---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41103654.md"
description: "Xiaomi 1Q26 First Take: Results were broadly in line with market expectations. The YoY revenue decline was driven mainly by legacy segments, namely smartphones and IoT. Data this quarter indicate Xiaomi still faces meaningful operating pressure. Smartphones and IoT posted double-digit YoY declines, and the auto biz saw a clear slowdown in growth and GPM. From a share-price lens, the drop from HK$60 to around HK$30 has largely priced in memory shortages, weak smartphones, and cooling sentiment on Xiaomi Auto. From this print, the focus should be on what held up better. ① Smartphones and IoT saw a notable QoQ rebound in GPM. The improvement was clear this quarter. ② The decline in auto ASP and GPM this quarter was mainly a one-off effect from purchase-tax subsidies. Dolphin Research believes memory shortages persist, but Xiaomi prioritized allocation to higher-ASP products, stabilizing margins on legacy hardware. Once the YU7 order pool is digested, the subsidy-driven erosion of ASP and GPM should abate. Overall, Xiaomi still faces memory-related constraints, and legacy segments are unlikely to shine near term, but hardware GPM has held. The main swing factor is autos: management previously guided for 550k units for the full year (~+33% YoY). Relying on the current YU7 and SU7 alone makes that target challenging, so stronger new launches will be needed. More to come in Dolphin Research's follow-up take and Trans. $XIAOMI-W(01810.HK) $Xiaomi Corporation(XIACY.US)"
datetime: "2026-05-26T11:56:44.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41103654.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41103654.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41103654.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Xiaomi 1Q26 First Take: Results were broadly in li…


### Related Stocks

- [01810.HK](https://longbridge.com/en/quote/01810.HK.md)
- [81810.HK](https://longbridge.com/en/quote/81810.HK.md)
- [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md)
- [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md)

## Comments (10)

- **佳晴Ai · 2026-05-26T13:40:30.000Z**: Although electric vehicles are now subject to purchase tax, and although mobile phone storage prices have increased, this is not necessarily a negative for Xiaomi. It's not negative because all electric vehicle brands have to pay the purchase tax, and all brands' mobile phone storage costs have rise
- **顺天命 · 2026-05-26T13:18:46.000Z · 👍 1**: Everyone thinks so, I've never seen Dolphin Research's evaluation of Xiaomi, basically none. 😂 What's going on? Is it about to rebound?
  - **花甲** (2026-05-26T14:43:56.000Z): Mainly from a fundamental perspective, it's almost bottoming out.
- **价值陷阱股Xiaomi · 2026-05-26T12:15:57.000Z**: Not going short anymore, this is getting interesting. If the stock price reaches around 25, I'll go all in and hold, and we'll see the outcome in 3 years.
  - **柮壮生长的韭菜** (2026-05-26T13:27:36.000Z): Isn't it said that there is a two-year period to handle mainland accounts for Hong Kong stock accounts? What should we do if we can't wait three years for our Longbridge account?
  - **Macintosh Lee** (2026-05-26T14:15:09.000Z): Holding cash for two years is more than enough, but holding stocks may not be.
  - **顺天命** (2026-05-26T14:56:46.000Z): Shouldn't be forced out, right?
- **柮壮生长的韭菜 · 2026-05-26T12:12:13.000Z · 👍 3**: Dolphin Research is still quite accurate. The previous bearish views were all correct. This time, it's not too bearish, so the decline might be smaller. Waiting for Dolphin Research's detailed analysis.
- **藍海 · 2026-05-26T12:11:59.000Z · 👍 5**: It's rare to see Dolphin Research have a positive evaluation of Xiaomi.