Xiaomi's Record EV Month Meets a Profit Warning: Buybacks, a 62% Earnings Drop and the November 24 Verdict
Published on 11/15/2026 at 13:41 | Editorial boerse-global.de
Xiaomi's stock closed Friday at €3.34, down 2.2%, as a broad retreat in Hong Kong technology and internet names weighed on the shares. Semiconductor and AI-related listings bore the brunt of the selling, with AI and technology hardware names across the board caught in the downdraft.
The decline came despite a fresh milestone on the electric-vehicle side. Wholesale data published November 9 by the China Passenger Car Association put Xiaomi's October deliveries at 50,168 vehicles — a monthly record. The company itself had flagged on November 1 that it had already shipped more than 50,000 cars during the month.
Capital Returns and a Little Dilution
Xiaomi was also active in its own stock. On Friday the group repurchased roughly 1.73 million of its own shares for cancellation, spending about HKD 49.8 million. The move followed further buybacks on Thursday, marking a second consecutive session of capital returns. Alongside the repurchases, Xiaomi reported the issuance of 1,200 new Class B shares under an equity incentive program.
Should investors sell immediately? Or is it worth buying Xiaomi?
CLSA Cuts Both Ways — But Keeps Its Rating
The more consequential news for the earnings outlook came from CLSA, which on Thursday trimmed its forecast for Xiaomi's adjusted net profit by 13% for 2026, citing weaker-than-expected Chinese consumer spending. The broker cut its 2027 estimate by 17%. For the third quarter of 2026, CLSA expects adjusted net profit to fall 62% year on year.
None of that shook the house's stance: CLSA reiterated its "Outperform" rating and left its price target unchanged at HKD 35.
A Second Voice on the Quarter
UOB Kay Hian had already flagged pressure on November 2. The broker projected a 6.7% year-on-year revenue decline for the third quarter of 2026, to RMB 106 billion, reasoning that softer IoT and EV sales would more than offset a stronger smartphone quarter.
The Date to Watch
All eyes now turn to November 24, when Xiaomi's board will review and approve the unaudited results for the third quarter and the nine months ended September 30, 2026 — the moment when the scale of the consumer slowdown, and the credibility of the bulls' case, will be put to the test.
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