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Xiaomi (1810) investor relations material
Xiaomi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 revenue reached RMB 113.1 billion, up 22.3% year-over-year, with adjusted net profit at RMB 11.3 billion, up 80.9% year-over-year, and net profit at RMB 12.3 billion, up 129.5%.
Gross profit margin reached a record 22.9%, up 2.5 percentage points year-over-year.
Smart EV, AI, and new initiatives revenue surged 199.2% year-over-year to RMB 29.0 billion, with the segment posting its first operating profit.
Global smartphone shipments reached 43.3 million units, up 0.5% year-over-year, maintaining a top 3 global ranking for 21 consecutive quarters and 13.6% market share.
Delivered 108,796 smart EVs in Q3, up 173.4% year-over-year, with cumulative deliveries of 265,967 in the first three quarters.
Financial highlights
Smartphone × AIoT segment revenue was RMB 84.1 billion (+1.6% YoY), gross margin 22.1%.
Smartphone segment revenue reached RMB 46.0 billion, 40.6% of total revenue; global shipments were 43.3 million units, ASP declined 3.6% YoY.
IoT and lifestyle products revenue was RMB 27.6 billion (+5.6% YoY), gross margin 23.9%.
Internet services revenue reached RMB 9.4 billion (+10.8% YoY), with a gross margin of 76.9%.
Smart EV sales revenue was RMB 28.3 billion (+197.9% YoY), gross margin 25.5%.
Outlook and guidance
Premiumization strategy will continue, targeting 30 million annual premium smartphone sales within five years.
Next year's EV delivery scale projected to maintain steady growth.
Overseas IoT revenue expansion and further globalization are key growth drivers for 2026.
R&D investment to exceed RMB 30 billion in 2025, with a five-year target of over RMB 200 billion; Q3 2025 R&D expenses were RMB 9.1 billion, up 52.1% YoY.
Ongoing investment in foundational technologies and global retail expansion.
EV segment's path to sustained profitability?
Smartphone gross margin decline drivers?
AI/R&D spend impact on 'Human x Car x Home'?
Smartphone GM outlook given memory cost cycle
EV profitability vs. volume strategy
AIoT ecosystem and AI large model application
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Q4 202518 Mar, 2026
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Frequently asked questions
Xiaomi Corporation is a consumer electronics and smart manufacturing company with a strong presence in the global market. Founded in April 2010 and headquartered in Beijing, China, Xiaomi specializes in the design, development, and sale of smartphones, smart hardware connected by an IoT platform, and other consumer electronics including televisions and lifestyle products. The company's product lineup is known for integrating advanced technology with smart features to enhance user experiences. Xiaomi operates on the principle of offering high-quality technology accessible to everyone and has established a significant international footprint. Its innovative approach has made it a key player in the consumer electronics sector. The company is headquartered in Beijing, China, and its shares are listed on the Main Board of the Hong Kong Stock Exchange.
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