Xiaomi Revenue By Region: China and International

Lifestyle. Pixabay Image.

This article presents Xiaomi’s revenue by region, consisting of 2 locations: Mainland China and Rest of the world. Xiaomi’s revenue from Rest of the world is derived outside of Chinese Mainland and is mainly from Europe and India.

For your information, Xiaomi Corporation (HKEX: 1810) is a Chinese technology company founded in 2010 by Lei Jun and headquartered in Beijing. Most consumers outside of China associate Xiaomi with budget smartphones, but in reality the company has expanded its business scope well beyond that — in China it is already an established household and consumer electronics manufacturer, competing with and in many categories exceeding Haier and Midea.

Let’s look at the revenue numbers!

Investors interested in other key statistics of Xiaomi may find more resources on these pages:

Sales & Market Share

• Xiaomi smartphones market share by region,
• Xiaomi smartphones shipments and market share,
• Xiaomi tablets shipment numbers and market share,
• Xiaomi EV delivery numbers,

Revenue

• Xiaomi revenue by segment: Smartphone, EV, and AI,

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Chinese Mainland: Chinese Mainland excludes markets outside the Chinese Mainland, including: (1) the Hong Kong Special Administrative Region, the Macao Special Administrative Region, and the Taiwan region of China;

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Insight & Summary of Xiaomi’s Revenue By Region

The following analysis consolidates the trends observed across Xiaomi’s revenue by region for the 2018–2025 period.

• Mainland China has re-emerged as Xiaomi’s dominant and fastest-growing revenue driver — a structural reversal from the balanced split of 2020–2022. After achieving near-parity between Mainland China and Rest of World in 2020–2021 (approximately 50/50 split each year), Mainland China has re-accelerated sharply: revenue grew from ¥149.2B in 2023 to ¥306.2B ($45.9B) in 2025 — a 105.3% increase in two years — with a 3-year average of ¥222.7B ($33.4B). Mainland China’s mix share has expanded from 50.2% in 2020–2021 to 67.0% in 2025, the highest domestic concentration in the dataset. This dramatic shift is almost entirely attributable to the Smart EV segment: Xiaomi Auto’s ¥103.3B in 2025 revenue is entirely generated within Mainland China, and this single product category has structurally re-weighted the geographic mix. Without the EV contribution, Mainland China’s share trajectory would have been far more moderate.

• Rest of World revenue has essentially stagnated in absolute terms over the past three years. International revenue peaked at ¥163.6B in 2021, declined to ¥121.8B in 2023 (-25.5% from peak), partially recovered to ¥153.3B in 2024, and then fell again slightly to ¥151.1B in 2025 (-1.5%). The 3-year average of ¥142.1B ($21.3B) represents a business that has been effectively flat for three years — a significant contrast to Mainland China’s explosive growth. In USD terms, international revenue averaged $21.3B over 2023–2025 but hasn’t grown meaningfully. The culprits are clear: smartphone ASP headwinds in global markets, currency depreciation in key emerging market economies (reducing RMB-reported revenue), and the absence of any EV revenue outside China. Xiaomi’s European push and strong Southeast Asia momentum are not yet generating the absolute revenue step-change needed to move the needle at a company now generating ¥457B in total annual revenue.

• The 2025 growth divergence is the starkest in the dataset. Mainland China grew 44.1% while Rest of World contracted -1.5% — a 45.6 percentage point gap. The 3-year average growth rates reflect this divergence clearly: 30.5% CAGR for Mainland China versus 4.3% for Rest of World. This gap is not inherently alarming — it reflects the early stage of EV revenue rather than international market share loss — but it creates a geographic concentration risk that did not exist three years ago. If Mainland China economic conditions soften or EV demand moderates, Xiaomi’s revenue base has less international cushion today than it had in 2021.

• The long-run 2018–2025 trajectory tells a story of successful internationalization followed by domestic re-concentration. Rest of World revenue grew from ¥70.0B ($10.5B) in 2018 to a peak of ¥163.6B ($24.5B) in 2021 — a 133.7% increase driven by aggressive expansion into Europe, India, and Southeast Asia — before plateauing. Mainland China grew from ¥104.9B in 2018 to ¥306.2B in 2025 — a 192% increase — with the acceleration concentrated in 2024–2025 (EV-driven). Total revenue grew from ¥174.9B to ¥457.3B over the same seven-year period, a 161.5% increase that places Xiaomi among the fastest-growing large-cap technology companies globally over this timeframe.

• Structural Takeaway: Xiaomi’s geographic revenue split has moved from a balanced international-domestic profile (50/50 in 2020–2021) to a China-heavy model (67/33 in 2025). This concentration will likely continue to increase in 2026 as EV volumes ramp further and international revenue grows more modestly. For investors, the key question is whether Xiaomi can eventually export EV revenue internationally — the YU7 GT’s planned European launch in 2026–2027 would be the first test — and whether the international smartphone and IoT business can return to meaningful absolute growth without the structural tailwinds that drove 2019–2021 expansion.

The table below combines all key Xiaomi’s revenue by region metrics into a single view for the latest three fiscal years.

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Revenue in RMB: Mainland China, Rest of World, and Total

The definition of Xiaomi’s region is available here: Chinese Mainland.

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Revenue in USD: Mainland China, Rest of World, and Total

The definition of Xiaomi’s region is available here: Chinese Mainland.

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Revenue Mix: Mainland China, Rest of World, and Total

The definition of Xiaomi’s region is available here: Chinese Mainland.

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Revenue Growth: Mainland China, Rest of World, and Total

The definition of Xiaomi’s region is available here: Chinese Mainland.

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Credits And References

1. All data presented in this article were obtained and referenced from Xiaomi’s quarterly and annual reports published on the company’s IR: Xiaomi Investor Relations.

2. Pixabay Images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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