Xiaomi Reports Record Financials; 2024 Revenue Hits 365.9 Billion RMB
Table of Contents
- Xiaomi’s Strategic Expansion: Dominating the Ultra-premium Market in 2025
- Xiaomi’s Ultra-Premium Domination in 2025: Your Questions Answered
The synergy of the “Human, Car, and Home” smart ecosystem is driving growth in the ultra-premium segments of smartphones, electric vehicles, and major home appliances.
Financial Highlights and Strategic Moves
Xiaomi Corporation, a consumer electronics and smart manufacturing company rooted in smartphones and smart devices connected by an IoT platform, has announced its audited consolidated financial results for the period ending December 31, 2024. The Group’s revenue in the fourth quarter of 2024 exceeded RMB 100 billion for the first time.
Elevating the Smartphone Experience
In 2024, Xiaomi continued to refine its premium smartphone strategy, focusing on enhancing user experience and solidifying its premium brand image. The company’s efforts are centered on creating a loyal xiaomi user base.
Entering the Electric Vehicle Market with a Bang
Xiaomi significantly expanded its presence in the ultra-premium market with the launch of the Xiaomi SU7 Ultra on Febuary 27, 2025. This model is designed to set new premium standards,and initial demand has been strong. pre-orders exceeded 19,000 units in the first three days after release, with confirmed orders surpassing 10,000 units, reaching the annual target faster than planned. Xiaomi aims to deliver 350,000 electric vehicles in 2025.
As of December 31,2024,Xiaomi had 200 smart electric vehicle sales centers open in 58 cities in mainland China.
Xiaomi has officially entered the ultra-premium smart major home appliance market. In 2025, Xiaomi launched the Mijia Central air Conditioner Pro, a flagship product designed to challenge industry standards, emphasizing Xiaomi’s commitment to a premium strategy in the home appliance sector.
IoT and Lifestyle Products: A Billion-Dollar Milestone
Xiaomi’s IoT and lifestyle product business reached a new level in 2024, exceeding RMB 100 billion in revenue for the first time. Revenue from IoT and lifestyle products reached RMB 104.1 billion, a 30.0% increase year-over-year,while gross profit margin increased to 20.3%, reaching record highs in both revenue and gross profit. the smart major home appliance industry continued its steady growth, with revenue increasing by 56.4% year-over-year in 2024. Deliveries of air conditioners, refrigerators, and washing machines reached new records.
- Air conditioner shipments increased by more than 50% year-over-year, exceeding 6.8 million units.
- Refrigerator shipments increased by more than 30% year-over-year, reaching more than 2.7 million units.
- Washing machine shipments increased by more than 45% year-over-year, exceeding 1.9 million units.
tablet and Wearable Device Performance
In 2024, Xiaomi tablets continued their strong growth momentum. According to Canalys, Xiaomi’s global tablet shipments increased by 73.1% year-over-year, maintaining 5th place globally and 3rd place in mainland China. Xiaomi’s wearable device shipments ranked 2nd globally and in China, while TWS headset shipments reached 1st place in mainland China.
Internet Services: High Profit Margins and User Growth
Internet services maintain a high gross profit margin, and the global monthly active user (MAU) count has exceeded 700 million.
Financial Performance of Internet Services
The internet services business continued its steady growth, with revenue increasing by 13.3% year-over-year to reach RMB 34.1 billion – a new record. Gross profit reached 76.6%, an increase of 2.5 percentage points year-over-year.
Expanding User Base
Xiaomi’s internet user base continued to expand. The number of monthly active users (MAU) both globally and in mainland China reached new record highs. In December 2024, the Group’s global MAU exceeded 700 million for the first time, an increase of 9.5% year-over-year. MAU in mainland China reached 172.9 million, an increase of 11.1% year-over-year.
Investing in AI and R&D to Strengthen the Smart Ecosystem
Artificial intelligence strengthens Xiaomi’s smart ecosystem while increasing investments in research and development.
commitment to Research and Development
Xiaomi’s achievements in premium product development are based on strong research and development capabilities. In 2024, Xiaomi’s research and development expenses increased by 25.9% year-over-year, reaching RMB 24.1 billion, and the number of research and development personnel increased to 21,190. By the end of 2024,Xiaomi had obtained more than 42,000 patents worldwide,including more than 1,000 patents related to electric vehicle technologies.
Integrating Artificial Intelligence
Artificial intelligence is one of the core technologies in which Xiaomi has made long-term and continuous investments. In October 2024, the Group presented Xiaomi HyperOS 2, which includes three core technologies: HyperCore, HyperConnect, and HyperAI, offering a new, advanced experience in smart device connectivity and artificial intelligence functions. The Group integrates artificial intelligence into Xiaomi HyperOS 2, introducing AI technologies into smart electric vehicles, smartphones, and smart home appliances, thereby strengthening its “Human, Car, and Home” strategy and fostering a new wave of growth in the three main ecosystem markets – smartphones, smart electric vehicles, and smart major home appliances.
Here’s a Q&A-style article based on the provided text, incorporating internet research to enhance and expand upon the information:
Xiaomi is making significant strides in the ultra-premium market.this article answers your burning questions about their strategy, financial performance, and future plans.
1. What is Xiaomi’s core strategy for dominating the ultra-premium market in 2025?
Xiaomi’s strategy revolves around the “Human, Car, and Home” smart ecosystem. This synergy aims to tightly integrate smartphones, electric vehicles (EVs), and smart home appliances, offering users a seamless and connected experience. Xiaomi is focusing on:
Elevating User Experience: Refining its premium smartphone strategy to build a loyal user base.
Entering the EV Market: disrupting the market with the Xiaomi SU7 Ultra, setting new standards for premium EVs.
Expanding into Ultra-Premium Smart home Appliances: Launching flagship products like the Mijia Central Air Conditioner Pro to challenge industry benchmarks. This signifies a broad premium strategy.
Investing in AI and R&D: Focusing on artificial intelligence to strengthen Xiaomi’s smart ecosystem.
2. How prosperous has Xiaomi been financially in 2024?
Xiaomi’s financial performance in 2024 was robust:
Q4 2024 Revenue: Exceeded RMB 100 billion for the first time.
IoT and Lifestyle Products: Revenue reached RMB 104.1 billion, a 30.0% year-over-year increase. Gross profit margin increased to 20.3%.
Internet Services: Revenue increased by 13.3% year-over-year to reach RMB 34.1 billion, with a gross profit of 76.6%.
R&D investment: Increased by 25.9% year-over-year, reaching RMB 24.1 billion.
3. What is the Xiaomi SU7 Ultra, and how has its launch been received?
The Xiaomi SU7 Ultra is Xiaomi’s entry into the electric vehicle market. It’s designed as a premium EV with a focus on performance, technology, and user experience. The initial reception has been exceptionally strong:
pre-orders: Exceeded 19,000 units in the first three days after release (February 27, 2025).
Confirmed Orders: Surpassed 10,000 units, reaching the annual target faster than planned.
2025 Delivery target: Xiaomi aims to deliver 350,000 electric vehicles in 2025. it is an ambitious target.
4.Where can I find Xiaomi Electric Vehicle Sales Centers?
As of December 31, 2024, Xiaomi had 200 smart electric vehicle sales centers open in 58 cities in mainland China. It’s likely this number is expanding rapidly in 2025.
5. What ultra-premium smart home appliances is Xiaomi focusing on?
Xiaomi is expanding into the ultra-premium smart home appliance market, with a particular focus on:
Air Conditioners: Air conditioner shipments increased by more than 50% year-over-year, exceeding 6.8 million units.
Refrigerators: Refrigerator shipments increased by more than 30% year-over-year, reaching more than 2.7 million units.
Washing Machines: Washing machine shipments increased by more than 45% year-over-year, exceeding 1.9 million units.
Mijia Central Air Conditioner Pro: A flagship product designed to challenge industry standards in performance and features.
6. How are Xiaomi’s tablets and wearable devices performing in the market?
Xiaomi’s tablets and wearable devices are showing strong growth:
Tablets: Global tablet shipments increased by 73.1% year-over-year, maintaining 5th place globally and 3rd place in mainland China (according to canalys).
Wearable Devices: Ranked 2nd globally and in China.
TWS Headsets: Reached 1st place in mainland china.
7. How is Xiaomi leveraging Artificial Intelligence (AI)?
AI is a core component of Xiaomi’s strategy. Xiaomi’s plans include:
Xiaomi HyperOS 2: Includes HyperCore, HyperConnect, and HyperAI technologies.
Integration into Ecosystem: Integrating AI technologies into smart electric vehicles, smartphones, and smart home appliances through the HyperOS.
strengthening “Human, Car, and Home” Strategy: leveraging AI to create a more seamless and smart connected experience across all three areas.
8. How large is Xiaomi’s user base?
Xiaomi boasts a large and growing user base:
Global Monthly active Users (MAU): Exceeded 700 million in December 2024, an increase of 9.5% year-over-year.
* Mainland China MAU: Reached 172.9 million in December 2024, an increase of 11.1% year-over-year.
9. How many patents does Xiaomi have?
By the end of 2024, xiaomi had obtained more than 42,000 patents worldwide, including more than 1,000 patents related to electric vehicle technologies. This demonstrates a significant commitment to innovation and intellectual property.