<p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/05/2026052610041746.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/05/2026052610041746.jpg"/></p><p>2026 年 4 月北京车展上展出的一辆小米 SU7。图片来源：CnEVPost</p><blockquote>
<ul>
<li>一季度，受产品换代及假期因素拖累，小米汽车业务录得 31 亿元人民币（约合 4.6 亿美元）的运营亏损。</li>
<li>该汽车业务于 2025 年第三季度实现首次单季盈利，并在 2025 全年实现首次年度运营盈利。</li>
</ul>
</blockquote><p>尽管期内交付量稳步增长，小米集团（HKEX: 1810）的汽车（EV）业务在第一季度仍录得运营净亏损。</p><p>此次财务受挫主要归因于中国春节假期的拖累，以及核心 SU7 轿车中期改款过渡期的短期影响，这暂时抑制了该业务的盈利能力。</p><p>根据周二发布的财务报告，一季度包含汽车及 AI 在内的创新业务录得 31 亿元人民币（约合 4.6 亿美元）的运营亏损。</p><p>在 Telegram 或 Google News 上关注我们</p><p>这与该板块 2025 年强劲的财务表现形成鲜明对比。创新业务在 2025 年第三季度实现首次单季盈利，并在 2025 全年实现首次年度运营盈利。</p><p>据 CnEVPost 汇编的数据，该公司一季度共交付 80,856 辆汽车，同比增长 6.57%。</p><p>小米汽车季度交付量</p><p>2024  2025  2026</p><p>一季度，小米创新业务收入达到 199 亿元，同比增长 6.9%，与汽车交付量的增速保持一致。</p><p>其中，汽车业务一季度贡献营收 190 亿元，其他业务贡献 9 亿元。</p><p>一季度最后一个月，小米汽车 3 月份交付 21,440 辆。受新老产品交替影响，该数字同比下降 26.69%。</p><p>YU7 SUV 在 3 月份交付 13,558 辆，环比下降 32.87%。尽管如此，其销量占比仍达 63.24%，继续担任公司的支柱车型。</p><p>新一代 SU7 电动轿车于 3 月 19 日正式上市，并于 3 月 23 日开启首批交付。在 3 月短暂的交付期内，该车型交付 7,882 辆，环比 2 月大幅反弹超 3,515%。</p><p>随着新一代 SU7 进入首个完整交付月，小米汽车 4 月销售势头强劲复苏。当月总交付量飙升至 36,702 辆，较 3 月大幅增长 71.18%。</p><p>4 月份 SU7 交付 26,826 辆，销量占比超过 70%。</p><p>小米为 2026 年设定了全年 55 万辆汽车的雄心勃勃的交付目标。1 月至 4 月期间，公司累计交付 117,558 辆，同比增长 12.55%。</p><p>这家科技巨头的野心并不局限于中国国内乘用车市场；其计划于 2027 年下半年正式进军海外市场，并选择欧洲作为其全球扩张的首站。</p><p>（1 美元 = 6.7851 元人民币）</p>

小米集团-W

小米集团(ADR)

华宝智能电动汽车ETF

国泰中证800汽车与零部件ETF

华夏中证新能源汽车ETF

华夏中证港股通汽车产业主题ETF

<p>尽管汽车交付量同比增长 6.57% 至 80,856 辆，小米汽车业务一季度仍报告 31 亿元人民币（约合 4.6 亿美元）的运营亏损。该亏损主要归因于产品换代及春节假期影响。创新业务收入同比增长 6.9% 至 199 亿元，其中汽车板块贡献 190 亿元。小米计划 2026 年交付 55 万辆汽车，并拟于 2027 年进军海外市场</p>

<p><img src="https://imageproxy.pbkrs.com/https://cnevpost.com/wp-content/uploads/2026/05/2026052610041746.jpg" alt="" original-src="https://cnevpost.com/wp-content/uploads/2026/05/2026052610041746.jpg"/></p>
<p>A Xiaomi SU7 on display at the Beijing Auto Show in April 2026. Credit: CnEVPost</p>
<div class="lb-trans"><p>2026 年 4 月北京车展上展出的一辆小米 SU7。图片来源：CnEVPost</p></div><blockquote>
<ul>
<li>In the first quarter, Xiaomi's EV business saw an operating loss of 3.1 billion yuan ($460 million), dragged down by a product transition and the holiday period.</li>
<li>The EV business achieved its first quarterly profit in the third quarter of 2025 and its first annual operating profit for the full year of 2025.</li>
</ul>
</blockquote>
<div class="lb-trans"><blockquote>
<ul>
<li>一季度，受产品换代及假期因素拖累，小米汽车业务录得 31 亿元人民币（约合 4.6 亿美元）的运营亏损。</li>
<li>该汽车业务于 2025 年第三季度实现首次单季盈利，并在 2025 全年实现首次年度运营盈利。</li>
</ul>
</blockquote></div><p>Xiaomi's (HKEX: 1810) electric vehicle (EV) business recorded an operating net loss in the first quarter, despite steady growth in deliveries during the period.</p>
<div class="lb-trans"><p>尽管期内交付量稳步增长，小米集团（HKEX: 1810）的汽车（EV）业务在第一季度仍录得运营净亏损。</p></div><p>This financial setback was mainly attributed to the drag of the traditional Spring Festival holiday in China and the short-term impact of the transition period for the facelift of the core SU7 sedan, which temporarily suppressed the department's profitability.</p>
<div class="lb-trans"><p>此次财务受挫主要归因于中国春节假期的拖累，以及核心 SU7 轿车中期改款过渡期的短期影响，这暂时抑制了该业务的盈利能力。</p></div><p>In the first quarter, Xiaomi's innovative businesses, including EV and AI, saw an operating loss of 3.1 billion yuan ($460 million), according to a financial report released on Tuesday.</p>
<div class="lb-trans"><p>根据周二发布的财务报告，一季度包含汽车及 AI 在内的创新业务录得 31 亿元人民币（约合 4.6 亿美元）的运营亏损。</p></div><p>Join us on  Telegram  or  Google News</p>
<div class="lb-trans"><p>在 Telegram 或 Google News 上关注我们</p></div><p>This contrasts with the strong financial performance of the segment in 2025. The innovative business achieved its first quarterly profit in the third quarter of 2025 and its first annual operating profit for the full year of 2025.</p>
<div class="lb-trans"><p>这与该板块 2025 年强劲的财务表现形成鲜明对比。创新业务在 2025 年第三季度实现首次单季盈利，并在 2025 全年实现首次年度运营盈利。</p></div><p>The company delivered a total of 80,856 vehicles in the first quarter, up 6.57 percent year-on-year, according to data compiled by CnEVPost.</p>
<div class="lb-trans"><p>据 CnEVPost 汇编的数据，该公司一季度共交付 80,856 辆汽车，同比增长 6.57%。</p></div><p>Xiaomi EV quarterly deliveries</p>
<div class="lb-trans"><p>小米汽车季度交付量</p></div><p>2024  2025  2026</p>
<div class="lb-trans"><p>2024  2025  2026</p></div><p>Revenue from Xiaomi's innovative businesses stood at 19.9 billion yuan in the first quarter, an increase of 6.9 percent year-on-year, in line with the growth rate of vehicle deliveries.</p>
<div class="lb-trans"><p>一季度，小米创新业务收入达到 199 亿元，同比增长 6.9%，与汽车交付量的增速保持一致。</p></div><p>Of this, the EV business generated revenue of 19 billion yuan in the first quarter, while other businesses contributed 900 million yuan.</p>
<div class="lb-trans"><p>其中，汽车业务一季度贡献营收 190 亿元，其他业务贡献 9 亿元。</p></div><p>In the final month of the first quarter, Xiaomi EV delivered 21,440 vehicles in March. Due to the transition between old and new products, this figure was down 26.69 percent from a year earlier.</p>
<div class="lb-trans"><p>一季度最后一个月，小米汽车 3 月份交付 21,440 辆。受新老产品交替影响，该数字同比下降 26.69%。</p></div><p>The YU7 SUV contributed 13,558 deliveries in March, down 32.87 percent from February. Nevertheless, it still accounted for 63.24 percent of the sales share, continuing to serve as the company's pillar model.</p>
<div class="lb-trans"><p>YU7 SUV 在 3 月份交付 13,558 辆，环比下降 32.87%。尽管如此，其销量占比仍达 63.24%，继续担任公司的支柱车型。</p></div><p>The new-generation SU7 electric sedan was officially launched on March 19 and began initial deliveries on March 23. The model contributed 7,882 vehicles during its brief delivery period in March, rebounding by more than 3,515 percent from February.</p>
<div class="lb-trans"><p>新一代 SU7 电动轿车于 3 月 19 日正式上市，并于 3 月 23 日开启首批交付。在 3 月短暂的交付期内，该车型交付 7,882 辆，环比 2 月大幅反弹超 3,515%。</p></div><p>As the new-generation SU7 entered its first full month of deliveries, Xiaomi EV's sales momentum saw a strong recovery in April. Total deliveries for the month surged to 36,702 vehicles, a significant increase of 71.18 percent from March.</p>
<div class="lb-trans"><p>随着新一代 SU7 进入首个完整交付月，小米汽车 4 月销售势头强劲复苏。当月总交付量飙升至 36,702 辆，较 3 月大幅增长 71.18%。</p></div><p>The SU7 contributed 26,826 deliveries in April, accounting for more than 70 percent of the sales share.</p>
<div class="lb-trans"><p>4 月份 SU7 交付 26,826 辆，销量占比超过 70%。</p></div><p>Xiaomi has set an ambitious full-year vehicle delivery target of 550,000 units for 2026. Between January and April, the company delivered a cumulative total of 117,558 vehicles, up 12.55 percent year-on-year.</p>
<div class="lb-trans"><p>小米为 2026 年设定了全年 55 万辆汽车的雄心勃勃的交付目标。1 月至 4 月期间，公司累计交付 117,558 辆，同比增长 12.55%。</p></div><p>The tech giant's ambitions are not limited to the domestic passenger car market in China; it plans to officially enter overseas markets in the second half of 2027, selecting Europe as the first stop for its global expansion.</p>
<div class="lb-trans"><p>这家科技巨头的野心并不局限于中国国内乘用车市场；其计划于 2027 年下半年正式进军海外市场，并选择欧洲作为其全球扩张的首站。</p></div><p>($1 = 6.7851 yuan)</p>
<div class="lb-trans"><p>（1 美元 = 6.7851 元人民币）</p></div>

Xiaomi's EV business posts Q1 operating loss despite delivery growth

- 小米电动车业务第一季度亏损 31 亿元，受产品过渡影响。  
- 第一季度交付量为 80,856 辆，同比增长 6.57%。  
- 小米计划 2026 年交付 55 万辆，2027 年进军海外市场。

尽管交付量增长，小米汽车业务一季度仍录得运营亏损