Xiaomi has reported its financial performance for the fourth quarter of 2024, ending in December. Total revenue reached 109,005.2 million yuan, marking a 48.8% increase from the same period in the previous year. The net profit, in a Non-IFRS measure, stood at 8,316.2 million yuan, showing a significant 69.4% increase. These figures position Xiaomi as a company with revenue exceeding a hundred billion yuan in a single quarter.
The robust revenue growth of Xiaomi stems from all facets of its business. The primary contributor being the electric vehicle segment, which has newly emerged, accounting for a total revenue of 16,661.7 million dollars within the New Initiatives group, representing 15.3% of Xiaomi’s total revenue. The initial profit from the electric vehicle category amounts to 3,406.9 million yuan.
Xiaomi’s electric vehicles under the SU7 series delivered a total of 69,697 units in the fourth quarter, with an average price per unit of 234,322 yuan. Throughout the year 2024, a total of 136,854 units have been delivered. Notably, in February alone, deliveries surpassed 20,000 units per month, marking a significant achievement.
The smartphone business, a cornerstone of Xiaomi’s revenue stream, saw a total revenue of 51,310.8 million yuan, indicating a 16.0% increase. The number of devices delivered surged by 42.7 million units, while market share in China expanded by 15.8%, according to data from Canalys research firm. Additionally, the IoT and lifestyle product segments generated a total revenue of 30,867.9 million yuan, showing a remarkable 51.7% growth, driven by strong demand for large appliances like air conditioners, refrigerators, and washing machines.
TLDR: Xiaomi reported a record-breaking revenue and profit in the fourth quarter of 2024, driven by its electric vehicle segment, smartphone business, and IoT products, positioning the company as a key player in the market.
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