Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended September 30, 2025 (“2025 Q3” or “the Period”). The Group’s third quarter performance continued its strong growth momentum. Total revenue for the third quarter reached INR 1,41,035 Crores, representing an increase of 22.3% year-over-year, marking the fourth consecutive quarter that revenue has surpassed INR 1,20,000 Crores. Adjusted net profit reached INR 14,091 Crores, surging 80.9% year-over-year, significantly beating market expectations and hitting a record high. Total revenue for the first three quarters of this year reached INR 4,24,478 Crores, approaching last year’s full-year level, and adjusted net profit reached INR 40,901 Crores, already exceeding last year’s total.
Guided by the “Human × Car × Home” corporate strategy, all business segments of the Group demonstrated strong growth resilience. Among them, the smart Electric Vehicle (“EV”), AI and other new initiatives segment achieved a historic breakthrough in the third quarter, recording positive income from operations for the first time. Revenue from this segment was INR 36,163 Crores, surging over 199% year-over-year. Revenue from the smartphone business reached INR 57,362 Crores, with global shipments maintaining a top-three global ranking for the 21st consecutive quarter. Revenue from the IoT and lifestyle products segment was INR 34,417 Crores, and the number of connected IoT devices on Xiaomi’s AIoT platform exceeded 1.0 billion. Internet services revenue was INR 11,721 Crores, up 10.8% year-over-year, reaching a record high. The robust performance of all business segments fully demonstrates the Group’s excellent execution capabilities.
Xiaomi’s premiumization across all product categories is accelerating. Notably, the Xiaomi YU7, launched this year and positioned as a “high-performance luxury SUV,” has been widely popular and has ranked No. 1 in sales volume among mid-to-large SUVs for three consecutive months. In October, it further became the best-selling SUV across all categories in the Chinese Mainland. Xiaomi’s premium flagship smartphone, the Xiaomi 17, also garnered significant attention. During the Double 11 period, the Xiaomi 17 Pro Max secured dual championships in sales volume and sales revenue for domestic smartphones priced above RMB6,000 across all e-commerce platforms in the Chinese Mainland, becoming a blockbuster product in the premium market.
Xiaomi Smart EV Business Achieves Positive Quarterly Income from Operations for the First Time with Quarterly Deliveries Topping 100,000 Units
Xiaomi’s smart EV, AI, and other new initiatives segment maintained rapid growth, with revenue reaching INR 36,163 Crores in the third quarter. The business posted its first-ever positive income from operations of INR 872 Crores, signaling a new phase of healthy and sustainable development.
In the third quarter, Xiaomi smart EV deliveries continued to climb, with quarterly deliveries surpassing 100,000 vehicles, reaching a record high of 108,796 vehicles. In the first three quarters of this year, cumulative Xiaomi smart EV deliveries exceeded 260,000 vehicles. The Group continued to expand its sales and service network. As of September 30, 2025, Xiaomi opened 402 smart EV sales centers across 119 cities in the Chinese Mainland.
Xiaomi’s Smartphone Business Achieves Steady Progress, Premium Smartphone Market Share in the Chinese Mainland Rises by 5.6 Percentage Points
In the third quarter, Xiaomi’s smartphone business maintained steady performance, with revenue reaching INR 57,362 Crores. Global smartphone shipments totaled 43.3 million units, achieving year-over-year growth for 9 consecutive quarters. According to Omdia data, Xiaomi’s global market share by smartphone shipments reached 13.6% in the third quarter of 2025, securing a top-three global ranking for the 21st consecutive quarter. Xiaomi smartphones ranked among the top three in 57 countries and regions globally. In the Chinese Mainland, Xiaomi ranked No.2 in terms of smartphone units sold, with a market share of 16.7%, ranking among the top two for 6 consecutive quarters.
The Group’s premiumization strategy achieved significant breakthroughs. According to third-party data, in the Chinese Mainland, Xiaomi’s market share in smartphone sales within the RMB4,000-6,000 price segment reached 18.9%, an increase of 5.6 percentage points year-over-year. Xiaomi’s competitiveness in the premium smartphone market significantly strengthened. The premium flagship Xiaomi 17 Series, launched in September, performed brilliantly, with first-month sales increasing by approximately 30% compared to the Xiaomi 15 Series year-over-year. Among these, the Xiaomi 17 Pro and Xiaomi 17 Pro Max models accounted for over 80% of sales, further optimizing the product structure.
Number of Connected IoT devices on Xiaomi’s AIoT Platform Exceeds 1 billion (100 Crores); First Smart Home Appliance Factory Officially Commences Operation
The Group’s IoT and lifestyle products business achieved steady growth, with revenue reaching INR 34,417 Crores in the third quarter, up 5.6% year-over-year; gross profit margin increased by 3.2 percentage points year-over-year to 23.9%. In October this year, the first Xiaomi Smart Home Appliance Factory officially commenced operation, signifying the Group’s establishment of a complete industry chain covering design, R&D, manufacturing, and verification for its large home appliances business. The factory has a designed peak annual production capacity of 7 million air conditioners and will fully support the Group’s premium home appliances business.
During the period, Xiaomi continued to enrich its tablet product lineup. According to Omdia data, Xiaomi tablet products ranked among the top five in global shipments and among the top three in Chinese Mainland’s shipments. Xiaomi’s wearable band devices maintained a leading position, with shipments ranking No. 1 globally and No. 2 in the Chinese Mainland. TWS earbud shipments ranked No. 2 globally and No. 1 in the Chinese Mainland.
As of September 30, 2025, the number of connected IoT devices (excluding smartphones, tablets and laptops) on its AIoT platform increased to 1,035.5 million, up 20.2% year-over-year; the number of users with five or more devices connected to its AIoT platform (excluding smartphones, tablets and laptops) reached 21.6 million, up 26.1% year-over-year. In September 2025, the MAU of its Xiaomi Home App grew to 114.6 million, up 14.4% year-over-year.
Internet Services Revenue Hits Record High with Global MAU Exceeds 740 Million
The internet services business maintained steady performance, with revenue reaching INR 11721 Crores in the third quarter, up 10.8% year-over-year. The segment’s gross profit margin remained at a high level of 76.9%. Xiaomi’s overseas internet services revenue reached RMB3.3 billion, up 19.1% year-over-year. As the user base for internet services continued to expand, both MAU globally and in the Chinese Mainland reached new record highs. In September 2025, global MAU reached 741.7 million, an 8.2% increase year-over-year. MAU in the Chinese Mainland reached 187.3 million, up 11.6% year-over-year.
Doubles Down on Foundational Core Technologies with Quarterly R&D investment Surges to All-Time High of INR 11,347 Crores
Xiaomi continued to significantly increase its R&D investment in foundational core technologies. R&D expenses for the third quarter reached INR 11,347 Crores, a year-over-year increase of 52.1%, setting a new record high. Total R&D expenses for the first three quarters reached INR 29,304 Crores and the Group anticipates its total R&D investment for 2025 will exceed INR 37,410 Crores. As of September 30, 2025, Xiaomi’s total R&D personnel reached a record high of 24,871.
Xiaomi has achieved a significant breakthrough in the field of AI large models. In September, it unveiled Xiaomi-MiMo-Audio, an open-source large voice model, establishing its holistic strategic ecosystem spanning the core modalities of foundation models. In November, Xiaomi unveiled its futuristic smart home solutions, Xiaomi Miloco, marking an industry-first effort to explore smart home living powered by large-model technologies and reshape the experience of smart home living interaction. Meanwhile, Xiaomi officially launched its new generation operating system, Xiaomi HyperOS 3, achieving comprehensive upgrades in fundamental experience, functionality, and AI capabilities. The new OS provides enhanced technological support for the company’s premium smartphones, EVs, and ecosystem products. The launch of its Smart Home Appliance Factory completes Xiaomi’s smart manufacturing trifecta, bolstering its production capabilities across smartphones, smart EVs, and smart home appliances and cementing its leadership in the sector.
