Xiaomi announced revenue of RMB116.0 billion in Q2 2025, up 30.5% year-over-year, marking its third straight quarter above RMB100 billion. Adjusted net profit rose 75.4% to RMB10.8 billion. Growth was driven by its three core businesses: smartphones, smart EVs and smart home appliances.
Smartphone revenue reached RMB45.5 billion with 42.4 million shipments, maintaining a top-three global ranking for the 20th consecutive quarter. Premium devices gained share in the RMB3,000-6,000 range in Mainland China.
The smart EV, AI and new initiatives segment generated RMB21.3 billion, with EV revenue topping RMB20 billion for the first time. Xiaomi delivered over 81,000 vehicles in Q2 and more than 300,000 cumulatively since launch, with operating losses narrowing.
IoT and lifestyle products revenue rose 44.7% to RMB38.7 billion, driven by strong demand for large home appliances. Air conditioner, refrigerator and washing machine shipments all increased significantly. Tablets and wearables also grew, while connected IoT devices reached nearly 1 billion.
Internet services revenue grew to RMB9.1 billion with high margins. R&D spending hit a record RMB7.8 billion, supporting advances in chips, AI and self-developed large language models, including the 3nm XRING O1 chip and new multimodal AI models.
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