Xiaomi Corporation announced its unaudited consolidated results for the three months ended March 31, 2025 (“Q1 2025 Results”).
Xiaomi posted revenue above INR 1,20,000.00 crore for the second straight quarter, with adjusted net profit topping INR 12,600 crore for the first time. The results beat market expectations, with first-quarter revenue reaching INR 131,900 crore, a 47.4% year-over-year (“YoY”) increase. Adjusted net profit reached INR 12,680 crore, up 64.5% YoY, signalling a strong start to 2025.
Robust growth was seen across all business segments during the quarter. Smartphone revenue grew by 8.9% YoY to INR 59,961 crore; IoT and lifestyle products revenue surged 58.7% YoY to INR 38,276 crore, with washing machine and refrigerator shipments hitting record highs while air-conditioner shipments defied headwinds, up over 65.0% YoY. Revenue from smart Electric Vehicle (“EV”), AI, and other new initiatives reached INR 22,041 crore, with deliveries of Xiaomi SU7 Series vehicles totalling 75,869 units.
Xiaomi’s premiumization strategy gained traction across all categories. The average selling price (“ASP”) of smartphones rose to INR 14,372 in Q1 2025, a record high. Sales of the Xiaomi 15 Ultra, launched in February, grew by 90% compared to its predecessor during the same period.
Xiaomi smartphones reclaim top spot in mainland China after a decade, capturing 18.8% market share
In Q1 2025, Xiaomi’s smartphone revenue increased by 8.9% YoY to INR 59,961 crore. Global smartphone shipments reached 4.18 crore units, achieving YoY growth for seven consecutive quarters. According to Canalys (now part of Omdia), Xiaomi maintained Top 3 global smartphone shipments ranking for the nineteenth consecutive quarter, with a market share of 14.1% and achieved YoY growth for seven consecutive quarters in global smartphone shipments.
Notably, Xiaomi’s smartphone market share in mainland China rose by 4.7 percentage points YoY to 18.8%, marking the fifth consecutive quarter of YoY growth in market share and reclaiming the No. 1 position in shipments after ten years.
Xiaomi continued to strengthen its presence in premium market segments. According to third-party data, in mainland China, Xiaomi’s smartphones priced at INR 35,550 and above accounted for 25.0% of its total smartphone sales in mainland China, representing an increase of 3.3 percentage points YoY. For smartphones priced at INR 47,400 and above, Xiaomi’s smartphone units sold garnered a market share of 9.6%, up 2.9 percentage points YoY.
IoT business revenue and gross margin hit record highs; Smart large home appliance business doubles in growth
The Group’s IoT and lifestyle products segment sustained rapid growth, with revenue surging 58.7% YoY to INR 3,8275.5 crore in Q1 2025. Gross margin improved by 5.4 percentage points YoY to 25.2%, setting new records for both revenue and gross margin.
Despite the traditional off-season for home appliance sales, Xiaomi’s smart large home appliances experienced explosive growth. Air conditioner shipments exceeded 11 lakh units, up over 65.0% YoY; refrigerator shipments surpassed 8.8 lakh units, growing over 65.0% YoY; and washing machine shipments soared over 100% YoY to 7.4 lakh units.
Both refrigerator and washing machine shipments reached record highs. Xiaomi’s smart home appliance factory is set to commence operations this year.
Xiaomi’s tablet business also maintained strong growth. According to Canalys, global tablet shipments grew by 56.1% YoY in Q1 2025, achieving a top-three ranking globally for the first time and maintaining its No. 3 position in mainland China. Xiaomi’s wearable bands shipments ranked No.1 globally and No.2 in mainland China, while its TWS earbuds shipments ranked No.2 globally and No.1 in mainland China.
As of March 31, 2025, the number of connected IoT devices (excluding smartphones, tablets, and laptops) on Xiaomi’s AIoT platform increased to 94.4 crore, up 20.1% YoY; the number of users with five or more devices connected to Xiaomi’s AIoT platform (excluding smartphones, tablets, and laptops) reached 1.93 crore, up 26.5% YoY. In March 2025, the monthly active users (“MAU”) of our Mi Home App grew to 10.64 crore, up 19.5% YoY. The MAU of our AI Assistant grew to 14.67 crore, up 17.5% YoY.
Internet services gross margin rises to 76.9% with user base continuing to expand
Xiaomi’s internet services segment continued its steady growth, with revenue increasing by 12.8% YoY to INR 1,0783.5 crore in Q1 2025. Gross margin rose by 2.7 percentage points YoY to 76.9%.
The user base for Xiaomi’s internet services expanded further, reaching record highs globally and in mainland China. In March 2025, global MAU reached 71.88 crore, up 9.2% YoY, while MAU in mainland China reached 18.11 crore, up 12.9% YoY.
Xiaomi’s smart EV business achieves steady growth and ramps up production capacity
Revenue from Xiaomi’s smart EV, AI, and other new initiatives sustained solid growth, with total revenue reaching INR 22,041 crore in Q1 2025. Deliveries of Xiaomi SU7 Series steadily progressed, with 75,869 vehicles delivered during the quarter. The Group will continue to ramp up production and strive to achieve its target of delivering 350,000 vehicles for the entire year of 2025.
Xiaomi continued to expand its sales and service network. As of March 31, 2025, Xiaomi had opened 235 smart EV sales centers across 65 cities in mainland China. Over the past year, the Xiaomi SU7 Series has bolstered Xiaomi’s premium brand recognition. The Xiaomi SU7 Ultra, launched in February, has redefined the premium EV market, entering the ultra-premium segment with prices starting above INR 59.25 lakh.
The upcoming “high-performance luxury SUV” Xiaomi YU7 is poised to further expand Xiaomi’s presence in the premium EV sector. Xiaomi EV’s delivery capabilities have steadily enhanced, with cumulative deliveries exceeding 2.58 lakh vehicles since its debut. Monthly deliveries have exceeded 20,000 vehicles for six consecutive months. In April, the Xiaomi SU7 topped sales for all models priced above INR 23.7 lakh.
Invest INR 237,000 crore in R&D over the next five years to establish a technology moat
Xiaomi is firmly committed to investing in foundational core technologies and becoming a global leader in the evolving realm of cutting-edge technologies. R&D expenses reached INR 7,940 crore in Q1 2025, up 30.1% YoY. As of March 31, 2025, Xiaomi’s R&D personnel hit a record high of 21,731. Xiaomi also extended its intellectual property capabilities, obtaining over 43,000 patents worldwide. The Group plans to invest INR 237,000 crore in R&D over the next five years, reinforcing its commitment to foundational core technology innovation.
On May 22, Xiaomi unveiled its self-developed Xiaomi XRING O1 3nm SoC, which has been applied to smartphones and tablets. This milestone marks the full deployment of Xiaomi’s core foundational technologies — “chip, AI, and OS.” By establishing a long-term technology moat steadily, Xiaomi continues to set a global benchmark for cutting-edge innovation and a leading technology ecosystem.
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