Xiaomi Corporation (“Xiaomi” or the “Group”; stock code: 1810), a smart electronics and consumer 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 RMB 100 billion for the first time in the fourth quarter of 2024 (“2024 Q4”), with full-year and fourth-quarter performances beating estimates. Total revenue for the year increased by 35.0% year-over-year (“YoY”) to RMB365.9 billion, while adjusted net profit increased by 41.3% year-over-year to RMB27.2 billion. In the fourth quarter of 2024, Xiaomi’s total revenue reached RMB109.0 billion, a 48.8% increase year-over-year, while adjusted net profit rose by 69.4% to RMB8.3 billion, significantly exceeding market expectations.
In 2024, all segments of the Group’s business entered a high-growth trajectory, driven by the strong synergy of the smart ecosystem “You x Car x Home.” This led to notable growth in smartphones, EVs, and smart large appliances. Smartphone revenue grew by 21.8%, reaching RMB191.8 billion, while revenue from smart EVs and other new initiatives reached RMB32.8 billion, surpassing several performance targets. IoT and lifestyle product revenue increased by 30.0% year-over-year, reaching RMB104.1 billion, with shipments of air conditioners, refrigerators, and washing machines hitting records.
In 2025, Xiaomi is making a significant foray into the ultra-premium market, unveiling the Xiaomi 15 Ultra, the Xiaomi SU7 Ultra and the Mijia Central Air Conditioner Pro. On its debut day in mainland China (March 3), sales of Xiaomi 15 Ultra increased by over 50% compared to the same period of the previous model. Orders for Xiaomi SU7 Ultra have already surpassed 10,000, reaching its yearly target ahead of schedule. Both products showed impressive sales performance, demonstrating strong growth momentum.
Xiaomi’s global smartphone shipments increased by 15.7% year on year, making it the largest contributor to sector growth
In 2024, Xiaomi’s smartphone revenue reached RMB 191.8 billion, a 21.8% increase year on year. The Group’s global smartphone shipments reached 168.5 million units, a 15.7% increase, making it the largest contributor to sector growth. According to Canalys, in 2024, Xiaomi’s smartphone shipments were among the world’s top three 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 fourth consecutive quarter of market share growth.
During the period, Xiaomi made significant strides in its premiumization strategy, with market share in the premium segment hitting a record. 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 first; market share in the RMB5,000 to RMB6,000 segment grew to 9.7%, a 1.3 percentage point increase from the previous year.
Intelligent 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, Xiaomi SU7 series, made a strong debut in 2024, delivering 136,854 vehicles in nine months after its launch. Revenue from smart EV and other new initiatives grew to RMB32.8 billion in 2024, bolstered by RMB16.7 billion in the fourth quarter. Deliveries of Xiaomi SU7 series accelerated in the fourth quarter, reaching 69,697 vehicles and exceeding the total delivery target ahead of schedule.
The Xiaomi SU7 series is witnessing strong demand, especially from female users 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 launch, on February 27, of the Xiaomi SU7 Ultra. This model aims to set new premium standards, and the initial demand has been strong, with pre-orders exceeding 19,000 units and backlogged orders surpassing 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 mainland China cities.
Xiaomi is officially entering the ultra-premium smart large appliances market. In 2025, Xiaomi unveiled the Mijia Central Air Conditioner Pro, a flagship air conditioning product designed to challenge industry benchmarks, underlining Xiaomi’s commitment to a premium strategy in the home appliances sector.
IoT business hits RMB100 billion for the first time, with air conditioning, refrigerators, and washing machines shipments hitting record highs
The Xiaomi IoT and lifestyle product business reached 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, a 30.0% increase from the previous year, and the gross profit margin reached 20.3%, meaning that both revenue and gross profit margin reached record levels. Smart large appliances maintained a strong growth trajectory, with 2024 revenue up by 56.4% from the previous year. Shipments of air conditioners, refrigerators, and washing machines set records, with air conditioner shipments growing by over 50% from the previous year to more than 6.8 million units, refrigerator shipments increasing by over 30% from the previous year to over 2.7 million units, and washing machine shipments rising by over 45% from the previous year to over 1.9 million units.
In 2024, Xiaomi tablets maintained their strong growth momentum. According to Canalys, global Xiaomi tablet shipments grew by 73.1% from the previous year, maintaining the 5th global position and the 3rd in mainland China. Xiaomi wearable band shipments ranked second globally and in mainland China, with TWS earphone shipments ranking first in mainland China.
Internet services maintain high gross profit margin, global MAU surpasses 700 million
The Internet services business maintained robust growth, with revenue increasing by 13.3% year-over-year to RMB34.1 billion, reaching a record. Gross profit margin reached 76.6%, an increase of 2.5 percentage points year-over-year.
Xiaomi’s Internet user base continued to expand. Global MAU and mainland China MAU reached records. In December 2024, the Group’s global MAU surpassed 700 million for the first time, an increase of 9.5% year-over-year. Mainland China MAU reached 172.9 million, an increase of 11.1% year-over-year.
AI empowers Xiaomi’s intelligent ecosystem, with continuous increase in R&D investment
Xiaomi’s advancements in premiumization are sustained by its robust R&D capabilities. In 2024, Xiaomi’s R&D expenses increased by 25.9% year-over-year to RMB 24.1 billion, and the total number of R&D staff increased to 21,190. By the end of 2024, Xiaomi had obtained over 42,000 patents worldwide, including over 1,000 patents in EV-related technologies.
AI is one of the key foundational technologies that Xiaomi has been making continuous long-term investments in. In October 2024, the Group introduced 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, thus strengthening its ‘You × Your Car × Your Home’ strategy and fueling a new wave of high growth in the three core markets of smartphone ecosystems, smart EVs, and smart large appliances.
