Xiaomi Group-W (01810.HK) Q3 2025: Strong Results, EV Profitability, and Valuation Discount

Key Financial Highlights

Xiaomi reported record Q3 2025 revenue of RMB 113.12 billion (+22.3% YoY) and adjusted net profit of RMB 11.31 billion (+80.9% YoY) [6]. The growth was driven by successful smartphone premiumization and the first profitable quarter for its electric vehicle (EV) business.

Business Segment Breakdown

Smartphone

The smartphone segment continued its premiumization push, capturing 18.9% market share in the RMB 4000-6000 price band. The Xiaomi 17 series saw Pro/Max models account for over 80% of sales [6].

EV Business

Xiaomi’s EV division achieved a milestone with its first quarterly operating profit of RMB 700 million [5]. It delivered 108,796 units in Q3, generating revenue of RMB 29 billion [5].

AIoT

The AIoT platform’s connected devices (excluding phones/tablets/laptops) exceeded 1 billion units for the first time, up 20.2% YoY [4].

Share Repurchase

Amid the stock price decline below HK$40, Xiaomi launched a record single-day share repurchase of HK$508 million [7]. Year-to-date, the company has repurchased approximately HK$2 billion worth of shares [1].

Valuation & Investment Takeaway

Current market capitalization stands below HK$1 trillion, while segment valuation suggests significant undervaluation [3]. Guosheng Securities reaffirmed its “Buy” rating, citing long-term growth drivers [3]. The share repurchase program signals management confidence, presenting a potential buy opportunity for investors.