Xiaomi (1810) Q2 2025 earnings summary

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, marking record highs and the fifth consecutive quarter of record performance.

• Gross margin improved to 22.5%, up 1.8 percentage points year-over-year.

• Smartphone shipments ranked top three globally for 20 consecutive quarters, with 42.4 million units shipped in Q2 2025 and first in China.

• AIoT and smart EVs divisions achieved record revenues and strong shipment growth, with smart EV deliveries at 81,302 units in Q2 2025.

• Listed in Fortune Global 500 for the seventh consecutive year, rising to 297th place, and climbed 100 positions in Kantar BrandZ.

Financial highlights

• Six-month revenue was RMB227.2 billion, up 38.2% year-over-year; Q2 revenue was RMB116.0 billion, up 30.5% year-over-year.

• Adjusted net profit for Q2 was RMB10.8 billion, up 75.4% year-over-year; six-month adjusted net profit was RMB21.5 billion, up 69.8% year-over-year.

• Gross margin for Q2 was 22.5%; six-month gross margin was 22.7%.

• Smartphone × AIoT segment revenue was RMB94.7 billion in Q2, up 14.8% year-over-year; IoT and lifestyle products revenue was RMB38.7 billion, up 44.7% year-over-year.

• Smart EV, AI and other new initiatives revenue was 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, technological investment, and global expansion, including entry into Europe by 2027 for EVs.

• Targeting steady annual 1% market share increase in China for smartphones and global shipment target of 175 million for 2025.

• Ongoing investment in R&D, with Q2 expenses at RMB7.8 billion, up 41.2% year-over-year.