A Xiaomi Corporation ("Xiaomi" or the "Group"; stock code: 1810), a consumer electronics and intelligent manufacturing company with smartphones and smart hardware connected through 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 RMB 100 billion for the first time in the fourth quarter of 2024 ("2024 Q4"), with full-year and fourth-quarter performances surpassing estimates. The total revenue for the year increased by 35.0% year-over-year to RMB 365.9 billion, while adjusted net profit increased by 41.3% year-over-year to RMB 27.2 billion. In the fourth quarter of 2024, Xiaomi's total revenue reached RMB 109.0 billion, a 48.8% increase compared to the previous year, while adjusted net profit rose 69.4% to RMB 8.3 billion, significantly surpassing market expectations.
In 2024, all business segments of the Group entered a high-growth trajectory, driven by the strong synergy of the intelligent ecosystem "You x Your Car x Your Home". This led to a remarkable growth in smartphones, EVs, and large smart appliances. Smartphone revenue grew by 21.8%, reaching RMB 191.8 billion, while revenue from smart EVs and other new initiatives reached RMB 32.8 billion, surpassing several performance targets. The revenue from IoT and lifestyle products increased by 30.0% year-on-year, reaching RMB 104.1 billion, with shipments of air conditioners, refrigerators, and washing machines hitting record highs.
By 2025, Xiaomi is making a significant inroad into the marketultrapremium, revealingo Xiaomi 15 Ultra, theXiaomi SU7 Ultra ando Mijia Central Air Conditioner Pro. On its opening day in mainland China (March 3), sales of theXiaomi 15 Ultra They increased by more than 50% compared to the same period of the previous model. The ordersdo Xiaomi SU7 Ultra They have already surpassed 10,000, reaching their goal for the entire year ahead of schedule. Both products showed impressive sales performance, demonstrating strong growth momentum.
Xiaomi's global smartphone shipments increased 15.7% year-on-year, making it the largest contributor to industry growth
In 2024, Xiaomi's smartphone revenue reached RMB 191.8 billion, a 21.8% increase compared to the previous year. The group's global smartphone shipments reached 168.5 million units, a 15.7% increase, making it the largest contributor to the sector's growth. According to Canalys, in 2024, Xiaomi's smartphone shipments remained 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 year-on-year to 15.8%, marking its four consecutive quarters of market share growth.
During the period, Xiaomi achieved significant progress in its strategypremiumization, with market share in the premium segment reaching a record high. According to third-party data, Xiaomi's market share in the RMB 3,000 segment rose to 23.3%; market share in the RMB 4,000 to RMB 5,000 segment increased to 24.3%, ranking first; market share in the RMB 5,000 to RMB 6,000 segment grew to 9.7%, a 1.3 percentage point increase compared to the previous year.
“You x Your Car x Your Home” smart ecosystem in full swing as Xiaomi EV drives premiumization across product categories
The Group's first smart electric vehicle,the Xiaomi seriesSU7had a strong debut in 2024, delivering 136,854 vehicles in nine months after its launch. The revenue of the smart EV and other new initiatives grew to RMB 32.8 billion in 2024, reinforced by RMB 16.7 billion in the fourth quarter. The deliveries of theseriesXiaomi SU7 accelerated in the fourth quarter, reaching 69,697 vehicles and exceeding the total delivery target ahead of schedule
The seriesXiaomi SU7 is witnessing strong demand, mainly from female users and Apple, reshaping Xiaomi's user base and enhancing its premium brand image. In 2025, Xiaomi EV is making a significant incursion into the ultra-premium market with the launch, on February 27, of theXiaomi SU7 UltraThis model aims to establish new premium standards, and initial demand has been strong, with pre-orders exceeding 19,000 units and blocked orders over 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.
As of December 31, 2024, Xiaomi has opened 200 smart EV sales centers in 58 cities in mainland China.
Xiaomi is officially entering the large smart home appliance marketultrapremium. In 2025, Xiaomi launched theMijia 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 business hits RMB100 billion for the first time as shipments of air conditioners, refrigerators and washing machines break records
Xiaomi's IoT and lifestyle product business reached a milestone in 2024, generating over RMB 100 billion in revenue for the first time. The revenue from our IoT and lifestyle products reached RMB 104.1 billion, a 30.0% increase compared to the previous year, and the gross profit margin reached 20.3%, meaning that both revenue and gross profit margin hit record highs. Large smart appliances maintained a strong growth trajectory, with revenue in 2024 increasing by 56.4% compared to the previous year. The shipments of air conditioners, refrigerators, and washing machines hit record highs, with air conditioner shipments growing more than 50% compared to the previous year, reaching over 6.8 million units; refrigerator shipments increasing more than 30% compared to the previous year, reaching over 2.7 million units; and washing machine shipments rising more than 45% compared to the previous year, reaching over 1.9 million units.
In 2024, Xiaomi's tablets maintained their strong growth momentum. According to Canalys, Xiaomi's global tablet shipments grew by 73.1% year-over-year, maintaining 5th place globally and 3rd in mainland China. Xiaomi's wearable bracelet shipments ranked second globally and in mainland China, while TWS headphone shipments ranked first in mainland China.
Internet services maintain high gross profit margin,ALWAYSglobal exceeds 700 million
The internet services business maintained robust growth, with revenue increasing by 13.3% year over year to RMB 34.1 billion, reaching a record high. The gross profit margin reached 76.6%, an increase of 2.5 percentage points compared to 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, a 9.5% increase 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 Powers Xiaomi’s Intelligent Ecosystem, with Continuously Increased R&D Investment
Xiaomi's advancements 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 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 over 42,000 patents worldwide, including more than 1,000 patents in EV-related technologies.
AI is one of the key foundational technologies in which Xiaomi has been making continuous and long-term investments. In October 2024, the Group presentedo Xiaomi HyperOS 2, with three main technologies, including HyperCore, HyperConnect, and HyperAI, offering a new and advanced experience in intelligent device connectivity 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" strategy and fueling a new wave of high growth in the three main markets of smartphone ecosystems, smart EVs, and large smart appliances.
