Xiaomi posts record-high revenue in Q2 as smartphone, EV shipments rise
Impressively, this is the fifth consecutive quarter of year-over-year (YoY) growth of over 30%. This is also the third consecutive quarter with revenues of over CNY 100 billion. From all that, the adjusted net profit was CNY 10.8 billion (+75.4% YoY).
Let's have a closer look at the smartphone business. Xiaomi is the third-biggest company globally in terms of shipments with 42.4 million units shipped in Q2 (+0.2% YoY). This is close to Apple's performance for the quarter of 44.8 million (-1.8% YoY).
Breaking this down by region, Xiaomi is #1 in Southeast Asia, #2 in Europe, the Middle East and Latin America and #3 in Africa. In Mainland China, it is #4 in terms of shipments based on data by Canalys.
To put that in monetary terms, Xiaomi's smartphone revenue for Q2 2025 was CNY 45.5 billion, down 2.1% YoY. This corresponds with a lower (-2.7% YoY) Average Selling Price (ASP) of CNY 1,073 (this converts to $149). That said, sales of premium Xiaomi phones in Mainland China are growing – they now make up 27.6% of all sales in the country, up 5.5 percentage points.
Xiaomi's tablet sales are doing well too, the company is #5 globally and #3 in Mainland China. Globally, it shipped 3.1 million tablets this quarter, which is a 42.3% increase YoY.
Xiaomi sells tons of wearables too – its smart bands are #1 globally and #2 in Mainland China, while its TWS buds are #2 globally and #1 in Mainland China. The company is breaking into new segments too with the recent launch of the Xiaomi Smart Glasses.
Through our sister site, ArenaEV, we've been tracking Xiaomi's rise in the electric vehicle market too. Quarterly deliveries for Q2 reached 81,302. This July, monthly deliveries of EVs exceeded 30,000 units. Since the beginning (5 quarters ago), total deliveries are now over 300,000.
Xiaomi is expanding its retail network. Sticking with EVs for a moment, in Q2 it had 335 stores across 92 cities in Mainland China. For all its products, there are now over 17,000 stores in China and around 200 retail stores abroad.
It's not just phones and cars, Xiaomi sells just about everything. Air Conditioners posted an impressive YoY growth of over 60% in Q2 with more than 5.4 million units shipped. Washing Machines shipped 600,000+ units for a growth of over 45% YoY. Refrigerators grew over 25% YoY to 790,000+ units.
Entering new segments can be expensive – Xiaomi's Smart EV, AI and Other New Initiatives segment has been losing money for now, but operating loss neared the break-even point in the last couple of quarters. It was CNY 0.5 billion in Q1 this year and dropped to CNY 0.3 billion in Q2.
Xiaomi is boosting its R&D spending – it went up 41.2% YoY in Q2 and is expected to reach around CNY 30 billion this year. This covers things like developing its new chipset, the Xring O1, tech for its EVs, working on AI and more.
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