Xiaomi Corp., a consumer electronics and smart manufacturing company, reported an annual revenue of RMB365.9 billion in 2024, marking a 35% increase year over year. The company also surpassed RMB100 billion in quarterly revenue for the first time in the fourth quarter, reaching RMB109 billion, up 48.8% from the same period the previous year.
Adjusted net profit for the year rose 41.3% to RMB27.2 billion, with fourth-quarter net profit climbing 69.4% to RMB8.3 billion. Xiaomi attributed its growth to its “Human x Car x Home” ecosystem, which includes smartphones, electric vehicles (EVs), and smart home appliances.
“The strong performance in 2024 reflects the success of our premiumization strategy and ecosystem expansion,” said Lei Jun, chairman and CEO of Xiaomi.
The company’s smartphone business generated RMB191.8 billion in revenue, up 21.8% from the previous year. Global smartphone shipments reached 168.5 million units, contributing to a 15.7% increase year over year. Xiaomi maintained its position among the top three smartphone vendors worldwide, according to Canalys.
Xiaomi SU7 Series
Xiaomi’s EV segment, introduced in 2024, recorded revenue of RMB32.8 billion. The Xiaomi SU7 Series delivered 136,854 vehicles within nine months of launch. Demand for the newly introduced Xiaomi SU7 Ultra was strong, with pre-orders exceeding 19,000 units within three days. The company aims to deliver 350,000 EVs in 2025.
“Our EV business is reshaping Xiaomi’s brand and reinforcing our expansion into the premium market,” Lei said.
Xiaomi’s IoT and lifestyle products revenue surpassed RMB100 billion for the first time, growing 30% year over year to RMB104.1 billion. Shipments of air conditioners, refrigerators, and washing machines reached record levels, with air conditioner sales exceeding 6.8 million units.
Internet of Things
Xiaomi’s internet services segment also showed growth, generating RMB34.1 billion in revenue, a 13.3% increase. The company’s global monthly active users surpassed 700 million for the first time in December 2024.
Xiaomi increased its research and development spending by 25.9% to RMB24.1 billion, with a focus on artificial intelligence (AI) and operating system advancements. The company launched Xiaomi HyperOS 2 in October 2024, integrating AI features into smartphones, EVs, and smart home devices.
“Our investment in AI and R&D will continue to strengthen Xiaomi’s technological leadership and drive future growth,” Lei said.