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The call presents a strongly positive operational and financial picture — record revenue and adjusted net profit, margin expansion, significant IoT and EV momentum, major R&D and AI progress, and clear premiumization and overseas expansion. Key near-term challenges are cost inflation (notably memory), early-stage commercialization risk for AI, and continued heavy investment in new businesses (EVs, robots) that may pressure short-term results. Overall, achievements and scale gains materially outweigh the risks flagged.
Management’s forward guidance emphasized heavy investment and scaling in 2026 and beyond: 2026 R&D is planned to exceed RMB40 billion (with more than RMB16 billion earmarked for AI, embodied intelligence and other innovation), Xiaomi will invest RMB60 billion in AI over the next three years and expects cumulative R&D over the next five years to exceed US$200 billion; 2025 CapEx was RMB18.2 billion (up 73%) with ~66% allocated to Smart EV & AI innovation. Operational targets include delivering 550,000 EVs in 2026 (after 411,082 vehicles in 2025 and cumulative deliveries >600,000 by Feb 13, 2026; Q4 deliveries 145,115), continuing smartphone premiumization (2025 smartphone revenue RMB186.4 billion, shipments 165 million, global share 13.3%, China premium mix 27.1%), scaling IoT (2025 IoT revenue RMB123.2 billion, +18.3% YoY; IoT gross margin 23.1%) and growing Internet services (MAU 750 million, revenue RMB37.4 billion). Management also reaffirmed capital returns with ~HKD6.3 billion repurchased in 2025, ~HKD4.7 billion since early 2026 and an automatic buyback plan capped at HKD2.5 billion.
Total group revenue reached RMB 457.3 billion (first time > RMB 400 billion), up 25% year-on-year; adjusted net profit was a record RMB 39.2 billion, up ~44% year-on-year; Q4 revenue was a new single-quarter record.
Overall gross profit margin rose to 22.3%, up 1.3 percentage points year-on-year; smartphone×AIoT segment gross margin reached 21.7% (up 0.5 pp); IoT gross margin reached a record 23.1%, up 2.8 pp.
Global smartphone shipments were 165 million units with 13.3% market share, maintaining top-3 globally for multiple years; smartphone revenue was RMB 186.4 billion (40.8% of total). Premium mix improved: high-end share in Mainland China 27.1% of smartphone sales (up 3.8 percentage points); RMB 6,000–10,000 segment market share rose materially (management cited nearly doubling in that bracket and +2.3 pp in one comment). Launched Leitzphone (EUR 1,999) as premium overseas play.
IoT revenue reached RMB 123.2 billion, up 18.3% year-on-year (all-time high); home appliances revenue grew ~23% with record shipments; wearables ranked #1 globally, TWS earphones #2; tablet shipments grew 25.2% year-on-year (ranked #5).
Internet service revenue hit a record RMB 37.4 billion, up 9.7% year-on-year; global MAU reached 750 million (up 7.4%), Mainland China MAU 190 million (up 10.1%); internet gross margin remained high at 76.5%; advertising revenue a record RMB 28.5 billion; overseas Internet revenue +15.2% to RMB 12.6 billion (33.8% of Internet revenue).
EV & AI/innovation segment revenue reached RMB 106.1 billion (up >200% year-on-year), representing 23.2% of group revenue; Smart EV revenue RMB 103.3 billion; segment gross margin 24.3% (up 5.8 pp) and segment recorded positive operating profit for the first time at RMB 0.9 billion. Deliveries in 2025 were ~411k vehicles; Q4 deliveries 145,115; average post-tax unit price RMB 251,171 (up 7% YoY).
R&D spend in 2025 was RMB 33.1+ billion (five-year cumulative RMB 105.5 billion, +37.8%); planned R&D > RMB 40 billion in 2026 and RMB 60 billion in AI over next 3 years. Released foundation models (MiMo-V2 series) including a >1 trillion-parameter model; models ranked in global open-source tier and showed strong usage on OpenRouter; miclaw (phone AI Agent) entered limited testing.
Launched haptic-driven precision grasping tech and open-sourced Xiaomi-Robotics-0; embodied robot trials in car factory achieved 90.2% installation success and cycle times as quick as 76 seconds, indicating feasible industrial deployment.
CapEx in 2025 was RMB 18.2 billion (+73% YoY), with ~66% allocated to Smart EV & AI innovation; share repurchases ~HKD 6.3 billion in 2025 plus ~HKD 4.7 billion since early 2026 and an auto-repurchase plan cap of HKD 2.5 billion; sustainability actions included >40 million kWh green electricity purchased (>10x YoY) and EcoVadis score of 81 (gold).
New SU7 generation launch saw >15,000 locked orders within 34 minutes and >30,000 locked orders after 3 days; cumulative Xiaomi Auto deliveries surpassed 600,000 by Feb 13, 2026, supporting demand momentum.
Greetings. Welcome to Xiaomi's 2025 Annual Results Announcement Investor Conference Call and Audio Webcast. Today's conference will be recorded. If you have any questions or objections you may disconnect at this time. [Operator Instructions] Now we will have Mr. Xu Ran, General Manager of Group Investor Relations and Capital Markets Department to start.
Welcome, everyone. Welcome to the investor conference call and audio webcast for the company's 2025 annual results. Before we start the call, we would like to remind you that this call may include forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions comes from a variety of sources outside of Xiaomi. This presentation also contains some unaudited non-IFRS financial measures, which should be considered in addition to, but not as a substitute for the company's financials prepared in accordance with IFRS. We have William Lu, Partner and President of Xiaomi Corporation; and Mr. Alain Lam, Vice President and CFO of the Corporation to talk to us. Mr.
Lu will share recent strategic and business update. Thereafter, Mr. Lam will review the company's financial performance of 2025. And then after that, we will have the Q&A. Mr. Lu, please.
Good evening. Thank you very much for coming to the 2025 full year call. Now this evening, I'll be talking about 3 points. First of all, review our main achievements in 2025. Second, share of breakthroughs in hard-core tech, in particular, in AI and embodied intellig...