618 Shopping Festival Performance Summary
GMV reached RMB 35.5 billion during the 618 Shopping Festival, up 35% year-over-year and 11% higher than Double 11 2024
This performance was in line with expectations and equaled 71% of GSe's forecasted 2Q25 China smartphone and AIoT revenue
Historical comparison: 69% of 618 in 2024, 59% of 618 in 2023, 66% of Double 11 in 2024
Smartphone performance:
Ranked #1 in sales and GMV among domestic brands on the Jingdong platform
4 of the top 10 best-selling models (Redmi K80, Redmi Turbo 4 Pro, Redmi 14C and Redmi Note 14 Pro)
Strong performance in the ultra-high-end market ($6,000+), with the Xiaomi Mi 15 Ultra in the top 10
Discount levels remained the same as last year, with an average discount of about 19% (excluding state subsidies), and up to 33% after subsidies are taken into account
AIoT product performance:
Significant sales growth in smart appliances: air conditioners (+52% YoY), refrigerators (+62% YoY), washing machines (+63% YoY)
Sales of TVs and monitors grew by 24% and 90% respectively
150% growth in kitchen stove sales
Improvement in service capability: 20% increase in peak day installations and 27% increase in consumers enjoying installation services
Market Competition Analysis
Market share change:
Xiaomi expanded its market share in China for three consecutive weeks (the weeks of May 18, May 25 and June 1) for the first time in a year
Apple expands market share with an additional 100 yuan (5%) discount
Price range performance:
Xiaomi accounted for 15 of the 70 best-selling models in the seven price ranges of 0.5-1k, 1-1.5k, 1.5-2k, 2-3k, 3-4k, 4-6k and 6k+
Future product plans
Upcoming product releases:
Cars: YU7 series (focusing on the first 30 minutes to 24 hours of orders)
Smartphones: Xiaomi Mi Mix Flip 2 and Redmi K80 Ultra
Portable AIoT:
Xiaomi Pad 7S Pro (powered by XRING O1 SoC, targeting iPad Air)
Redmi K Pad (powered by MediaTek Dimensity 9400+ SoC, targeting iPad mini)
Mi Band 10, Mi Watch S4, Mi OpenWear Stereo Pro
Possible release of Xiaomi's first AI glasses (expected to trigger a series of product launches from the tech giant in 2H25)
Home appliances:
Mijia AC Pro Healthy Wind
Vacuum Cleaner M40 S
Floor Cleaner 4 Max
Hair Dryer Pro
AI Glasses Market
China Smart Glasses Market to Grow 116% to 494k Units by 2025, Smart Audio Glasses to Grow 197%
IDC forecasts China smart glasses shipments to reach 2.9 million units in 2025, including 2.16 million units of smart audio glasses
Price distribution: about 60% of online sales in January-February were camera-less glasses
Retail price distribution: mainly in the range of $1,000-1,500
Valuation
Current share price: HK$53.80
2025E Revenue Forecast: 478.66 billion yuan (+30.8% YoY)
2025E EBITDA forecast: 52.56 billion yuan (+70.5% YoY)
With a forecast P/E ratio for the next 12 months (Forward PE) of 31.4x
Comments