Xiaomi Group's net profit last year was 39.2 billion yuan, a 43.8% increase.

China Securities Journal Reporter Wang Xiaowei

Xiaomi Group (01810.HK) announced its 2025 performance on March 24, with total revenue reaching 457.3 billion yuan, a 25% increase year-over-year; adjusted net profit of 39.2 billion yuan, a 43.8% surge compared to the previous year, both hitting record highs.

Specifically, the Mobile + AIoT (Artificial Intelligence of Things) division revenue was 351.2 billion yuan, up 5.4%. Of this, smartphone revenue was 186.4 billion yuan, with shipments ranking among the top three globally for five consecutive years; IoT (Internet of Things) and consumer products revenue reached 123.2 billion yuan, an 18.3% increase, setting new records domestically and internationally; internet services revenue was 37.4 billion yuan, up 9.7%, also a record high.

Last year, Xiaomi’s innovative businesses such as smart electric vehicles and AI saw revenue surpass 100 billion yuan for the first time, reaching 106.1 billion yuan, a 223.8% increase. Among these, the revenue share in Q4 exceeded 30%, gradually approaching the mobile phone business. Meanwhile, the automotive division turned profitable for the first time, with annual operating profit reaching 900 million yuan.

High-end positioning is a key part of Xiaomi’s strategy. Over the past year, several high-end product lines have emerged. For example, Xiaomi smartphones are accelerating penetration into higher price segments. Third-party data shows that in mainland China in 2025, the sales proportion of smartphones priced at 3,000 yuan and above reached 27.1%, up 3.8 percentage points year-over-year, setting a new record; the 4,000–6,000 yuan segment accounted for 17.3% of sales, up 0.5 percentage points.

Thanks to flagship models like Xiaomi 15 Ultra, Xiaomi 17 Pro Max, and Xiaomi 17 Ultra, Xiaomi made breakthroughs in the ultra-high-end market last year. According to third-party data, in 2025, Xiaomi’s market share in the 6,000–10,000 yuan price range increased by 2.3 percentage points year-over-year to 4.5%.

In the automotive sector, Xiaomi’s first supercar concept car was officially unveiled. In 2025, Xiaomi delivered 411,100 vehicles, a 200.4% increase year-over-year, with an average car price of 250,000 yuan, continuing to grow.

The new Xiaomi SU7 was launched on March 19 this year, with pre-orders surpassing 15,000 units within 34 minutes and exceeding 30,000 units in just three days. Last year, Xiaomi sold 246,000 units of the SU7, making it the top-selling domestic sedan over 200,000 yuan in 2025; as of February 2026, Xiaomi YU7 has maintained the top spot in sales of mid-to-large SUVs in China for seven consecutive months.

Xiaomi’s total R&D investment in 2025 was 33.1 billion yuan, nearly matching annual profit, a 37.8% increase. The total number of R&D personnel reached 25,400, up 20.1%. According to the latest financial report, over the past five years (2021–2025), Xiaomi has invested a total of 105.5 billion yuan in R&D.

Xiaomi’s AI large model capabilities have achieved breakthroughs. Recently, Xiaomi released three self-developed large models: the flagship base model Xiaomi MiMo-V2-Pro, the multimodal large model Xiaomi MiMo-V2-Omni, and the speech large model Xiaomi MiMo-V2-TTS.

(Editors: Zhang Yang HN080)

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