Xiaomi Corporation (“Xiaomi”; stock code: 1810) announced its unaudited consolidated results for Q1 2025, reporting revenue above RMB100 billion for the second consecutive quarter, reaching RMB111.3 billion (approx. RM65.69 billion), a 47.4% YoY increase. Adjusted net profit soared to RMB10.7 billion (approx. RM6.31 billion), a 64.5% YoY rise.
All business segments experienced robust growth. Smartphone revenue increased by 8.9% YoY to RMB50.6 billion (approx. RM29.85 billion). IoT and lifestyle products revenue surged 58.7% YoY to RMB32.3 billion (approx. RM19.05 billion). Smart EV and AI initiatives generated RMB18.6 billion (approx. RM10.97 billion), with 75,869 units of the Xiaomi SU7 Series delivered.
Xiaomi’s premiumization strategy paid off, with smartphone ASP rising to RMB1,211 (approx. RM714.38) in Q1 2025. Sales of the Xiaomi 15 Ultra grew by 90% compared to its predecessor.
Xiaomi smartphones reclaim top spot in mainland China after a decade, capturing 18.8% market share.
In Q1 2025, Xiaomi’s smartphone revenue grew 8.9% YoY to RMB50.6 billion (approx. RM29.86 billion). Global shipments reached 41.8 million units, marking seven consecutive quarters of YoY growth. According to Canalys, Xiaomi retained its Top 3 global smartphone shipments ranking for the nineteenth consecutive quarter with a 14.1% market share. In mainland China, Xiaomi’s market share rose 4.7 percentage points YoY to 18.8%, reclaiming the No. 1 position in shipments after ten years.
Xiaomi strengthened its presence in the premium market, with smartphones priced at RMB3,000 and above accounting for 25.0% of total smartphone sales in China, a 3.3 percentage point increase YoY. For devices priced at RMB4,000 and above, Xiaomi achieved a market share of 9.6%, up 2.9 percentage points YoY.
IoT business revenue and gross margin hit record highs; Smart large home appliance business doubles in growth.
The Group’s IoT and lifestyle products segment saw a 58.7% YoY revenue increase to RMB32.3 billion in Q1 2025, with gross margin rising to 25.2%. Xiaomi’s smart appliances thrived despite the off-season: air conditioner shipments exceeded 1.1 million units (up 65.0% YoY), refrigerators surpassed 880,000 units (also up 65.0% YoY), and washing machines soared over 100% YoY to 740,000 units. Their smart appliance factory will open this year.
Xiaomi’s tablet business grew significantly, achieving a top-three global ranking with a 56.1% YoY shipment increase. Their wearable bands ranked No.1 globally and No.2 in mainland China, while TWS earbuds ranked No.2 globally and No.1 in mainland China.
As of March 31, 2025, Xiaomi’s AIoT platform had 943.7 million connected devices (up 20.1% YoY), with 19.3 million users having five or more connected devices (up 26.5% YoY). The Mi Home App had 106.4 million monthly active users (up 19.5% YoY), and the AI Assistant reached 146.7 million MAU (up 17.5% YoY).
Internet services gross margin rises to 76.9% with user base continues to expand.
Xiaomi’s internet services segment grew steadily, with revenue increasing by 12.8% YoY to RMB9.1 billion (approx. RM5.37 billion) in Q1 2025, while gross margin rose by 2.7 percentage points YoY to 76.9%.
The user base expanded, with global MAUs reaching 718.8 million (up 9.2% YoY) and MAUs in mainland China at 181.1 million (up 12.9% YoY) in March 2025.
Xiaomi’s smart EV business achieves steady growth and ramps up production capacity to meet the full-year delivery target of 350,000 vehicles.
Revenue from Xiaomi’s smart EV and AI initiatives grew significantly, reaching RMB18.6 billion (approx. RM10.97 billion) in Q1 2025. Deliveries of the Xiaomi SU7 Series totaled 75,869 vehicles, with a target of 350,000 vehicles for the year. Xiaomi expanded its sales network, opening 235 smart EV sales centers in 65 cities in mainland China.
The Xiaomi SU7 Series has strengthened Xiaomi’s premium brand image, with the SU7 Ultra launching at prices above RMB500,000 (approx. RM294,997.45). The upcoming Xiaomi YU7 aims to enhance its presence in the premium EV market. Cumulative deliveries of Xiaomi EVs exceeded 258,000, with monthly deliveries surpassing 20,000 for six straight months. In April, the SU7 led sales among models priced over RMB200,000 (approx. RM118,026.74).
Invest RMB200 billion (approx. RM118.04 billion) in R&D over the next five years to establish a technology moat around “Chip, AI and OS” innovations.
Xiaomi is dedicated to investing in core technologies to become a global leader in cutting-edge innovations. In Q1 2025, R&D expenses reached RMB6.7 billion (approx. RM3.95 billion), a 30.1% increase YoY, with R&D personnel rising to 21,731. The company has secured over 43,000 patents worldwide and plans to invest RMB200 billion (approx. RM118.03 billion) in R&D over the next five years.
On May 22, Xiaomi launched its self-developed Xiaomi XRING O1 3nm SoC for smartphones and tablets, marking a significant step in its foundational technologies—“chip, AI, and OS”. This reinforces Xiaomi’s position as a benchmark for innovation in the technology ecosystem.