Xiaomi (1810) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of RMB 457.3 billion in 2025, up 25% year-on-year, and adjusted net profit of RMB 39.2 billion, up 44% year-on-year.

• Smart EV, AI, and new initiatives revenue surged 223.8% to RMB 106.1 billion, with 411,082 vehicles delivered, up 200.4% year-on-year, and positive operating profit for the first time.

• Smartphone shipments ranked top three globally for 22 consecutive quarters, with a 13.3% market share and strong growth in premium models, especially in China and overseas markets.

• IoT and lifestyle products revenue reached RMB 123.2 billion, up 18.3% year-on-year, with wearables and tablets showing industry-leading growth.

• Major breakthroughs in AI and embodied intelligence, with significant R&D investments and new product launches across smartphones, autos, and smart home.

Financial highlights

• Group revenue: RMB 457.3 billion (+25% YoY); adjusted net profit: RMB 39.2 billion (+44% YoY); gross profit margin reached 22.3% (+1.3ppt YoY), a historical high.

• Smartphone x IoT segment revenue: RMB 351.2 billion (+5.4% YoY); gross margin: 21.7% (+0.5ppt YoY).

• IoT and lifestyle products revenue: RMB 123.2 billion (+18.3% YoY); gross margin: 23.1% (+2.8ppt YoY).

• Internet service revenue: RMB 37.4 billion (+9.7% YoY); gross margin: 76.5%.

• Smart EV, AI, and new initiatives segment revenue: RMB 106.1 billion (+223.8% YoY); gross margin: 24.3% (+5.8ppt YoY).

• CapEx: RMB 18.2 billion (+73% YoY), with 66%+ allocated to smart EV and AI innovation.

Outlook and guidance

• Targeting 550,000 smart EV deliveries in 2026.

• R&D investment planned at over RMB 40 billion in 2026, with RMB 16 billion for AI and innovation.

• Cumulative R&D expenditure over the next five years expected to exceed RMB 200 billion.

• Committed to RMB 60 billion AI investment over three years.