Xiaomi surges with record profits, ev momentum
Driven by premium strategy and smart EV push, Xiaomi posts RMB111.3B in revenue and a record 64.5% profit jump, reclaiming China's top smartphone spot.
Q1 2025 revenue hit RMB111.3 billion, up 47.4% YoY
Xiaomi reclaimed No. 1 smartphone position in China with 18.8% market share.
IoT and lifestyle revenue jumped 58.7% YoY to RMB32.3B, with appliance shipments soaring.
Xiaomi SU7 EV deliveries hit 75,869 units, targeting 350,000 vehicles in 2025.
Smartphones surge, premium playbook wins
Xiaomi’s smartphone business delivered RMB50.6 billion in revenue in Q1 2025, an 8.9% YoY increase. It shipped 41.8 million units globally, maintaining its Top 3 global ranking for the 19th consecutive quarter, according to Canalys.
But the headline story is Xiaomi’s comeback in its home market. After a decade, it reclaimed No. 1 in Chinese smartphone shipments with an 18.8% share, up 4.7 percentage points YoY. This gain reflects five straight quarters of local share growth—unprecedented in China’s hypercompetitive smartphone market.
The pivot to premium is bearing fruit. The Xiaomi 15 Ultra, launched in February, saw 90% higher sales than its predecessor. Smartphone ASP rose to RMB1,211, driven by premium models like Xiaomi 15 Ultra.
Overall, the average selling price for smartphones climbed to a record RMB1,211. In China, devices priced above RMB3,000 accounted for 25% of shipments (up 3.3 pts YoY); those above RMB4,000 gained a 9.6% share.
IoT and home appliances rocket upward
Xiaomi’s IoT and lifestyle business exploded in Q1, posting RMB32.3 billion in revenue, a 58.7% YoY jump. The segment’s gross margin hit 25.2%, up 5.4 points, setting records on both fronts.
Big-ticket home appliances defied seasonal patterns. Air conditioner shipments exceeded 1.1 million units (up 65%), refrigerators hit 880,000 units (up 65%), and washing machines reached 740,000 units, doubling YoY. Xiaomi’s new appliance factory is expected to go live this year.
Its ecosystem now includes 943.7 million connected devices (ex-smartphones), up 20.1% YoY, and 19.3 million userswith 5+ connected devices. Its Mi Home App MAU rose 19.5% YoY to 106.4 million. Wearables also performed strongly—Xiaomi ranked #1 globally for smart bands and #2 globally for TWS earbuds.
Internet services: quiet engine of profit
Revenue from internet services reached RMB9.1 billion, up 12.8% YoY, with gross margin climbing to 76.9%. Global MAU rose to 718.8 million, while China MAU climbed to 181.1 million—up 9.2% and 12.9% respectively.
Though not as flashy as hardware, this segment is Xiaomi’s cash cow. Its high-margin content, app, and services layer provides recurring revenue atop its vast device base—a core tenet of its ecosystem strategy.
EV business moves into high gear
Xiaomi’s bet on electric vehicles is already scaling. Its SU7 Series delivered 75,869 units in Q1. Since launch, cumulative deliveries have topped 258,000, with monthly volumes exceeding 20,000 units for six straight months.