Xiaomi Stock (1810.HK): Revenue, Margins, Valuation 2026
Xiaomi Group (HKEX: 1810, "Xiaomi-W") is down about a fifth this year, and its last two reported quarters are the first year-on-year revenue declines in the eight-quarter window below. This page puts the numbers in one place. It is a data page, not a recommendation.
Xiaomi in five numbers
| What | Figure | As of | Read |
|---|---|---|---|
| Share price | HK$31.30 | Nov 5, 2026 close | 30% below the 52-week high of HK$44.62 |
| Market cap | ≈ HK$795 bn | Nov 6, 2026 | Trailing P/E 20.9x, P/B 2.6x, P/S 1.6x |
| Year-to-date move | −20.4% | Nov 6, 2026 | 1-year move −27.9% |
| Latest quarter revenue (Q2 FY2026) | RMB 108.9 bn | Reported | −6.1% year on year |
| Latest quarter gross margin | 19.8% | Reported | Lowest of the last eight quarters |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT). Price and valuation are Wind fields for 1810.HK; revenue, margin and profit are Xiaomi's reported IFRS figures as carried by Wind. Company filings: Xiaomi investor relations.
Eight quarters, as reported
Revenue and net profit in RMB billions. Net profit is IFRS profit attributable to owners; Xiaomi's "adjusted" non-IFRS profit is not shown here.
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 92.5 | |
| Q4 FY24 | 109.0 | |
| Q1 FY25 | 111.3 | |
| Q2 FY25 | 116.0 | |
| Q3 FY25 | 113.1 | +22.3% YoY |
| Q4 FY25 | 116.9 | +7.3% YoY |
| Q1 FY26 | 99.1 | −10.9% YoY |
| Q2 FY26 | 108.9 | −6.1% YoY |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT); Xiaomi reported IFRS figures
| Quarter | Revenue | YoY | Gross margin | Net profit | YoY |
|---|---|---|---|---|---|
| Q3 FY2024 | 92.5 | 20.4% | 5.4 | ||
| Q4 FY2024 | 109.0 | 20.6% | 9.0 | ||
| Q1 FY2025 | 111.3 | 22.8% | 10.9 | ||
| Q2 FY2025 | 116.0 | 22.5% | 11.9 | ||
| Q3 FY2025 | 113.1 | +22.3% | 22.9% | 12.3 | +129% |
| Q4 FY2025 | 116.9 | +7.3% | 20.8% | 6.5 | −27.3% |
| Q1 FY2026 | 99.1 | −10.9% | 22.0% | 4.7 | −56.8% |
| Q2 FY2026 | 108.9 | −6.1% | 19.8% | 9.5 | −20.5% |
Three things the table says on its own:
- The growth run ended in Q1 FY2026. Five quarters above RMB 109 bn, then RMB 99.1 bn. Q2 recovered sequentially (+9.9% quarter on quarter) but is still below the year-ago quarter.
- Gross margin has slipped three points from the peak. 22.9% in Q3 FY2025 to 19.8% in Q2 FY2026. Over a RMB 109 bn quarter, that gap is roughly RMB 3.4 bn of gross profit.
- Profit is more volatile than revenue. Net profit moved between RMB 4.7 bn and RMB 12.3 bn on revenue that moved between RMB 99 bn and RMB 117 bn. Operating leverage cuts both ways here.
Show data
| Period | % | Note |
|---|---|---|
| Q3 FY24 | 20.4 | |
| Q4 FY24 | 20.6 | |
| Q1 FY25 | 22.8 | |
| Q2 FY25 | 22.5 | |
| Q3 FY25 | 22.9 | Eight-quarter high |
| Q4 FY25 | 20.8 | |
| Q1 FY26 | 22.0 | |
| Q2 FY26 | 19.8 | Eight-quarter low |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT)
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 5.4 | |
| Q4 FY24 | 9.0 | |
| Q1 FY25 | 10.9 | |
| Q2 FY25 | 11.9 | |
| Q3 FY25 | 12.3 | +129% YoY, peak quarter |
| Q4 FY25 | 6.5 | |
| Q1 FY26 | 4.7 | −56.8% YoY |
| Q2 FY26 | 9.5 | −20.5% YoY |
Source: Wind Financial Data Service, retrieved Nov 6, 2026 (HKT); IFRS profit attributable to owners
Full-year picture
| Fiscal year | Revenue (RMB bn) | Gross margin | Net profit (RMB bn) |
|---|---|---|---|
| FY2024 | 365.9 | 20.9% | 23.7 |
| FY2025 | 457.3 | 22.3% | 41.6 |
FY2025 was a record on every line. The 2026 question is whether the first half (RMB 208.1 bn of revenue, down 8.4% on the first half of 2025) is a pause or a new level.
Valuation in context
| Metric | Value | Note |
|---|---|---|
| Trailing P/E | 20.9x | On the four quarters to Q2 FY2026 |
| P/B | 2.6x | |
| P/S | 1.6x | |
| Dividend yield | — | Wind reports no dividend yield for 1810.HK |
| 52-week range | HK$21.30 – HK$44.62 | Price sits in the lower half |
A 20.9x trailing multiple on earnings that fell 38% year on year in the first half means the market is paying for a recovery it has not seen yet. Whether that is cheap depends on the second half, which is exactly what the next two reports settle.
What to check in the Q3 FY2026 report
Xiaomi reports Q3 in late November. The three lines that decide whether the two-quarter decline is a trend:
- Revenue against RMB 113.1 bn (Q3 FY2025). A third consecutive year-on-year decline, or not.
- Gross margin against 19.8%. Back above 21% would mean the Q2 dip was mix, not price.
- Net profit against RMB 12.3 bn. This is the hardest comparison of the year because Q3 FY2025 was the peak quarter.
Segment detail (smartphones, IoT, internet services, electric vehicles) is not included on this page; the Wind fundamentals endpoint returned consolidated lines only. Segment splits are in Xiaomi's quarterly results announcements on the investor relations site linked above.
Run this yourself
Open Financial Chat, type #1810.HK, and ask for the same eight-quarter table with the Q3 FY2026 figures added the day they are filed. The company one-pager skill adds segment revenue and the local analyst consensus that this page does not carry.
Every answer comes with the report date, the speaker and the source it was read from. This is what that looks like on a transcript question for NVIDIA's Q2 FY2027 call (the full worked example is on the NVIDIA guidance page):
Open 1810.HK in WinusFree tier: 400 credits a day. A quick answer like this one costs 6 to 78.
Data sourced from Wind Financial Data Service. Figures as retrieved on Nov 6, 2026 (HKT); Xiaomi's own filings govern if they differ.
FAQ
Is Xiaomi stock listed in the US?
No. Xiaomi Corporation trades on the Hong Kong exchange under 1810.HK. In the US it is available over the counter (XIACY for the ADR, XIACF for the ordinary share), not on NYSE or Nasdaq. This page uses the Hong Kong listing.
What currency are Xiaomi's revenue and profit reported in?
Renminbi. Xiaomi reports in RMB, so the quarterly and annual tables above are RMB billions, while the share price, market cap and 52-week range are in Hong Kong dollars.
When does Xiaomi report Q3 2026 results?
Xiaomi has reported third-quarter results in mid-to-late November in recent years. The exact date is announced on its investor relations site. The three benchmarks to check against are listed on this page.
Where do the numbers on this page come from?
From Wind Financial Data Service, retrieved on Nov 6, 2026 (HKT). Revenue, gross margin and net profit are Xiaomi's reported IFRS figures as carried by Wind; price and valuation fields are Wind's. Xiaomi's own filings govern if they differ.
What is Winus?
Winus is a financial AI agent platform built on Wind's financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #1810.HK in Winus to run this page's analysis yourself.