Xiaomi Past Earnings Performance
Past criteria checks 2/6
Xiaomi has been growing earnings at an average annual rate of 20.8%, while the Tech industry saw earnings growing at 9.2% annually. Revenues have been growing at an average rate of 9.2% per year. Xiaomi's return on equity is 13.3%, and it has net margins of 8%.
Key information
20.82%
Earnings growth rate
19.95%
EPS growth rate
| Tech Industry Growth | 4.97% |
| Revenue growth rate | 9.19% |
| Return on equity | 13.31% |
| Net Margin | 7.96% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 23
1810: Higher Memory Costs And EV Expansion Will Shape Hardware Margins
Analysts have trimmed their fair value estimate for Xiaomi to HK$24.04 from HK$25.13, reflecting lower profit margin and P/E assumptions after recent research highlighted weaker Q1 EBIT performance and concerns around smartphone margins under higher memory costs. What’s in the News for Xiaomi Xiaomi has filed with Chinese regulators to add an extended range electric vehicle to its lineup, according to a notice from the industry ministry, with the filing open for public comment through June 17, source: industry ministry notice via recent news reports.
Narrative Update • Jun 09
1810: IoT And Auto Partnerships Will Drive Future Upside Potential
Analysts now see Xiaomi’s fair value slightly lower at HK$66.40 from HK$67.90, reflecting recent price target cuts after Q1 EBIT weakness and concerns about profit pressure in the smartphone business. What's in the News Q1 2026 earnings showed strong revenue performance in IoT and AI businesses, with record overseas IoT revenue and double-digit year-on-year growth, according to Xiaomi's Q1 2026 earnings call highlights (source: Q1 2026 Earnings Call Highlights).Narrative Update • May 26
1810: Surging Memory Costs Will Pressure Margins And Future Hardware Returns
Analysts have trimmed their Xiaomi price targets, with one move from HK$40 to HK$30 helping drive a broader recalibration of fair value estimates as higher projected revenue growth is offset by pressure on profit margins and concerns about smartphone demand and Chinese auto sales. Analyst Commentary Recent research suggests that some bearish analysts are growing more cautious on Xiaomi, even while maintaining generally constructive views on the stock.
New Narrative • May 17
Xiaomi represents a unique combination of scale consumer electronics + emerging tech platform + EV challenger.
Investment Memorandum – Xiaomi Corporation (HKEX: 1810) 1. Executive Summary Xiaomi Corporation is a leading global consumer electronics and technology company transitioning into a full-stack ecosystem player spanning smartphones, AIoT, internet services, and increasingly electric vehicles (EVs) and AI.Narrative Update • May 01
1810: Auto Partnerships And Execution Will Drive Future Upside Potential
Analysts have trimmed Xiaomi's price target from HK$40 to HK$30, citing pressure on smartphone demand from higher memory costs and more cautious expectations for Chinese auto deliveries, while incorporating updated assumptions for growth, margins and a lower future P/E multiple. Analyst Commentary Recent research on Xiaomi highlights a mix of caution on near term headwinds and confidence in the longer term setup, especially for investors focused on execution across smartphones and autos.Narrative Update • Apr 17
1810: Rising Memory Costs And Auto Softness Will Pressure Future Returns
Analysts have trimmed Xiaomi's fair value estimate from about HK$30.52 to around HK$26.96, citing lower assumed revenue growth, slightly softer profit margins, and higher expected P/E multiples, as they respond to recent price target cuts and softer smartphone and auto related expectations. Analyst Commentary Recent research updates highlight a more cautious tone around Xiaomi, with attention on execution risks in both smartphones and autos, as well as pressure on earnings assumptions feeding through to valuation work.
Narrative Update • Apr 02
1810: EV And Auto Partnerships Will Drive Future Upside Potential
Analysts have trimmed Xiaomi's fair value estimate to about HK$44.93 from roughly HK$57.33, reflecting lower assumed revenue growth, slightly softer profit margins, a modestly higher discount rate and a reduced future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts continue to see upside in Xiaomi, with some assigning price targets such as US$49, which still sit comfortably above current fair value estimates and imply room for execution to close the gap.Analysis Article • Mar 31
Xiaomi's (HKG:1810) Earnings Are Weaker Than They Seem
Xiaomi Corporation ( HKG:1810 ) announced strong profits, but the stock was stagnant. Our analysis suggests that...Analysis Article • Mar 26
Xiaomi Corporation (HKG:1810) Analysts Are Cutting Their Estimates: Here's What You Need To Know
There's been a notable change in appetite for Xiaomi Corporation ( HKG:1810 ) shares in the week since its yearly...Narrative Update • Mar 19
1810: Auto Ecosystem Expansion And Partnerships Will Drive Future Upside Potential
Narrative Update Analysts have lowered Xiaomi's implied fair value, reflected in a reduced blended price target that is consistent with recent revisions, including the adjustment from HK$40 to HK$30. They have also moderated expectations for smartphone and auto related growth, citing pressure from higher memory costs and softer sales assumptions.Narrative Update • Mar 05
1810: Auto Sector Weakness And Crypto Alliance Will Shape Future Returns
Narrative Update Analysts have trimmed their Xiaomi price target slightly to HK$30.52 from HK$31.23, reflecting updated assumptions for somewhat lower profit margins and fair value, partly offset by a higher expected P/E multiple and revenue growth outlook following recent sector research on Chinese carmakers and Xiaomi's role in that ecosystem. Analyst Commentary Recent sector commentary on Chinese carmakers has contributed to a more cautious tone around Xiaomi's auto exposure and broader growth expectations.Narrative Update • Feb 19
1810: Slower Revenue Outlook Will Outweigh Potential Benefits From Crypto Partnership
Analysts have lowered their Xiaomi price target from HK$46.89 to HK$31.23, primarily reflecting revised assumptions for slower revenue growth, a lower future P/E and a higher discount rate, partly offset by higher projected profit margins. What's in the News Ford held discussions with Xiaomi about a potential partnership, according to a Financial Times report.Narrative Update • Feb 05
1810: EV Push And Electronics Self Reliance Will Drive Future Upside
Narrative Update Analysts have trimmed their fair value estimate for Xiaomi from HK$57.80 to about HK$57.33, reflecting slightly lower revenue growth expectations and a higher discount rate. They still highlight support from its electric vehicle ambitions and smartphone and internet of things exposure, despite near term pressure on margins and previous target cuts.Narrative Update • Jan 21
1810: Crypto And Electric Vehicle Push Will Drive Future Upside Potential
Analysts have made a small upward adjustment to their fair value estimate for Xiaomi to HK$79.45 from about HK$78.87, reflecting updated assumptions on revenue growth, discount rate and future P/E, alongside mixed recent Street views that include a reduced smartphone focused target and a more optimistic call on the company's electric vehicle potential. Analyst Commentary Bullish analysts are focusing on how Xiaomi's mix of smartphones, internet of things and electric vehicles could support the updated fair value estimate, even as some nearer term headwinds are flagged in recent research.Analysis Article • Jan 08
We Like These Underlying Return On Capital Trends At Xiaomi (HKG:1810)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...Narrative Update • Jan 07
1810: Crypto And Electric Vehicle Exposure Will Define Future Upside Potential
Analysts have trimmed their Xiaomi price targets, such as a move from $43 to $40 at one major firm. This reflects more cautious assumptions on internet of things growth and smartphone margins, even as they highlight Xiaomi's positioning in China's electric vehicle space.Narrative Update • Dec 23
1810: Premium Auto Customization And EV Ecosystem Will Drive Future Upside
Analysts have trimmed their price target on Xiaomi by about $3 to $40, citing slightly slower expected revenue growth, modestly lower profit margins amid rising DRAM costs, and reduced IoT tailwinds due to lapping subsidies, while still highlighting the company as a top Overweight-rated pick in China's competitive EV and electronics market. Analyst Commentary Bullish analysts continue to frame the lower price target as a recalibration rather than a fundamental downgrade, arguing that Xiaomi's execution in both smartphones and electric vehicles still supports a premium to many domestic peers.Narrative Update • Dec 09
1810: Premium Auto Customization Will Drive Future Upside In High End Segment
Analysts have nudged their consolidated price target on Xiaomi slightly lower by about $3 to approximately $40 per share, reflecting expectations for slower internet of things growth and some margin pressure from higher component costs, partially offset by optimism around the company’s positioning in China’s electric vehicle and electronics markets. Analyst Commentary Recent Street commentary highlights a balanced mix of enthusiasm and caution around Xiaomi, with valuation underpinned by its growing presence in electric vehicles and core electronics, but tempered by near term profitability risks.Narrative Update • Nov 25
1810: Expansion Of Customization Services Will Drive Share Gains In Premium Autos
Analysts have lowered their price target for Xiaomi, reducing the estimate from $43 to $40. They cited expectations of slower growth in internet of things sales and compressed smartphone margins, despite ongoing optimism about the company’s positioning in China's competitive tech landscape.Narrative Update • Nov 10
1810: Market Share Gains And Customization Will Drive Performance In A Weak Industry
Analysts have lowered their price target for Xiaomi from $45 to $43, citing ongoing weakness in the global cellphone market even as the company continues to gain market share. Analyst Commentary Bullish Takeaways Bullish analysts highlight Xiaomi's continued ability to gain market share, even as the global cellphone market faces challenges.Narrative Update • Oct 27
Global Advances In Premium Offerings Will Shape Market Leadership Ahead
Analysts have lowered their price target for Xiaomi from $45 to $43. They cite a weaker global cellphone market, but acknowledge the company's increasing market share and steady profit margins.Analysis Article • Sep 29
Xiaomi Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
Shareholders might have noticed that Xiaomi Corporation ( HKG:1810 ) filed its second-quarter result this time last...Narrative Update • Sep 04
AIoT And Premium Products Will Unlock Global Potential
Analysts have trimmed Xiaomi’s price target slightly to HK$66.01 amid concerns over ongoing global smartphone market weakness, though optimism about strong demand for the new YU7 electric SUV and share gains from competitors partly offsets these headwinds. Analyst Commentary Analysts are concerned about ongoing weakness in the global cellphone market, leading to more conservative growth estimates.Analysis Article • Sep 03
When Should You Buy Xiaomi Corporation (HKG:1810)?
Xiaomi Corporation ( HKG:1810 ) received a lot of attention from a substantial price movement on the SEHK over the last...Analysis Article • Aug 03
The Price Is Right For Xiaomi Corporation (HKG:1810)
With a price-to-earnings (or "P/E") ratio of 41.9x Xiaomi Corporation ( HKG:1810 ) may be sending very bearish signals...Analysis Article • Jul 17
Calculating The Fair Value Of Xiaomi Corporation (HKG:1810)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Xiaomi fair value estimate is HK$60.44 Xiaomi's HK$56.15 share...New Narrative • Feb 27
Xiaomi to Surge with 15% Revenue Growth and IoT Expansion
High-Spec, Low-Cost Smartphones: Xiaomi disrupted markets by offering feature-rich devices at competitive prices, undercutting rivals like Samsung and Apple. This "flagship specs at mid-range prices"
New Narrative • Nov 24
Premiumization And Global Expansion Drive Exciting Growth And Profitability Evolution
Xiaomi's successful premiumization strategy and international expansion efforts indicate strong potential for future revenue growth and improved profitability across its market segments.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Xiaomi makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 445,135 | 35,442 | 41,044 | 35,375 |
| 31 Dec 25 | 457,287 | 41,643 | 39,867 | 33,132 |
| 30 Sep 25 | 449,375 | 44,125 | 37,503 | 30,971 |
| 30 Jun 25 | 428,761 | 37,207 | 35,040 | 27,868 |
| 31 Mar 25 | 401,693 | 30,400 | 32,717 | 25,603 |
| 31 Dec 24 | 365,906 | 23,658 | 30,991 | 24,050 |
| 30 Sep 24 | 330,145 | 19,360 | 29,174 | 22,077 |
| 30 Jun 24 | 308,533 | 18,881 | 27,580 | 21,087 |
| 31 Mar 24 | 287,000 | 17,453 | 26,118 | 20,144 |
| 31 Dec 23 | 270,970 | 17,475 | 24,353 | 19,098 |
| 30 Sep 23 | 263,774 | 15,899 | 24,111 | 18,335 |
| 30 Jun 23 | 263,354 | 9,549 | 24,148 | 17,438 |
| 31 Mar 23 | 266,170 | 7,265 | 25,175 | 16,647 |
| 31 Dec 22 | 280,044 | 2,474 | 26,437 | 16,028 |
| 30 Sep 22 | 299,572 | 1,808 | 26,867 | 15,181 |
| 30 Jun 22 | 307,160 | 4,077 | 26,886 | 14,349 |
| 31 Mar 22 | 324,778 | 10,959 | 27,069 | 13,650 |
| 31 Dec 21 | 328,309 | 19,339 | 25,720 | 13,167 |
| 30 Sep 21 | 313,197 | 25,667 | 24,505 | 12,419 |
| 30 Jun 21 | 307,297 | 29,755 | 22,801 | 11,503 |
| 31 Mar 21 | 273,046 | 25,985 | 20,031 | 10,397 |
| 31 Dec 20 | 245,866 | 20,356 | 18,286 | 9,256 |
| 30 Sep 20 | 231,872 | 13,983 | 16,525 | 8,403 |
| 30 Jun 20 | 213,371 | 11,628 | 15,453 | 8,115 |
| 31 Mar 20 | 211,784 | 9,082 | 14,412 | 7,713 |
| 31 Dec 19 | 205,839 | 10,044 | 13,482 | 7,493 |
| 30 Sep 19 | 193,790 | 11,012 | 11,798 | 7,015 |
| 30 Jun 19 | 190,976 | 10,986 | 11,187 | 6,516 |
| 31 Mar 19 | 184,260 | 23,685 | 9,081 | 7,427 |
| 31 Dec 18 | 174,915 | 13,554 | 10,162 | 5,777 |
| 30 Sep 18 | 165,608 | -2,885 | 9,606 | 5,036 |
| 30 Jun 18 | 148,862 | -16,373 | 8,579 | 4,307 |
| 31 Mar 18 | 126,332 | -40,928 | 8,836 | 2,495 |
| 31 Dec 17 | 114,625 | -43,826 | 6,448 | 3,151 |
| 31 Dec 16 | 68,434 | 553 | 3,949 | 2,104 |
| 31 Dec 15 | 66,811 | -7,581 | 2,679 | 1,512 |
Quality Earnings: 1810 has a large one-off gain of CN¥13.7B impacting its last 12 months of financial results to 31st March, 2026.
Growing Profit Margin: 1810's current net profit margins (8%) are higher than last year (7.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 1810's earnings have grown significantly by 20.8% per year over the past 5 years.
Accelerating Growth: 1810's earnings growth over the past year (16.6%) is below its 5-year average (20.8% per year).
Earnings vs Industry: 1810 earnings growth over the past year (16.6%) did not outperform the Tech industry 74.7%.
Return on Equity
High ROE: 1810's Return on Equity (13.3%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 13:20 |
| End of Day Share Price | 2026/07/06 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Xiaomi Corporation is covered by 58 analysts. 34 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Tianli Wen | Aletheia Analyst Network Limited |
| Zixiao Yang | Arete Research Services LLP |
| Jiong Shao | Barclays |