ORGANIZATION
Xiaomi
A Beijing company founded in 2010 by Lei Jun, Lin Bin and others. It built out from smartphones into connected home appliances and devices (AIoT), and listed on the Hong Kong Stock Exchange in July 2018. Its weighted-voting-rights share structure gives Lei Jun and Lin Bin control. It began delivering its first electric car, the SU7, in 2024, and delivered 411,082 vehicles in 2025. Revenue in 2025 was CNY457.3 billion, of which the smart EV, AI and other new initiatives segment contributed CNY106.1 billion and turned an operating profit for the first time. It shipped 165.2 million smartphones.
Organization
- Founded
- 2010
- Status
- Active
- Active
- 2010–
- Appearances
- 00
- Name
- ENXiaomiJAシャオミ（小米）
Xiaomi is a company founded in Beijing in 2010 by Lei Jun, Lin Bin and others. According to its annual report, Lei Jun is founder, chairman and chief executive, and also chief executive of the smart electric vehicle business. Before Xiaomi he was chief executive of the software company Kingsoft from 1998 to 2007, and in 2000 he founded the online retailer joyo.com, which Amazon acquired in 2004. Lin Bin joined the founding after serving as an engineering director at Google. At the end of 2025 Xiaomi had 56,531 full-time employees, 53,901 of them in the Chinese Mainland, and 25,457 research and development staff.
How it is controlled
Xiaomi listed on the Hong Kong Stock Exchange through its Global Offering in July 2018. Its shares carry unequal votes, which the annual report describes as follows.
| Item | Detail (as of 31 December 2025) |
|---|---|
| Class A shares | Ten votes per share |
| Class B shares | One vote per share |
| Exception | One vote per share for both classes on a limited number of reserved matters |
| Beneficiaries of weighted voting rights | Lei Jun and Lin Bin |
The company itself warns investors that the structure lets the two control it without holding a majority economic interest, and that their interests may not always be aligned with those of shareholders as a whole.
Where the money comes from
Xiaomi's results announcement for 2025 reports two segments, "smartphone and AIoT" and "smart EV, AI and other new initiatives". Breaking the first one down shows how different the margins are.
| Business | 2025 revenue | Gross margin |
|---|---|---|
| Smartphones | CNY186.4 billion | 10.9% |
| IoT and lifestyle products | CNY123.2 billion | 23.1% |
| Internet services (advertising and more) | CNY37.4 billion | 76.5% |
| Smart EV, AI and other new initiatives | CNY106.1 billion | 24.3% |
Smartphones bring in the most revenue at the thinnest margin. Internet services, the highest-margin line, sell advertising and other services on top of the devices. In December 2025 Xiaomi counted 754.1 million monthly active users worldwide (smartphones and tablets) and 1,079.2 million connected devices on its AIoT platform (excluding smartphones, tablets and laptops). Selling devices, then selling services across the installed base, is the shape of the company.
Key figures
Year ended December 2025, IFRS, from the annual results announcement of 24 March 2026.
- Revenue: CNY457.3 billion (+25.0% year on year)
- Profit for the year: CNY41.57 billion (+76.3%) / non-IFRS adjusted net profit: CNY39.17 billion (+43.8%)
- Smartphone shipments: 165.2 million. According to Omdia, a 13.3% global share and a top-three ranking for the fifth consecutive year
- R&D expenses: CNY33.1 billion (+37.8%). Its self-developed XRING O1 application processor took first prize in the company's own technology awards
A smartphone company that builds cars
By the numbers, the electric-vehicle business is already approaching the scale of the core business.
| When | What happened (source) |
|---|---|
| 3 April 2024 | Deliveries of the first model, the SU7 series, begin; 88,063 confirmed orders and 7,058 deliveries by 30 April (voluntary announcement to the Hong Kong Stock Exchange) |
| 2025 | 411,082 vehicles delivered (up 200.4%); of the segment's CNY106.1 billion revenue, CNY103.3 billion came from smart EVs |
| 2025 | The segment turns an operating profit for the first time (CNY0.9 billion, on the company's definition of gross profit minus operating expenses) |
| 2026 | Delivery target of 550,000 vehicles |
Xiaomi places this within its "Human × Car × Home" corporate strategy. According to the results announcement, the SU7 series ranked first in sales in 2025 among sedans priced at RMB200,000 or more in the Chinese Mainland.
Links on this site
So far Xiaomi appears only at the edges of this site. The Segway entry notes that Ninebot of Beijing, which bought Segway in 2015, had raised money from Xiaomi among others.
Questions this page answers
- When was Xiaomi founded, and by whom?
- In 2010. Its annual report names Lei Jun as founder and Lin Bin as co-founder, saying Lin Bin co-founded Xiaomi with Lei Jun in 2010. Before that, Lei Jun had been chief executive of Kingsoft and founder of the online retailer joyo.com.
- How many electric cars has Xiaomi sold?
- Deliveries of its first car, the SU7 series, began on 3 April 2024. It delivered 411,082 vehicles in 2025 (up 200.4%) and has set a target of 550,000 for 2026.
- How large is Xiaomi's business today?
- For the year ended December 2025, revenue was CNY457.3 billion (up 25.0%) and non-IFRS adjusted net profit CNY39.2 billion (up 43.8%). The smartphone and AIoT segment brought in CNY351.2 billion and the smart EV, AI and other new initiatives segment CNY106.1 billion.
- Who controls Xiaomi?
- It uses a weighted-voting-rights structure: each Class A share carries ten votes and each Class B share one (except on certain reserved matters). At the end of 2025 the beneficiaries of the weighted voting rights were Lei Jun and Lin Bin.
Sources
2025 revenue, adjusted net profit and profit for the year; segment revenue; the EV and AI segment's first operating profit of CNY0.9 billion; 411,082 vehicle deliveries and the 2026 target of 550,000; 165.2 million smartphones and a 13.3% global share per Omdia; 754.1 million MAU; 1,079.2 million IoT devices; R&D of CNY33.1 billion; the self-developed XRING O1
PrimaryXiaomi Corporation, 2025 Annual Report — HKEX filing, Apr 28, 2026
Biographies of Lei Jun and Lin Bin (co-founding in 2010, joyo.com, Kingsoft), the July 2018 Global Offering, the weighted-voting-rights structure, 56,531 full-time employees (end of 2025)
First SU7 series deliveries on 3 April 2024; 88,063 confirmed orders and 7,058 deliveries by 30 April
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