Xiaomi Reports Record-Breaking Growth in 2024, Surpassing Market Expectations
March 22, 2025Xiaomi Corporation (stock code: 1810), a leading consumer electronics and smart manufacturing company has announced its audited financial results for 2024, showcasing remarkable growth across all business segments.
For the first time, Xiaomi’s quarterly revenue exceeded RMB100 billion (approx. RM65.2 billion) in Q4 2024, with both full-year and quarterly performances surpassing estimates. Total revenue for the year surged 35.0% year-over-year (YoY) to RMB365.9 billion (approx. RM238.5 billion), while adjusted net profit soared 41.3% YoY to RMB27.2 billion (approx. RM17.7 billion). In Q4 alone, revenue hit RMB109.0 billion (approx. RM71.1 billion), a 48.8% increase YoY, while adjusted net profit jumped 69.4% to RMB8.3 billion (approx. RM5.4 billion), far exceeding market expectations.
“Human x Car x Home” Ecosystem Fuels Growth Across All Sectors
Xiaomi’s strategic focus on its “Human x Car x Home” ecosystem has driven strong growth in 2024 across smartphones, electric vehicles (EVs), and smart home appliances.
- Smartphone Revenue: Up 21.8% YoY to RMB191.8 billion (approx. RM125.1 billion).
- Smart EV & New Initiatives: Revenue surged to RMB32.8 billion (approx. RM21.4 billion), exceeding multiple targets.
- IoT & Lifestyle Products: Revenue climbed 30.0% YoY to RMB104.1 billion (approx. RM67.9 billion), with record-breaking shipments of air conditioners, refrigerators, and washing machines.
Xiaomi Expands into the Ultra-Premium Market in 2025
Building on its momentum, Xiaomi is entering the ultra-premium segment with the Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro.
- The Xiaomi 15 Ultra saw sales jump over 50% on launch day (March 3) in mainland China compared to its predecessor.
- The Xiaomi SU7 Ultra, launched on February 27, quickly surpassed 10,000 locked-in orders, hitting its full-year target ahead of schedule.
Xiaomi Leads Global Smartphone Market Growth
In 2024, Xiaomi’s smartphone shipments hit 168.5 million units, a 15.7% YoY increase, making it the largest contributor to industry growth.
According to Canalys, Xiaomi has maintained a top-three global ranking for 18 consecutive quarters, with a 13.8% market share. In mainland China, its smartphone market share rose by 3.0 percentage points YoY to 15.8% in Q4, marking four straight quarters of growth.
Xiaomi also made major strides in the premium segment:
- RMB3,000+ (approx. RM1,960+) segment: Market share hit 23.3%.
- RMB4,000–5,000 (approx. RM2,610–RM3,270) segment: Xiaomi ranked No.1 with a 24.3% share.
- RMB5,000–6,000 (approx. RM3,270–RM3,920) segment: Market share climbed to 9.7%, up 1.3 percentage points YoY.
Xiaomi SU7 Series Reshapes EV Market
The Xiaomi SU7 Series made a strong debut, delivering 136,854 units within nine months. In Q4 alone, deliveries reached 69,697 vehicles, surpassing Xiaomi’s targets ahead of schedule.
The SU7 is attracting new demographics, particularly female and Apple users, strengthening Xiaomi’s premium brand positioning. With the SU7 Ultra’s strong pre-order demand—over 19,000 pre-orders and 10,000 locked-in orders within the first three days—Xiaomi is set to make a big impact in the premium EV segment.
In 2025, Xiaomi aims to deliver 350,000 EVs, supported by 200 smart EV sales centers across 58 cities in mainland China.
IoT Business Surpasses RMB100 Billion for the First Time
Xiaomi’s IoT and lifestyle products hit a major milestone, generating RMB104.1 billion (approx. RM67.9 billion) in revenue, up 30.0% YoY.
- Air conditioner shipments: Up 50% YoY, exceeding 6.8 million units.
- Refrigerator shipments: Up 30% YoY, surpassing 2.7 million units.
- Washing machine shipments: Up 45% YoY, reaching 1.9 million units.
Xiaomi also strengthened its global position in tablets and wearables:
- Tablet shipments: Up 73.1% YoY, ranking No. 5 globally and No. 3 in China.
- Wearable bands: Ranked No. 2 globally and in China.
- TWS earbuds: Ranked No. 1 in China.
Internet Services Reach Record Highs
Xiaomi’s internet services business grew 13.3% YoY to RMB34.1 billion (approx. RM22.2 billion), with a high 76.6% gross profit margin.
Its user base also expanded significantly, with global monthly active users (MAU) surpassing 700 million, up 9.5% YoY. In mainland China, MAU hit 172.9 million, up 11.1% YoY.
AI & R&D Investments Drive Future Growth
Xiaomi’s rapid growth is fueled by strong R&D investments. In 2024:
- R&D expenses rose 25.9% YoY to RMB24.1 billion (approx. RM15.7 billion).
- R&D personnel increased to 21,190.
- Over 42,000 patents worldwide, including 1,000+ EV-related patents.
AI continues to be a core focus. Xiaomi launched HyperOS 2 in October 2024, integrating HyperCore, HyperConnect, and HyperAI, enhancing connectivity and AI capabilities across smartphones, EVs, and smart home devices.
With AI driving its “Human × Car × Home” strategy, Xiaomi is poised for another year of strong growth in smartphones, EVs, and smart home appliances.
