View Future GrowthXiaomi 과거 순이익 실적과거 기준 점검 2/6Xiaomi은 연평균 20.8%의 비율로 수입이 증가해 온 반면, Tech 산업은 수입이 17.1% 증가했습니다. 매출은 연평균 9.2%의 비율로 증가했습니다. Xiaomi의 자기자본이익률은 13.3%이고 순이익률은 8%입니다.핵심 정보20.82%순이익 성장률19.95%주당순이익(EPS) 성장률Tech 산업 성장률4.97%매출 성장률9.19%자기자본이익률13.31%순이익률7.96%다음 순이익 업데이트18 Aug 2026최근 과거 실적 업데이트공고 • Jul 17Xiaomi Corporation to Report First Half, 2026 Results on Aug 18, 2026Xiaomi Corporation announced that they will report first half, 2026 results on Aug 18, 2026Reported Earnings • Apr 30Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Tech industry in Asia.공고 • Apr 24Xiaomi Corporation to Report Q1, 2026 Results on May 26, 2026Xiaomi Corporation announced that they will report Q1, 2026 results on May 26, 2026Reported Earnings • Mar 25Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech industry in Asia.공고 • Feb 24Xiaomi Corporation to Report Fiscal Year 2025 Results on Mar 24, 2026Xiaomi Corporation announced that they will report fiscal year 2025 results on Mar 24, 2026Reported Earnings • Nov 19Third quarter 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.22 in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.47 (up from CN¥0.22 in 3Q 2024). Revenue: CN¥113.1b (up 22% from 3Q 2024). Net income: CN¥12.3b (up 129% from 3Q 2024). Profit margin: 11% (up from 5.8% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Tech industry in Asia.모든 업데이트 보기Recent updatesValuation Update With 7 Day Price Move • 21hInvestor sentiment improves as stock rises 20%After last week's 20% share price gain to CN¥27.50, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Tech industry in Asia. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥26.50 per share.공고 • Jul 17Xiaomi Corporation to Report First Half, 2026 Results on Aug 18, 2026Xiaomi Corporation announced that they will report first half, 2026 results on Aug 18, 2026Valuation Update With 7 Day Price Move • Jul 08Investor sentiment improves as stock rises 18%After last week's 18% share price gain to CN¥21.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Tech industry in Hong Kong. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥26.41 per share.Buy Or Sell Opportunity • Jun 23Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 32% to CN¥19.57. The fair value is estimated to be CN¥25.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 16% per annum over the same time period.Price Target Changed • May 27Price target decreased by 7.8% to CN¥42.63Down from CN¥46.21, the current price target is an average from 30 analysts. New target price is 74% above last closing price of CN¥24.56. Stock is down 48% over the past year. The company is forecast to post earnings per share of CN¥0.99 for next year compared to CN¥1.62 last year.Reported Earnings • Apr 30Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Tech industry in Asia.공고 • Apr 28Xiaomi Corporation, Annual General Meeting, Jun 02, 2026Xiaomi Corporation, Annual General Meeting, Jun 02, 2026, at 14:00 China Standard Time. Location: xiaomi campus, anningzhuang road, haidian district, beijing China공고 • Apr 24Xiaomi Corporation to Report Q1, 2026 Results on May 26, 2026Xiaomi Corporation announced that they will report Q1, 2026 results on May 26, 2026Reported Earnings • Mar 25Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech industry in Asia.Price Target Changed • Mar 04Price target decreased by 12% to CN¥51.38Down from CN¥58.39, the current price target is an average from 30 analysts. New target price is 82% above last closing price of CN¥28.28. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥1.60 for next year compared to CN¥0.95 last year.공고 • Feb 24Xiaomi Corporation to Report Fiscal Year 2025 Results on Mar 24, 2026Xiaomi Corporation announced that they will report fiscal year 2025 results on Mar 24, 2026Recent Insider Transactions • Nov 27Founder recently bought CN¥92m worth of stockOn the 24th of November, Jun Lei bought around 3m shares on-market at roughly CN¥35.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jun's only on-market trade for the last 12 months.Reported Earnings • Nov 19Third quarter 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.22 in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.47 (up from CN¥0.22 in 3Q 2024). Revenue: CN¥113.1b (up 22% from 3Q 2024). Net income: CN¥12.3b (up 129% from 3Q 2024). Profit margin: 11% (up from 5.8% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Tech industry in Asia.Buy Or Sell Opportunity • Oct 20Now 22% overvaluedOver the last 90 days, the stock has fallen 18% to CN¥43.28. The fair value is estimated to be CN¥35.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.공고 • Oct 18Xiaomi Corporation to Report Q3, 2025 Results on Nov 18, 2025Xiaomi Corporation announced that they will report Q3, 2025 results on Nov 18, 2025Reported Earnings • Sep 26Second quarter 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.20 in 2Q 2024)Second quarter 2025 results: EPS: CN¥0.46 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥116.0b (up 31% from 2Q 2024). Net income: CN¥11.9b (up 134% from 2Q 2024). Profit margin: 10% (up from 5.7% in 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Tech industry in Asia.Reported Earnings • Aug 20Second quarter 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.20 in 2Q 2024)Second quarter 2025 results: EPS: CN¥0.46 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥116.0b (up 31% from 2Q 2024). Net income: CN¥11.9b (up 134% from 2Q 2024). Profit margin: 10% (up from 5.7% in 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Tech industry in Asia.Board Change • Jul 23Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Jinqing Caroline Cai was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.공고 • Jul 18Xiaomi Corporation to Report First Half, 2025 Results on Aug 19, 2025Xiaomi Corporation announced that they will report first half, 2025 results on Aug 19, 2025매출 및 비용 세부 내역Xiaomi가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이SEHK:81810 매출, 비용 및 순이익 (CNY Millions)날짜매출순이익일반관리비연구개발비31 Mar 26445,13535,44241,04435,37531 Dec 25457,28741,64339,86733,13230 Sep 25449,37544,12537,50330,97130 Jun 25428,76137,20735,04027,86831 Mar 25401,69330,40032,71725,60331 Dec 24365,90623,65830,99124,05030 Sep 24330,14519,36029,17422,07730 Jun 24308,53318,88127,58021,08731 Mar 24287,00017,45326,11820,14431 Dec 23270,97017,47524,35319,09830 Sep 23263,77415,89924,11118,33530 Jun 23263,3549,54924,14817,43831 Mar 23266,1707,26525,17516,64731 Dec 22280,0442,47426,43716,02830 Sep 22299,5721,80826,86715,18130 Jun 22307,1604,07726,88614,34931 Mar 22324,77810,95927,06913,65031 Dec 21328,30919,33925,72013,16730 Sep 21313,19725,66724,50512,41930 Jun 21307,29729,75522,80111,50331 Mar 21273,04625,98520,03110,39731 Dec 20245,86620,35618,2869,25630 Sep 20231,87213,98316,5258,40330 Jun 20213,37111,62815,4538,11531 Mar 20211,7849,08214,4127,71331 Dec 19205,83910,04413,4827,49330 Sep 19193,79011,01211,7987,01530 Jun 19190,97610,98611,1876,51631 Mar 19184,26023,6859,0817,42731 Dec 18174,91513,55410,1625,77730 Sep 18165,608-2,8859,6065,03630 Jun 18148,862-16,3738,5794,30731 Mar 18126,332-40,9288,8362,49531 Dec 17114,625-43,8266,4483,15131 Dec 1668,4345533,9492,10431 Dec 1566,811-7,5812,6791,512양질의 수익: 81810는 CN¥13.7B 규모의 큰 일회성 이익이 있어 31st March, 2026까지 지난 12개월 재무 결과에 영향을 미쳤습니다.이익 마진 증가: 81810의 현재 순 이익률 (8%)은 지난해 (7.6%)보다 높습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: 81810의 수익은 지난 5년 동안 연평균 20.8%로 크게 증가했습니다.성장 가속화: 지난 1년간 81810 의 수익 증가율(16.6%)은 5년 평균(연간 20.8%)보다 낮습니다.수익 대 산업: 81810의 지난 1년 수익 증가율(16.6%)은 Tech 업계 평균(74.2%)을 능가하지 못했습니다.자기자본이익률높은 ROE: 81810의 자본 수익률(13.3%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YTech 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/07/29 07:12종가2026/07/29 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Xiaomi Corporation는 53명의 분석가가 다루고 있습니다. 이 중 33명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Tianli WenAletheia Analyst Network LimitedZixiao YangArete Research Services LLPJiong ShaoBarclays50명의 분석가 더 보기
공고 • Jul 17Xiaomi Corporation to Report First Half, 2026 Results on Aug 18, 2026Xiaomi Corporation announced that they will report first half, 2026 results on Aug 18, 2026
Reported Earnings • Apr 30Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Tech industry in Asia.
공고 • Apr 24Xiaomi Corporation to Report Q1, 2026 Results on May 26, 2026Xiaomi Corporation announced that they will report Q1, 2026 results on May 26, 2026
Reported Earnings • Mar 25Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech industry in Asia.
공고 • Feb 24Xiaomi Corporation to Report Fiscal Year 2025 Results on Mar 24, 2026Xiaomi Corporation announced that they will report fiscal year 2025 results on Mar 24, 2026
Reported Earnings • Nov 19Third quarter 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.22 in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.47 (up from CN¥0.22 in 3Q 2024). Revenue: CN¥113.1b (up 22% from 3Q 2024). Net income: CN¥12.3b (up 129% from 3Q 2024). Profit margin: 11% (up from 5.8% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Tech industry in Asia.
Valuation Update With 7 Day Price Move • 21hInvestor sentiment improves as stock rises 20%After last week's 20% share price gain to CN¥27.50, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Tech industry in Asia. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥26.50 per share.
공고 • Jul 17Xiaomi Corporation to Report First Half, 2026 Results on Aug 18, 2026Xiaomi Corporation announced that they will report first half, 2026 results on Aug 18, 2026
Valuation Update With 7 Day Price Move • Jul 08Investor sentiment improves as stock rises 18%After last week's 18% share price gain to CN¥21.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Tech industry in Hong Kong. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥26.41 per share.
Buy Or Sell Opportunity • Jun 23Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 32% to CN¥19.57. The fair value is estimated to be CN¥25.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 16% per annum over the same time period.
Price Target Changed • May 27Price target decreased by 7.8% to CN¥42.63Down from CN¥46.21, the current price target is an average from 30 analysts. New target price is 74% above last closing price of CN¥24.56. Stock is down 48% over the past year. The company is forecast to post earnings per share of CN¥0.99 for next year compared to CN¥1.62 last year.
Reported Earnings • Apr 30Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Tech industry in Asia.
공고 • Apr 28Xiaomi Corporation, Annual General Meeting, Jun 02, 2026Xiaomi Corporation, Annual General Meeting, Jun 02, 2026, at 14:00 China Standard Time. Location: xiaomi campus, anningzhuang road, haidian district, beijing China
공고 • Apr 24Xiaomi Corporation to Report Q1, 2026 Results on May 26, 2026Xiaomi Corporation announced that they will report Q1, 2026 results on May 26, 2026
Reported Earnings • Mar 25Full year 2025 earnings released: EPS: CN¥1.62 (vs CN¥0.95 in FY 2024)Full year 2025 results: EPS: CN¥1.62 (up from CN¥0.95 in FY 2024). Revenue: CN¥457.3b (up 25% from FY 2024). Net income: CN¥41.6b (up 76% from FY 2024). Profit margin: 9.1% (up from 6.5% in FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech industry in Asia.
Price Target Changed • Mar 04Price target decreased by 12% to CN¥51.38Down from CN¥58.39, the current price target is an average from 30 analysts. New target price is 82% above last closing price of CN¥28.28. Stock is down 44% over the past year. The company is forecast to post earnings per share of CN¥1.60 for next year compared to CN¥0.95 last year.
공고 • Feb 24Xiaomi Corporation to Report Fiscal Year 2025 Results on Mar 24, 2026Xiaomi Corporation announced that they will report fiscal year 2025 results on Mar 24, 2026
Recent Insider Transactions • Nov 27Founder recently bought CN¥92m worth of stockOn the 24th of November, Jun Lei bought around 3m shares on-market at roughly CN¥35.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jun's only on-market trade for the last 12 months.
Reported Earnings • Nov 19Third quarter 2025 earnings released: EPS: CN¥0.47 (vs CN¥0.22 in 3Q 2024)Third quarter 2025 results: EPS: CN¥0.47 (up from CN¥0.22 in 3Q 2024). Revenue: CN¥113.1b (up 22% from 3Q 2024). Net income: CN¥12.3b (up 129% from 3Q 2024). Profit margin: 11% (up from 5.8% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Tech industry in Asia.
Buy Or Sell Opportunity • Oct 20Now 22% overvaluedOver the last 90 days, the stock has fallen 18% to CN¥43.28. The fair value is estimated to be CN¥35.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.
공고 • Oct 18Xiaomi Corporation to Report Q3, 2025 Results on Nov 18, 2025Xiaomi Corporation announced that they will report Q3, 2025 results on Nov 18, 2025
Reported Earnings • Sep 26Second quarter 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.20 in 2Q 2024)Second quarter 2025 results: EPS: CN¥0.46 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥116.0b (up 31% from 2Q 2024). Net income: CN¥11.9b (up 134% from 2Q 2024). Profit margin: 10% (up from 5.7% in 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Tech industry in Asia.
Reported Earnings • Aug 20Second quarter 2025 earnings released: EPS: CN¥0.46 (vs CN¥0.20 in 2Q 2024)Second quarter 2025 results: EPS: CN¥0.46 (up from CN¥0.20 in 2Q 2024). Revenue: CN¥116.0b (up 31% from 2Q 2024). Net income: CN¥11.9b (up 134% from 2Q 2024). Profit margin: 10% (up from 5.7% in 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Tech industry in Asia.
Board Change • Jul 23Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Jinqing Caroline Cai was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
공고 • Jul 18Xiaomi Corporation to Report First Half, 2025 Results on Aug 19, 2025Xiaomi Corporation announced that they will report first half, 2025 results on Aug 19, 2025