Xiaomi's Net Profit More Than Doubles on Strength of EV, IoT Businesses

By Jiahui Huang

Xiaomi's third-quarter net profit more than doubled on higher revenue from its Internet-of-Things business and fast-growing electric-vehicle division.

The Beijing-based company said Tuesday that its net profit surged to 12.27 billion yuan, equivalent to $1.73 billion, from 5.35 billion yuan a year earlier. Revenue rose 22% to 113.12 billion yuan, buoyed by growth in the EV and Internet-of-Things segments, though smartphone business performance slipped.

Both its top and bottom lines exceeded market estimates. Analysts had expected the Chinese smartphone and electronics maker to post profit of 9.69 billion yuan on revenue of 112.89 billion yuan, according to a Visible Alpha consensus.

Xiaomi's smartphone segment, its biggest revenue driver, generated 46.0 billion yuan in revenue, down from 47.5 billion yuan a year earlier. The decline was largely due to lower selling prices, which were partially offset by higher shipments, the company said.

Revenue from the Internet-of-Things and lifestyle products segment rose 5.6% to 27.6 billion yuan. Xiaomi attributed the increase to higher revenue from certain lifestyle products and wearables in the global market, despite lower revenue from smart large home appliances in the Chinese mainland market.

Xiaomi's EV business--its newest and fastest-growing division--did well during the quarter despite headwinds in China's auto market. Revenue from smart EVs nearly tripled to 28.3 billion yuan, thanks to higher vehicle deliveries and selling prices, the company said.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

November 18, 2025 05:34 ET (10:34 GMT)