Xiaomi Corporation ("Xiaomi" or "The Company"; Stock Code: 1810), known as a leading player in consumer electronics and smart manufacturing, primarily focusing on smartphones and smart devices interconnected through their IoT platform, has reported its audited consolidated financial outcomes for the fiscal year ending December 31, 2024 ("the Year"). For the very first time, during the final quarter of this period—referred to as 2024 Q4—the group achieved over RMB100 billion in quarterly revenues, significantly surpassing projections. Throughout the entire year, the firm saw overall income rise by 35.0%, amounting to RMB365.9 billion compared to the previous year, alongside an uptick in adjusted net profits which climbed up by 41.3% reaching RMB27.2 billion. Specifically within 2024 Q4, Xiaomi recorded total earnings totaling RMB109.0 billion—a remarkable growth rate of 48.8% when measured against the same timeframe last year—with adjusted net profit soaring dramatically by 69.4% to hit RMB8.3 billion, substantially outperforming industry forecasts.

In 2024, every division within the Group experienced significant growth due to the strong synergies created by their "Human x Car x Home" intelligent ecosystem. This resulted in substantial increases in smartphone sales, electric vehicles, and major household appliances. The revenue from smartphones climbed by 21.8%, totaling RMB191.8 billion, whereas earnings from smart EVs and various emerging projects amounted to RMB32.8 billion, exceeding several predefined goals. Additionally, revenues from IoT devices and lifestyle goods surged by 30.0% year-over-year, hitting RMB104.1 billion, as deliveries of air conditioners, fridges, and washers hit unprecedented peaks.

In 2025, Xiaomi plans an ambitious push into the high-end market with the launch of the Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro. When these models hit shelves in Mainland China on March 3rd, first-day sales of the Xiaomi 15 Ultra surged more than 50% from what they were during this time last year. Pre-orders for the Xiaomi SU7 Ultra quickly surpassed 10,000 units, hitting their yearly quota well before expected. These launches highlight robust demand and indicate substantial growth potential.

Xiaomi's worldwide smartphone deliveries increased by 15.7% year over year, becoming the biggest driver of expansion within the sector.

In 2024, Xiaomi reported a smartphone revenue of RMB191.8 billion, marking an increase of 21.8% year-over-year. The company shipped approximately 168.5 million smartphones worldwide, representing a rise of 15.7%. This significant contribution made it one of the key drivers behind the sector's expansion. As per data from Canalys, over 18 continuous quarters ending in 2024, Xiaomi maintained its position within the world’s top three smartphone vendors, holding onto a market share of 13.8%.

In the fourth quarter of 2024, Xiaomi saw an increase in its smartphone shipment market share within mainland China by 3.0 percentage points year over year, reaching 15.8%. This marks four successive quarters during which their market share has grown.

Throughout this period, Xiaomi made notable strides in their premiumization strategy, achieving an all-time high in the premium sector’s market share. Data from external sources indicates that Xiaomi's market share in the RMB3,000 range climbed to 23.3%. In addition, they saw an increase in the RMB4,000 to RMB5,000 bracket, where their share reached 24.3%—securing them the top spot. Furthermore, within the price band of RMB5,000 to RMB6,000, their market share expanded to 9.7%, marking a rise of 1.3 percentage points year-over-year.

The "Human-Car-Home" intelligent ecosystem operating at maximum capacity, where the introduction of Xiaomi electric vehicles is elevating quality standards across various product lines.

In 2024, the Group’s inaugural smart electric vehicle, the Xiaomi SU7 series, had an impressive start with 136,854 units delivered over just nine months since its release. The revenue generated from both the smart EV segment and other emerging ventures surged to RMB32.8 billion for the year, with RMB16.7 billion coming in during the final quarter alone. Notably, deliveries of the Xiaomi SU7 series accelerated significantly in Q4, hitting 69,697 vehicles and surpassing the full-year delivery forecast well before the expected timeline.

The Xiaomi SU7 series is experiencing considerable popularity, particularly among women and former Apple customers, which is altering Xiaomi’s customer profile and bolstering its high-end brand reputation. In 2025, Xiaomi plans a notable entry into the luxury vehicle segment with the unveiling of the Xiaomi SU7 Ultra scheduled for February 27. This model seeks to establish unprecedented benchmarks in quality, and early response has been impressive; more than 19,000 reservations were placed within three days post-launch, including over 10,000 confirmed orders, thus meeting the year’s targets well before expectations. The company anticipates delivering around 350,000 electric vehicles in 2025.

By December 31, 2024, Xiaomi had established 200 smart electric vehicle sales centers in 58 cities within Mainland China.

Xiaomi has officially ventured into the high-end smart home appliance segment with grand ambitions. The company introduced the Mijia Central Air Conditioner Pro in 2025 as their leading-edge offering aimed at setting new standards within the industry. This move highlights Xiaomi’s dedication to pursuing excellence in the realm of luxury household appliances.

The IoT industry has surpassed 100 billion yuan for the first time, with record-high deliveries of air conditioners, refrigerators, and washing machines.

In 2024, Xiaomi’s Internet of Things (IoT) and lifestyle product sector achieved a significant landmark by surpassing RMB100 billion in revenue for the first time ever. This division saw revenues climb to RMB104.1 billion—a year-over-year increase of 30%. Additionally, the gross profit margin climbed to an all-time high at 20.3%. Smart household appliances continued their strong performance, recording a remarkable 56.4% rise in yearly revenue compared to last year.
The shipment numbers also broke records this past year: Air conditioners, fridges, and washers were shipped out in unprecedented quantities. Specifically, air conditioning unit deliveries surged over 50% annually to exceed six point eight million units; fridge distributions rose more than 30% YOY reaching just above two point seven million units; meanwhile, washer outputs jumped upwards of 45% per annum, totaling more than one point nine million units delivered.

In 2024, Xiaomi’s tablets continued their robust growth trajectory. As reported by Canalys, Xiaomi saw a year-over-year increase of 73.1% in worldwide tablet deliveries, securing fifth place globally and third position within Mainland China for this category. Additionally, Xiaomi held second spot globally and domestically with its wearable band sales, while its true wireless stereo (TWS) earbuds led the market in terms of shipments within Mainland China.

Internet services sustain substantial net profit margins, with worldwide monthly active users surpassing 700 million.

The internet services sector experienced strong expansion, with revenues jumping by 13.3% year-over-year to reach RMB34.1 billion, marking a new peak. The gross profit margin climbed to 76.6%, representing a rise of 2.5 percentage points compared to the previous year.

Xiaomi saw an increase in its online user community. Both globally and within Mainland China, monthly active users set new records. By December 2024, the company's worldwide MAU exceeded 700 million for the first time, marking a year-over-year growth of 9.5%. Meanwhile, the number of MAUs in Mainland China climbed to 172.9 million, representing a year-over-year rise of 11.1%.

Artificial intelligence bolsters Xiaomi's intelligent ecosystem, alongside continuous growth in research and development spending.

Xiaomi’s advancements in high-end market segments are supported by their strong research and development efforts. By the end of 2024, Xiaomi saw a year-over-year increase of 25.9% in R&D spending, reaching ¥24.1 billion. Additionally, the company expanded its team of researchers to include 21,190 employees. At this time, Xiaomi held over 42,000 global patents, with more than 1,000 related specifically to electric vehicle technology.

AI is one of the foundational core technologies where Xiaomi has made long-term and continuous investments. In October 2024, the Group introduced Xiaomi HyperOS 2, featuring three core technologies including HyperCore, HyperConnect, and HyperAI, offering a fresh, advanced experience in cross-device smart connectivity, and AI functions. The Group is integrating AI into Xiaomi HyperOS 2, bringing AI technologies across its smart EVs, smartphones, and smart home devices, thereby empowering its “Human × Car × Home” strategy and fueling a new wave of high growth in the three major ecosystem markets of smartphones, smart EV, and smart large home appliances.

• This is a press statement.