Xiaomi reports record annual performance with revenue reaching RMB 365.9 billion in 2024
Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its…
Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its audited consolidated results for the year ended December 31, 2024 (“the Period”). The Group’s quarterly revenue exceeded RMB100 billion for the first time in the fourth quarter of 2024 (“2024 Q4”), with both full-year and fourth-quarter performances beating estimates. Total revenue for the year increased 35.0% year-over-year (“YoY”) to RMB365.9 billion, while adjusted net profit rose 41.3% YoY to RMB27.2 billion. In 2024 Q4, Xiaomi's total revenue reached RMB109.0 billion, an increase of 48.8% YoY, while adjusted net profit surged 69.4% to RMB8.3 billion, far exceeding market expectations.
In 2024, all of the Group's business segments entered a high-growth trajectory, driven by the robust synergy of the “Human x Car x Home” smart ecosystem. This led to remarkable growth in smartphones, EVs, and smart large home appliances. Smartphone revenue grew 21.8% to RMB191.8 billion, while revenue from smart EV and other new initiatives reached RMB32.8 billion, surpassing multiple performance targets. Revenue from the IoT and lifestyle products increased by 30.0% YoY to RMB104.1 billion, with shipments of air conditioners, refrigerators, and washing machines reaching record highs.
In 2025, Xiaomi is making a significant foray into the ultra-premium market, unveiling Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro. On its debut day in mainland China (March 3), sales of the Xiaomi 15 Ultra rose by over 50% compared to the same period for the previous model. Locked-in orders of Xiaomi SU7 Ultra have already topped 10,000, achieving its full-year target ahead of schedule. Both products have delivered impressive sales performance, showcasing strong growth momentum.
Xiaomi’s global smartphone shipments up 15.7% YoY, making it the largest contributor to the industry’s growth
In 2024, Xiaomi’s smartphone revenue reached RMB191.8 billion, up 21.8% YoY. The Group’s global smartphone shipments reached 168.5 million units, up 15.7%, making it the largest contributor to the industry’s growth. According to Canalys, in 2024, Xiaomi’s smartphone shipments ranked among the top three globally for 18 consecutive quarters with a market share of 13.8%.
In 2024 Q4, Xiaomi's market share of smartphone shipments in mainland China increased by 3.0 percentage points YoY to 15.8%, marking its 4 consecutive quarters of market share growth.
During the period, Xiaomi achieved significant breakthroughs in its premiumization strategy, with market share in the premium segment reaching a record high. According to third-party data, Xiaomi's market share in the RMB3,000 segment rose to 23.3%; market share in the RMB4,000 to RMB5,000 segment increased to 24.3%, ranking No. 1; market share in the RMB5,000 to RMB6,000 segment grew to 9.7%, up 1.3 percentage points YoY.
