Xiaomi (1810) Q3 2025 earnings summary

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.