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Xiaomi’s TV Shipments Grew 1.5% in H1 2025—but the Rebound Didn’t Last

Xiaomi grew TV shipments modestly in H1 2025, but the market’s apparent rebound faded. Compare rival brands, unpack the Mini LED strategy, and see what later data says.
From TheFinanceBase Team6 min to read
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Xiaomi’s global TV shipments rose 1.5% year over year in the first half of 2025, but that was slower than the market’s 2% increase and far behind TCL and Hisense. The figure showed that Xiaomi held its place among the leading brands; it did not establish a sales, revenue, or market-share breakout. Subsequent data confirmed that the first-half lift was temporary: global shipments fell in the third quarter, and the full-year market contracted.

What Xiaomi’s 1.5% growth figure measures

The 1.5% figure refers to Xiaomi TV shipments in H1 2025 compared with H1 2024, according to reports summarizing TrendForce data. It is not a measure of televisions sold directly to consumers, revenue, profit, or average selling price. TrendForce’s H1 market assessment counted 92.5 million global TV shipments, up 2% year over year. TrendForce’s August 6, 2025 assessment provides the market context; Gizchina’s report gives Xiaomi’s specific 1.5% figure.

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Shipments track products sent into distribution, so they can rise when brands and retailers build inventory ahead of expected demand or policy changes. The cited reports do not establish Xiaomi’s exact unit volume, retail sell-through, revenue, or profit for the period. For a reader assessing Xiaomi as a business, the distinction matters: more TVs shipped is evidence of volume growth, not proof that the company earned more from each set or improved margins.

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Xiaomi remained fifth among the global brands in the H1 2025 reporting. TrendForce said the top five—Samsung, TCL, Hisense, LG Electronics, and Xiaomi—accounted for 65.6% of global shipments. That is a shipment-concentration figure, not a measure of revenue or profit share. A ranking can remain unchanged even as the gap between brands shifts.

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How Xiaomi compared with its rivals

The key comparison is not simply that Xiaomi grew, but how its rate compared with the market and competing brands. H1 2025 shipment changes reported by TrendForce and coverage of its assessment were:

Brand H1 2025 shipment change, year over year What the figure indicates
TCL +12.5% Among the strongest shipment-growth performances in the leading group.
Hisense +7.3% Expanded substantially faster than the overall market.
Xiaomi +1.5% Shipments increased, but growth trailed the global market’s 2% rate.
Samsung Flat Shipment volume was broadly unchanged.
LG Electronics −1.1% Shipments declined slightly.

TrendForce’s H1 2025 release reports the market and leading-brand context; the LG change is also reported by Gizmochina’s summary of the assessment.

Xiaomi’s result is therefore best read on four separate axes:

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  • Absolute growth: It shipped more TVs than in the comparable half of 2024.
  • Growth versus market: Its 1.5% increase was below the global market’s 2% rise. If the figures use comparable shipment definitions, that points to a small relative-share decline; the cited material does not quantify any share change.
  • Competitive momentum: TCL and Hisense captured much more of the period’s incremental shipment growth.
  • Position: Xiaomi remained fifth, which signals continued scale, not leadership of the recovery.

Why a growing first half did not mean a healthy TV market

TrendForce described H1 2025 as a period of early shipments and demand support, not an uncomplicated revival in underlying consumer appetite. In China, trade-in and energy-efficiency subsidy programs encouraged purchases. In the United States, uncertainty about potential tariffs led some retailers and brands to bring shipments forward to reduce exposure to possible later cost increases. Product upgrades, including Mini LED and larger screens, also helped stimulate replacement demand. These were market-wide forces, not evidence of a Xiaomi-specific advantage.

Front-loading can make a reporting period look stronger by moving shipments and purchases into it from a later one. It cannot by itself create durable annual demand. TrendForce noted that more than 60% of China’s subsidy budget had reportedly been used by midyear, while high panel costs constrained the scope for aggressive price cuts. If tariff concerns raise prices or subsidies fade, buyers can defer purchases and retailers can draw down inventory instead of ordering more.

That is why H1’s 2% increase was not enough to establish a sustained recovery. In its August 2025 outlook, TrendForce forecast 195.71 million global TV shipments for full-year 2025, down 1.1% year over year. Later weakness reinforced the distinction between a firmer first half and the market’s annual direction.

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Why Mini LED is strategically important for Xiaomi

Mini LED is a premiumization route that can matter to Xiaomi’s positioning between low-cost sets and higher-priced OLED televisions. A Mini LED TV remains an LCD television, but uses many small backlights that can be controlled in zones. Compared with conventional LED-backlit LCD, that design can support higher brightness and more precise local dimming, improving contrast. It does not control light at the individual-pixel level as OLED does, so it is not a direct substitute for OLED’s pixel-level blacks; its appeal is a more accessible premium specification package.

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For a value-focused brand, the commercial logic is to offer visible upgrades—brightness, local-dimming zones, refresh rate, and larger screen options—without relying on OLED panels. That could help Xiaomi move up-market while remaining price-conscious. It is a strategic opportunity, not proof of higher margins: the available shipment figures do not show Xiaomi’s TV pricing, product mix, or profitability.

TrendForce forecast 12.9 million Mini LED TV shipments globally in 2025, up 67% year over year, representing approximately 6.6% of global TV shipments. It expected TCL, Hisense, and Xiaomi together to hold about 62% of that segment. Those are market forecasts and a combined share, not audited Xiaomi sales or evidence that Xiaomi individually led Mini LED. TrendForce’s H1 assessment contains those projections.

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There are practical limits to the strategy. Mini LED cannot be assumed to deliver the same experience in every model; performance depends on implementation, including the number and control of dimming zones. A buyer prioritizing pixel-level contrast may still prefer OLED, while an ecosystem-based argument for a Xiaomi set depends on local product availability, compatible devices, software support, and service coverage.

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What happened after H1 2025

Later market data makes the H1 number a historical snapshot rather than a current indicator of Xiaomi’s momentum. TrendForce reported that Q3 2025 global TV shipments fell 4.9% year over year and dropped below 50 million units. It revised its full-year outlook at that point to approximately 195.59 million units, down 1.2%. In January 2026, TrendForce put the 2025 total at approximately 196.2 million units, a 0.8% annual decline. The changing figures reflect successive estimates; the later January assessment is the more current of these annual totals.

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The latest market context in the available reporting is mixed. TrendForce counted 47.12 million global branded TV shipments in Q1 2026, up 3.3% year over year, and Xiaomi remained fifth among leading brands. Yet its May 2026 outlook still projected full-year 2026 shipments of 194.2 million units, down about 1%. A positive quarter can coexist with a forecast annual decline when demand is uneven across the year. TrendForce’s Q3 2025 update, its January 2026 assessment of 2025, and its Q1 2026 market update document those successive readings.

Mini LED remained a growth area in the 2026 outlook: TrendForce projected 24.9 million global units, up 87% year over year, with penetration of 12.8%. Its Q1 assessment put TCL, Hisense, and Xiaomi together at approximately 54% of the segment. As with the 2025 projection, the combined figure does not establish Xiaomi’s individual share or sales volume.

What the result means for Xiaomi—and for investors

  • Brand health: Maintaining a top-five position and posting shipment growth supports a case for resilience in a difficult market, but does not establish stronger consumer sell-through or financial returns.
  • Relative momentum: Xiaomi grew more slowly than the overall H1 market and far more slowly than TCL and Hisense. The 1.5% alone does not support a claim that Xiaomi gained share.
  • Product strategy: Mini LED’s forecast growth gives Xiaomi a plausible path to offer higher-specification TVs at value-oriented price points. Segment forecasts are not company results.
  • Risks: Demand pulled forward by subsidies or tariff concerns can leave a weaker later period; panel costs can also limit discounting. Regional availability, support, and channel strength affect whether a product strategy translates into sales.
  • Unanswered financial questions: The shipment data does not establish TV revenue, average selling prices, margins, regional performance, or whether Xiaomi’s ecosystem increases customer retention.

For shareholders and market watchers, the responsible interpretation is narrow: Xiaomi defended its place in a concentrated global TV market and shipped slightly more units in H1 2025, but it did not lead the period’s growth. The strategic case rests more on whether Xiaomi can turn its value positioning and Mini LED presence into durable consumer demand and better economics than on the 1.5% shipment increase itself. Xiaomi’s investor relations site and annual and interim report archive are relevant for company disclosures, but the shipment statistic should not be mistaken for a Xiaomi-reported financial result.

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