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Xiaomi (1810) investor relations material
Xiaomi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached RMB116.0 billion, up 30.5% year-over-year, with adjusted net profit at RMB10.8 billion, up 75.4% year-over-year; H1 2025 revenue was RMB227.2 billion, up 38.2% year-over-year, and adjusted net profit was RMB21.5 billion, up 69.8% year-over-year.
Gross margin improved to 22.5% in Q2 2025, and operating profit more than doubled year-over-year.
Smartphone shipments ranked top 3 globally for 20 consecutive quarters, with 42.4 million units shipped in Q2 and 84.2 million in H1; market share in China increased to 15.3%.
Smart EV, AI, and new initiatives revenue soared 233.9% year-over-year in Q2 to RMB21.3 billion, with gross margin at 26.4%; cumulative EV deliveries surpassed 300,000.
Listed in the Fortune Global 500 for the seventh consecutive year, rising 100 places to 297th.
Financial highlights
Q2 2025 total revenue: RMB116.0 billion, up 30.5% year-over-year; H1 2025 revenue: RMB227.2 billion, up 38.2%.
Q2 gross margin: 22.5%, up 1.8 percentage points year-over-year; H1 gross margin: 22.7%.
Adjusted net profit: RMB10.8 billion in Q2, up 75.4% year-over-year; RMB21.5 billion in H1, up 69.8%.
Smartphone × AIoT revenue: RMB94.7 billion in Q2, up 14.8% year-over-year; IoT and lifestyle products revenue: RMB38.7 billion, up 44.7%.
Smart EV, AI, and new initiatives revenue: RMB21.3 billion in Q2, up 233.9% year-over-year; gross margin 26.4%.
Outlook and guidance
Focus on “Human × Car × Home” strategy, premiumization, and international expansion, with ongoing R&D investment, especially in AI and core technologies.
EV business expects to achieve single quarter or month profitability in the second half of 2025.
Net proceeds from share placement to be used for business expansion, R&D, and general corporate purposes.
No interim dividend declared for the reporting period.
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