Xiaomi Corporation has announced its unaudited consolidated results for the first quarter ended 31 March 2024, highlighting a strong financial performance. The company reported a 27% year-over-year (YoY) increase in total revenue, reaching RMB75.5 billion, and a record high adjusted net profit of RMB6.5 billion, a 100.8% YoY growth.

The company’s smart Electric Vehicle (EV) business and other new initiatives contributed RMB2.3 billion in expenses, signaling accelerated growth. Xiaomi’s gross profit margin rose to 22.3%, up by 2.8 percentage points YoY, driven by its strategic focus on scale and profitability.

Key Business Segments

Smartphones: Xiaomi shipped 40.6 million units globally, a 33.7% YoY increase, achieving RMB46.5 billion in revenue. The gross profit margin in this segment reached 14.8%, marking a 3.6 percentage points YoY increase. Xiaomi maintained its top three global smartphone shipment ranking for the 15th consecutive quarter with a 13.8% market share.

IoT and Lifestyle Products: Revenue from IoT and lifestyle products surged by 21.0% YoY to RMB20.4 billion, with a gross profit margin of 19.9%, up by 4.1 percentage points YoY. Notably, sales of smart large home appliances, including air conditioners, refrigerators, and washing machines, showed strong YoY growth.

Internet Services: This segment posted a record revenue of RMB8.0 billion, growing by 14.5% YoY, with a gross profit margin of 74.2%. Xiaomi’s global Monthly Active Users (MAU) reached 658.1 million, up 10.6% YoY, while MAU in mainland China hit 160.4 million, a 9.7% YoY increase.

Smart EV Business Expansion

Xiaomi’s smart EV, the Xiaomi SU7 Series, launched on 28 March 2024, has generated significant market enthusiasm. As of 30 April, the series had 88,063 locked-in orders and 10,000 vehicles delivered by 15 May. Xiaomi aims to deliver over 100,000 new vehicles in 2024, with plans to expand its production capacity and sales network.

R&D and Technological Innovation

Xiaomi’s commitment to innovation is evident in its Q1 2024 research and development expenses, which increased by 25.4% YoY to RMB5.2 billion. The company is advancing smart EV technology, including proprietary autonomous driving technologies, with plans to roll out City Navigate on Autopilot (NOA) across 10 cities in mainland China by the end of May 2024.

Xiaomi’s strategic investments in foundational technologies aim to position the company as a leader in cutting-edge innovations, supporting its long-term growth and market competitiveness.