Xiaomi's Q2 2026 earnings fell 6% in revenue and 20% in net profit to 9.46 billion yuan, primarily due to rising memory chip costs impacting all smartphone makers. The company cut production of mid-range phones by 26% and shipped 31.2 million units, down 26%. However, EV deliveries grew 16% to 81,302 vehicles, helping offset smartphone weakness—though the company remains on track for only ~183,000 units of its 550,000-unit annual target.