
Xiaomi: Heaven to Hell — What Still Anchors Conviction?---
Xiaomi Corp (1810.HK) released Q4 2025 results (quarter ended Dec 2025) after the HK close on Mar 24, 2026 (Beijing time).
Key takeaways: 1) Overall performance.Revenue was RMB 116.9bn (+7% YoY), with all growth driven by the Auto biz, while legacy Smartphones & AIoT revenue fell 13.7% YoY.
GPM retreated to 20.8%, mainly on sharp margin compression in Smartphones and IoT. Auto margins also started to decline this quarter...





