Xiaomi Gears Up for Q3 Report as Battery Deal and Record Deliveries Draw Analyst Scrutiny

Xiaomi will unveil its third-quarter 2026 results on 24 November, with the board set to review and approve the unaudited figures for both the three months and the nine months ended 30 September 2026. The date, flagged in media reports, caps a busy stretch in which the company has announced a battery-supply investment, posted a record month for electric-vehicle deliveries and shown off robotics work at one of its car plants.

Hanxing Moves on Sunwoda's Battery Arm

On 30 October, Xiaomi subsidiary Hanxing outlined plans to take a stake in Sunwoda EVB, the EV battery unit of Sunwoda. Under the proposal, Hanxing would commit RMB 1.7 billion for a 5.34% interest — a minority holding — in the battery business rather than the wider Sunwoda group. The deal still hinges on approval from Sunwoda shareholders.

October Deliveries Set the 2026 Benchmark

Fresh operating data offer a read on how the car business has fared since the quarter closed. Roughly a week ago, Xiaomi reported more than 50,000 EV deliveries for October, the highest monthly tally of 2026 according to Reuters, which linked the figure to the production ramp-up aimed at hitting the company's full-year target. Deliveries for January through October came to about 336,000 vehicles, against an annual goal of 550,000.

The company also said on Tuesday that it had released footage of a humanoid robot working an eight-hour shift at a sorting station in its EV factory — a signal that robotics are moving into vehicle manufacturing alongside the delivery push.

Brokers Trim Targets Ahead of the Print

Ahead of the results, analysts have been recalibrating. BofA Securities cut its price target on 2 November to HK$34 from HK$37 while keeping a Buy rating, pointing to softer domestic demand for Internet-of-Things products, lower EV deliveries in the third quarter and continued spending on new business lines. UOB Kay Hian trimmed its target to HK$25.90 from HK$26.20 the same day, maintaining a Hold.

UOB expects the third quarter to bring a decline in revenue and a sharp drop in adjusted net profit, citing weaker sales of connected devices and EVs as well as elevated memory costs. Those are forecasts, not reported figures.

Views elsewhere are more constructive. Huatai Securities, in a 2 November preview of the Q3 numbers, reiterated its Buy rating and HK$32 target, according to media reports. Guosen Securities, in an assessment published Thursday, confirmed an Outperform rating and set a fair-value range of HK$20.00 to HK$30.00, citing among other things the October delivery figures.

All eyes now turn to 24 November, when the board's review and the results release will show whether the delivery momentum and expansion spending land where the sell side expects.