Xiaomi Q2 2025 Revenue Hits RMB116.0 Billion, Marking Third Straight Quarter Above RMB100 Billion; Adjusted Net Profit Soars 75.4% YoY

Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended June 30, 2025 (“2025 Q2” or “the Period”). In the second quarter, the Group’s revenue rose 30.5% year-over-year to RMB116.0 billion, the third consecutive quarter that revenue has surpassed the RMB100 billion. Adjusted net profit surged 75.4% year-over-year to RMB10.8 billion, exceeding RMB10 billion for the second straight quarter. The results demonstrate highly resilient profitability and sustained high growth from a strong base.

Guided by the “Human x Car x Home” smart ecosystem strategy, Xiaomi’s three core businesses—smartphones, smart EVs, and smart large home appliances—all achieved robust growth in the second quarter. Revenue from the smartphone business reached RMB45.5 billion, with shipments growing for the eighth consecutive quarter and maintaining a top-three global ranking for the 20th consecutive quarter. The IoT and lifestyle products segment set a new revenue record of RMB38.7 billion, up 44.7% year-over-year, driven by a 66.2% increase in smart home appliance revenue. Revenue from the smart EV, AI, and other new initiatives segment reached RMB21.3 billion, up significantly by 234% year-over-year, with EV revenue alone topping RMB20 billion for the first time, a major milestone for the business.

Xiaomi’s premiumization strategy across all product categories is accelerating. The Group’s market share in higher-priced smartphone segments continued to expand in the second quarter. In June, Xiaomi launched its first SUV, the Xiaomi YU7 Series. Positioned as a “high-performance luxury SUV,” the Xiaomi YU7 Series received an overwhelming market response, securing over 240,000 locked-in orders within 18 hours of its launch.

Xiaomi smartphones maintain top 3 global ranking for 20 straight quarters, with continuous breakthroughs in premiumization strategy

Despite overall pressure in the global smartphone market during the second quarter, Xiaomi’s smartphone business demonstrated resilience both in Mainland China and overseas. The segment’s revenue reached RMB45.5 billion. Global smartphone shipments totaled 42.4 million units, marking the eighth consecutive quarter of year-over-year growth. According to Canalys (now part of Omdia), Xiaomi’s global market share by shipments was 14.7% in Q2 2025, securing a top-three global ranking for the 20th straight quarter. Following its return to the top spot in Mainland China’s smartphone shipments in the first quarter, Xiaomi’s new device activations continued to lead in the second quarter.

The Group’s premiumization strategy continued to yield significant results. According to third-party data, sales of premium smartphones (priced at or above RMB3,000) in Mainland China accounted for 27.6% of the Group’s total smartphone sales, an increase of 5.5 percentage points year-over-year. The Group expanded its lead in the RMB4,000–5,000 price segment, with its market share growing by 4.5 percentage points year-over-year to 24.7%, solidifying its No. 1 position in the domestic market. In the RMB5,000–6,000 price segment, market share reached 15.4%, up 6.5 percentage points year-over-year.

Xiaomi EV deliveries continue to climb, signalling shift to scaled growth phase

Xiaomi’s smart EV, AI, and other new initiatives segment grew significantly. In the second quarter, total revenue from the segment reached RMB21.3 billion, with EV revenue alone topping RMB20 billion for the first time, marking the business’s entry into a fast lane of scaled growth. In the second quarter, Xiaomi EV deliveries continued to grow, with 81,302 vehicles delivered in the period.

Notably, even before the commencement of Xiaomi YU7 deliveries, the Group delivered over 157,000 vehicles in the first half of the year. As of July 2025, cumulative deliveries since the launch of Xiaomi EV have surpassed 300,000 units. The operating loss from the EV business narrowed to RMB300 million in the second quarter, with breakeven anticipated in the second half of the year.

The Group continued to expand its sales and service network. As of June 30, 2025, Xiaomi had opened 335 smart EV sales centers across 92 cities in Mainland China.

IoT business sustains high growth as smart large home appliances defy market trends with price and volume rises

The Group’s IoT and lifestyle products business posted revenue of RMB38.7 billion in the second quarter, an increase of 44.7% year-over-year, with its gross profit margin rising 2.8 percentage points to 22.5%. Despite intense price competition in the broader home appliance market, Xiaomi’s smart large home appliances business achieved a breakout performance, with revenue surging 66.2% year-over-year. Shipments also bucked market trends, with air conditioner shipments exceeding 5.4 million units, up over 60% year-over-year. Refrigerator shipments grew 25% to more than 790,000 units, and washing machine shipments rose 45% to over 600,000 units.

Xiaomi’s tablet business continued its strong momentum during the period. According to Canalys, Xiaomi’s global tablet shipments grew 42.3% year-over-year, the fastest among the world’s top five vendors. TWS earbud shipments ranked No. 2 globally and No. 1 in Mainland China. In June, the Group launched its first Xiaomi AI Glasses, with sales far exceeding expectations. The electrochromic version is sold out, and the Group is accelerating production to meet demand.

As of June 30, 2025, the number of connected IoT devices on the Group’s AIoT platform (excluding smartphones, tablets, and laptops) increased to 989.1 million, up 20.3% year-over-year. The number of users with five or more connected devices reached 20.5 million, a 26.8% year-over-year increase. In June 2025, the MAU of the Mi Home App grew 16.8% year-over-year to 113.1 million, while the MAU of the AI Assistant increased 16.4% to 153.2 million.

Internet services maintain high gross margin as user base continues to expand

The internet services business maintained its steady performance, with revenue reaching RMB9.1 billion in the second quarter, up 10.1% year-over-year. The segment’s gross profit margin remained at a high level of 75.4%. As the user base for internet services continued to expand, both global and Mainland China MAU reached new record highs. In June 2025, global MAU reached 731.2 million, an 8.2% increase year-over-year. MAU in Mainland China reached 184.8 million, up 12.4% year-over-year.

Xiaomi’s foundational core technology investment surges, with quarterly R&D spending hitting a record RMB7.8 Billion

Xiaomi continued to deepen its investment in foundational core technologies, driving significant breakthroughs across its innovative businesses in automotive, chips, and AI. The Group’s R&D expenses hit a record RMB7.8 billion in the second quarter, up 41.2% year-over-year. As of June 30, 2025, Xiaomi’s R&D personnel reached a new high of 22,641.

In the chip sector, Xiaomi unveiled its self-developed 3nm flagship chip, the Xiaomi XRING O1. This makes Xiaomi the fourth company globally, and the first in Mainland China, capable of independently designing and developing a 3nm flagship chip. The premium flagship smartphone Xiaomi 15S Pro, along with the ultra-premium OLED tablets Xiaomi Pad 7 Ultra and Xiaomi Pad 7S Pro, all powered by Xiaomi XRING O1, were launched sequentially in the second quarter to strong consumer reception.

Xiaomi also achieved multiple breakthroughs in AI large language models. In May, Xiaomi officially released and open-sourced its multimodal large language model, Xiaomi MiMo-VL-7B. In July, a total of 12 of its papers on large language models were accepted by top-tier global conferences, including ICCV 2025 and ACL 2025 for publication, representing its latest innovative research in the field. In August, Xiaomi open-sourced its self-developed audio reasoning large language model, MiDashengLM-7B, which achieved state-of-the-art performance on 22 audio understanding and reasoning benchmarks.

About Xiaomi Corporation

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core.

Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts”, Xiaomi continuously pursues innovations, high-quality user experience and operational efficiency. The Company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

Xiaomi is one of the world’s leading smartphone companies. In June 2025, the MAU reached approximately 731.2 million (including smartphones and tablets) globally. The Company has also established the world’s leading consumer AIoT (AI+IoT) platform, reached approximately 989.1 million smart devices connected to its platform (excluding smartphones, laptops and tablets) as of June 30, 2025. In October 2023, Xiaomi upgraded its strategy to “Human x Car x Home” smart ecosystem, seamlessly merges personal devices, smart home products, and cars. Xiaomi always centers on humanity and is committed to providing comprehensive, better connected experiences. Xiaomi products are present in more than 100 countries and regions around the world. In July 2025, Xiaomi was included in the Fortune Global 500 list for the seventh year in a row, ranking 297th.

Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index.