Xiaomi’s “Human x Car x Home” Strategy Drives Record-Breaking 2024 with 35% Revenu
Xiaomi achieved outstanding results in 2024 driven by its “Human x Car x Home” strategy, while the company reported a record high revenue of RMB 365.9 billion, witnessing a 35% YoY increase. Its adjusted net profit also saw growth, reaching RMB 27.2 billion while growing 41.3% YoY. The growth was mainly supported by the strong performance across segments like smartphones, IoT and lifestyle products, internet services, and the emerging EV sector. Xiaomi’s global smartphone shipment also secured the third position globally with a significant 13.8% market share. Xiaomi’s smart large home appliance shipments also grew while the global tablet shipment has been steadily inceasing.
Top Gainers and Emerging Sectors:
- Smart EV and Other New Initiatives: This sector showed substantial growth, with revenue reaching RMB 32.8 billion. Xiaomi successfully delivered 136,854 vehicles in 2024 and aims for over 350,000 deliveries in 2025.
- IoT and Lifestyle Products: This segment also performed strongly, with revenue reaching RMB 104.1 billion, a 30.0% YoY increase. Notably, smart large home appliances experienced robust growth, with refrigerator, washing machine, and air conditioner shipments increasing by over 30%, 45%, and 50% year-over-year, respectively. Global tablet shipments saw the fastest growth among the top 5 vendors at 73.1% YoY.
- Internet Services: This sector achieved a revenue of RMB 34.1 billion, up 13.3% YoY, with advertising revenue reaching RMB 24.7 billion, a 20.5% increase. Overseas internet services revenue also grew significantly.
Performance Over the Years:
- Total Revenue: Xiaomi’s total revenue has shown consistent growth, increasing from RMB 271.0 billion in 2023 to RMB 365.9 billion in 2024.
- Smartphone Shipments: Global smartphone shipments reached 168.6 million units in 2024, up from 146.1 million in 2023.
- R&D Expenses: Xiaomi’s investment in Research and Development has been steadily increasing, with expenses expected to exceed RMB 100 billion from 2021 to 2025. In 2024 alone, R&D expenses reached RMB ~30.0 billion.
- Adjusted Net Profit: Adjusted net profit has also seen significant growth, increasing from RMB 19.3 billion in 2023 to RMB 27.2 billion in 2024.
Revenue Breakdown (2024):
- Smartphone x AIoT:RMB 333.2 billion
- Smartphones: RMB 191.8 billion
- IoT and Lifestyle Products: RMB 104.1 billion
- Internet Services: RMB 34.1 billion
- Smart EV and Other New Initiatives: RMB 32.8 billion
New Products Launched:
- Xiaomi 15 Ultra: A flagship smartphone focused on photography, featuring an AI-Powered Portrait system, LM Platform 2.0, Leica UltraPure System, Leica 1-inch Main Camera, and Leica 200MP Ultra Telephoto. It was launched in Mainland China in February 2025 and overseas markets in March 2025.
- Mijia Central Air Conditioner Pro: Features Level 1+ Energy Efficiency and supports Xiaomi HyperOS Connect. Launched in Mainland China in February 2025.
- Xiaomi Buds 5 Pro: Launched in Mainland China in February 2025, featuring dual-amplifier coaxial triple drivers, independent recording 2.0, face-to-face translation, and simultaneous interpretation.
- Xiaomi SU7 Ultra: An electric vehicle with impressive specifications including 1.98s 0-100 km/h acceleration and >359km/h top speed. It was officially delivered starting in March 2025. The Xiaomi YU7 is expected to officially launch in mid-2025.
Future Aspirations:
- Targeting over 350,000 vehicle deliveries in 2025.
- Expanding the EV sales network, aiming for over 400 stores.
- Continuously evolving autonomous driving capabilities, with the launch of the Pioneer Version of City NOA nationwide and the initiation of the HAD solution nationwide in 2025.
- Expanding new retail stores, aiming for approximately 10,000 stores.
- Continuing to advance the smartphone premiumization strategy.
- R&D expenses are expected to exceed RMB 100 billion from 2021 to 2025, indicating a strong focus on innovation.
- Establishing Mi Homes overseas in the next five years.