Xiaomi has achieved its strongest annual report ever in 2024, with quarterly revenue first breaking the 100 billion yuan mark.

On March 18, 2025, Xiaomi Group (HK01810) released its 2024 full-year and Q4 Earnings Reports, marking its strongest annual report in history. The Earnings Reports indicate that Xiaomi Group's total revenue in 2024 grew by 35.0% year-on-year to 365.9 billion yuan; adjusted net income increased by 41.3% year-on-year, reaching 27.2 billion yuan, achieving record performance. In the fourth quarter, Xiaomi's quarterly revenue first exceeded 100 billion, reaching 109 billion yuan, an increase of 48.8% year-on-year, making it the fastest-growing quarter since Q2 2021, setting a new historical record for quarterly performance. Xiaomi's various sectors demonstrate significant growth potential.

In 2024, driven by the strong synergistic effect of the "human, vehicle, and home ecology," Xiaomi's smartphone, automobile, and home appliance business all achieved robust growth. Among them, the Smart Phone business grew steadily, with revenue in 2024 reaching 191.8 billion yuan, a year-on-year increase of 21.8%, and global shipments reaching 0.169 billion units, up 15.7% year-on-year, making it the largest contributor to industry growth. The automobile and other innovative businesses also rose strongly, with 2024 revenue reaching 32.8 billion yuan. In just nine months since the launch of the Xiaomi SU7, the first-year delivery volume reached 136,854 units. Revenue from IoT and consumer products grew by 30.0% year-on-year to reach 104.1 billion yuan, with the smart home appliance business experiencing a comprehensive explosion, setting historical highs in shipments for Air Conditioner, Refrigerator, and Washing Machine.

Xiaomi Group continues to strengthen its investment in research and development, with core technologies frequently breaking through, establishing a solid foundation for performance growth. Since the beginning of 2025, Xiaomi has fully entered the ultra-high-end market, launching a series of high-end products such as the Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro, igniting the ultra-high-end market and demonstrating strong growth momentum.

Market Institutions have firmly expressed optimism about Xiaomi's development. Morgan Stanley stated that they are bullish on Xiaomi's competitive advantage in "Smart Phone + Electric Vehicles + AI Internet of Things" in the long run. Goldman Sachs released a report maintaining a "Buy" rating for Xiaomi Group and is optimistic about Xiaomi's brand entering the high-end market and the sustainability of profit growth.

Driven by the strong synergistic effect of the "human, vehicle, and home ecology," Xiaomi's three major growth curves are experiencing strong growth.

In 2024, Xiaomi Group created its strongest performance in history, demonstrating strong growth potential. The full-year revenue reached 365.9 billion yuan, with a year-on-year growth rate of 35%. All four quarters of the year progressed vigorously, with the fourth quarter of 2024 achieving revenue that broke the 100 billion scale for the first time, reaching 109 billion yuan.

At the same time, Xiaomi's global market influence is also significantly expanding. On one hand, the global monthly active users have surpassed 0.7 billion. Meanwhile, the company's high-end products continue to refresh international market perceptions of the Xiaomi brand. The Xiaomi SU7 Ultra prototype represents Chinese Electric Vehicle companies, competing on the Nürburgring North Loop, setting a record for four-door vehicles, becoming the fastest four-door car in Nürburgring history. Recently, the Xiaomi SU7 Ultra and Xiaomi 15 Ultra both shone at the World Mobile Communication Expo, attracting global market attention.

In 2024, following the great success of Xiaomi's automobile business in its initial battle, Xiaomi's "human, vehicle, and home ecology" synergistic effect released strong growth efficiency, driving all business segments of the group into a high-growth cycle, achieving high-quality development characterized by leading the three major growth curves of Smart Phone, automobile, and home appliance.

Specifically, the Smart Phone business achieved annual revenue of 191.8 billion yuan, a year-on-year increase of 21.8%. The global Smart Phone shipment volume was 0.169 billion units, a year-on-year increase of 15.7%. According to Canalys data, Xiaomi's global Smart Phone market share in 2024 is 13.8%, maintaining its position among the top three globally for 18 consecutive quarters, and becoming the only brand among the top three manufacturers worldwide in 2024 to achieve positive growth. Xiaomi is steadily narrowing the gap with Apple and Samsung.

Revenue from innovative businesses such as Smart Electric Vehicles totaled 32.8 billion yuan, with multiple Indicators exceeding expectations. The Xiaomi SU7 not only achieved delivery at launch and volume upon delivery, but the total annual delivery volume also exceeded the target of 0.1 million units, reaching 136,854 units. Furthermore, Xiaomi achieved record-breaking breakthroughs at a pace beyond market expectations, realizing the rollout of the 0.1 millionth new vehicle in just 230 days, setting a new record for the fastest production of the 0.1 million units among new car manufacturers, and receiving strong acclaim online. At the same time, Xiaomi is steadily expanding its production capacity and is fully committed to achieving a target of delivering 0.35 million units of Xiaomi Autos by 2025.

The IoT and Consumer product business has surpassed the trillion yuan scale for the first time, with annual revenue reaching 104.1 billion yuan, a year-on-year increase of 30.0%. Among them, the performance of intelligent home appliances has been remarkable, with the shipment volumes of Air Conditioners, Refrigerators, and Washing Machines all reaching historical highs. The shipment volume of Air Conditioner products exceeded 6.8 million units, with a year-on-year growth rate of more than 50%; the shipment volume of Refrigerator products exceeded 2.7 million units, with a year-on-year growth rate of more than 30%; and the shipment volume of Washing Machine products exceeded 1.9 million units, with a year-on-year growth rate of more than 45%.

The Internet business also reached a historical high, with annual revenue for 2024 reaching 34.1 billion yuan, a year-on-year growth of 13.3%. Benefiting from the deepening advancement of the group's global layout, Overseas Internet service revenue increased by 30.0% year-on-year to 11 billion yuan, reaching a historical high, with Overseas Internet service revenue accounting for 32.2% of the overall Internet service revenue.

Xiaomi Autos have driven breakthroughs in high-end across all categories, opening up a new round of growth momentum in the ultra-high-end market.

The year 2024 is a key year for Xiaomi to successfully break through high-end across all categories.

One year after the launch of the Xiaomi SU7, it has achieved phenomenal success, leading to significant changes in brand recognition for Xiaomi. After the launch of the Xiaomi SU7, it continued to be a hot seller, not only exceeding expectations for total delivery targets but also topping multiple important industry rankings for monthly delivery volumes. Starting from October 2024, the Xiaomi SU7 has consistently ranked first for sedan sales above 0.2 million, first among new force cars, and first for large and medium-sized pure electric sedan sales.

The Xiaomi SU7 has also brought significant changes to the user base of Xiaomi. The proportion of female users and Apple users has continued to increase. Xiaomi Autos, with its powerful technology spillover and brand momentum effect, is deepening the recognition of Xiaomi's high-end brand, helping all categories of high-end products break through.

Xiaomi's high-end Smart Phones have once again achieved a milestone breakthrough, with its market share in the high price segment reaching a new high. According to third-party data, in 2024, in mainland China, the shipment volume of Xiaomi's high-end Smart Phones accounted for 23.3% of the overall Smart Phone shipment volume, with a market share of 24.3% in the 4000–5000 yuan price range, ranking first; the market share in the 5000–6000 yuan price range has risen to 9.7%, an increase of 1.3 percentage points year-on-year.

After the launch of the Xiaomi 15 series, sales performance has been strong, with sales surpassing 1 million units at a faster speed than the previous generation. The newly released Xiaomi 15 Ultra combines a century of optical legacy from Leica with Xiaomi's peak technological strength, redefining the 'Ultra' standard and aiming to penetrate the price segment above 6000 yuan, with strong sales performance globally. On March 3, the official launch day in the Chinese market, the sales of Xiaomi 15 Ultra increased by over 50% compared to the previous generation during the same period; in overseas markets, the pre-sale volume doubled compared to the previous generation; during the stable sales period in the Chinese market, the sales of Xiaomi 15 Ultra were approximately double that of the previous generation.

Benefiting from the promotion of the high-end strategy across all categories, Xiaomi's IoT and lifestyle Consumer products business achieved an annual revenue breakthrough of over 100 billion yuan for the first time, with the smart home appliances performing particularly brightly, with sales of Refrigerators and Washing Machines reaching record highs. During this period, Xiaomi launched popular products such as the air outlet design Mi Air Conditioner and the dual-zone washing and drying Mi Washing Machine, which are favored by consumers and lead the industry in high-end product innovation.

In 2025, Xiaomi will fully enter the ultra-high-end market and make another significant impact on the market. On February 27, the Xiaomi SU7 Ultra was officially released, redefining the new standards for luxury cars, with technology closely following Tesla, performance rivaling Porsche, and luxury comparable to BBA. Within 10 minutes of sale, orders for over 6900 units were placed. In 2 hours, orders surpassed 0.01 million units. In 3 days, orders exceeded 0.019 million units, with locked orders exceeding 0.01 million units, achieving the annual target ahead of schedule. Among the first batch of car owners, the majority are aged 30-35, with the proportion of female owners close to 20% and continuing to rise. Traditional luxury car replacement users (BBA, Porsche, Ferrari, etc.) account for 80-90%.

In addition to the Xiaomi SU7 Ultra and Xiaomi 15 Ultra, at the beginning of 2025, Xiaomi will also launch ultra-high-end products for Air Conditioners—the MiCentral Air Conditioner Pro—and directly target the industry-leading benchmark Daikin Air Conditioner, making a strong push towards the industry's peak, fully demonstrating Xiaomi's determination for high-end strategy in the home appliance sector.

The series of breakthroughs in Xiaomi's high-end products is strongly supported by its R&D capabilities. Focusing on the "new decade goals" from 2020 to 2030, Xiaomi Group's R&D investment intensity is steadily increasing: by 2024, R&D expenditure will reach 24.1 billion yuan, a year-on-year increase of 25.9%, and the total number of R&D personnel will rise to 21,190; the accumulation of intellectual property results is ongoing, and by the end of 2024, Xiaomi has obtained over 0.042 million global patents, with more than 1000 authorized patents in the automotive field, accelerating the advancement towards becoming a global leader in hardcore Technology.

Xiaomi is firmly committed to deeply cultivating core technologies. Following the super factories for mobile phones and Autos, Xiaomi is constructing its first smart home appliance factory. Thus, Xiaomi has completely built a self-researched and self-produced closed loop for the "human-car-home ecosystem," achieving full-chain independent control from R&D to manufacturing for high-end products, providing strong support for product quality and strategic layout, and laying a solid foundation for Xiaomi's next round of explosive growth.

AI fully empowers the ecosystem. Authoritative institutions are firmly bullish about Xiaomi's future.

At the beginning of 2025, Xiaomi Group emphasized at a high-end strategic seminar that high-end development is a test and proof of Xiaomi's strength, capabilities, and values, and is the necessary path for Xiaomi to truly become a global leader in the next generation of hard-core technology. Xiaomi clearly defines its future high-end development direction as evolving from high-end fundamentals to true high-end and then to super high-end; extending from smartphones and automobiles to all categories, and ultimately to a complete ecosystem; expanding from China to the global market.

Xiaomi has already sounded the horn for high-end development in the next five years. Under the new round of deepening high-end strategy, AI plays an important role. Xiaomi has officially disclosed that among the annual R&D investment of 30 billion yuan in 2025, one quarter will be allocated to AI-related research and development. Xiaomi will fully empower various business sectors of the 'people, vehicles, and home ecosystem' through AI.

AI technology has been fully implemented in Xiaomi's high-end products, significantly enhancing user experience and fully stimulating the vitality of Xiaomi's ecosystem.

Xiaomi's automobile has achieved a comprehensive upgrade in AI technology. The smart automobile is equipped with self-developed AI chassis technology to enhance driving performance, and the smart cockpit system realizes five audio sources with immediate response. The self-developed large voice model achieves an external wake-up defense function to safeguard parking safety. At the same time, Xiaomi's smart driving has reached a new level. By the end of 2024, Xiaomi automobiles will have accumulated smart driving mileage exceeding 0.1 billion kilometers. At the beginning of 2025, with the end-to-end full-scene intelligent driving (HAD) function of Xiaomi HyperOS 1.5.5 being progressively pushed to all users, Xiaomi's smart driving will enter the industry's top tier.

Xiaomi's smart phone AI experience is also becoming richer and more comprehensive. The Xiaomi 15 Ultra continues to explore the most advanced communication technologies, equipped with the Xiaomi Star Communication System, achieving deep synergy between software and hardware with stronger antenna hardware and an all-capable AI communication algorithm, challenging the strongest signals across all scenarios. The Xiaomi 15 series features the newly upgraded Xiaomi AI large model computing photography platform 2.0, which cleverly combines algorithms with optics, achieving a comprehensive computing power of 80 TOPS per second, an 82% speedup in algorithms, significantly improving shooting quality and providing users with a better photography experience.

In addition, Xiaomi's Surge OS 2 achieved a leap-forward upgrade in 2024, bringing cross-device intelligent connectivity and AI experience to global Xiaomi users through three core technological innovations: Hyper Core, Hyper Connect, and Hyper AI. As of October 2024, the cross-device intelligent connectivity technology of Surge OS has connected over 1 billion devices worldwide. The edge-cloud AI subsystem equipped with Surge OS 2 fully integrates the edge-cloud large model matrix, multi-device edge perception, and cross-device execution capabilities, including features such as AI writing, AI sound recognition, AI subtitles, and more AI functionalities like AI Smart Drawing available on Xiaomi tablets.

Xiaomi has upgraded its second-generation MiLM2 model, which averages over a 45% improvement across ten key capability dimensions, particularly excelling in abilities crucial for smart assistants such as instruction following, translation, and casual conversation. The MiLM2 model can deeply integrate with various Xiaomi smart devices, fully empowering the "human-vehicle-home ecosystem" Global Strategy, achieving seamless connections across multiple scenarios. Currently, the MiLM2 has been applied in Xiaomi's Surge OS, Xiao Ai, smart cockpit, and smart customer service.

Thanks to the support of AI technology, Xiaomi's ecosystem is bursting with strong vitality. By the end of 2024, the number of IoT devices connected to the Xiaomi AIoT platform (excluding smart phones, tablets, and laptops) will exceed 0.9 billion for the first time, with a year-on-year growth of 22.3%; the number of users with five or more devices connected to the AIoT platform (excluding smart phones, tablets, and laptops) exceeds 18.3 million, with a year-on-year growth of 26.1%; the monthly active users of the Mi Home app have increased by 17.5% year-on-year to over 0.1 billion; and the monthly active users of Xiao Ai exceed 0.137 billion, with a year-on-year growth of 12.0%.

Authoritative Institutions remain bullish on Xiaomi's leading advantages and development potential. Recent Research Reports from institutions such as Morgan Stanley and Goldman Sachs indicate that Xiaomi is reconstructing the connection efficiency of the "human-vehicle-home ecosystem" through AI. Its technological depth and ecosystem synergy have formed a unique moat, and it is expected that the ecological layout empowered by AI may release greater-than-expected incremental space, continuously validating Xiaomi's long-term value as a "leader in the technology ecosystem."

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