Xiaomi Group (01810.HK) announced its full-year 2025 financial results on March 24, delivering its strongest annual performance to date. The company reported total revenue of 4573 billion yuan for 2025, a 25% year-on-year increase. Adjusted net profit reached 39.2 billion yuan, surging 43.8% compared to the previous year, with both figures hitting record highs.

The Smartphone × AIoT division generated revenue of 3512 billion yuan, up 5.4% year-over-year. Within this division, smartphone business revenue amounted to 1864 billion yuan, with shipment volume maintaining a top-three global position for the fifth consecutive year. Revenue from IoT and lifestyle consumer products reached 1232 billion yuan, increasing 18.3% annually, setting new records for both domestic and international sales. Internet services revenue grew 9.7% to 374 billion yuan, also achieving a historical high.

Xiaomi's innovative business division, which includes smart electric vehicles and AI, saw its revenue surpass the 100-billion-yuan mark for the first time in 2025, soaring 223.8% to 1061 billion yuan. Revenue from this division accounted for over 30% of total revenue in the fourth quarter alone, gradually approaching the contribution of the smartphone business. Notably, the automotive business achieved its first annual profit, with annual operating income turning positive to 900 million yuan.

Premiumization remains a central theme in Xiaomi's strategy. Multiple premium product lines demonstrated strong performance last year.

For instance, Xiaomi smartphones continued to penetrate higher price segments. According to third-party data, smartphones priced at 3000 yuan and above accounted for 27.1% of Xiaomi's sales in Mainland China in 2025, an increase of 3.8 percentage points year-on-year, reaching a new record. Within this segment, market share in the 4000–6000 yuan price range rose to 17.3%, up 0.5 percentage points.

Driven by new ultra-premium models such as the Xiaomi 15 Ultra, Xiaomi 17 Pro Max, and Xiaomi 17 Ultra, the company made significant breakthroughs in the ultra-high-end market. Third-party data indicates that Xiaomi's market share in the 6000–10000 yuan price segment increased by 2.3 percentage points to 4.5% in 2025.

The company also achieved new milestones in overseas premium markets. Sales of high-end Xiaomi models in Western Europe grew approximately 40% in 2025, with the Pro version of the Xiaomi T series accounting for over 55% of sales.

In the automotive sector, Xiaomi unveiled its first supercar concept vehicle. The company delivered 411,082 vehicles throughout 2025, a remarkable 200.4% increase year-on-year, with an average selling price of 250,000 yuan, maintaining growth compared to the previous year.

The new-generation Xiaomi SU7, launched on March 19 this year, received over 15,000 orders within 34 minutes of sales opening and exceeded 30,000 orders within three days. The Xiaomi SU7 cumulatively sold 246,000 units in 2025, becoming the best-selling sedan priced above 200,000 yuan in the Chinese market for the year. As of February 2026, the Xiaomi YU7 has held the top position in sales volume for mid-to-large-sized SUVs in China for seven consecutive months.

Xiaomi's full-year research and development expenditure for 2025 reached 33.1 billion yuan, nearly matching its annual profit and representing a 37.8% year-on-year increase. The total number of R&D personnel grew to 25,457, a 20.1% increase. According to the latest financial report, Xiaomi has invested a cumulative 105.5 billion yuan in R&D over the past five years (2021–2025).

The company has also achieved critical breakthroughs in its AI large language models. Recently, Xiaomi released three self-developed models designed for the Agent era: the flagship base model Xiaomi MiMo-V2-Pro, the full-modality model Xiaomi MiMo-V2-Omni, and the voice model Xiaomi MiMo-V2-TTS. This release marks a significant step toward the AGI era. CEO Lei Jun stated during the launch event that while Xiaomi has been relatively quiet about its AI efforts, actual progress is likely much faster than publicly perceived.