Xiaomi reports record annual performance with revenue reaching RMB 365.9 billion in 2024
<h3>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 Group’s quarterly revenue exceeded RMB100 billion for the first time in the fourth quarter of 2024 (“2024 Q4”), with both full-year and fourth-quarter performances beating estimates. Total revenue for the year increased 35.0% year-over-year (“YoY”) to RMB365.9 billion, while adjusted net profit rose 41.3% YoY to RMB27.2 billion. In 2024 Q4, Xiaomi's total revenue reached RMB109.0 billion, an increase of 48.8% YoY, while adjusted net profit surged 69.4% to RMB8.3 billion, far exceeding market expectations.</h3>

<p>In 2024, all of the Group's business segments entered a high-growth trajectory, driven by the robust synergy of the “Human x Car x Home” smart ecosystem. This led to remarkable growth in smartphones, EVs, and smart large home appliances. Smartphone revenue grew 21.8% to RMB191.8 billion, while revenue from smart EV and other new initiatives reached RMB32.8 billion, surpassing multiple performance targets.&nbsp; Revenue from the IoT and lifestyle products increased by 30.0% YoY to RMB104.1 billion, with shipments of air conditioners, refrigerators, and washing machines reaching record highs.</p>

<p>In 2025, Xiaomi is making a significant foray into the ultra-premium market, unveiling Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro. On its debut day in mainland China (March 3), sales of the Xiaomi 15 Ultra rose by over 50% compared to the same period for the previous model. Locked-in orders of Xiaomi SU7 Ultra have already topped 10,000, achieving its full-year target ahead of schedule. Both products have delivered impressive sales performance, showcasing strong growth momentum.</p>

<h3>Xiaomi’s global smartphone shipments up 15.7% YoY, making it the largest contributor to the industry’s growth</h3>

<p>In 2024, Xiaomi’s smartphone revenue reached RMB191.8 billion, up 21.8% YoY. The Group’s global smartphone shipments reached 168.5 million units, up 15.7%, making it the largest contributor to the industry’s growth. According to Canalys, in 2024, Xiaomi’s smartphone shipments ranked among the top three globally for 18 consecutive quarters with a market share of 13.8%.&nbsp;</p>

<p>In 2024 Q4, Xiaomi's market share of smartphone shipments in mainland China increased by 3.0 percentage points YoY to 15.8%, marking its 4 consecutive quarters of market share growth.</p>

<p>During the period, Xiaomi achieved significant breakthroughs in its premiumization strategy, with market share in the premium segment reaching a record high. According to third-party data, Xiaomi's market share in the RMB3,000 segment rose to 23.3%; market share in the RMB4,000 to RMB5,000 segment increased to 24.3%, ranking No. 1; market share in the RMB5,000 to RMB6,000 segment grew to 9.7%, up 1.3 percentage points YoY.</p>

<h3>"Human x Car x Home" smart ecosystem at full throttle, with Xiaomi EV driving premiumization across all product categories</h3>

<p>The Group's first smart EV, Xiaomi SU7 Series, made a strong debut in 2024, delivering 136,854 vehicles within nine months of its launch. Revenue from the smart EV and other new initiatives grew to RMB32.8 billion in 2024, bolstered by RMB16.7 billion in Q4. &nbsp;Deliveries of the Xiaomi SU7 Series picked up pace in the fourth quarter, reaching 69,697 vehicles and exceeding the total delivery target ahead of schedule.&nbsp;</p>

<p>The Xiaomi SU7 Series is witnessing robust demand, notably from female and Apple users, reshaping Xiaomi's user base and enhancing its premium brand image. In 2025, Xiaomi EV is making a significant foray into the ultra-premium market with the February 27 launch of the Xiaomi SU7 Ultra. This model aims to set new premium standards, and initial demand has been strong, with pre-orders exceeded 19,000 units and locked-in orders exceeded 10,000 units within the first 3 days after launch, achieving the annual target ahead of schedule. Xiaomi is targeting deliveries of 350,000 units of EV in 2025.</p>

<p>As of December 31, 2024, Xiaomi opened 200 smart EV sales centers across 58 cities in mainland China.</p>

<p>Xiaomi is officially entering the ultra-premium smart large home appliance market. In 2025, Xiaomi launched the Mijia Central Air Conditioner Pro, a flagship air conditioning product designed to challenge industry benchmarks, underscoring Xiaomi's commitment to a premium strategy in the home appliance sector.</p>

<h3>IoT business tops RMB100 billion for the first time, with air conditioner, refrigerator, and washing machine shipments all hitting record highs</h3>

<p>Xiaomi's IoT and lifestyle products business hit a milestone in 2024, generating over RMB100 billion in revenue for the first time. Revenue from our IoT and lifestyle products reached RMB104.1 billion, up 30.0% YoY, and gross profit margin reached 20.3%, which revenue and gross profit margin both hit record highs. The smart large home appliances sustained a robust growth trajectory, with 2024 revenue surging 56.4% YoY. Shipments of air conditioners, refrigerators, and washing machines hit record highs, with air conditioner shipments grew more than 50% YoY to over 6.8 million units, refrigerator shipments increased by more than 30% YoY to over 2.7 million units, and washing machine shipments up by more than 45% YoY to over 1.9 million units.</p>

<p>In 2024, Xiaomi's tablets sustained its strong growth momentum. According to Canalys, Xiaomi's global tablet shipments grew by 73.1% YoY, maintaining its No. 5 ranking globally and No. 3 in mainland China. Xiaomi's wearable bands shipments ranked No. 2 both globally and in mainland China, and TWS earbud shipments ranked No. 1 in mainland China.</p>

<h3>Internet services maintain high gross profit margin, global MAU exceeds 700 million</h3>

<p>The internet services business sustained robust growth, with revenue surging 13.3% YoY to RMB34.1 billion, reaching record high. Gross profit margin reached 76.6%, an increase of 2.5 percentage points YoY.</p>

<p>Xiaomi’s internet user base continued to expand. MAU globally and in mainland China both hit record highs. In December 2024, the Group’s global MAU surpassed 700 million for the first time, up 9.5% YoY. MAU in mainland China reached 172.9 million, up 11.1% YoY.</p>

<h3>AI empowers Xiaomi's smart ecosystem, with ongoing increase in R&amp;D investment</h3>

<p>Xiaomi's breakthroughs in premiumization are underpinned by its robust R&amp;D capabilities. In 2024, Xiaomi's R&amp;D expenses increased by 25.9% YoY to RMB24.1 billion, and the total number of R&amp;D personnel increased to 21,190. As of the end of 2024, Xiaomi had obtained over 42,000 patents worldwide, including more than 1,000 patents in EV-related technologies.&nbsp;</p>

<p>AI is one of the foundational core technologies where Xiaomi has made long-term and continuous investments. In October 2024, the Group introduced Xiaomi HyperOS 2, featuring three core technologies including HyperCore, HyperConnect, and HyperAI, offering a fresh, advanced experience in cross-device smart connectivity, and AI functions. The Group is integrating AI into Xiaomi HyperOS 2, bringing AI technologies across its smart EVs, smartphones, and smart home devices, thereby empowering its “Human × Car × Home” strategy and fueling a new wave of high growth in the three major ecosystem markets of smartphones, smart EV, and smart large home appliances.</p>

<p><em>*This is a Press release.</em></p>