Xiaomi's Q1 revenue and net profit hit new highs, with smart home appliance revenue soaring 113.8% year-on-year | Earnings Report Insights

In the first quarter of 2025, Xiaomi Corporation reported revenue of 111.3 billion yuan, a year-on-year increase of 47.4%, and net profit growth of 64.5%, both reaching new historical highs. Revenue from smart home appliances in the first quarter grew by 113.8% year-on-year. The electric vehicle business drove structural upgrades, with 75,869 units of the Xiaomi SU7 series new cars delivered in the first quarter.

On the 27th, Xiaomi announced its Q1 2025 financial report:

• Total revenue of Xiaomi Corporation was 111.3 billion yuan, a historical high, with a year-on-year increase of 47.4%.
• Adjusted net profit was 10.7 billion yuan, a historical high, with a year-on-year increase of 64.5%.
• Capital expenditure in the first quarter was 2.73 billion yuan.

From a business segment perspective:

• In the first quarter of 2025, the revenue of the mobile phone × AIoT segment was 92.7 billion yuan, a year-on-year increase of 22.8%. The gross margin for this segment was 22.8%, an increase of 0.5 percentage points year-on-year.
• The revenue of the smart electric vehicle and AI innovation business segment was 18.6 billion yuan. Among them, smart electric vehicle revenue was 18.1 billion yuan, and other related business revenue was 500 million yuan. The gross margin for this segment in the quarter was 23.2%.

Revenue from smart home appliances grew by 113.8% year-on-year in Q1

Revenue from IoT and lifestyle consumer products was 32.3 billion yuan, a year-on-year increase of 58.7%. In the smart home appliance sector, revenue grew by 113.8% year-on-year, with air conditioners, refrigerators, and washing machines seeing shipment growth rates exceeding 65%, all reaching historical highs.

• Air conditioner shipments exceeded 1.1 million units, with a year-on-year growth rate exceeding 65%;
• Refrigerator shipments exceeded 880,000 units, with a year-on-year growth rate exceeding 65%;
• Washing machine shipments exceeded 740,000 units, with a year-on-year growth rate exceeding 100%;

In May 2025, Xiaomi launched a series of smart home appliance products, including the Mijia Air Conditioner Pro with human-sensing airflow, 1.5 HP ultra-first-level energy efficiency, Mijia Fresh Air Conditioner Pro with dual human-sensing airflow, vertical 3 HP ultra-first-level energy efficiency, Mijia Refrigerator Pro with dual systems, French embedded 508L, and Mijia Dual Zone Washing Machine Pro with dual wash and dry, 10kg.

Accelerated development of the smart electric vehicle business, with Q1 deliveries of the Xiaomi SU7 series reaching 75,869 units

In the first quarter, the revenue of the smart electric vehicle and AI innovation business segment reached 18.6 billion yuan, with automotive revenue at 18.1 billion yuan. This business achieved explosive growth from 26 million yuan in the same period last year, contributing nearly 17% of the group's revenue. The gross margin for the smart electric vehicle and AI innovation business segment in the first quarter was 23.2%. The operating loss for this segment was 500 million yuan.

From the operational data, the SU7 series delivered 75,869 units in Q1, with an ASP of 238,301 yuan/unit, while the company plans to expand production capacity, with total deliveries of the Xiaomi SU7 series exceeding 258,000 units The gross margin of the automotive and AI business segment reached 23.2%, up from 12.6% in the same period last year. The new generation high-performance SUV YU7 was unveiled, featuring upgraded power systems, an 800V platform, and high-end onboard screens. Automotive sales stores have spread across 65 cities, with significant capacity improvements.

Mobile × AIoT business continues to grow, with shipments in mainland China returning to first place after ten years

In the mobile × AIoT business, revenue in the first quarter of 2025 reached RMB 92.7 billion, a year-on-year increase of 22.8%. As Xiaomi's traditional core business, smartphone revenue was RMB 50.6 billion, up 8.9% year-on-year, with shipments reaching 41.8 million units, a year-on-year increase of 3.0%. The average selling price (ASP) was RMB 1,211, up 5.8% year-on-year. According to Canalys data, Xiaomi ranked among the top three in global smartphone shipments, with a market share of 14.1%, an increase of 0.3 percentage points year-on-year.

In the mainland China market, Xiaomi's market share reached 18.8%, an increase of 4.7 percentage points year-on-year, returning to first place in shipments after ten years. The gross margin of the mobile segment fell to 12.4% (14.8% in the same period last year), mainly due to rising component prices.

Revenue from the IoT and lifestyle consumer goods business reached RMB 32.3 billion, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. As of March 31, 2025, the number of IoT devices connected to the AIoT platform (excluding smartphones, tablets, and laptops) grew to 943.7 million, a year-on-year increase of 20.1%