Xiaomi booked record sales and profit in the opening quarter of 2025 driven by continued growth in smartphones and tablets, led by premium models, and a line-up of electric vehicles (EVs) launched in late March 2024.

Xiaomi president Lu Weibing highlighted in an earnings call its focus on the premium smartphone segment has driven continued gains, recording a fifth consecutive quarter of shipment growth and a 5.8 per cent increase in its global smartphone average selling price to a record high of CNY1,211 ($168).

Its share of high-end smartphone shipments in mainland China increased to 25 per cent from 21 per cent in the same period of 2024, he said.

Lu added its in-house developed processor Xring O1 is installed in its flagship Xiaomi 15S Pro and Xiaomi Tablet 7 Ultra tablet.

Smartphone revenue in Q1 rose 8.9 per cent to CNY50.6 billion, while global shipments were up 3 per cent to 41.8 million units, marking a seventh consecutive quarter of year-on-year growth.

Internet services improved 12.8 per cent to CNY9.1 billion, while IoT revenue rose 58.7 per cent to CNY32.3 billion. EV sales reached CNY18.1 billion.

Adjusted net profit grew per 64.5 per cent year-on-year to CNY10.7 billion; total revenue jumped 47.4 per cent to CNY111.3 billion.

R&D expenses in Q1 increased 30.1 per cent to CNY6.7 billion.

Last week, Xiaomi co-founder Lei Jun announced it is targeting CNY200 billion in total R&D investment over the next five years, with CNY50 billion earmarked for its chip unit over the next decade.