Xiaomi Corp. posted strong results in the first quarter of 2025, with total revenue reaching RMB111.3 billion, up 47.4% from the same period last year. The company’s adjusted net profit rose 64.5% year over year to RMB10.7 billion, crossing the RMB10 billion mark for the first time.
The company’s smartphone business brought in RMB50.6 billion in revenue, an 8.9% increase year over year. Shipments reached 41.8 million units globally, marking seven straight quarters of growth. In mainland China, Xiaomi captured 18.8% of the smartphone market, climbing 4.7 percentage points from the previous year. This allowed the company to reclaim the top position in China’s smartphone shipments for the first time in 10 years.
Xiaomi moves further into premium smartphone market
Xiaomi’s premium segment showed progress. The average selling price of smartphones increased to RMB1,211, a new high. Sales of the Xiaomi 15 Ultra, which launched in February, grew 90% compared to the previous model during the same time frame.
Smartphones priced at RMB3,000 and above accounted for 25% of Xiaomi’s total smartphone sales in China, up by 3.3 percentage points. Phones priced above RMB4,000 reached a 9.6% market share, growing 2.9 percentage points year over year.
Growth across smart devices and EVs
Xiaomi’s electric vehicle (EV) business added RMB18.6 billion to revenue in the quarter. It delivered 75,869 units of the Xiaomi SU7 Series and plans to meet its goal of 350,000 deliveries for the year. As of March 31, the company had opened 235 EV sales centers across 65 cities in China.
The upcoming Xiaomi YU7, a luxury SUV, is expected to strengthen the company’s premium EV push. Since launch, Xiaomi’s EV division has delivered more than 258,000 vehicles. Deliveries have remained above 20,000 units per month for six straight months.
The company’s IoT and lifestyle products division recorded strong growth, with revenue jumping 58.7% year over year to RMB32.3 billion. Sales of refrigerators and washing machines reached new highs, while air-conditioner shipments climbed more than 65% despite market challenges.
IoT and internet services see steady gains
Xiaomi’s AIoT platform also continued to grow. As of March 31, 2025, the number of connected devices (excluding phones, tablets, and laptops) reached 943.7 million, a 20.1% increase. Users with five or more connected devices climbed to 19.3 million, up 26.5%.
The internet services segment brought in RMB9.1 billion, up 12.8% from last year. Its gross margin improved to 76.9%, up 2.7 percentage points. Monthly active users worldwide reached 718.8 million in March, rising 9.2%. In China, the user base grew 12.9% to 181.1 million.
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