Xiaomi Corp announced on Tuesday that it delivered its strongest annual performance to date in 2025, with total revenue reaching 457.3 billion yuan ($66.4 billion), a 25 percent year-on-year increase.

Adjusted net profit rose 43.8 percent to 39.2 billion yuan, also a record high. The company's research and development spending hit 33.1 billion yuan last year, nearly matching its annual profit.

The smart electric vehicle and AI innovation business segment surpassed the 100 billion yuan mark for the first time, with revenue soaring 223.8 percent to 106.1 billion yuan. In the fourth quarter, the segment contributed 32 percent of total revenue, approaching the share of Xiaomi's smartphone business and emerging as the company's primary growth engine.

Revenue from its smartphone and internet of things segment totaled 351.2 billion yuan, up 5.4 percent year-on-year. Smartphone revenue stood at 186.4 billion yuan, with Xiaomi ranking among the top three global smartphone vendors by shipments for the fifth consecutive year. IoT and lifestyle products revenue grew 18.3 percent to 123.2 billion yuan, hitting record highs in both domestic and overseas markets.

CITIC Securities noted that the market is increasingly recognizing Xiaomi's valuation restructuring as it expands from consumer electronics into automotive manufacturing.