Xiaomi's first-quarter 2025 revenue reaches RMB111.3 billion, and adjusted net income increases 64.51% to a record RMB10.7 billion.

Xiaomi Corporation, a consumer electronics and smart manufacturing company with smartphones and smart hardware connected through an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended March 31, 2025 ("Q1 2025 Results"). Xiaomi reported revenue exceeding RMB100 billion for the second consecutive quarter, and its adjusted net income exceeded RMB10 billion for the first time. The results beat market expectations, with quarterly revenue of RMB111.3 billion, up 47.41% year-on-year. Adjusted net income reached RMB 10.7 billion, a 64.51% year-on-year increase, marking a strong start to 2025.

Solid growth was observed across all business segments during the quarter. Smartphone revenue increased by 8.9% compared to the previous year, reaching RMB 50.6 billion; lifestyle and IoT product revenue rose by 58.7% year-over-year, to RMB 32.3 billion, with record shipments of washing machines and refrigerators, while air conditioner shipments bucked the trend, increasing by over 65.0% year-over-year. Revenue from smart electric vehicles (“EVs”), artificial intelligence, and other new initiatives reached RMB 18.6 billion, with deliveries of 75,869 units of the Xiaomi SU7 series.

The strategy of premiumisation Xiaomi gained ground in all categories. The average selling price ("ASP") of smartphones reached RMB1,211 in the first quarter of 2025, a historical record. Sales of the Xiaomi 15 Ultra, launched in February, grew by 90% as compared to its predecessor in the same period.

Xiaomi smartphones reclaim top spot in mainland China after a decade, with 18.81% market share.

In the first quarter of 2025, Xiaomi's smartphone revenue increased by 8.9% compared to the previous year, reaching RMB 50.6 billion. Global smartphone shipments reached 41.8 million units, achieving year-over-year growth for seven consecutive quarters. According to Canalys (now part of Omdia), Xiaomi maintained its position among the top three global manufacturers for the 19th consecutive quarter, with a global market share of 14.1%. In mainland China, market share increased by 4.7 percentage points year-on-year to 18.8%, marking the fifth consecutive quarter of growth and reclaiming the top spot in shipments after ten years. **Note:** The "TP3T" in the original text is likely a typo or an error in the source data. I have left it in the translation, but the meaning is unclear and likely spurious. The percentage increase and market share figures are likely meant to be percentages (e.g. 8.91%). If you have the original source, please confirm the intended meaning.

Xiaomi continued to strengthen its presence in the segment. premiumAccording to third-party data, in mainland China, smartphones priced above RMB 3,000 accounted for 25.01% of Xiaomi's total sales, a 3.3 percentage point increase year-over-year. For smartphones priced RMB 4,000 and above, Xiaomi achieved a market share of 9.61%, an increase of 2.9 percentage points compared to the previous year.

IoT business revenue and gross margin hit records; smart appliances double growth.

The IoT and lifestyle product segment maintained accelerated growth, with revenue increasing by 58.71% year-over-year to RMB 32.3 billion in Q1 2025. The gross margin improved by 5.4 percentage points year-over-year to 25.21%, both record highs. Despite the off-season for appliance sales, Xiaomi's large-scale smart home appliances saw explosive growth: air conditioner shipments exceeded 1.1 million units (+65.01% YoY); refrigerators surpassed 880,000 units (+65.01% YoY); and washing machine shipments grew over 100% YoY to 740,000 units. Refrigerator and washing machine shipments reached record highs. Xiaomi's smart appliance factory will begin operations this year.

The tablet business also saw strong growth. According to Canalys, global shipments increased by 56.11% compared to the previous year, reaching third place globally for the first time and maintaining third place in mainland China. Xiaomi's smartband shipments were ranked number one globally and number two in mainland China, while its TWS headphones were ranked second globally and number one in China.

On March 31, 2025, the number of devices connected to Xiaomi's AIoT platform (excluding smartphones, tablets, and laptops) reached 943.7 million, a 20.11% increase year-over-year. Users with five or more connected devices (also excluding smartphones, tablets, and laptops) totalled 19.3 million, a 26.51% increase year-over-year. In March 2025, monthly active users ("MAU") of the Mi Home app grew to 106.4 million (+19.51%), and those of the AI Assistant reached 146.7 million (+17.51%).

Gross margin for internet services reaches 76.9% as the user base continues to expand.

Xiaomi's internet services segment maintained stable growth, with revenue increasing 12.81% year-over-year to RMB 9.1 billion in Q1 2025. Gross margin increased by 2.7 percentage points year-over-year to 76.91%.

Global internet service user base hit record highs, and in mainland China as well. In March 2025, global MAUs reached 718.8 million (+9.2%) and MAUs in mainland China reached 181.1 million (+12.9%).

Xiaomi's intelligent electric vehicle business is growing steadily and expanding its capacity to meet its target of 350,000 deliveries by 2025.

Smart electric vehicle, artificial intelligence, and other new initiatives generated RMB18.6 billion in revenue during the first quarter of 2025. 75,869 units of the SU7 series were delivered in the quarter. The group will continue to increase production to meet its annual target of 350,000 vehicles delivered.

Xiaomi expanded its EV sales and service network: as of March 31, 2025, it had 235 EV sales centers in 65 Chinese cities.

Last year, the SU7 series strengthened the brand's premium positioning. The SU7 Ultra, launched in February, redefined the premium segment with prices starting at RMB 500,000. The upcoming launch of the Xiaomi YU7 luxury performance SUV will further solidify its presence in this segment. EV delivery capability has been consistently improving, with cumulative deliveries exceeding 258,000 units since its launch. Xiaomi delivered over 20,000 vehicles per month for six consecutive months. In April, the SU7 led sales among models priced above RMB 200,000.

Xiaomi will invest RMB 200 billion in R&D over the next five years to strengthen its ecosystem in chips, AI, and operating systems.

Xiaomi remains firmly committed to investment in essential technologies and aims to position itself as a global leader in innovation. Research and Development (R&D) spending reached RMB 6.7 billion in Q1 2025 (+30.11% YoY). As of March 31, the company had 21,731 employees working in R&D, its highest number to date. Xiaomi also strengthened its intellectual property portfolio, accumulating over 43,000 patents worldwide. The group plans to invest RMB 200 billion in R&D over the next five years, reiterating its commitment to core technological innovation.

On May 22nd, Xiaomi unveiled its proprietary 3nm chip, the Xiaomi XRING O1, which has already been incorporated into smartphones and tablets. This milestone marks the full implementation of its core technologies. chip, artificial intelligence, and operating systemXiaomi continues to build a strong long-term technological advantage and positions itself as a global leader in innovation and technology ecosystems.