【1810 Performance】Xiaomi Q4 Revenue Up 7.3% YoY, Adjusted Profit of 6.35 Billion Yuan Slightly Beats Expectations, Smartphone Gross Margin Down 3.7 Percentage Points, EV Revenue Up 122%

Xiaomi (01810)
Announces Q4 2025 Results, Revenue of 116.917 billion RMB, up 7.3% Year-on-Year, Slightly Ahead of Expectations of 116.58 billion RMB; Adjusted Net Profit of 6.349 billion RMB, Down 23.7% Year-on-Year, Slightly Above Expectations of 6.07 billion RMB.

Xiaomi states that in Q4 2025, the company faced headwinds such as a significant increase in storage costs and intensified industry competition. Despite this, the group’s business remained resilient, with quarterly total revenue reaching a record high.

Smartphone ASP Declines

In terms of business segments, Xiaomi’s smartphone revenue last quarter was 44.339 billion RMB, down 13.6% year-on-year, affected by an 11.6% decrease in smartphone shipments to 37.7 million units; the ASP (average selling price) of smartphones decreased by 2.2% to 1,176 RMB.

The impact of component price increases affected Xiaomi’s performance. Last quarter, the gross profit margin of its smartphones declined by 3.7 percentage points year-on-year to 8.3%, mainly due to rising prices of core components and intensified competition in mainland China. However, the higher proportion of revenue from products with higher gross margins in overseas markets offset some of this decline.

Last quarter, IoT and lifestyle consumer product revenue decreased by 20.3% year-on-year to 24.597 billion RMB; internet services revenue increased by 5.9% to 9.886 billion RMB.

Electric Vehicle Revenue Surges 122%

Xiaomi’s innovative business revenue was 37.216 billion RMB, up 123.4% year-on-year, with smart electric vehicle revenue increasing by 122% to 36.3 billion RMB, mainly due to increased vehicle deliveries and higher ASP.

Last quarter, Xiaomi delivered 145,115 vehicles, a 108.2% increase year-on-year; the ASP for smart electric vehicles rose by 6.6% to 249,846 RMB, mainly driven by deliveries of the Xiaomi YU7 series. The gross profit margin of the innovative business segment increased by 2.3 percentage points year-on-year to 22.7%.

As of December 31, 2025, Xiaomi has opened 477 car sales stores across 138 cities in mainland China.

New Generation SU7 Launches, Orders Exceed 30,000 Units in 3 Days

In March 2026, Xiaomi officially launched the new generation Xiaomi SU7 series electric vehicles. The standard, Pro, and Max versions start at 219,900 RMB, 249,900 RMB, and 303,900 RMB respectively. The new SU7 was sold out in 34 minutes, with orders surpassing 15,000 units; within three days, total orders exceeded 30,000 units.

For the full year, Xiaomi’s 2025 revenue was 457.287 billion RMB, up 25.0% year-on-year; adjusted profit was 39.166 billion RMB, up 43.8%.

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