Xiaomi's 2024 results highlight bold innovation and global ambitions
Xiaomi's Leap into Smart EVs, AI-Enhanced IoT Expansion, and Strong Global Growth Mark a Strategic Turning Point
Xiaomi Corporation's latest annual results demonstrate its strategic momentum across key technology segments, notably in smartphones, AI, IoT, and its rapidly developing smart electric vehicle (EV) initiatives.
This comprehensive performance report provides insights crucial for global investors, analysts, and tech executives looking into China’s evolving technological landscape.
Expansion in AIoT and Premium Smartphones
Xiaomi's Smartphone × AIoT segment continues to showcase robust growth, generating RMB333.2 billion, an increase of 22.9% from the previous year.
Remarkably, Xiaomi has strengthened its premiumization strategy, with premium smartphone shipments (priced RMB3,000 and above) constituting 23.3% of total shipments in mainland China, reflecting a marked improvement of 3.0 percentage points year-over-year.
The standout release was Xiaomi 15 Ultra, boasting an advanced Leica quad-camera system and groundbreaking satellite communication features, highlighting Xiaomi's capabilities to blend high-end hardware with cutting-edge innovation.
AI Integration Drives Cross-Device Synergy
Xiaomi’s significant advancements in artificial intelligence are now deeply integrated within its Xiaomi HyperOS 2 platform, enhancing cross-device connectivity and functionality across smartphones, smart homes, and electric vehicles.
The strategic use of foundational AI models has significantly improved user experience and operational efficiencies, setting a benchmark for competitors in global markets.
Smart Electric Vehicle Breakthrough
In a strategic pivot, Xiaomi reported substantial traction in its Smart EV business.
The Xiaomi SU7 Series achieved impressive sales figures, with deliveries reaching 136,854 vehicles in 2024 alone, marking a promising debut in the electric vehicle space. Xiaomi aims to aggressively scale this operation, targeting 350,000 vehicle deliveries in 2025.
The Xiaomi SU7 Ultra, featuring pioneering innovations such as the Xiaomi HyperEngine V8s and sophisticated autonomous driving technologies, positions the brand not only as a premium electric vehicle manufacturer but also as a significant player in automotive tech innovation.
Expanding Global Footprint
Xiaomi continues to deepen its global presence, achieving significant market share growth in Africa, Southeast Asia, and the Middle East.
Overseas markets contributed RMB153.3 billion, accounting for nearly 42% of total revenue, underscoring Xiaomi's increasing global influence and market penetration strategy.
Investment in Core Technologies
Xiaomi's strategic emphasis on R&D is underscored by a 25.9% increase in spending to RMB24.1 billion in 2024, supporting 21,190 R&D personnel.
The focus on innovation is also highlighted by over 42,000 global patents, including critical EV technology patents.
Financial Performance
Xiaomi's overall financial health remains robust, achieving record revenue of RMB365.9 billion, up 35% from the previous year.
Adjusted net profit surged 41.3% to RMB27.2 billion, despite substantial investment in EV and other new initiatives, showcasing effective cost management and operational efficiency.
The company's operating profit rose by 22.5% to RMB24.5 billion, with a stable gross margin of approximately 20.9%.