Xiaomi Group has delivered a report that can be described as a &#34;historic breakthrough.&#34;
On March 24, the company's financial report showed that total revenue for the full year 2025 reached 457.3 billion yuan, a year-on-year increase of 25.0%, and adjusted net profit was 39.2 billion yuan, a year-on-year increase of 43.8%, both setting new historical records. Amidst cost and competitive pressures in its core mobile phone business, Xiaomi has successfully built a new growth pole with its &#34;person-car-home all-ecosystem&#34; strategy, driven by the explosive growth of its automotive business and the stable performance of its AIoT business.
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Key highlights from the financial report are as follows:
<blockquote>
<ul>
<li>Total revenue in 2025 reached 457.3 billion yuan, a year-on-year increase of 25.0%, breaking the 450 billion yuan mark for the first time.</li>
<li>Gross profit was 101.8 billion yuan, a year-on-year increase of 33.0%, with the gross profit margin increasing from 20.9% to 22.3%.</li>
<li>Operating profit was 47.9 billion yuan, a substantial year-on-year increase of 95.5%. Net profit for the year was 41.6 billion yuan, a year-on-year increase of 76.3%.</li>
<li>Adjusted net profit was 39.2 billion yuan, a year-on-year increase of 43.8%, with a net profit margin of 8.6%.</li>
<li>Looking at the fourth quarter, Xiaomi achieved revenue of 116.9 billion yuan, a year-on-year increase of 7.3%, remaining above 100 billion yuan for the fifth consecutive quarter.</li>
<li>Gross profit was 24.4 billion yuan, a year-on-year increase of 8.5%, with a gross profit margin of 20.8%.</li>
<li>Operating profit in the fourth quarter was 6.2 billion yuan, a year-on-year decrease of 29.9%.</li>
<li>Profit for the period was 6.5 billion yuan, a year-on-year decrease of 27.3%.</li>
<li>Adjusted net profit was 6.3 billion yuan, a year-on-year decrease of 23.7%.</li>
</ul>
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</blockquote>
Most notably, innovative businesses such as smart electric vehicles and AI achieved positive full-year operating profit for the first time, with operating income reaching 900 million yuan. Revenue for this segment exceeded the 100 billion yuan mark for the full year, reaching 106.1 billion yuan, a year-on-year surge of 223.8%. The gross profit margin improved from 18.5% in 2024 to 24.3%. Full-year new car deliveries reached 411,000 units, a year-on-year increase of 200.4%. Among pure electric models priced above 200,000 yuan in mainland China, the SU7 series ranked first in sales.
Despite facing headwinds in the fourth quarter such as rising costs of core components and intensified industry competition, Xiaomi still demonstrated strong resilience. Total revenue in the fourth quarter was 116.9 billion yuan, a year-on-year increase of 7.3%, marking the fifth consecutive quarter with revenue above 100 billion yuan.
On a full-year basis, Xiaomi's core &#34;mobile phone x AIoT&#34; business remains solid. This segment generated 351.2 billion yuan in revenue for the full year, a year-on-year increase of 5.4%, with a gross profit margin reaching a historical high of 21.7%. The high-end strategy continues to yield results, with the sales proportion of high-end smartphones in mainland China increasing to 27.1%, and a market share of 17.3% in the 4,000-6,000 yuan price segment. The number of global monthly active users exceeded 754 million, and the number of AIoT platform-connected devices reached 1.079 billion, continuously strengthening the user ecosystem barrier.
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<h2>Automotive Business: Transitioning from Investment to Output, with Rising Gross Margins and Deliveries</h2>
The smart electric vehicle business is undoubtedly the biggest highlight of the 2025 financial report. Full-year revenue for smart electric vehicles reached 103.3 billion yuan, a year-on-year increase of 221.8%. Vehicle deliveries surged from 137,000 units in 2024 to 411,000 units, and the ASP (Average Selling Price) increased from 234,500 yuan per vehicle to 251,200 yuan. Benefiting from the increased delivery proportion of high-priced models such as the SU7 Ultra and YU7 series, the automotive business achieved a full-year gross profit margin of 24.3%, an increase of 5.8 percentage points compared to the previous year.
It is worth noting that this segment achieved positive full-year operating income for the first time in 2025, reaching 900 million yuan. The fourth quarter alone saw an operating income of 1.1 billion yuan, with a gross profit margin of 22.7%. As of the end of 2025, Xiaomi's auto sales network covered 477 stores in 138 cities across mainland China. For 2026, the company aims to deliver 550,000 vehicles.
The new generation SU7 series, released in March 2026, saw over 15,000 orders locked in within 34 minutes of its launch, and over 30,000 orders in 3 days, demonstrating strong market demand. The new generation SU7 comes standard with LiDAR and 700TOPS of computing power across all models, equipped with an end-to-end large model-assisted driving system, further consolidating Xiaomi Auto's competitiveness in intelligent driving.
<h2>Mobile Phones x AIoT: Steady Advancement in High-End Strategy</h2>
Full-year revenue for the smartphone business was 186.4 billion yuan, a slight decrease of 2.8% year-on-year, with shipments at 165.2 million units, a decrease of 2.0%. Despite a decline in shipments affected by the Indian market, the company achieved growth against the trend in mainland China, with shipment volume increasing by 4.1% year-on-year and market share rising to second place.
The high-end strategy has yielded significant results. The market share in the 4,000-6,000 yuan price segment in mainland China reached 17.3%, and the market share in the 6,000-10,000 yuan price segment increased by 2.3 percentage points year-on-year to 4.5%. Following the upgrade of the partnership with Leica to a &#34;strategic co-creation model,&#34; high-end models such as the Xiaomi 17 Ultra have further enhanced their imaging capabilities, with overseas starting prices reaching up to 1999 euros.
<h2>Internet Services: Continued User Base Expansion, Record High Overseas Revenue Share</h2>
Internet services generated 37.4 billion yuan in revenue for the full year, a year-on-year increase of 9.7%, with a stable gross profit margin of 76.5%. Advertising revenue reached 28.5 billion yuan, a year-on-year increase of 15.2%, becoming the main growth engine. In the fourth quarter, internet services revenue was 9.9 billion yuan, with a gross profit margin of 76.8%, remaining at a high level.
The user ecosystem continued to expand. In December 2025, the number of global monthly active users reached 754 million, a year-on-year increase of 7.4%. In mainland China, monthly active users were 190 million, a year-on-year increase of 10.1%. Overseas internet service revenue reached 12.6 billion yuan, a year-on-year increase of 15.2%, raising its share of total internet revenue to 33.8%, a new annual high. The proportion of overseas internet revenue further increased to 36.9% in the fourth quarter, indicating continuous strengthening of overseas commercialization capabilities.
<h2>R&amp;D Investment and Technological Breakthroughs: Ten Billion Yuan Investment Over Five Years, Intensive Rollout of AI and Chip Achievements</h2>
In 2025, Xiaomi's R&amp;D expenditure reached 33.1 billion yuan, a year-on-year increase of 37.8%. Accumulated R&amp;D investment over the past five years totaled 105.5 billion yuan. The number of R&amp;D personnel increased to 25,457, a historical high. The company estimates that cumulative R&amp;D investment over the next five years, starting from 2026, will exceed 200 billion yuan.
Technological achievements have been intensively implemented. The self-developed chip project &#34;Xuanjie OI&#34; received the highest award for the annual technology award. The foundational model Xiaomi MiMo-V2-Pro ranked eighth globally in the Artificial Analysis large model intelligent index, and fifth among brands. The multimodal model Xiaomi MiMo-V2-Omni ranked second globally in task completion rate for PinchBench. In the field of embodied intelligence, Xiaomi open-sourced its first-generation robot VLA large model and achieved continuous operation for 3 hours in its automotive factory with a success rate of 90.2%.

01810

XIACY

159323

In 2025, Xiaomi's revenue reached 457.3 billion yuan, and net profit was 39.2 billion yuan, both hitting historical highs. The automotive business achieved its first full year of profitability, delivering 411,000 vehicles and generating over 100 billion yuan in revenue. The core mobile phone and AIoT business remained stable, with significant progress in high-end product strategy. Full-year R&D investment reached 33.1 billion yuan, with intensive breakthroughs in AI and chip technology, demonstrating the effectiveness of the "person-car-home all-ecosystem" strategy

- Xiaomi Group reported a record-breaking total revenue of 457.3 billion yuan for 2025, a 25.0% increase year-over-year, with adjusted net profits rising 43.8% to 39.2 billion yuan.  
- The rapid growth of its electric vehicle sector and steady performance in AIoT contributed to establishing a new growth engine despite challenges in its core smartphone business.  
- The company plans to enhance its R&D investments, aiming for over 200 billion yuan in the next five years while key innovations in AI and chip technology continue to emerge.

Wallstreetcn

XIAOMI-W

Xiaomi Corporation

ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

Xiaomi Group's 2025 Revenue Surpasses 400 Billion Yuan for the First Time, Adjusted Net Profit Hits Record High with 44% YoY Growth; Automotive Business Achieves First Full Year Profitability | Earnings Insights