Full Year 2025 Xiaomi Corp Earnings Call Transcript
Key Points
- Xiaomi Corp (XIACF) achieved record high annual revenue of RMB457.3 billion in 2025, marking a 25% year-on-year increase.
- The company's adjusted net profit reached RMB39.2 billion, up 44% year-on-year, showcasing strong profitability.
- Xiaomi's global smartphone shipments ranked in the top three, maintaining a 13.3% market share for 22 consecutive quarters.
- The IoT business saw significant growth, with revenue surpassing RMB120 billion for the first time, marking an 18.3% year-on-year increase.
- Xiaomi Auto delivered 410,000 units in 2025, exceeding the initial target of 300,000 units, and cumulative deliveries surpassed 600,000 by early 2026.
- Rising memory prices pose a significant challenge, impacting the cost structure of Xiaomi's smartphone segment.
- The second half of 2025 was more challenging than the first, indicating potential volatility in market conditions.
- Despite strong performance, the company faces pressure from increased R&D and CapEx, with plans to invest over RMB40 billion in 2026.
- The AI and innovation business segment, while growing, is still in the investment stage, which may impact short-term profitability.
- Xiaomi's exposure to geopolitical tensions, such as the Middle Eastern conflict, could affect logistics and raw material costs.
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. Xiao 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
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