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What has to happen in Other related businesses

Model as of

This page changes Other related businesses inside the complete XIACY model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

XIACY forward model
Horizon
Consolidated fair value $9.30 all other verticals held in this portfolio case
Final-quarter revenue $269M 2% of company revenue
Explicit segment contribution −$185M EBITDA less segment capex, before corporate items

Memory stays expensive, the premium mix reverts when it does, and the Chinese electric-vehicle price war reaches Xiaomi's segment before its volume does. Terminal revenue lands about 20% below base. What this case does NOT say is that Xiaomi breaks: internet services at a 76.8% gross margin is untouched by both problems, and it is the line that keeps group EBITDA positive throughout. The bear case here is a company that stops compounding, not one that stops earning.

Other related businesses

Basis quarter$238M
Final quarter$269M
Implied CAGR+2%
Final revenue mix2%

The residual inside Smartphone x AIoT - roughly RMB1.6 billion a quarter of accessories, repairs and other items Xiaomi reports as a line but never describes. It exists in this model so the five verticals sum to the reported consolidated revenue exactly, in every quarter, rather than approximately.

Last four quarters
2025 Q3 $140M Estimated
2025 Q4 $124M Estimated
2026 Q1 $107M Estimated
2026 Q2 $238M Reported
Other related businesses within Smartphone x AIoT
Sequential growth +2.0%/qtr decaying toward +1.5% 2% a quarter. It grew 16% YoY off a small base and Xiaomi says nothing about what drives it.
Other related businesses

Latest: $269M (2031Q2E)

Period Value
2025Q2 $194M
2025Q3 $140M
2025Q4 $124M
2026Q1 $107M
2026Q2 $238M
2026Q3E $240M
2026Q4E $242M
2027Q1E $244M
2027Q2E $246M
2027Q3E $248M
2027Q4E $250M
2028Q1E $251M
2028Q2E $253M
2028Q3E $254M
2028Q4E $256M
2029Q1E $257M
2029Q2E $258M
2029Q3E $260M
2029Q4E $261M
2030Q1E $262M
2030Q2E $264M
2030Q3E $265M
2030Q4E $266M
2031Q1E $267M
2031Q2E $269M

Assumptions & reasoning

  • Only the June 2026 quarter is a disclosed figure here, at RMB1.6bn. The four earlier quarters are the residual left when the four named lines are subtracted from reported consolidated revenue, and are flagged estimated for that reason.
  • Its economics are assumed outright. Xiaomi discloses neither a gross margin nor an operating result for this line, so both margin inputs are ours and the vertical is small enough that neither changes the answer.
  • It is carried as its own vertical rather than folded into another one so that no named segment absorbs a residual it did not earn.
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