Xiaomi stock faces pressure as September EV deliveries top 40,000

Published on 10/05/2026 at 21:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Xiaomi stock traded at HKD 23.88 on October 5, 2026, 56.42 percent below its 52-week high. Q2 adjusted net profit fell 42.6 percent to RMB 6.2 billion.

Xiaomi Corp., KYG9830T1067, Illustration mit AI erstellt.

Xiaomi stock was last at HKD 23.88 on the Hong Kong Stock Exchange on October 5, 2026, down 1.49 percent from the previous close. The company added a fresh EV growth signal as September deliveries exceeded 40,000 vehicles, while profitability remains the market's harder test.

EV deliveries pass 40,000

According to GMT EIGHT on October 5, 2026, Citi said Xiaomi's September electric vehicle deliveries exceeded 40,000 units and maintained a Buy rating with a HKD 34 price target.

The delivery figure extends Xiaomi's automotive expansion beyond its smartphone base. In Q2 2026, Xiaomi delivered 104,199 vehicles, and the smart EV, AI and other new initiatives segment generated RMB 24.9 billion of revenue, up 17.1 percent year over year, according to the company's results call published by Yahoo Finance.

Profit pressure remains visible

Xiaomi's Q2 2026 revenue was RMB 108.9 billion, while adjusted net profit was RMB 6.2 billion, down 42.6 percent from the year-earlier period, according to Yahoo Finance. The contrast is clear: EV revenue rose 17.1 percent, but the group still faced pressure from memory costs, smartphone shipments and investment in new businesses.

The same Q2 call showed a 19.8 percent group gross margin and an 8.5 percent smartphone gross margin. Xiaomi's smartphone business generated RMB 42.1 billion of quarterly revenue, while global smartphone shipments reached 31.2 million units.

Consensus points above the market

Moomoo listed 35 analysts on October 5, 2026, with 71.43 percent at Strong Buy, 20.00 percent at Buy and 8.57 percent at Hold. Its average 12-month price target was HKD 42.44, with a high of HKD 75.00 and a low of HKD 22.70.

The average target lies 77.72 percent above Xiaomi's HKD 23.88 market price. That gap reflects the split investor debate: EV deliveries are scaling quickly, but the Q2 earnings decline and the 8.5 percent smartphone margin keep near-term execution central to the valuation.

Stock stays below yearly high

Xiaomi stock was last at HKD 23.88 on the Hong Kong Stock Exchange at 4:08 p.m. HKT on October 5, 2026. The session range was HKD 23.70 to HKD 24.08, the 52-week range was HKD 21.30 to HKD 54.80, and market capitalization stood at HKD 617.5 billion.