# Who are Xiaomi's customers? Who does Xiaomi earn revenue from?
Canonical: https://valuechain.wiki/xiaomi · Facet: customers · Updated: 2026-07-12T05:39:59.787128+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Xiaomi discloses no named confirmed revenue counterparties; 4 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 4 revenue edges, backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).

### 인터넷 서비스(광고·구독 등, 익명) (high)
- note: Internet services is small in scale (RMB37.4bn) but, at 76.5% GPM, the real source of group profit — the flywheel's settlement point that monetizes 754m MAU via ads, gaming and fintech. Rising overseas share (33.8%) makes ex-China monetization the next lever.
- [confirms] Xiaomi Corporation (EN, filing, published 2026-04-28) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf: "Internet-services revenue RMB37,440.3m (+9.7%), GPM 76.5%; MAU 754.1m."

### 스마트폰 최종수요(글로벌 소비자·통신사, 익명) (high)
- note: The end market is global consumers, but this line's strategic role is the ecosystem's entry point, not profit — a thin-margin (10.9% GPM) user-acquisition engine feeding high-margin internet services. Shipments fell 2% on India weakness, yet it defends its No.3 position (13.3% share) and protects ASP via premiumization and a rising China mix.
- [confirms] Xiaomi Corporation (EN, filing, published 2026-04-28) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf: "Smartphone revenue RMB186,439.8m; shipments 165.2m; ASP RMB1,128.7; GPM 10.9%; 13.3% share."
- [confirms] Nate News (KO, news, published 2026-03-25) https://news.nate.com/view/20260325n09878: "Smartphone revenue RMB186.4bn; No.3 globally for 5 straight years."

### IoT·생활가전 소비자(익명) (high)
- note: IoT & lifestyle matters beyond its revenue (+18.3%) as the ecosystem's expansion vector — tablets, large appliances and wearables grew on Chinese subsidies and premiumization, lifting connected devices to 1,079m, and that device base widens the foundation for internet-services monetization.
- [confirms] Xiaomi Corporation (EN, filing, published 2026-04-28) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf: "IoT & lifestyle revenue RMB123,200.2m (+18.3%); 1,079.2m connected devices."

### 전기차 구매자(SU7·YU7, 익명) (high)
- note: EV buyers (SU7/YU7) are the group's new growth engine — 411k deliveries (+200%) and the segment's first operating profit (24.3% GPM) shed the loss-making-venture label. SU7 as the No.1 sedan above RMB200k and YU7 as the No.1 mid-large SUV prove premium positioning, making this the core axis of the group's re-rating.
- [confirms] Xiaomi Corporation (EN, filing, published 2026-04-28) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf: "Smart EV/AI revenue RMB106,069.5m (+223.8%); 411,082 deliveries; GPM 24.3%; first op profit RMB0.9bn."
- [mentions] Goldman Sachs (EN, research, published 2026-04-01) https://www.investing.com/news/analyst-ratings/goldman-sachs-lowers-xiaomi-stock-price-target-to-hk40-on-ev-losses-93CH-4711331: "Goldman Sachs Buy, TP HK$40 (EV losses); CMBI (Oct-2025) TP mid-HK$50s; 44-analyst consensus Buy."
- [confirms] Nate News (KO, news, published 2026-03-25) https://news.nate.com/view/20260325n09878: "EV/AI revenue RMB106.1bn; 411,082 deliveries; first annual auto operating profit RMB0.9bn."

### 레이쥔·Smart Mobile Holdings(지배주주, 의결권 90.06%) (high)
- note: Founder Lei Jun holds 90.06% of votes via Smart Mobile Holdings and ARK Trust under weighted voting rights — the basis for pushing long-gestation, capital-heavy bets (XRING chips, EVs, AI) consistently, insulated from market pressure. A Cayman entity; institutions such as BlackRock hold Class B shares.
- [confirms] Xiaomi Corporation (EN, filing, published 2026-04-28) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf: "Lei Jun controls 90.06% of votes via Smart Mobile Holdings (4,063,148,182 shares)."

Reverse side: https://valuechain.wiki/xiaomi/suppliers.md · Ripple: https://valuechain.wiki/xiaomi/ripple.md

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Full node: https://valuechain.wiki/xiaomi.md · JSON: https://valuechain.wiki/xiaomi.json