Principal Activities

Principally engaged in development and sales of smartphones, IoT and lifestyle products, provision of internet services and investments holding in the PRC and other countries or regions.

Latest Results

The Group's profit attributable to shareholders for the year ended 31-12-2025 amounted to RMB 41.64 billion, an increase of 76.0% compared with previous corresponding period. Basic earnings per share was RMB 1.6231. No dividend declared. Turnover amounted to RMB 457.29 billion, an increase of 25.0% over the same period last year, gross profit margin up 1.3% to 22.3%. (Announcement Date: 24 Mar 2026)

Business Review - For the year ended December 31, 2025

1. Overall Performance

In 2025, we continued to implement our core operating strategy of“steadfastly forging ahead,”delivering solid growth across our businesses. Total revenue and adjusted net profit both reached record highs. In 2025, total revenue was RMB457.3 billion, representing a year-over- year increase of 25.0%. Segment-wise, in 2025, revenue of our smartphone×AIoT segment reached RMB351.2 billion, up 5.4% year-over-year; revenue of our smart electric vehicle (“EV”), AI and other new initiatives segment reached RMB106.1 billion, up 223.8% year-over- year. In 2025, our adjusted net profit reached RMB39.2 billion, up 43.8% year-over-year.

In the fourth quarter of 2025, despite headwinds such as significantly increased memory costs and intensifying industry competition, we maintained resilience across all business segments.Total revenue for the fourth quarter of 2025 reached a record high of RMB116.9 billion, representing an increase of 7.3% year-over-year and the 5th consecutive quarter of revenue exceeding RMB100.0 billion. Segment-wise, in the fourth quarter of 2025, revenue of our smartphone×AIoT segment reached RMB79.7 billion; revenue of our smart EV, AI and other new initiatives segment reached RMB37.2 billion, up 123.4% year-over-year. In this quarter, our adjusted net profit reached RMB6.3 billion.

We continued to advance our“Human×Car×Home”corporate strategy. In 2025, our smartphone shipments reached 165.2 million units. According to Omdia, in 2025, we maintained top 3 global smartphone shipment ranking for the 5th consecutive year, with a market share of 13.3%. Meanwhile, we continued to expand our user ecosystem. In December 2025, our global monthly active users (“MAU”)2 reached another record high of 754.1 million, up 7.4% year-over-year. As of December 31, 2025, the number of connected IoT devices on our AIoT platform (excluding smartphones, tablets and laptops) reached 1,079.2 million, up 19.3% year-over-year. In 2025, we achieved total deliveries of 411,082 vehicles.

We continued to execute on our 2020–2030 goal of investing in foundational core technologies and becoming a global leader in the evolving realm of cutting-edge technologies. Over the past five years, our cumulative research and development (“R&D”) expenses reached RMB105.5 billion. In 2025, our R&D expenses increased by 37.8% year-over-year to RMB33.1 billion.As of December 31, 2025, our research and development personnel reached a record high of 25,457. In addition, we expect that beginning in 2026, our cumulative R&D expenses over the next five years (2026–2030) will exceed RMB200 billion.

2025 marked a year of major technological breakthroughs for Xiaomi. In January 2026, we held the 2025 Xiaomi Technology Awards ceremony. Our self-developed application processor, the Xiaomi XRING O1, received the First Prize of the Technology Award, in recognition of its outstanding performance across multiple fronts, including innovation, industry leadership and impact. The Dynamic Back Display of Xiaomi 17 Pro Series, 2,200 MPa Xiaomi Ultra-high strength steel, and Xiaomi EV“Four-in-One Domain Control Module”were awarded Second Prize. Third Prize winners included projects such as the innovative architecture of Xiaomi AI Glasses, the end-to-end + reinforcement learning parking assistance system, the 10-million-clip version of Xiaomi end-to-end assisted driving system, Xiaomi HyperRGB technology, LOFIC HDR technology, the irregular high-silicon battery structural technology, and the ordered mesoporous silicon-carbon battery material. As of 2026, the Xiaomi Technology Awards have been held for seven consecutive years, with total awards granted exceeding RMB75 million.

We continued to advance our artificial intelligence (AI) capabilities. In terms of foundation models, in December 2025, we officially unveiled our open-sourced Xiaomi MiMo-V2-Flash, a Mixture-of-Experts (MoE) model with 309 billion total parameters and 15 billion active parameters developed for extreme inference efficiency. In March 2026, we officially released Xiaomi MiMo-V2-Pro, our flagship foundation model built for real-world agentic scenarios.The model features over 1 trillion total parameters (with 42 billion active parameters), adopts an innovative hybrid attention architecture, and supports an ultra-long context window of up to 1 million tokens. Xiaomi MiMo-V2-Pro performs strongly across major agent benchmarks.According to the Artificial Analysis Intelligence Index, Xiaomi MiMo-V2-Pro ranked 8th by model and ranked 5th by brand.3 According to PinchBench, Xiaomi MiMo-V2-Pro ranked 3rd globally in average task completion rate.4 On the OpenRouter platform, Xiaomi MiMo-V2-Pro ranked 1st in token usage.5 On the same day, we also released Xiaomi MiMo-V2-Omni, an omni foundation model uniting frontier multimodal understanding with strong agentic capability, unifying text, vision, and speech within a single multimodal foundation. This design breaks the traditional limitation of models that emphasize understanding over execution, enabling native capabilities in multimodal perception, tool calling, function execution, and GUI interaction.According to PinchBench, Xiaomi MiMo-V2-Omni ranked 2nd in average task completion rate.6 In addition, we released Xiaomi MiMo-V2-TTS, a text-to-speech foundation model, empowering intelligent agents not only to understand the world, but also to communicate with users through expressive, natural, and emotionally rich speech.

We leverage our AI capabilities to comprehensively empower our“Human×Car×Home”ecosystem. In March 2026, our mobile agent, Xiaomi miclaw, entered invitation beta testing.Built upon the Xiaomi MiMo large foundation model, the AI interaction prototype focuses on validating large models’execution capabilities within our“Human×Car×Home”ecosystem, exploring the evolving applications of large models from conversational intelligence to system- level task execution. Xiaomi miclaw enables smartphones to function as AI tools. It understands user intent and, upon authorization, can invoke applications and ecosystem capabilities, select system-level tools to execute commands, continuously optimize its behavior, and leverage its memory system to improve its understanding of user needs. In November 2025, we unveiled Xiaomi Miloco (Xiaomi Local Copilot), our futuristic smart home solutions to explore smart home living powered by large-model technologies.

We keep exploring the frontier of physical intelligence. In February 2026, we released TacRefineNet as a phased research achievement in the field of embodied intelligence. It is a tactile-driven, dexterous robotic grasping fine-tuned model, enabling millimeter-level precision based solely on tactile sensing. In February 2026, we open-sourced our first-generation robotics large vision-language-action (VLA) model, Xiaomi-Robotics-0, featuring 4.7 billion parameters, capable of integrating vision-language understanding with real-time high- performance execution. The open source VLA model achieved state-of-the-art performance across the three mainstream simulation benchmarks, and demonstrated generalized physical intelligence in real-robot evaluations, operating with fluid motion and high responsiveness, while supporting real-time inference on consumer-grade GPUs. Furthermore, in March 2026, we conducted a demonstration at the Xiaomi EV factory where our embodied robots autonomously operated for 3 consecutive hours at the self-piercing nut loading workstation.The robots achieved a 90.2% success rate while satisfying the production line’s fastest takt time of 76 seconds. This represents the first step toward the scaled adoption of our embodied intelligence in EV manufacturing scenarios.

In February 2026, we officially debuted the Xiaomi Vision Gran Turismo in Barcelona, Spain.The Vision Gran Turismo is a futuristic supercar concept project exclusively designed for the Gran Turismo simulation racing platform. Xiaomi became the 36th brand to join the project and the creator of the 51st Vision Gran Turismo concept vehicle. Notably, Xiaomi was the first Chinese brand and the first technology company invited to participate in this prestigious project. Our collaboration with Gran Turismo not only reflects recognition from one of the world’s leading driving simulation platforms, but also represents a deep exploration of innovative design built upon Xiaomi EV’s strong foundation in advanced technology.

We continued to advance our new retail strategy globally. As of December 2025, the total number of our Xiaomi stores in the Chinese Mainland reached approximately 18,000, with a net addition of more than 3,000 during 2025. Among these, the number of our large-format stores (over 500 square meters) reached approximately 240, with a net addition of more than 170 during 2025. At the same time, we steadily expanded our new retail model in the overseas markets, with the total number of overseas new retail stores reaching approximately 450, with a net addition of more than 435 during 2025, covering Southeast Asia, Europe, East Asia, Latin America, Africa, etc.

We are committed to continuously enhancing shareholder value, and have been actively repurchasing our shares in the open market. In 2025, we repurchased approximately 152.6 million shares for approximately HK$6.3 billion. In January 2026, for the first time, we announced an automatic share buy-back program for up to HK$2.5 billion. In 20267, we have repurchased approximately 130.5 million shares in the amount of approximately HK$4.7 billion.

2. Smartphone×AIoT

In 2025, revenue from our smartphone×AIoT segment reached a record high of RMB351.2 billion, up 5.4% year-over-year. The gross profit margin of our smartphone×AIoT segment reached a record high of 21.7%, up 0.5 percentage points year-over-year. In the fourth quarter of 2025, revenue from our smartphone×AIoT segment reached RMB79.7 billion. The gross profit margin of our smartphone×AIoT segment was 20.0%.

Smartphones

In 2025, our smartphone revenue reached RMB186.4 billion, with a gross profit margin of 10.9%. Our global smartphone shipments reached 165.2 million units. According to third party data, in 2025, we rose to No. 2 in terms of smartphone units sold in the Chinese Mainland with a market share of 16.6%, up by 0.7 percentage points year-over-year. According to Omdia, in 2025, we maintained our top 3 global smartphone shipment ranking for the 5th consecutive year, with a market share of 13.3%. In 2025, our smartphone shipments rose to No. 2 in Latin America and Southeast Asia, with market share reaching 17.5% and 17.0%, respectively, each up 0.9 percentage points year-over-year. We ranked No. 3 in Europe and Africa, with our market share rising by 0.6 and 1.4 percentage points year-over-year to 20.3% and 12.7%, respectively. In 2025, our smartphone shipments ranked among the top three in 58 countries and regions globally and among the top five in 70 countries and regions globally.

In the fourth quarter of 2025, our smartphone revenue reached RMB44.3 billion, with a gross profit margin of 8.3%. Our global smartphone shipments were 37.7 million units. According to Omdia, in the fourth quarter of 2025, we maintained the top 3 global smartphone shipment ranking for the 22nd consecutive quarter, with a market share of 11.1%.

We achieved significant breakthroughs in our premiumization strategy. According to third- party data, in 2025, our premium smartphone8 units sold accounted for a record high of 27.1% of our total smartphone units sold in the Chinese Mainland, representing an increase of 3.8 percentage points year-over-year. Our smartphone units sold in the RMB4,000–6,000 segment in the Chinese Mainland garnered a market share of 17.3%, up 0.5 percentage points year-over- year. In the RMB6,000–10,000 price segment, our smartphone market share increased by 2.3 percentage points year-over-year to 4.5%.

In December 2025, we upgraded the Global Imaging Strategic Cooperation between Xiaomi and Leica. Building upon the highly productive“Joint R&D”foundation, the two parties are introducing a new“Strategic Co-creation Model”, with Xiaomi 17 Ultra by Leica as the first product under this new collaborative framework. Equipped with a Leica 1-inch ultra dynamic camera and a Leica 200MP optical zoom telephoto camera, it boasts significantly enhanced imaging capabilities. Moreover, for the first time, the device features the iconic Leica red dot badge on its body and is equipped with the mobile imaging sector’s first Leica Camera Ring, designed for advanced imaging creators. In February 2026, we held the Xiaomi 17 Series Global Launch Event in Barcelona, Spain, unveiling the Xiaomi 17, Xiaomi 17 Ultra and the Leica Leitzphone powered by Xiaomi, priced starting at EUR999, EUR1,499 and EUR1,999, respectively.

IoT and lifestyle products

In 2025, revenue from our IoT and lifestyle products reached a record high of RMB123.2 billion, up 18.3% year-over-year, and both domestic and overseas revenues achieved record highs. Gross profit margin reached a record high of 23.1%, up 2.8 percentage points year- over-year. In the fourth quarter of 2025, revenue from our IoT and lifestyle products reached RMB24.6 billion, with a gross profit margin of 20.1%.

As of December 31, 2025, the number of connected IoT devices (excluding smartphones, tablets and laptops) on our AIoT platform increased to 1,079.2 million, up 19.3% year-over- year; the number of users with five or more devices connected to our AIoT platform (excluding smartphones, tablets and laptops) reached 22.7 million, up 23.6% year-over-year. In December 2025, the MAU of our Xiaomi Home App grew to 112.7 million, up 11.7% year-over-year. The MAU of our AI Assistant (“小愛同學”) grew to 159.9 million, up 16.7% year-over-year.

In 2025, our smart large home appliances revenue reached a record high, up 23.1% year- over-year. Our air conditioner shipments exceeded 8.5 million units, up over 24% year-over- year; our refrigerator shipments exceeded 2.8 million units, up over 4% year-over-year; and our washing machine shipments exceeded 2.3 million units, up over 18% year-over-year.Shipments across three product categories all reached record highs. In 2025, Xiaomi smart large home appliances officially entered the European market, covering countries including Spain, France, Germany, Italy, etc.

According to Omdia, in 2025, our global shipments of wearable bands9 grew by 22.6% year- over-year, ranking No. 1 globally and No. 2 in the Chinese Mainland. Our global TWS earbud shipments grew by 32.3% year-over-year, ranking No. 2 globally and No. 1 in the Chinese Mainland. In addition, in 2025, our shipments of Xiaomi AI Glasses ranked No. 3 globally and No. 1 in the Chinese Mainland.

According to Omdia, in 2025, our global tablet shipments grew by 25.2% year-over-year, ranking among the top five globally and among the top three in the Chinese Mainland.

Internet services

In 2025, our internet services maintained healthy growth momentum, with both full-year and fourth-quarter revenues reaching record highs. In 2025, our internet services revenue reached RMB37.4 billion, up 9.7% year-over-year. The gross profit margin of our internet services reached 76.5%. In the fourth quarter of 2025, our internet services revenue reached RMB9.9 billion, up 5.9% year-over-year. The gross profit margin of our internet services reached 76.8%, up 0.3 percentage points year-over-year.

Our internet user base continued to expand. The MAU globally and in the Chinese mainland both hit record highs. In December 2025, our global MAU reached 754.1 million, up 7.4% year-over-year, and our MAU in the Chinese Mainland reached 190.4 million, up 10.1% year- over-year. In December 2025, the global MAU of our smart TVs10 reached 74.8 million, up 5.9% year-over-year.

In 2025, our advertising revenue reached a record high of RMB28.5 billion, up 15.2% year- over-year. In the fourth quarter of 2025, our advertising revenue reached a record high of RMB7.8 billion, up 10.4% year-over-year.

In 2025, our overseas internet services revenue reached a record high of RMB12.6 billion, up 15.2% year-over-year. Overseas internet services revenue accounted for 33.8% of our total internet services revenue, reaching a record high. In the fourth quarter of 2025, our overseas internet services revenue reached a record high of RMB3.7 billion, up 19.5% year-over-year.Overseas internet services revenue accounted for 36.9% of our total internet services revenue, reaching a record high.

3. Smart EV, AI and Other New Initiatives

In 2025, revenue from our smart EV, AI and other new initiatives segment reached RMB106.1 billion, exceeding RMB100.0 billion, up 223.8% year-over-year, consisting of RMB103.3 billion from smart EV and RMB2.8 billion from other related businesses. In 2025, the gross profit margin of our smart EV, AI and other new initiatives segment reached 24.3%, up 5.8 percentage points year-over-year. In 2025, our smart EV, AI and other new initiatives segment achieved positive income from operations11 for the first time, of RMB0.9 billion.

In the fourth quarter of 2025, revenue from our smart EV, AI, and other new initiatives segment reached RMB37.2 billion, up 123.4% year-over-year, consisting of RMB36.3 billion from smart EV and RMB1.0 billion from other related businesses. In the fourth quarter of 2025, the gross profit margin of our smart EV, AI and other new initiatives segment reached 22.7%, up 2.3 percentage points year-over-year. In the fourth quarter of 2025, income from operations related to our smart EV, AI and other new initiatives segment reached RMB1.1 billion.

In 2025, we achieved total deliveries of 411,082 vehicles, up 200.4% year-over-year. In the fourth quarter of 2025, we achieved total deliveries of 145,115 vehicles, up 108.2% year-over- year. In 2025, the Xiaomi SU7 Series ranked No. 1 in sales among sedans priced at or above RMB200,000 in the Chinese Mainland. As of February 2026, the Xiaomi YU7 Series ranked No. 1 in mid- to large-size SUV sales in the Chinese Mainland for 7 consecutive months.12 In 2026, we will strive to achieve the target of delivering 550,000 vehicles for the entire year.

In March 2026, we officially launched the New-Generation Xiaomi SU7 Series (“New- Generation SU7”). The New-Generation SU7 offers a comprehensive upgrade across safety, driving performance, intelligent experience, and premium comfort versus the previous generation. The New-Generation SU7 is equipped with the Xiaomi HyperEngine V6s Plus, which achieves an energy transmission efficiency of 94% from battery to wheels through an upgraded energy flow management system. The entire lineup adopts a silicon carbide high- voltage platform and delivers long driving range, with the Pro model achieving a CLTC range of up to 902km. The New-Generation SU7 also debuts the Xiaomi Smart Chassis 2.0, combining high-quality hardware, refined tuning, and advanced software-hardware integration to deliver precise, stable, and safe driving performance. In terms of assisted driving, the new- generation SU7 has been comprehensively upgraded. On the hardware side, it comes standard with LiDAR and 700 TOPS of computing power for assisted driving. On the software side, the lineup is equipped with the latest Xiaomi HAD system, powered by the Xiaomi XLA architecture, marking a major upgrade of Xiaomi assisted driving, evolving from“imitating humans”to“truly understanding the world”. Continuing our uncompromising commitment to safety, the New-Generation SU7 features an armor-cage steel-aluminum hybrid body structure, incorporating 2,200MPa ultra-high strength steel. The battery pack has undergone over 1,230 rigorous safety tests. In addition, the door handle design fully complies with the upcoming 2027 Chinese national safety standards. The New-Generation SU7 was priced starting at RMB219,900, RMB249,900, and RMB303,900 for the Standard, Pro, and Max models, respectively. Locked-in orders for the new-generation SU7 exceeded 15,000 within 34 minutes of launch, and surpassed 30,000 in the first 3 days after launch.

We continued to expand our sales and service network. As of December 31, 2025, in the Chinese Mainland, we opened 477 smart EV sales centers13 across 138 cities.



Source: XIAOMI Corp-W (01810) Annual Results Announcement