Xiaomi’s EV and AI Push Faces Another Quarterly Loss
小米汽车与AI业务连续第二季度亏损
Xiaomi’s electric vehicle (EV), artificial intelligence (AI) and other new businesses recorded their second consecutive quarterly operating loss in the second quarter of 2026, despite strong growth in vehicle deliveries.
小米的电动汽车（EV）、人工智能（AI）及其他新业务在2026年第二季度连续第二个季度出现经营亏损。虽然汽车交付量保持较快增长，但利润率下降以及研发投入增加，给业务盈利带来了明显压力。
The segment reported an operating loss of 2.6 billion yuan ($383 million), narrowing from 3.1 billion yuan in the first quarter. The result marks a setback from 2025, when Xiaomi’s new businesses achieved their first quarterly profit in the third quarter and recorded an annual operating profit for the full year.
第二季度，小米新业务经营亏损26亿元人民币，约合3.83亿美元。虽然亏损规模低于第一季度的31亿元，但这意味着该业务仍未恢复盈利。相比之下，小米新业务曾在2025年第三季度首次实现季度盈利，并在2025年全年实现经营利润。
Revenue from the segment reached 24.9 billion yuan in the second quarter, up 17.1% from a year earlier and 25.3% from the previous quarter. EV revenue accounted for 23.9 billion yuan, rising 15.9% year-on-year, while revenue from other businesses, including AI-related activities, increased 56.5% to 1 billion yuan.
第二季度，该业务收入达到249亿元，同比增长17.1%，环比增长25.3%。其中，汽车业务收入239亿元，同比增长15.9%；其他相关业务收入约10亿元，同比增长56.5%，其中包括AI大模型MiMo带来的收入。
However, profitability weakened significantly. Gross margin fell to 19.2%, compared with 26.4% a year earlier and 20.1% in the first quarter. Xiaomi said the decline was mainly caused by a lower proportion of higher-margin SU7 Ultra deliveries, rising prices for key components and increased spending on AI development.
不过，利润率明显下降。该业务毛利率从去年同期的26.4%降至19.2%，也低于今年第一季度的20.1%。小米表示，主要原因包括利润率较高的SU7 Ultra交付占比下降、核心零部件价格上涨，以及AI业务投入增加。
