Beijing, Hong Kong – May 27, 2025 — Xiaomi Corporation (1810.HK) reported unaudited consolidated results for Q1 2025, recording revenue of RMB 111.3 billion—marking the second consecutive quarter above the RMB 100 billion mark. Adjusted net profit exceeded RMB 10 billion for the first time, reaching RMB 10.7 billion, up 64.5% year-on-year, beating market expectations.
Smartphone revenue stood at RMB 50.6 billion, up 8.9% year-on-year, with 41.8 million units shipped globally—the seventh straight quarter of growth. According to Canalys, Xiaomi’s market share in China rose to 18.8%, reclaiming the No.1 spot in unit shipments after a decade. The average selling price of high-end models climbed to RMB 1,211, a record high, with the latest flagship model seeing a 90% sales increase over its predecessor.
Revenue from IoT and lifestyle products surged 58.7% to RMB 32.3 billion, with a gross margin of 25.2%. Major categories such as refrigerators, washing machines, and air conditioners posted record sales. Monthly active users of the Mi Home app surpassed 106 million, and AI voice assistant users reached 147 million. The AIoT platform now supports over 940 million connected devices.
Internet services brought in RMB 9.1 billion in revenue, with a strong 76.9% gross margin. Monthly active users globally hit a new high of 719 million.
Revenue from Xiaomi’s electric vehicle business reached RMB 18.6 billion, with 75,869 units of the SU7 delivered in Q1. The full-year delivery target remains at 350,000 units. The company also aims to enter the ultra-premium EV market with a new high-end SUV model later this year.
R&D spending rose 30.1% year-on-year to RMB 6.7 billion. On May 22, Xiaomi launched its self-developed SoC chip, marking a major milestone in the company’s integrated technology roadmap. Xiaomi plans to invest RMB 200 billion in R&D over the next five years to reinforce its technological leadership.
The company stated that all major business segments recorded growth in the first quarter, underscoring the initial success of its premiumization strategy and setting a strong foundation for full-year performance in 2025.
