Xiaomi 2025 Annual Report: Auto Business Revenue Breaks RMB 100 Billion

On March 24, Xiaomi Group released its 2025 annual report, with a set of figures shaking both the technology and automotive industries. Total revenue reached RMB 457.3 billion, up 25.0% year-on-year; adjusted net profit was RMB 39.2 billion, up 43.8% year-on-year; revenue from smart EVs and AI innovation businesses hit RMB 106.1 billion, skyrocketing 223.8% and surpassing RMB 100 billion for the first time.

For Hong Kong users, the Xiaomi name is far from unfamiliar. From smartphones to smart homes, from the AIoT ecosystem to smart cars, every step Xiaomi takes influences local consumer choices. With auto business revenue exceeding RMB 100 billion and strong orders for the new SU7, this report reflects the initial success of Xiaomi's strategic transition from a "phone company" to a "human-car-home ecosystem." The key question for Hong Kong users remains: when will a right-hand-drive (RHD) Xiaomi car be available?

Auto Business: 410,000 Deliveries + RMB 100 Billion Revenue Milestone

In 2025, Xiaomi's auto business delivered its first full-year report. The company delivered 411,082 new vehicles, up 200.4% year-on-year. The SU7 ranked as the best-selling sedan priced above RMB 200,000 in China in 2025, while the YU7 was the top-selling large SUV in China for seven consecutive months. Orders for the new SU7 were strong, with over 15,000 locked orders in 34 minutes and over 30,000 in three days.

These numbers represent Xiaomi's leap from zero to one. From its first model launch in 2024 to 410,000 deliveries in 2025, Xiaomi has covered in two years a path that took new automakers five years. Auto business revenue of RMB 106.1 billion accounted for 23.2% of total revenue, making it Xiaomi's second growth engine.

For Hong Kong users, this performance proves Xiaomi's product capability and market appeal. The SU7's success in the mainland market validates its design, performance, and intelligent features. An RHD version would be a highly competitive option in Hong Kong's EV market.

Premium Strategy: #2 in Smartphone Sales + 27.1% Premium Share

Xiaomi's globalization and premium strategy also made strides in 2025. Smartphone shipments ranked in the global top three for five consecutive years, ranking in the top three in 58 countries and regions and top five in 70. In mainland China, smartphone sales ranked second, with premium models accounting for 27.1% of sales.

This signals that Xiaomi has evolved beyond being just a "value brand." In the premium market, its products now compete head-on with global giants like Apple and Samsung. For Hong Kong users, this brand perception shift directly influences their acceptance of Xiaomi cars. If Xiaomi phones can stand alongside iPhones, its cars have the credentials to compete with Tesla and BMW.

AIoT Ecosystem: A Moat of 1.079 Billion Connected Devices

Xiaomi's AIoT ecosystem is a core competitive advantage in the auto sector. In 2025, IoT revenue reached RMB 123.2 billion, up 18.3% year-on-year, with connected devices surpassing 1.079 billion. Xiaomi AI glasses ranked third globally and first in China. Smart appliance revenue hit record highs, with air conditioner shipments exceeding 8.5 million units.

For Hong Kong users, this signals a vast smart ecosystem extending from phones and wearables to home appliances and cars. The seamless "human-car-home" experience—unlocking your car with your Xiaomi phone, controlling home appliances from your car—is a key differentiator.

R&D Investment: RMB 33.1 Billion as a Technological Moat

Xiaomi invested RMB 33.1 billion in R&D in 2025, with total investment over the past five years reaching RMB 105.5 billion. Its self-developed MiMo-V2-Pro large model was released, ranking eighth globally and second in China on the Artificial Analysis large model intelligence index. Xiaomi plans to invest RMB 60 billion in AI over the next three years.

These numbers place Xiaomi in China's top tier for technology. From chips to operating systems, from large models to intelligent driving, Xiaomi is building a comprehensive technology moat. For Hong Kong users, this ensures that the intelligent experience in Xiaomi cars will continue to evolve through OTA updates.

Hong Kong Perspective: Potential for RHD Introduction

Several aspects of Xiaomi's report are relevant for Hong Kong.

RHD Version Potential: Hong Kong, like the UK and Australia, is an RHD market. Xiaomi's increasing R&D investment and global expansion suggest RHD development is a matter of time if the mainland market is successful.

Product-Market Fit: Hong Kong's growing EV demand (over 70% penetration in 2025) aligns with the SU7's coupe styling and YU7's SUV practicality. A competitively priced RHD version would be a strong contender.

Charging Infrastructure: Xiaomi's 800V ultra-fast charging requires compatible high-power chargers. Currently, Hong Kong has limited high-power GB/T chargers (only 10). While government targets aim for 4,000 fast chargers by 2030, infrastructure is still developing.

Brand Recognition: Xiaomi's established brand presence in Hong Kong, spanning phones and smart home products, provides a strong foundation. Its successful premium strategy further supports the auto business's brand premium potential.

Personal Opinion: Xiaomi's "Third Curve"

The Xiaomi report highlights the successful launch of its "third curve." The first curve is phones, globally top three. The second is AIoT, with over 1 billion connected devices. The third is autos, achieving RMB 100 billion in revenue in just two years. This "curve succession" defines Xiaomi's strategic transition.

For Hong Kong users, Xiaomi's auto success signals the growing competitiveness of Chinese technology companies. The new SU7's strong orders reflect market recognition. Whether and when an RHD version arrives in Hong Kong remains to be seen, but the product strength validated in the mainland market serves as a compelling reference for potential Hong Kong buyers.