Third in a down quarter
IDC's final Q2 2026 table ranks Xiaomi third, with 31.2 million branded shipments, 11.3 percent share, and a 26.4 percent decline from a year earlier. For the full first half, Xiaomi's interim report says smartphone shipments were 65.0 million. The company cites Omdia, not IDC, for a first-half ranking of No. 3 globally and for a 3 percent decline in global shipments. Those are different sources and different periods from the IDC quarter.
Which Xiaomi this is
This profile is Xiaomi Corporation, formerly Top Elite Limited, incorporated in the Cayman Islands on January 5, 2010. Its head office and principal place of business in mainland China is Xiaomi Campus, Anningzhuang Road, Haidian District, Beijing. The interim report prints the company website as www.mi.com. Class B shares listed in Hong Kong on July 9, 2018, under stock codes 1810 (HKD) and 81810 (RMB). Lei Jun is Chairman of the Board. The accounting note identifies the chief executive officer as the chief operating decision maker and does not name that person, so this profile does not assign Lei Jun the CEO title. Xiaomi EV, Inc., incorporated in the Cayman Islands on August 5, 2021, is defined as a direct wholly-owned subsidiary and is a separate Venture Atlas company.
Phone economics
Smartphone revenue in the first half of 2026 was RMB 86.4 billion, and the statement line is RMB 86,392.0 million. Gross margin on smartphones was 9.3 percent. Average selling price rose 16.5 percent to RMB 1,330. The broader smartphone x AIoT segment was RMB 163.3 billion with a 21.2 percent gross margin. The interim report describes the margin pressure as coming from higher memory costs and a shift in mix and pricing.
Group results
Group revenue for the first half of 2026 was RMB 208.1 billion, down 8.4 percent from RMB 227.2 billion. The statement line is RMB 208,063.2 million for the six months ended June 30, 2026. Smart EV, AI and other new initiatives contributed RMB 44.8 billion. Adjusted net profit was RMB 12.3 billion. Vehicle deliveries of 185,055 in the half, up 17.7 percent, are group figures and sit with the EV subsidiary rather than with the phone business. The report says R&D personnel were 47.2 percent of employees on June 30, 2026, and does not state a total headcount.
What to watch
The open question is whether the higher RMB 1,330 smartphone ASP offsets the shipment decline IDC measured in the second quarter. Xiaomi's own half-year discussion treats memory costs as an industry headwind and premium mix as the response. The subsidiary boundary also matters: phone revenue and EV deliveries are both in this group, and they are not the same business.