According to Bloomberg data, Xiaomi's revenue from January 1 to March 31, 2025 will reach 111.2 billion yuan (16.46 billion USD), up 47.6% over the same period in 2024. Adjusted net profit reached a record high of 10.68 billion yuan, up 64.5% over the same period last year.
Xiaomi's smartphone and smartphone revenue reached 94.7 billion yuan, up 22.8% over the same period last year. The first quarter's revenue from smart electric vehicles, artificial intelligence (AI) and other new initiatives reached a total of 18.6 billion yuan, of which 97% (about 18.1 billion yuan) came from electric vehicles.
Xiaomi Chairman Lu Weibing said that Xiaomi's strategy of focusing on high-end products has brought positive results. Mr. Lu also emphasized that Xiaomi will spend heavily on research and development (R&D), with an expected figure of 30 billion yuan in 2025. Of which, a quarter of the money will be spent on AI.
Last month, Xiaomi launched a theoretical AI model, open source MiMo with 7 billion parameters, developed by the company itself.
Also according to Xiaomi's leader, in the next 5 years from 2026 to 2030, Xiaomi expects spending on R&D activities to reach 200 billion yuan.
The smartphone maker has been stepping up its commitment to highly competitive sectors such as electric vehicles and chips, and has achieved initial success with new projects.
In early May 2025, Xiaomi said it had begun mass production of a new 3-nanometre XRing O1 chip (SoC), expected to power the company's latest smartphones and tablets.
Xiaomi becomes the fourth company in the world to design a 3nm mobile SoC for mass production after Qualcomm, MediaTek and Apple, another sign of progress in China's self-sufficient technology efforts. In the near future, the XRing O1 chip will be equipped with Xiaomi 15S Pro smartphone and Xiaomi Pad 7 Ultra tablet.
Lei Jun, founder and CEO of Xiaomi, said that 13.5 billion yuan has been spent on R&D for the XRing O1 chip and he also committed to a program of 50 billion yuan over 10 years to develop semiconductors.
Xiaomi is also doubling its efforts to produce electric vehicles after launching the SU7 series in March 2024. The company has delivered 136,854 vehicles in 2024 and aims to deliver 350,000 vehicles in 2025. In the first 3 months of 2025, the company delivered 75,869 vehicles.
Regarding smartphones, Xiaomi is still growing steadily. According to market research firm Canalys, in the first quarter of 2025, they shipped 41.8 million units, accounting for 14% of the global market share, behind only Samsung and Apple.
