Xiaomi Record 2024: Revenue Hits RMB365.9 Billion, Q4 Tops RMB100 Billion for the First Time
Xiaomi Corporation (“Xiaomi” or “the Group”; stock code: 1810) has achieved a stellar Xiaomi record 2024, reporting an annual revenue increase of 35.0% to RMB365.9 billion and an adjusted net profit rise of 41.3% to RMB27.2 billion. For the first time, Q4 2024 revenue soared past RMB100 billion to RMB109.0 billion, up 48.8% year-over-year (YoY), with adjusted net profit jumping 69.4% to RMB8.3 billion—far exceeding expectations. Fueled by the synergy of its “Human x Car x Home” smart ecosystem, Xiaomi saw exceptional growth in ultra-premium smartphones, electric vehicles (EVs), and smart large home appliances.
Xiaomi Record 2024: Growth Across All Segments
The Xiaomi record 2024 reflects a high-growth trajectory across all business units. Smartphone revenue rose 21.8% to RMB191.8 billion, EVs and new initiatives contributed RMB32.8 billion, and IoT and lifestyle products grew 30.0% to RMB104.1 billion.
Smartphones: Global Leader
In 2024, Xiaomi shipped 168.5 million smartphones globally, up 15.7%, making it the top contributor to industry growth. Per Canalys, Xiaomi held a 13.8% market share, ranking among the top three globally for 18 consecutive quarters. In mainland China, its Q4 market share climbed 3.0 points to 15.8%. In the premium segment, Xiaomi hit new highs: 24.3% share in the RMB4,000-5,000 range (No. 1) and 9.7% in the RMB5,000-6,000 range.
Electric Vehicles: SU7 Series Shines
The Xiaomi SU7 Series delivered 136,854 vehicles in 2024, generating RMB32.8 billion in revenue, including RMB16.7 billion in Q4 (69,697 units). The SU7 Ultra, launched on February 27, 2025, saw over 19,000 pre-orders and 10,000 locked-in orders within three days, meeting its annual goal early. Xiaomi targets 350,000 EV deliveries in 2025.
IoT and Smart Appliances Surge
Xiaomi’s IoT and lifestyle products broke the RMB100 billion barrier for the first time, reaching RMB104.1 billion (+30.0% YoY), with a 20.3% gross profit margin. Smart large appliances grew 56.4%, with record shipments: air conditioners (+50%, 6.8M units), refrigerators (+30%, 2.7M units), and washing machines (+45%, 1.9M units). The Mijia Central Air Conditioner Pro, launched in 2025, marks Xiaomi’s entry into ultra-premium appliances.
Internet Services and AI Innovation
Internet services revenue rose 13.3% to RMB34.1 billion, with a 76.6% gross profit margin. Global monthly active users (MAU) topped 700 million (+9.5% YoY), with 172.9 million in China (+11.1% YoY). R&D spending increased 25.9% to RMB24.1 billion, supporting over 42,000 patents worldwide. The HyperOS 2, launched in October 2024, integrates AI across EVs, smartphones, and smart homes, enhancing the “Human x Car x Home” ecosystem.
The Xiaomi record 2024, with revenue of RMB365.9 billion and a groundbreaking Q4, underscores Xiaomi’s dominance in smartphones, EVs, and IoT. With premium offerings like the Xiaomi 15 Ultra and SU7 Ultra, the company is setting new benchmarks.
| Category | Details |
|---|---|
| Total Revenue (2024) | RMB365.9 billion (+35.0%) |
| Adjusted Net Profit (2024) | RMB27.2 billion (+41.3%) |
| Q4 Revenue (2024) | RMB109.0 billion (+48.8%) |
| Q4 Adjusted Net Profit | RMB8.3 billion (+69.4%) |
| Smartphone Revenue | RMB191.8 billion (+21.8%), 168.5M units shipped (+15.7%) |
| EV Revenue | RMB32.8 billion; 136,854 vehicles delivered (SU7 Series) |
| IoT and Lifestyle Revenue | RMB104.1 billion (+30.0%), with strong growth in appliances like air conditioners, refrigerators, and washing machines |
| Internet Services Revenue | RMB34.1 billion (+13.3%); global MAU >700M |
| R&D Investments | RMB24.1 billion (+25.9%) with over 42,000 patents worldwide |
Notable Highlights:
- Xiaomi achieved global leadership in smartphones with a 13.8% market share and strengthened its premium segment presence.
- SU7 Ultra EV saw massive early orders with over 19,000 pre-orders in three days post-launch.
- IoT products achieved unprecedented success, surpassing RMB100 billion for the first time.
