Xiaomi Corporation has announced its audited consolidated results for 2024, reporting a 35.0% YoY increase in revenue to RMB365.9 billion (approx. RM238.5 billion). The company also recorded its first-ever quarterly revenue exceeding RMB100 billion (approx. RM65.2 billion) in Q4 2024. Adjusted net profit for the year surged 41.3% YoY to RMB27.2 billion (approx. RM17.7 billion).
Key Growth Drivers:
- Smartphones: Revenue increased 21.8% YoY to RMB191.8 billion (approx. RM125.1 billion), with 168.5 million units shipped globally, securing Xiaomi’s top-three global ranking for 18 consecutive quarters.
- Smart EVs & New Initiatives: Revenue hit RMB32.8 billion (approx. RM21.4 billion), surpassing expectations.
- IoT & Lifestyle Products: Revenue grew 30.0% YoY to RMB104.1 billion (approx. RM67.9 billion), with record-breaking shipments of air conditioners, refrigerators, and washing machines.
- Internet Services: Revenue rose 13.3% YoY to RMB34.1 billion (approx. RM22.2 billion), with Xiaomi’s global MAU surpassing 700 million.
Expansion into Ultra-Premium Market:
- Xiaomi 15 Ultra & Xiaomi SU7 Ultra: Strong demand, with 50% higher first-day sales compared to previous models.
- Mijia Central Air Conditioner Pro: Xiaomi’s entry into the ultra-premium home appliance market.
- Xiaomi SU7 Series EVs: 136,854 deliveries in 2024, with 350,000 units targeted for 2025.
AI & R&D Investments:
- RMB24.1 billion (approx. RM15.7 billion) in R&D spending, up 25.9% YoY.
- 42,000+ patents worldwide, including 1,000+ in EV technology.
- Xiaomi HyperOS 2 integrates AI-powered smart connectivity across smartphones, EVs, and smart home devices.
Xiaomi’s ‘Human x Car x Home’ smart ecosystem continues to drive innovation, reinforcing its leadership in smartphones, EVs, and home appliances. With strong momentum in 2025, Xiaomi is set to expand further into the ultra-premium market while sustaining high growth across its ecosystem.