Xiaomi Revenue By Segment: Smartphone, EV and AI

Lifestyle. Pixabay Image.

This article presents Xiaomi’s revenue by segment, consisting of 2 divisions: Smartphone AIoT and Smart EV, AI & other new initiatives.

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,

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Definitions

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

Smartphone AIoT:

• Revenues from smartphones are derived from the sale of smartphones.

• Revenues from the IoT and lifestyle products primarily comprise revenues from sales of smart large home appliances, smart TVs, tablets, wearables and other IoT and lifestyle products.

• Revenues from internet services are derived from advertising services and internet value-added services (including online game and fintech business).

• Other related businesses revenues primarily comprise revenue from the hardware repairment services for products, installation services for certain IoT products and sale of materials.

Smart EV, AI & other new initiatives:

• Revenues from this segment are mainly derived from the sale of smart EV and other related businesses, revenues from other new initiatives are immaterial to the Group.

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Insight & Summary of Xiaomi’s Revenue By Segment

The following analysis consolidates the trends observed across Xiaomi’s revenue by segment for the 2023–2025 period.

• Total revenue has grown at a pace few companies at Xiaomi’s scale have achieved. Revenue expanded from ¥270.97B ($40.6B) in 2023 to ¥457.29B ($68.6B) in 2025 — a 68.7% increase in two years. The 3-year average of ¥364.7B ($54.7B) reflects a business compounding materially faster than the global technology hardware sector. The 35.0% growth in 2024 and 25.0% in 2025, with a 2-year average of 30.0%, are exceptional rates for a company already operating at this revenue scale.

• The Smartphone & AIoT segment remains the dominant and durable revenue engine. Smartphone AIoT revenue grew from ¥270.97B in 2023 to ¥351.22B ($52.7B) in 2025, with a 3-year average of ¥318.4B ($47.8B) and 89.3% average mix share. While the segment’s growth rate moderated from 22.9% in 2024 to 5.4% in 2025 — reflecting macro headwinds in smartphone pricing and volume — the absolute revenue base is large, stable, and diversifying. The IoT component within this segment (smart home, wearables, tablets) grew 18.3% in 2025, providing an internal offset to smartphone softness. Smartphone AIoT at ¥351B is now a business of comparable scale to mid-tier global technology companies in its own right.

• The Smart EV, AI and other new initiatives segment is the defining growth story. This segment generated ¥0 in 2023 (pre-commercial EV launch), ¥32.75B ($4.9B) in 2024 (nine months of SU7 deliveries), and ¥106.07B ($15.9B) in 2025 — the 223.8% year-on-year growth in 2025 is the result of both a full year of deliveries and strong demand acceleration. The 3-year average of ¥46.3B ($6.9B) substantially understates the current business size, as ¥106B in 2025 is the relevant run-rate figure. At 23.2% of total revenue in 2025, this segment has gone from non-existent to nearly a quarter of Xiaomi’s consolidated revenue in two years — a product ramp without clear precedent in the technology sector.

• The mix shift is accelerating and has structural implications for both margin and valuation. Smartphone AIoT’s revenue share compressed from 100% in 2023 to 76.8% in 2025, with Smart EV rising to 23.2%. If current growth trajectories continue — Xiaomi targeting 900,000+ EV deliveries in 2026 alongside continued IoT expansion — the EV and AI segment could represent 35–40% of total revenue within two to three years. This transformation fundamentally changes how the company should be valued: the Smartphone AIoT core carries consumer technology multiples, while the EV and AI segment warrants comparison with pure-play EV peers such as BYD or NIO, which trade on different frameworks entirely.

• Structural Takeaway: Xiaomi’s revenue decomposition in 2025 reveals a company at an extraordinary inflection point — a mature, profitable smartphone and IoT business generating ¥351B annually, now paired with a hypergrowth EV and AI segment generating ¥106B and expanding at triple-digit rates. The challenge for management and investors alike is to value and govern a dual-engine business where the two engines operate at fundamentally different speeds, margin structures, and competitive dynamics. The financial integration of both segments into a single P&L is Xiaomi’s most complex strategic management challenge — and, if executed well, its most significant value creation opportunity.

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

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Revenue in RMB: Smartphone AIoT, Smart EV, AI & other new initiatives, and Total Revenue

The definition of Xiaomi’s segments is available here: Smartphone AIoT and Smart EV, AI & other new initiatives.

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Revenue in USD: Smartphone AIoT, Smart EV, AI & other new initiatives, and Total Revenue

The definition of Xiaomi’s segments is available here: Smartphone AIoT and Smart EV, AI & other new initiatives.

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Revenue Mix: Smartphone AIoT, Smart EV, AI & other new initiatives, and Total Revenue

The definition of Xiaomi’s segments is available here: Smartphone AIoT and Smart EV, AI & other new initiatives.

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Revenue Growth: Smartphone AIoT, Smart EV, AI & other new initiatives, and Total Revenue

The definition of Xiaomi’s segments is available here: Smartphone AIoT and Smart EV, AI & other new initiatives.

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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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