Xiaomi's revenue in the third quarter reached 113.1 billion yuan: The automotive revenue was 29 billion yuan, achieving quarterly profitability, and it will complete the annual delivery target ahead of schedule.

Xiaomi Group (HK01810) released its financial report for the period ending September 30, 2025, today. The report shows that Xiaomi Group's revenue in the first nine months of 2025 was 340.37 billion yuan, a 32.5% increase from 256.9 billion yuan in the same period of the previous year; the operating profit was 41.672 billion yuan, a 166.9% increase from 15.613 billion yuan in the same period of the previous year.

Xiaomi Group's profit for the period in the first nine months of 2025 was 35 billion yuan, a 140.2% increase from 14.583 billion yuan in the same period of the previous year; the adjusted net profit was 32.817 billion yuan, a 73.5% increase from 18.918 billion yuan in the same period of the previous year.

Among them, Xiaomi Group's revenue in the third quarter of 2025 was 113.121 billion yuan, a 22.3% increase from 92.5 billion yuan in the same period of the previous year, and a 2.4% decrease from 115.956 billion yuan in the previous quarter.

Xiaomi Group's gross profit in the third quarter of 2025 was 25.936 billion yuan, a 37.4% increase from 18.881 billion yuan in the same period of the previous year.

Xiaomi's R & D expenses in the third quarter of 2025 reached 9.1 billion yuan, a year - on - year increase of 52.1%. In the first three quarters of 2025, Xiaomi's cumulative R & D expenses reached 23.5 billion yuan. As of September 30, 2025, the number of Xiaomi's R & D personnel reached a record high of 24,871.

Xiaomi Group's operating profit in the third quarter of 2025 was 15.11 billion yuan, a 150.1% increase from 6.041 billion yuan in the same period of the previous year; the profit for the period was 12.256 billion yuan, a 129.5% increase from 5.34 billion yuan in the same period of the previous year.

Xiaomi Group's adjusted net profit in the third quarter of 2025 was 11.311 billion yuan, an 80.9% increase from 6.252 billion yuan in the same period of the previous year, and a 4.4% increase from 10.831 billion yuan in the previous quarter.

Lu Weibing, a partner and the president of Xiaomi Group, said at the earnings conference call that Xiaomi's AI business has progressed very rapidly. In about a year, it has successively released a large language model, a large multimodal model, and a large speech model. In November, it also announced the open - source of the future exploration plan for smart home, Xiaomi Miloco.

“In terms of investment, Xiaomi has invested 23.5 billion yuan in R & D this year, of which a quarter has been invested in AI. Currently, the investment intensity far exceeds expectations.”

Lu Weibing said that in the future, AGI will surely move from the virtual world to the physical world. Xiaomi has a good ecological position, with the hardware entrances of the “full - ecosystem of cars, homes, and mobile devices” and the advantages of full - scenario, which will bring an unparalleled user experience and also attract the world's top AI talents to join.

Q3 Revenue of Mobile Phones × AIoT Segment Reached 84.1 Billion

Xiaomi Group's revenue of the Mobile Phones × AIoT segment in the third quarter of 2025 was 84.1 billion yuan. Among them, the revenue of the smartphone business was 46 billion yuan. In this quarter, Xiaomi's global smartphone shipments reached 43.3 million units, a 0.5% year - on - year increase.

Xiaomi Group's revenue of the IoT and consumer products business in the third quarter of 2025 was 27.6 billion yuan, a 5.6% year - on - year increase. The gross profit margin was 23.9%, a 3.2 - percentage - point increase year - on - year.

As of September 30, 2025, the number of IoT devices connected to Xiaomi's AIoT platform (excluding smartphones, tablets, and laptops) exceeded 1 billion for the first time, reaching 1.0355 billion, a 20.2% year - on - year increase.

The number of users with five or more devices (excluding smartphones, tablets, and laptops) connected to Xiaomi's AIoT platform reached 21.6 million, a 26.1% year - on - year increase. In September 2025, the monthly active users of the Mi Home app reached 114.6 million, a 14.4% year - on - year increase; the monthly active users of Xiaoai Assistant reached 153.4 million, a 13.7% year - on - year increase.

Xiaomi Group's revenue from Internet services in the third quarter of 2025 was 9.4 billion yuan, a 10.8% year - on - year increase; the overseas Internet revenue was 3.3 billion yuan, accounting for 34.9%. In the third quarter of 2025, Xiaomi's advertising business revenue was 7.2 billion yuan, a 17.4% year - on - year increase.

Lu Weibing said that Xiaomi aims to be a “contributor to industrial value” and a “promoter of industrial progress”. It will lead the industry through product and technological innovation, not initiate price wars actively or follow price wars blindly, but activate user demand through innovation.

According to Lu Weibing, Xiaomi's large - home - appliance factory was officially put into operation in October. It widely uses AI and is one of the most advanced smart factories in the industry. It is planned to have a peak annual production capacity of 7 million units, continuously supporting Xiaomi's high - end strategy for all product categories. In addition, Xiaomi's large - home - appliance business has great potential in overseas markets. It entered the Southeast Asian and European markets this year and will further expand its overseas home - appliance business next year.

Revenue from Smart Electric Vehicles and AI, etc. Reached 29 Billion, Achieving Quarterly Profitability

Xiaomi Group's revenue from innovative business segments such as smart electric vehicles and AI in the third quarter of 2025 was 29 billion yuan, a year - on - year increase of over 199%.

Among them, Xiaomi Group's revenue from smart electric vehicles in the third quarter of 2025 was 28.3 billion yuan, and other related revenues were 700 million yuan. Moreover, this quarter, the innovative business segments such as Xiaomi's cars and AI achieved positive operating income for the first time in a single quarter, with a single - quarter operating income of 700 million yuan.

In the third quarter of 2025, Xiaomi delivered over 100,000 new cars, and the cumulative deliveries in the first three quarters exceeded 260,000.

Lu Weibing, a partner and the president of Xiaomi Group, revealed at the earnings conference call that Xiaomi's cars are expected to complete the annual delivery target of 350,000 units this week.

Lu Weibing also said that the automotive industry is expected to face relatively large challenges in 2026. The purchase - tax subsidy will be halved next year, and the competition in the automotive industry will intensify further. Overall, Xiaomi's automotive gross profit margin may decline next year.

This article is from the WeChat official account “Leidi” (ID: touchweb). The author is Lei Jianping. It is published by 36Kr with authorization.