Xiaomi (1810) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of RMB 365.9 billion in 2024, up 35% year-on-year, with adjusted net profit of RMB 27.2 billion, up 41.3%, and all business segments showing significant growth.

• Fourth quarter revenue exceeded RMB 100 billion for the first time, with quarterly adjusted net profit at an all-time high of RMB 8.3 billion.

• Global smartphone shipments ranked top three for 18 consecutive quarters, with 168.5 million units shipped in 2024, up 15.7% year-on-year and a 13.8% global market share.

• Smart EV business delivered 136,854 vehicles in 2024, with a target of 350,000 deliveries in 2025 and strong ramp-up plans.

• IoT and lifestyle products revenue hit RMB 104.1 billion, up 30% year-on-year, and internet services revenue reached RMB 34.1 billion, up 13.3%.

Financial highlights

• Gross profit margin for 2024 was 20.9%; smartphone margin at 12.6%, IoT and lifestyle at 20.3%, internet services at 76.6%.

• Q4 revenue reached RMB 109 billion, up 48.8% year-on-year.

• Operating expense ratio for core business declined to 12.6% in 2024.

• Adjusted net profit margin at 7.4% in 2024; adjusted net profit margin excluding EVs at 9.6%.

• Overseas internet services revenue grew 30% year-on-year, accounting for 32.2% of total internet services revenue.

Outlook and guidance

• Targeting delivery of 350,000 Smart EVs in 2025, with new model launches.

• R&D investment expected to reach RMB 30 billion in 2025, with AI accounting for about a quarter; cumulative R&D from 2021–2025 to exceed RMB 100 billion.

• Plans to expand to 20,000 retail stores in China and 10,000 overseas, with 500 overseas stores in 2025.

• Focus on high-end development across all product categories and further management system optimization.

• Continued investment in R&D and AI integration across products and operations.