There is 2 conversion rates. The one given by the power bank is to convert the energy from the battery cells as USB output, mostly at 85-90%.
The other conversion rate is the energy from the USB output to the phone, where the phone converts the 5v or so output to the phone's voltage of 3.6/3.7/3.8v. Normally this is at 70-80%.
So if u multiple 80% x 90%, u get the final % rate that can be applied into the power bank energy, say 72%. I think Xiaomi conversion rate is only 70%, so final conversion rate is at 63%.
If the power bank is 10400mah, it may be only at 3.6v or 3.7v depending on the cells used. For Li-Ion cells, I uses 3.6v. For Li-polymer cells, normally it is 3.7v. Xiaomi uses Li-Ion cells so it is 10400mah x 3.6v = 37.44whr energy. 63% of it is 23.5872whr. As the phone battery is 3.7v, then it should give u 23.5872 divided by 3.7 divided by 3000mah that gives u about 2.12 charges from 0% to 100% with ur phone off.
If u use ur phone or even keep it on, I am not surprised that u get 1.5 times charge only as ur phone will operate like it is being plug into wall charger.