Xiaomi records record annual performance with revenue reaching RMB365.9 billion in 2024

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 platform (“IoT”) at its core, announced its audited consolidated results for the year ended December 31, 2024 (“ Period, smartcard connected by an Internet of Things (“3, net income increased by 100 billion for the first quarter of 2024 (“2024 Q4”3, with full-yearly adjusted earnings ratio 15, net1 billion, exceeding 15 billion, total year adjusted revenue.

In 2024, all business segments of the Group entered a high growth trajectory, driven by the robust synergy of the smart ecosystem “You x Your Car x Your House”. This led to remarkable growth in smartphones, EVs and large smart home appliances. Smartphone revenue grew by 21.8%, reaching RMB191.8 billion, while revenue from smart EVs and other new initiatives reached RMB32.8 billion, exceeding several performance targets. Revenue from IoT and lifestyle products increased by 30.0% over the previous year, reaching RMB10, refrigerators, washing machines10 billion.

In 2025, Xiaomi is making a significant foray into the market ultrapremium, revealing the Xiaomi 15 Ultra, the Xiaomi SU7 Ultra and the Mijia Central Air Conditioner Proon its debut day in mainland China (3 March), sales of the Xiaomi 15 Ultra increased by more than 50% compared to the same period of the previous model do Xiaomi SU7 Ultra they have already exceeded 10,000, reaching their full-year target ahead of schedule. Both products delivered impressive sales performance, demonstrating a strong growth momentum.

Xiaomi's global smartphone shipments increased 15.7% from the previous year, making it the largest contributor to the growth of the industry

In 2024, Xiaomi's smartphone revenue reached RMB191.8 billion, an increase of 21.8% from the previous year.Group's global smartphone shipments 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 ranked 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 3.0 percentage points from the previous year to 15.8%, marking its four consecutive quarters of market share growth.

During the period, Xiaomi has achieved significant advances in its strategy of premiumisation, with the market share in the premium segment reaching a record. According to third-party data, Xiaomi's market share in the RMB3,000 segment rose to 23.3%; the market share in the RMB4,000 to RMB5,000 segment increased to 24.3%, the first place; the market share in the segment from RMB5,000 to RMB6,000 grew to 9.7%, an increase of 1.3 percentage points from the previous year.

Smart Ecosystem “You x Your Car x Your Home” full steam ahead, with Xiaomi EV driving premiumization across all product categories

The Group's first intelligent electric vehicle the Xiaomi series SU7, It made a strong debut in 2024, delivering 136,854 vehicles in nine months after its launch. Revenue from the smart EV and other new initiatives grew to RMB32.8 billion in 2024, bolstered by RMB16.7 billion in the fourth quarter series Xiaomi SU7 they accelerated in the fourth quarter to 69,697 vehicles and exceeded their total delivery target ahead of schedule

The series Xiaomi SU7 it is witnessing robust demand, primarily 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 establish new premium standards, and the initial demand has been strong, with pre-orders exceeding 19,000 units and blocked orders exceeding 10,000 units in the first 3 days after launch, reaching the annual target ahead of schedule. Xiaomi aims to deliver 350,000 EV units 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 of large smart home appliances ultrapremiumin 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 industry.

IoT businesses reach RMB100 billion for the first time, with shipments of air conditioning, refrigerators and washing machines breaking records

Xiaomi's IoT and lifestyle products business reached a milestone in 2024, generating more than RMB100 billion in revenue for the first time. Revenue from our IoT and lifestyle products reached RMB104.1 billion, an increase of 30.0% over the previous year, and gross profit margin reached 20.3%, which means that revenue and gross profit margin reached records 1, smart home appliances maintained a robust growth trajectory, with 2024 revenue increasing 56.3tp3m shipments from air conditioning, year-to-30, washing machines, increasing to year-to-year.

In 2024, Xiaomi tablets maintained their strong growth momentum. According to Canalys, Xiaomi's global tablet shipments grew 73.1% from the previous year, maintaining the 5th global position and 3rd in mainland China. Xiaomi wearable bracelet shipments ranked second both globally and in mainland China, and TWS headphone shipments ranked first in mainland China.

Internet services maintain high gross profit margin, but BAD global exceeds 700 million

The Internet services business maintained robust growth, with revenue increasing 13.3% from the previous year to RMB34.1 billion, reaching record high. The gross profit margin reached 76.6%, an increase of 2.5 percentage points from the previous year.

Xiaomi's Internet user base continued to expand.MAU globally and in mainland China reached record highs.In December 2024, the Group's global MAU exceeded 700 million for the first time, an increase of 9.5% from the previous year.MAU in mainland China reached 172.9 million, an increase of 11.1% from the previous year.

AI powers Xiaomi's intelligent ecosystem with continued increase in R&D investment

Xiaomi's advances in premiumization are underpinned by its robust R&D capabilities.In 2024, Xiaomi's R&D expenses increased by 25.9% from the previous year to 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 on EV-related technologies

AI is one of the key fundamental technologies in which Xiaomi has made continuous and long-term investments.In October 2024, the Group presented the Xiaomi HyperOS 2, With three core technologies, including HyperCore, HyperConnect and HyperAI, offering a new and advanced experience in intelligent connectivity between devices and AI functions.The Group is integrating AI into Xiaomi HyperOS 2, bringing AI technologies to its smart EVs, smartphones and smart home devices, thereby strengthening its “You × Your Car × Your Home” and powering a new wave of high growth in the three major markets of smartphone ecosystems, smart EV and large smart home appliances.