Robust Synergy of “Human x Car x Home” Smart Ecosystem Fuels Expansion in Ultra Premium Smartphones, EVs, and Smart Large Home Appliance Segments
Xiaomi Corporation (“Xiaomi” or the “Group”; stock code: 1810), a global leader in consumer electronics and smart manufacturing, has announced its audited consolidated results for the year ending December 31, 2024. The company achieved a historic milestone, surpassing RMB100 billion in quarterly revenue for the first time in Q4 2024. Both full-year and fourth-quarter performance exceeded market expectations, with total annual revenue rising 35.0% year-over-year (YoY) to RMB365.9 billion and adjusted net profit surging 41.3% YoY to RMB27.2 billion. In Q4 2024 alone, Xiaomi reported RMB109.0 billion in revenue, a 48.8% YoY increase, while adjusted net profit soared 69.4% to RMB8.3 billion.
Driving Growth Through the “Human x Car x Home” Smart Ecosystem
Xiaomi’s strong performance in 2024 was fueled by its “Human x Car x Home” smart ecosystem, which drove substantial growth across its business segments, including smartphones, electric vehicles (EVs), and smart home appliances.
- Smartphone revenue grew 21.8% YoY to RMB191.8 billion.
- Smart EV and new initiatives generated RMB32.8 billion, surpassing performance targets.
- IoT and lifestyle products saw a 30.0% YoY revenue increase, reaching RMB104.1 billion, with record-breaking shipments of air conditioners, refrigerators, and washing machines.
Expanding into the Ultra-Premium Market in 2025
Xiaomi is making bold strides into the ultra-premium market in 2025 with the launch of the Xiaomi 15 Ultra, Xiaomi SU7 Ultra, and Mijia Central Air Conditioner Pro. The Xiaomi 15 Ultra recorded a 50% increase in first-day sales compared to its predecessor, while locked-in orders for the Xiaomi SU7 Ultra have already exceeded 10,000 units, meeting the full-year target ahead of schedule.
Smartphone Leadership: Market Share Growth and Premiumization
Xiaomi continued its dominance in the global smartphone market, shipping 168.5 million units in 2024, marking a 15.7% YoY increase—the highest contribution to industry growth. According to Canalys, Xiaomi maintained its position among the top three global smartphone brands for 18 consecutive quarters, with a 13.8% market share.
In Q4 2024, Xiaomi’s smartphone market share in mainland China rose by 3 percentage points YoY to 15.8%, marking four consecutive quarters of growth. Additionally, the company made significant progress in premiumization, achieving record-high market share in the high-end segments:
- RMB3,000+ segment: 23.3% market share
- RMB4,000–5,000 segment: 24.3% market share (#1 ranking)
- RMB5,000–6,000 segment: 9.7% market share (up 1.3 percentage points YoY)
Xiaomi SU7 Series: Accelerating EV Growth
Xiaomi’s first smart EV, the Xiaomi SU7 Series, made a remarkable market entry in 2024, delivering 136,854 units within nine months. The company generated RMB32.8 billion in smart EV revenue, including RMB16.7 billion in Q4 alone. In just the fourth quarter, 69,697 vehicles were delivered, surpassing Xiaomi’s annual target ahead of schedule.
The Xiaomi SU7 Series is witnessing strong demand, particularly among female and Apple users, significantly reshaping Xiaomi’s brand image. The launch of the Xiaomi SU7 Ultra on February 27, 2025, marked Xiaomi’s deeper entry into the ultra-premium EV market, with pre-orders exceeding 19,000 units within three days and locked-in orders surpassing 10,000 units.
By year-end 2024, Xiaomi had established 200 smart EV sales centers across 58 cities in mainland China. The company aims to deliver 350,000 EVs in 2025.
IoT and Smart Appliances: Achieving RMB100 Billion in Revenue
Xiaomi’s IoT and lifestyle products business achieved a major milestone, exceeding RMB100 billion in revenue for the first time.
- Revenue: RMB104.1 billion (+30.0% YoY)
- Gross profit margin: 20.3% (record high)
- Smart large home appliances revenue growth: +56.4% YoY
- Air conditioner shipments: 6.8 million units (+50% YoY)
- Refrigerator shipments: 2.7 million units (+30% YoY)
- Washing machine shipments: 1.9 million units (+45% YoY)
Xiaomi’s tablet shipments grew 73.1% YoY, ranking No. 5 globally and No. 3 in China. The company also led in wearables, securing the No. 2 global rank in smart bands and No. 1 in TWS earbuds in mainland China.
Internet Services: Expanding User Base and High Profit Margins
Xiaomi’s internet services business continued to thrive, with revenue reaching RMB34.1 billion (+13.3% YoY) and a gross profit margin of 76.6% (+2.5 percentage points YoY).
The company’s global Monthly Active Users (MAU) base reached a record high in December 2024:
- Global MAU: 700 million (+9.5% YoY)
- Mainland China MAU: 172.9 million (+11.1% YoY)
AI and R&D: Strengthening Technological Leadership
Xiaomi’s success in premiumization is underpinned by its growing investments in R&D, with expenses rising 25.9% YoY to RMB24.1 billion. The company expanded its R&D team to 21,190 personnel and secured over 42,000 patents worldwide, including 1,000+ EV-related patents.
In October 2024, Xiaomi launched HyperOS 2, integrating HyperCore, HyperConnect, and HyperAI technologies for enhanced cross-device connectivity and AI capabilities. The new OS further strengthens Xiaomi’s “Human x Car x Home” strategy, fueling high growth across smartphones, EVs, and smart home devices.
Looking Ahead: Xiaomi’s Vision for 2025 and Beyond
With a record-breaking 2024 behind it, Xiaomi is poised for continued success in 2025. The company’s expansion into the ultra-premium market, strategic advancements in EVs, and continued innovation in AI and IoT reinforce its long-term vision. As Xiaomi continues to push technological boundaries, it remains committed to delivering high-quality, premium experiences across its entire product ecosystem.
