Beyond *Vision GT*, just how impressive is Xiaomi’s 2025 financial report?

First, look at a set of numbers as hard-hitting as an armored corps battle report: on March 24, Xiaomi Group released its full-year 2025 financial report, with annual revenue of 457.29 billion yuan, up 25% year-on-year; adjusted net profit reached 39.17 billion yuan, up 44% year-on-year. Both figures hit record highs. This is not simply a case of “impressive sales,” but rather simultaneous advances on three fronts—revenue, profit, and gross margin—at a pace much like a well-prepared joint operation.

In terms of fidelity, I look at corporate performance much the same way I look at military simulation games: what I fear most is surface-level excitement backed by shaky underlying data. The solid part of Xiaomi’s latest financial report is that its core business did not falter. Revenue from smartphones × AIoT reached 351.2 billion yuan for the full year, up 5.4% year-on-year, with gross margin rising to a record-high 21.7%. Global smartphone shipments hit 165.2 million units, ranking among the world’s top three for five consecutive years, while its market share in mainland China also rose to second place. More importantly, products priced at 3,000 yuan and above accounted for 27.1% of sales in the high-end segment, up 3.8 percentage points year-on-year. This shows that Xiaomi is not relying solely on low-price assaults, but is gradually gaining a firm foothold in high-value territory.

Now, on the tactical level, let’s look at the second battlefield—the automotive and AI business that has drawn the most outside attention. Revenue from smart EVs, AI, and other innovative businesses reached 106.1 billion yuan for the full year, surging 223.8% year-on-year. It also achieved positive annual operating profit for the first time, reaching 900 million yuan, while overall gross margin rose to 24.3%, up 5.8 percentage points year-on-year. This set of figures is crucial, because it shows that Xiaomi Auto is not simply holding the line by burning cash continuously, but has already begun to develop the ability to sustain itself.

Now let’s look at the vehicle platform. Xiaomi Auto delivered 411,082 new vehicles over the full year. The SU7 won the domestic sales championship among sedans priced above 200,000 yuan, while the YU7 ranked first in domestic sales among mid-to-large SUVs for seven consecutive months. The new-generation SU7 secured over 15,000 locked-in orders in 34 minutes after launch, and more than 30,000 in three days. This kind of conversion efficiency is no longer just a “traffic-driven trial run,” but a real buildup of product momentum. Compared with many emerging EV makers still struggling between monthly deliveries and losses, Xiaomi’s pace of advance in this round resembles an early blitzkrieg: seize the key points first, then expand the gains.

There is another easily overlooked but crucial point: the debut of the Vision GT at MWC made Xiaomi the first Chinese brand invited to design a Vision GT. For gamers, this is not just a cross-industry appearance, but more like a coordinated test of industrial design, performance imagination, and brand momentum. Whether it can translate into long-term brand recognition still depends on sustained product output down the line, but at least this move was not an over-the-top rework—the direction is right.

Finally, let’s look at logistics and supply—that is, R&D. Xiaomi’s annual R&D investment reached 33.1 billion yuan, with a five-year cumulative total of 105.5 billion yuan, and it is expected to continue investing another 60 billion yuan in AI over the next three years. By the end of 2025, the number of R&D personnel had increased to 25,457, and its self-developed Xiaomi MiMo large model had already entered the domestic top tier. My judgment is that the most valuable part of this financial report is not a single breakout hit, but the simultaneous advance on four fronts: “the smartphone core business remains stable, premiumization is progressing, automotive has begun turning a profit, and AI has secured an early position.” For those watching tech stocks and industry trends, what makes this kind of company more worth tracking is not monthly trending searches, but whether the pace of R&D commercialization and the share of high-end products can continue to rise. Looking at it with proper rigor, Xiaomi really did build a system-level advantage this year.