Xiaomi Corp. posted a revenue of RMB88.9 billion in Q2 2024, marking a 32% year-over-year (YoY) growth, driven by its core businesses. Adjusted net profit reached RMB6.2 billion, a 20.1% increase compared to the same period last year, with an overall gross profit margin of 20.7%.
According to Xiaomi, its three main sectors — smartphones, Internet of Things (IoT) products, and internet services — performed well. The smartphone business generated RMB46.5 billion in revenue, a 27.1% YoY increase, while the IoT and lifestyle products division reached RMB26.8 billion, a 20.3% rise. Internet services also experienced growth, posting revenue of RMB8.3 billion, up 11%. Revenue from its electric vehicle (EV) segment and other new ventures amounted to RMB6.4 billion.
Xiaomi’s global smartphone shipments reached 42.2 million units in Q2 2024, a 28.1% YoY growth. The company maintained its spot as one of the top three global smartphone brands for the 16th consecutive quarter, with a market share of 14.6%. Xiaomi also strengthened its presence in international markets, including Latin America, where it ranked among the top two smartphone vendors for the first time.
The IoT and lifestyle products business saw strong demand, particularly for home appliances like air conditioners, which registered a 40% increase in shipments compared to the previous year. The company’s global tablet shipments doubled and its wearables and TWS earbud shipments continued to grow.
EV and IoT businesses
In the EV sector, Xiaomi delivered 27,307 units of its SU7 Series during the quarter, surpassing 10,000 monthly deliveries for two consecutive months. The company aims to deliver 120,000 vehicles by the end of 2024. To meet growing demand, Xiaomi has ramped up production at its EV factory and opened 87 sales centers across mainland China.
Xiaomi’s cash reserves hit RMB141 billion, bolstering its ability to invest in core technologies, particularly artificial intelligence (AI). The company’s AI-driven innovations have been key in enhancing the performance of its smartphones, EVs, and smart home devices. Xiaomi’s “Human x Car x Home” ecosystem is designed to integrate these products, offering consumers a seamless, interconnected experience.
The Group’s research and development (R&D) spending also grew, reaching RMB5.5 billion in Q2, a 20.7% YoY increase. This investment has supported advancements in artificial intelligence (AI), particularly in areas like autopilot, automated parking, and voice interactions within the smart EV sector. Xiaomi’s AI assistant continues to evolve, adding new features that improve the user experience across its product lineup.
Xiaomi is also targeting growth in the premium smartphone market. In Q2 2024, phones priced above RMB3,000 accounted for 22.1% of the company’s shipments in mainland China, reflecting the company’s ambition to capture a larger share of the high-end segment.