Xiaomi Q3 2025 Adjusted Net Profit Soars 80.9% to RMB11.3 Billion
Guided by the “Human × Car × Home” corporate strategy, all business segments of the Group demonstrated strong growth resilience. Among them, the smart Electric Vehicle (“EV”), AI and other new initiatives segment achieved a historic breakthrough in the third quarter, recording positive income from operations for the first time. Revenue from this segment was RMB29.0 billion, surging over 199% year-over-year. Revenue from the smartphone business reached RMB46.0 billion, with global shipments maintaining a top-three global ranking for the 21st consecutive quarter. Revenue from the IoT and lifestyle products segment was RMB27.6 billion, and the number of connected IoT devices on Xiaomi’s AIoT platform exceeded 1.0 billion. Internet services revenue was RMB9.4 billion, up 10.8% year-over-year, reaching a record high. The robust performance of all business segments fully demonstrates the Group’s excellent execution capabilities.
Xiaomi’s premiumization across all product categories is accelerating. Notably, the Xiaomi YU7, launched this year and positioned as a “high-performance luxury SUV,” has been widely popular and has ranked No. 1 in sales volume among mid-to-large SUVs for three consecutive months. In October, it further became the best-selling SUV across all categories in the Chinese Mainland. Xiaomi’s premium flagship smartphone, the Xiaomi 17, also garnered significant attention. During the Double 11 period, the Xiaomi 17 Pro Max secured dual championships in sales volume and sales revenue for domestic smartphones priced above RMB6,000 across all e-commerce platforms in the Chinese Mainland, becoming a blockbuster product in the premium market.
Xiaomi Smart EV Business Achieves Positive Quarterly Income from Operations for the First Time with Quarterly Deliveries Topping 100,000 Units
Xiaomi’s smart EV, AI, and other new initiatives segment maintained rapid growth, with revenue reaching RMB29.0 billion in the third quarter. The business posted its first-ever positive income from operations of RMB0.7 billion, signaling a new phase of healthy and sustainable development.
In the third quarter, Xiaomi smart EV deliveries continued to climb, with quarterly deliveries surpassing 100,000 vehicles, reaching a record high of 108,796 vehicles. In the first three quarters of this year, cumulative Xiaomi smart EV deliveries exceeded 260,000 vehicles. The Group continued to expand its sales and service network. As of September 30, 2025, Xiaomi opened 402 smart EV sales centers across 119 cities in the Chinese Mainland.
Xiaomi’s Smartphone Business Achieves Steady Progress, Premium Smartphone Market Share in the Chinese Mainland Rises by 5.6 Percentage Points
In the third quarter, Xiaomi’s smartphone business maintained steady performance, with revenue reaching RMB46.0 billion. Global smartphone shipments totaled 43.3 million units, achieving year-over-year growth for 9 consecutive quarters. According to Omdia data, Xiaomi’s global market share by smartphone shipments reached 13.6% in the third quarter of 2025, securing a top-three global ranking for the 21st consecutive quarter. Xiaomi smartphones ranked among the top three in 57 countries and regions globally. In the Chinese Mainland, Xiaomi ranked No.2 in terms of smartphone units sold, with a market share of 16.7%, ranking among the top two for 6 consecutive quarters.
The Group’s premiumization strategy achieved significant breakthroughs. According to third-party data, in the Chinese Mainland, Xiaomi’s market share in smartphone sales within the RMB4,000-6,000 price segment reached 18.9%, an increase of 5.6 percentage points year-over-year. Xiaomi’s competitiveness in the premium smartphone market significantly strengthened. The premium flagship Xiaomi 17 Series, launched in September, performed brilliantly, with first-month sales increasing by approximately 30% compared to the Xiaomi 15 Series year-over-year. Among these, the Xiaomi 17 Pro and Xiaomi 17 Pro Max models accounted for over 80% of sales, further optimizing the product structure.
Number of Connected IoT devices on Xiaomi’s AIoT Platform Exceeds 1 Billion; First Smart Home Appliance Factory Officially Commences Operation
The Group’s IoT and lifestyle products business achieved steady growth, with revenue reaching RMB27.6 billion in the third quarter, up 5.6% year-over-year; gross profit margin increased by 3.2 percentage points year-over-year to 23.9%. In October this year, the first Xiaomi Smart Home Appliance Factory officially commenced operation, signifying the Group’s establishment of a complete industry chain covering design, R&D, manufacturing, and verification for its large home appliances business. The factory has a designed peak annual production capacity of 7 million air conditioners and will fully support the Group’s premium home appliances business.
During the period, Xiaomi continued to enrich its tablet product lineup. According to Omdia data, Xiaomi tablet products ranked among the top five in global shipments and among the top three in Chinese Mainland’s shipments. Xiaomi’s wearable band devices maintained a leading position, with shipments ranking No. 1 globally and No. 2 in the Chinese Mainland. TWS earbud shipments ranked No. 2 globally and No. 1 in the Chinese Mainland.
As of September 30, 2025, the number of connected IoT devices (excluding smartphones, tablets and laptops) on its AIoT platform increased to 1,035.5 million, up 20.2% year-over-year; the number of users with five or more devices connected to its AIoT platform (excluding smartphones, tablets and laptops) reached 21.6 million, up 26.1% year-over-year. In September 2025, the MAU of its Xiaomi Home App grew to 114.6 million, up 14.4% year-over-year.
Internet Services Revenue Hits Record High with Global MAU Exceeds 740 Million
The internet services business maintained steady performance, with revenue reaching RMB9.4 billion in the third quarter, up 10.8% year-over-year. The segment’s gross profit margin remained at a high level of 76.9%. Xiaomi’s overseas internet services revenue reached RMB3.3 billion, up 19.1% year-over-year. As the user base for internet services continued to expand, both MAU globally and in the Chinese Mainland reached new record highs. In September 2025, global MAU reached 741.7 million, an 8.2% increase year-over-year. MAU in the Chinese Mainland reached 187.3 million, up 11.6% year-over-year.
Doubles Down on Foundational Core Technologies with Quarterly R&D investment Surges to All-Time High of RMB9.1 Billion
Xiaomi continued to significantly increase its R&D investment in foundational core technologies. R&D expenses for the third quarter reached RMB9.1 billion, a year-over-year increase of 52.1%, setting a new record high. Total R&D expenses for the first three quarters reached RMB23.5 billion and the Group anticipates its total R&D investment for 2025 will exceed RMB30.0 billion. As of September 30, 2025, Xiaomi’s total R&D personnel reached a record high of 24,871.
Xiaomi has achieved a significant breakthrough in the field of AI large models. In September, it unveiled Xiaomi-MiMo-Audio, an open-source large voice model, establishing its holistic strategic ecosystem spanning the core modalities of foundation models. In November, Xiaomi unveiled its futuristic smart home solutions, Xiaomi Miloco, marking an industry-first effort to explore smart home living powered by large-model technologies and reshape the experience of smart home living interaction. Meanwhile, Xiaomi officially launched its new generation operating system, Xiaomi HyperOS 3, achieving comprehensive upgrades in fundamental experience, functionality, and AI capabilities. The new OS provides enhanced technological support for the company’s premium smartphones, EVs, and ecosystem products. The launch of its Smart Home Appliance Factory completes Xiaomi’s smart manufacturing trifecta, bolstering its production capabilities across smartphones, smart EVs, and smart home appliances and cementing its leadership in the sector.
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 September 2025, the MAU reached approximately 741.7 million (including smartphones and tablets) globally. The Company has also established the world’s leading consumer AIoT (AI+IoT) platform, reached approximately 1,035.5 million smart devices connected to its platform (excluding smartphones, laptops and tablets) as of September 30, 2025. In October 2023, Xiaomi upgraded its strategy to “Human × Car × 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.
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