijing time), covering the quarter ended Mar 2026. Key takeaways: 1) Overall performance.

Revenue was RMB 99.1bn (-11% YoY). The decline was mainly dragged by smartphones and autos, with legacy businesses (smartphones and AIoT) down 14.5% YoY.

GPM was 22% (-80bps YoY). The YoY contraction mainly reflected lower smartphone and auto margins...

Below are Dolphin Research's notes from Xiaomi Corp.'s 2025 Q4 earnings call. For our take, see 'Xiaomi: From heaven to hell—what sustains the faith?'.

Xiaomi Corp (1810.HK) released Q4 2025 results (quarter ended Dec 2025) after the HK close on Mar 24, 2026 (Beijing time).

Revenue was RMB 116.9bn (+7% YoY), with all growth driven by the Auto biz, while legacy Smartphones & AIoT revenue fell 13.7% YoY.

1) Xiaomi Spring Launch: Key Points. $XIAOMI-W(01810.HK) The event's highlights were the SU7 refresh and progress on its AI foundation model.

The following are the minutes of Xiaomi's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "Xiaomi: Without Subsidies, Can Cars Really Hold Up the Front?" 1. $XIAOMI-W(01810.HK) Core Data Review Performance Overview: Total Revenue: Reached RMB 113.1 billion, a year-on-year increase of 22.3%. This marks the fourth consecutive quarter that the group's revenue has exceeded RMB 100 billion. Group Gross Margin: 22.9%, an increase of 2.5 percentage points year-on-year, setting a new historical high. Adjusted Net Profit: RMB 11.3 billion, a year-on-year increase of 81%...

Xiaomi Corporation (1810.HK) released its Q3 2025 financial report (ending September 2025) after the Hong Kong stock market closed on the evening of November 18, 2025, Beijing time. The key points are as follows: 1. Overall performance: $XIAOMI-W(01810.HK) revenue was 113.1 billion, a year-on-year increase of 22.3%. Among this, revenue from traditional businesses (smartphones x AIoT) only grew by 1.6% year-on-year. The growth this quarter was mainly driven by the automotive business. The gross profit margin increased to a relatively high level of 22.9%...

Lei Jun's annual keynote speech was once again staged. This time, the speech was divided into two parts: the first half was the keynote speech, and the second half was Xiaomi's autumn new product launch. Although the structure of the event seemed familiar, there were still some differences to be noted: ① The release date of Xiaomi's new phone was more than a month earlier than last year; ② Last year, the content of the Xiaomi 15 release was presented by President Lu, but this time it was introduced by Lei Jun himself. The recorded video of Lei Jun's annual keynote speech can be watched on the Longbridge APP, which also covers the first half of the speech. Dolphin Research will share with everyone...

The following are the minutes of Xiaomi's FY25Q2 earnings call organized by Dolphin Research. For earnings interpretation, please refer to "Xiaomi: Will the 'cold wave' in mobile phones be rescued by the 'surge' in automobiles?" 1. Review of core information from the $XIAOMI-W(01810.HK) earnings report 2. Detailed content of the $Xiaomi Corporation(XIACY.US) earnings call 2.1 Executive statements on core information 1. Core business highlights: a. Xiaomi Automobiles: Successfully launched and listed, with order volume setting industry records. b. Self-developed chips: Released the first self-developed 3nm flagship chip...

$XIAOMI-W(01810.HK) released its Q2 2025 financial report (as of June 2025) after the Hong Kong stock market closed on the evening of August 19, 2025, Beijing time. Key points are as follows: 1. Overall performance: Revenue reached 116 billion, a year-on-year increase of 30.5%. The revenue growth was mainly driven by the growth in IoT and automotive businesses. The gross profit margin remained at a relatively high level of 22.5%, mainly supported by the improvement in the gross profit margin of the automotive business, while the gross profit margin of traditional hardware declined due to promotions and competition...