A Xiaomi Corporation("Xiaomi" or the "Group"; stock code: 1810, a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its audited consolidated results for the year ended December 31, 2024 ("the Period"). The quarterly revenue of the Group exceeded RMB 100 billion for the first time in the fourth quarter of 2024, with the performances of the entire year and the fourth quarter exceeding estimates. The total revenue for the year increased by 35,0% compared to the previous year ("YoY") for RMB365,9 billion, while the adjusted net profit increased 41,3% compared to the previous year for RMB27,2 billion. In the fourth quarter of 2024, the total revenue of Xiaomi reached RMB109,0 billion, an increase of 48,8% compared to the previous year, while the adjusted net profit rose 69,4% for RMB8,3 billion, far exceeding market expectations
In 2024, all business segments of the Group have entered a high growth trajectory, driven by the robust synergy of the smart ecosystem "You x Your Car x Your Home". This led to remarkable growth in smartphones, EVs and large smart appliances. The revenue from smartphones grew 21,8%, reaching RMB191,8 billion, while the revenue from smart EVs and other new initiatives reached RMB32,8 billion, surpassing several performance goals. The revenue from IoT and lifestyle products increased by 30,0% compared to the previous year, reaching RMB104,1 billion, with air conditioning shipments, refrigerators and washing machines reaching records
In 2025, Xiaomi is making a significant foray into the marketultrapremium, revealingthe Xiaomi 15 Ultra, theXiaomi SU7 Ultraandthe Mijia Central Air Conditioner Pro. On its debut day in mainland China (March 3), the sales of theXiaomi 15 Ultraincreased by more than 50% compared to the same period of the previous model. The ordersdoXiaomi SU7 Ultrathey have already surpassed 10.000, reaching your goal for the whole year ahead of schedule. Both products showed impressive sales performance, demonstrating a strong growth momentum
Global shipments of Xiaomi smartphones increased by 15,7% compared to the previous year, making it the largest contributor to the growth of the sector
In 2024, Xiaomi's smartphone revenue reached RMB191,8 billion, an increase of 21,8% compared to the previous year. Global smartphone shipments of the Group reached 168,5 million units, an increase of 15,7%, making it the largest contributor to the growth of the sector. According to Canalys, in 2024, Xiaomi's smartphone shipments have been among the top three in the world for 18 consecutive quarters, with a market share of 13,8%
In the fourth quarter of 2024, Xiaomi's market share in smartphone shipments in mainland China increased by 3,0 percentage points compared to the previous year, for 15,8%, marking its four consecutive quarters of market share growth
During the period, Xiaomi has made significant progress in its strategy ofpremiumization, with market share in the premium segment reaching a record. According to third-party data, the market share of Xiaomi in the RMB3 segment.000 rose to 23,3%; the market share in the RMB4 segment.000 a RMB5.000 increased to 24,3%, the first place; the market share in the RMB5 segment.000 a RMB6.000 grew to 9,7%, an increase of 1,3 percentage points compared to the previous year
Smart ecosystem "You x Your Car x Your Home" in full swing, with Xiaomi EV driving premiumization across all product categories
The first smart electric vehicle of the Group, the Xiaomi seriesSU7, made a strong debut in 2024, delivering 136.854 vehicles in nine months after its launch. The revenue from the smart EV and other new initiatives grew to RMB32,8 billion in 2024, reinforced by RMB16,7 billion in the fourth quarter. The deliveries of theseriesXiaomi SU7accelerated in the fourth quarter, reaching 69.697 vehicles and exceeding the total delivery target ahead of schedule
The seriesXiaomi SU7is witnessing a robust demand, mainly female users and from Apple, remodeling Xiaomi's user base and enhancing its premium brand image. In 2025, the Xiaomi EV is making a significant foray into the ultra-premium market with the launch, on February 27, doXiaomi SU7 Ultra. This model aims to establish new premium standards, and the initial demand has been strong, with pre-orders over 19.000 units and blocked orders over 10.000 units in the first 3 days after the launch, reaching the annual goal ahead of schedule. Xiaomi aims to deliver 350.000 units of EV in 2025
On December 31, 2024, Xiaomi opened 200 smart EV sales centers in 58 cities in mainland China
Xiaomi is officially entering the market for large smart appliancesultrapremium. In 2025, Xiaomi launched theMijia Central Air Conditioner Pro, an iconic air conditioning product designed to challenge industry benchmark standards, highlighting Xiaomi's commitment to a premium strategy in the home appliance sector
IoT businesses reach RMB100 billion for the first time, with air conditioning shipments, refrigerators and washing machines breaking records
Xiaomi's IoT and lifestyle product business reached a milestone in 2024, generating over RMB100 billion in revenue for the first time. The revenue from our IoT and lifestyle products reached RMB104,1 billion, a 30 increase,0% compared to the previous year, and the gross profit margin reached 20,3%, what it means is that revenue and gross profit margin have reached records. Smart large appliances have maintained a robust growth trajectory, with the 2024 revenue increasing 56,4% compared to the previous year. The shipments of air conditioning, refrigerators and washing machines set records, with air conditioning shipments growing more than 50% compared to the previous year, for more than 6,8 million units, the shipments of refrigerators increasing by more than 30% compared to the previous year, for more than 2,7 million units, and the shipments of washing machines rising more than 45% compared to the previous year, for more than 1,9 million units
In 2024, Xiaomi's tablets have maintained their strong growth momentum. According to Canalys, global shipments of Xiaomi tablets grew 73,1% compared to the previous year, maintaining the 5th global position and the 3rd in mainland China. Xiaomi's wearable wristband shipments ranked second, both globally and in mainland China, and TWS headphone shipments ranked first in mainland China
Internet services maintain a high gross profit margin, MAUglobal surpasses 700 million
The internet services business maintained robust growth, with the revenue increasing 13,3% compared to the previous year for RMB34,1 billion, hitting a record. The gross profit margin reached 76,6%, an increase of 2,5 percentage points compared to the previous year
The base of Internet users of Xiaomi continued to expand. The MAU globally and in mainland China reached record highs. In December 2024, the global MAU of the Group surpassed 700 million for the first time, an increase of 9,5% compared to the previous year. The MAU in mainland China reached 172,9 million, an increase of 11,1% compared to the previous year
AI empowers Xiaomi's intelligent ecosystem, with continuous increase in investment in R&D
Xiaomi's advances in premiumization are supported by its robust R&D capabilities. In 2024, Xiaomi's R&D expenses increased by 25,9% compared to the previous year for RMB 24,1 billion, and the total number of R&D employees increased to 21.190. By the end of 2024, Xiaomi had obtained more than 42.000 patents worldwide, including more than 1.000 patents in technologies related to EV
AI is one of the key fundamental technologies in which Xiaomi has made continuous and long-term investments. In October 2024, the Group presentedthe Xiaomi HyperOS 2, with three main technologies, including HyperCore, HyperConnect and HyperAI, offering a new and advanced experience in smart connectivity between devices and AI functions. The Group is integrating AI into Xiaomi HyperOS 2, bringing AI technologies to your smart EVs, smartphones and smart home devices, thus strengthening its strategy "You × Your Car × Your Home" and fueling a new wave of high growth in the three main smartphone ecosystem markets, Smart EV and large smart appliances
