---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/30067902.md"
description: "Xiaomi 1Q25 Quick Interpretation: The company's performance in the first quarter was generally better than market expectations. Although the smartphone business performed modestly, the IoT business saw a year-on-year growth of 58.7%, becoming the main contributor to the revenue exceeding expectations. Additionally, the gross margin of the automotive business also improved beyond expectations this quarter, directly driving accelerated profit growth.This quarter, the market mainly focused on the impact of national subsidy policies and the performance of the automotive business:1. National Subsidy Policy: The impact on the company's traditional hardware business varied significantly. While the smartphone business saw a decline in growth this quarter, the IoT business benefited noticeably from the national subsidy policy, with both revenue and gross margin showing significant improvement. This indicates that the subsidy can stimulate demand for IoT products, while the demand for smartphone upgrades remains sluggish.2. Automotive Business: The YU7 will start generating revenue after the third quarter, with first-quarter revenue mainly coming from the SU7. The reduction in losses for the automotive business was significantly better than market expectations, with the gross margin reaching 23.2% this quarter, primarily driven by improved capacity utilization. The average monthly delivery volume for the automotive business in the first quarter reached 25,300 units, already matching the designed capacity of the first-phase factory. Since the second-phase factory will only commence operations in the second half of the year, the current monthly sales have reached around 29,000 units, and the gross margin for the automotive business is expected to further increase in the second quarter.Although sales and R&D expenses increased steadily year-on-year, the core expense ratio continued to decline. With revenue and gross margin growth, the core operating profit for the quarter reached 10 billion yuan.Overall, Xiaomi's quarterly financial results were quite positive. For detailed information, please refer to Dolphin Research's follow-up analysis and meeting minutes.$XIAOMI-W(01810.HK) $Xiaomi Corporation(XIACY.US)"
datetime: "2025-05-27T10:55:01.000Z"
locales:
  - [en](https://longbridge.com/en/topics/30067902.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/30067902.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/30067902.md)
author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/30067902.md) | [繁體中文](https://longbridge.com/zh-HK/topics/30067902.md)


# Xiaomi 1Q25 Quick Interpretation: The company's pe…


### 相关股票

- [Xiaomi Corporation (XIACY.US)](https://longbridge.com/zh-CN/quote/XIACY.US.md)
- [XIAOMI-WR (81810.HK)](https://longbridge.com/zh-CN/quote/81810.HK.md)
- [XIAOMI-W (01810.HK)](https://longbridge.com/zh-CN/quote/01810.HK.md)
- [Xiaomi HK SDR 2to1 (HXXD.SG)](https://longbridge.com/zh-CN/quote/HXXD.SG.md)

## 评论 (34)

- **猪皮船长 · 2025-05-27T21:57:33.000Z**: Xiaomi has never fought such a rich battle before.
- **天怼heng · 2025-05-27T15:57:51.000Z**: This capability is only worth Meituan's valuation
- **何小妹 · 2025-05-27T13:29:07.000Z**: Let's see how the US stock market performs tonight
- **Macarena · 2025-05-27T12:21:06.000Z · 👍 1**: The last time good news led to a drop seems like it was just yesterday, haha. I've grown indifferent to it.
  - **Dolphin Research** (2025-05-28T02:48:17.000Z): Xiaomi shareholders, this time we've stabilized!
- **追火星的炎炎 · 2025-05-27T11:56:48.000Z**: Is the mobile phone business mediocre?
- **麦克errr · 2025-05-27T11:28:06.000Z**: Is it better to judge financial reports by 'core operating profit' or 'adjusted net profit'?
- **自然熟 · 2025-05-27T11:22:39.000Z**: Remain bullish
- **onlyluck · 2025-05-27T11:20:51.000Z · 👍 3**: Tesla's 180x is mainly supported by narrative vision, to put it bluntly, it's just hype.
  - **Dolphin Research** (2025-05-27T11:35:51.000Z): Tesla has dream valuation😂
  - **淘气桃桃CiCi** (2025-05-27T12:13:50.000Z): Many people know how much US stocks are worth, but now that global capitalists are tied up in them, they can only hold on.
  - **这玩意也能发财？** (2025-05-27T12:37:48.000Z): What is the dream valuation?
- **龟派投资 · 2025-05-27T11:14:55.000Z · 👍 10**: Zhuang, stop pretending. If the user base, technology, moat, and financial reports are all growing but the stock still falls, what exactly are we investing in?
  - **每次下手都要慢动作** (2025-05-27T11:16:36.000Z): A rolling P/E ratio of over 50 times is not bad.
  - **汤姆索亚历险记** (2025-05-27T11:16:37.000Z): Overvalued
  - **龟派投资** (2025-05-27T11:18:21.000Z): Growth companies generally have higher P/E ratios because the expectation is for growth. Then, after the earnings report, the P/E ratio will decrease over time.
- **我赚够3千万就收手 · 2025-05-27T11:04:39.000Z · 👍 1**: Will it rise tomorrow?
  - **投资之路** (2025-05-27T11:06:53.000Z): As long as it can rise in the future
  - **六一一** (2025-05-27T11:21:11.000Z): Watch the U.S. stock market tonight
  - **小菜不菜** (2025-05-27T14:00:15.000Z): Why?
- **戴安娜小姑娘 · 2025-05-27T11:00:03.000Z · 👍 1**: Awesome
- **banalit_bridge · 2025-05-27T10:57:57.000Z · 👍 1**: Awesome