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 ("First Quarter 2025 Results"). Xiaomi recorded revenue above RMB 100 billion for the second consecutive quarter, and its adjusted net profit exceeded RMB 10 billion for the first time. The results exceeded market expectations, with a quarterly revenue of RMB 111.3 billion and a 47.4% increase compared to the previous year. Adjusted net profit reached RMB 10.7 billion, a 64.5% increase compared to the previous year, marking a strong start to 2025.
Solid growth was observed in all business segments during the quarter. Smartphone revenue increased by 8.9% year-over-year to RMB 50.6 billion; revenue from lifestyle and IoT products rose by 58.7% year-over-year to RMB 32.3 billion, with record shipments of washing machines and refrigerators, while air conditioner shipments defied trends, increasing by more than 65.0% year-over-year. Revenues 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 ofpremiumizationXiaomi has gained ground in all categories. The average selling price ("ASP") of smartphones reached RMB 1,211 in the first quarter of 2025, a record high. Sales of the Xiaomi 15 Ultra, launched in February, increased by 90% compared to its predecessor in the same period.
Xiaomi smartphones reclaim first place in mainland China after a decade, with a 18.8% market share
In the first quarter of 2025, Xiaomi's smartphone revenue increased by 8.9% year-on-year to 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 compared to the previous year, reaching 18.8%, marking the fifth consecutive quarter of growth and reclaiming the top spot in shipments after ten years.
Xiaomi continued to strengthen its presence in the segmentpremiumAccording to third-party data, in mainland China, smartphones priced above RMB 3,000 accounted for 25.0% of Xiaomi's total sales, an increase of 3.3 percentage points compared to the previous year. For smartphones priced at RMB 4,000 and above, Xiaomi achieved a market share of 9.6%, an increase of 2.9 percentage points compared to the previous year.
The revenue and gross margin of IoT businesses reach record highs; large smart appliances double the growth
The IoT and lifestyle product segment maintained rapid growth, with revenue increasing by 58.7% year-over-year to RMB 32.3 billion in the first quarter of 2025. The gross margin improved by 5.4 percentage points compared to the previous year to 25.2%, both records. Despite the low season for appliance sales, Xiaomi's large smart home products experienced explosive growth: shipments of air conditioners exceeded 1.1 million units (+65.0% year-over-year); refrigerators surpassed 880,000 units (+65.0% year-over-year); and washing machines grew by more than 100% year-over-year to 740,000 units. The shipments of refrigerators and washing machines reached record levels. Xiaomi's smart appliance factory will begin operations this year.
The tablet business also maintained strong growth. According to Canalys, global shipments grew by 56.1% 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 number 1 globally and number 2 in mainland China, while their TWS earbuds were ranked number 2 globally and number 1 in China.
On March 31, 2025, the number of devices connected to Xiaomi's AIoT platform (excluding smartphones, tablets, and laptops) increased to 943.7 million, a 20.1% increase compared to the previous year. Users with five or more connected devices (also excluding smartphones, tablets, and laptops) reached 19.3 million, a 26.5% increase compared to the previous year. In March 2025, the app's monthly active users ("MAU") of Mi Home grew to 106.4 million (+19.5%), and those of AI Assistant to 146.7 million (+17.5%).
The gross margin of internet services reaches 76.9% as the user base continues to expand.
Xiaomi's internet services segment maintained steady growth, with revenue increasing by 12.8% year-over-year to RMB 9.1 billion in the first quarter of 2025. The gross margin increased by 2.7 percentage points compared to the previous year to 76.9%.
The user base of internet services reached global and mainland China records. In March 2025, global MAUs reached 718.8 million (+9.2%) and MAUs in mainland China reached 181.1 million (+12.9%).
Xiaomi's smart electric vehicle business is growing steadily and expanding its capacity to reach the goal of 350,000 deliveries by 2025.
Revenue from smart electric vehicles, artificial intelligence, and other new initiatives totaled RMB 18.6 billion in 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 reach its annual target of 350,000 vehicles delivered.
Xiaomi expanded its sales and service network: as of March 31, 2025, it had 235 EV sales centers in 65 Chinese cities.
In the last year, the SU7 series strengthened the brand's premium positioning. The SU7 Ultra, launched in February, redefined the premium segment with prices starting from RMB 500,000. Soon, the launch of Xiaomi YU7's luxury performance SUV will further strengthen its presence in this segment. EV's delivery capacity has been steadily improving, with cumulative deliveries exceeding 258,000 units since its launch. Xiaomi delivered more than 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 investing in essential technologies and aims to position itself as a global leader in innovation. R&D expenses reached RMB 6.7 billion in the first quarter of 2025 (+30.1%). On March 31, the company had 21,731 employees working in R&D, its highest number to date. Xiaomi also strengthened its intellectual property capabilities, accumulating over 43,000 patents worldwide. The group plans to invest RMB 200 billion in R&D over the next five years, reaffirming its commitment to fundamental technological innovation.
On May 22, Xiaomi unveiled its proprietary 3 nm chip, the Xiaomi XRING O1, which has already been incorporated into smartphones and tablets. This milestone marks the full implementation of your main technologies:chip, artificial intelligence, and operating systemXiaomi continues to build a solid long-term technological advantage and positions itself as a global leader in innovation and technology ecosystems.
