---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39476857.md"
description: "Xiaomi 4Q25 First Take: results broadly in line with our preview. All revenue growth this quarter came from autos, while legacy segments—smartphones and IoT—were under pressure. This quarter’s prints point to mounting pressure. Smartphone GPM fell to single digits (8.3%), and IoT revenue declined double digits (-20% YoY). Auto GPM also contracted, with weekly orders trending down meaningfully. With memory prices still rising, a turnaround in smartphones and IoT looks unlikely, and expectations are low. As for autos, after the YU7 cooled, weekly orders deteriorated, falling to around 4k by early Mar. With legacy businesses soft, autos will need to carry earnings. The mid-cycle refresh of the new-gen SU7 delivered limited surprises, so investors will look to upcoming models and large-model initiatives for the next set of catalysts. For details, stay tuned for Dolphin Research’s follow-up takes and Trans. $XIAOMI-W(01810.HK) $Xiaomi Corporation(XIACY.US) $XIAOMI-WR(81810.HK)"
datetime: "2026-03-24T11:23:21.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39476857.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39476857.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39476857.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39476857.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39476857.md)


# Xiaomi 4Q25 First Take: results broadly in line wi…


### Related Stocks

- [XIAOMI-W (01810.HK)](https://longbridge.com/en/quote/01810.HK.md)
- [XIAOMI-WR (81810.HK)](https://longbridge.com/en/quote/81810.HK.md)
- [Xiaomi Corporation (XIACY.US)](https://longbridge.com/en/quote/XIACY.US.md)
- [Xiaomi Corporation (HXXD.SG)](https://longbridge.com/en/quote/HXXD.SG.md)

## Comments (17)

- **XX 之王 · 2026-03-24T13:46:59.000Z · 👍 1**: Several positive factors:1. Revenue and net profit surged.2. The group's overall gross margin increased to 22.3%, with the mobile xIoT gross margin rising to 21.7% and the automotive gross margin rising to 24.3%.3. AI, chips, and robotics will be integrated into the full ecosystem of people, vehicle
- **Michael._s6OXoA · 2026-03-24T12:49:02.000Z · 👍 1**: It's embarrassing to say it fell back to 4k in early March. Don't you know only one model was on sale in early March? Could you investigate more carefully?
- **巴菲特的邻居 · 2026-03-24T12:39:16.000Z**: Haha, otherwise I would have believed it right after hearing it.
- **共形映射 · 2026-03-24T12:05:22.000Z · 👍 10**: Dolphin Research has been bearish on Xiaomi for so many years, short-selling it every time earnings come out, from 8 to 60!
- **赚钱买玩具 · 2026-03-24T11:59:50.000Z · 👍 2**: The shipment volume of the core smartphone business has dropped quite a bit. Q4 saw over 3 million fewer units than Q3. Combined with rising memory prices and AI expenditures, the decline in gross margin is mainly due to over 6 million fewer smartphone shipments. It seems the biggest victim of Xiaom
- **XX 之王 · 2026-03-24T11:43:39.000Z · 👍 3**: Is there a good side? Dare to name one? 😉
- **新用户_DvwyqQ啊啊 · 2026-03-24T11:31:11.000Z**: Opens at 2 tomorrow
- **提莫爱隐身 · 2026-03-24T11:31:08.000Z**: 一直唱衰，习惯了
- **不玩了还钱！ · 2026-03-24T11:26:18.000Z · 👍 16**: Even if you don't send it, I can guess what you're going to say 🤣
  - **Dennis1874** (2026-03-24T11:30:24.000Z): It's 100% short.
  - **Good11** (2026-03-24T11:30:27.000Z): They weren't wrong, it's a rational analysis, and it has consistently been correct.
  - **jAson。** (2026-03-24T11:30:37.000Z): It's already fallen to such a dog-like state, what more is there to say? As if it would rise just because someone is bullish.