Xiaomi 2024 Revenue: Record Breaking Driven by Smartphones, EVs, and Smart Home Ecosystem
TL;DR:
- Xiaomi reports record annual revenue of RMB365.9 billion (approx. RM238.5 billion) in 2024.
- Quarterly revenue surpasses RMB100 billion (approx. RM65.2 billion) for the first time in Q4 2024.
- Growth fueled by “Human x Car x Home” smart ecosystem, especially in smartphones, EVs, and smart home appliances.
- Xiaomi’s global smartphone shipments rank among the top three for 18 consecutive quarters.
Xiaomi Corporation has announced its audited consolidated results for the year ended December 31, 2024, revealing record-breaking financial performance. The company’s robust “Human x Car x Home” smart ecosystem has driven significant growth across its key business segments, leading to unprecedented revenue and profit figures.
Record Financial Performance
In 2024, Xiaomi’s total revenue increased by 35.0% year-over-year (YoY) to RMB365.9 billion (approx. RM238.5 billion). Adjusted net profit rose by 41.3% YoY to RMB27.2 billion (approx. RM17.7 billion). Notably, the company’s quarterly revenue exceeded RMB100 billion (approx. RM65.2 billion) for the first time in Q4 2024, reaching RMB109.0 billion (approx. RM71.1 billion), a 48.8% YoY increase. Adjusted net profit for Q4 surged by 69.4% to RMB8.3 billion (approx. RM5.4 billion).
Growth Across Key Segments
Xiaomi’s business segments experienced high growth in 2024. Smartphone revenue increased by 21.8% to RMB191.8 billion (approx. RM125.1 billion). Revenue from smart EVs and other new initiatives reached RMB32.8 billion (approx. RM21.4 billion). IoT and lifestyle products revenue grew by 30.0% YoY to RMB104.1 billion (approx. RM67.9 billion).
Smartphone Dominance
Xiaomi’s global smartphone shipments reached 168.5 million units in 2024, a 15.7% YoY increase. According to Canalys, Xiaomi’s smartphone shipments have ranked among the top three globally for 18 consecutive quarters, with a market share of 13.8%. In mainland China, Xiaomi’s smartphone market share increased to 15.8% in Q4 2024.
Premiumization Strategy
Xiaomi’s premiumization strategy has yielded significant results. The company’s market share in the premium segment has reached a record high. Xiaomi’s market share in the RMB4,000 to RMB5,000 (approx. RM2,610 to RM3,270) segment ranks No. 1.
Smart EV and New Initiatives
The Xiaomi SU7 Series, the company’s first smart EV, made a strong debut in 2024. Revenue from smart EVs and other new initiatives reached RMB32.8 billion (approx. RM21.4 billion). Locked-in orders for the Xiaomi SU7 Ultra have exceeded 10,000 units.
IoT and Lifestyle Products
Xiaomi’s IoT and lifestyle products business surpassed RMB100 billion (approx. RM65.2 billion) in revenue for the first time. Smart large home appliances saw a 56.4% YoY revenue increase. Shipments of air conditioners, refrigerators, and washing machines reached record highs.
Internet Services and AI Investment
Xiaomi’s internet services revenue increased by 13.3% YoY to RMB34.1 billion (approx. RM22.2 billion). The company’s global monthly active users (MAU) surpassed 700 million. Xiaomi’s R&D expenses increased by 25.9% YoY to RMB24.1 billion (approx. RM15.7 billion), reflecting its commitment to innovation and AI development.
