Xiaomi's net profit in 2024 increased by 41.3% year-on-year, reaching a historical high, with a gross margin of 20.4% in Q4 for its automotive business. This year, it aims to achieve a delivery target of 350,000 units | Financial Report Insights

Xiaomi Group's Q4 revenue surpassed the 100 billion yuan mark for the first time in a single quarter, with a gross margin of 20.4% in its automotive business, aiming for a delivery target of 350,000 units this year. Lei Jun stated that this is the strongest annual report in Xiaomi's history.

The group announced a stock repurchase amount of HKD 3.7 billion for 2024, equivalent to 249.2 million shares.

On the 18th, Xiaomi released its Q4 2024 financial report:

1) Key Financial Data:

• Xiaomi Group's revenue for the fourth quarter reached 109.01 billion yuan, estimated at 104.38 billion yuan, a year-on-year increase of 48.8%, marking the first time a single quarter has surpassed the 100 billion yuan mark, setting a historical record.
• The net profit for the fourth quarter was 9.0 billion yuan, estimated at 5.25 billion yuan, a year-on-year increase of 90.4%.
• Operating profit was 8.89 billion yuan, estimated at 6.01 billion yuan, a year-on-year increase of 75.8%.
• The net cash generated from operating activities was 23.9 billion yuan.

For the entire year of 2024, Xiaomi Group achieved total revenue of 365.906 billion yuan, a year-on-year increase of 35.0%, with net profit reaching 23.578 billion yuan, a year-on-year increase of 34.9%. The group's adjusted net profit was 27.2 billion yuan, setting a historical high with a year-on-year increase of 41.3%.

2) Business Revenue Data:

• “Smartphone × AIoT” Segment: Revenue reached 92.3 billion yuan, a year-on-year increase of 26.1%, accounting for 84.7% of total revenue.
• Smartphone Business: Revenue was 51.3 billion yuan, a year-on-year increase of 16.0%, mainly due to the dual growth in smartphone shipments and average selling price (ASP).
• Smart Electric Vehicles and Innovative Business: Revenue reached 16.7 billion yuan, with smart electric vehicle deliveries reaching 69,697 units, a quarter-on-quarter increase of 75.2%.
• Internet Services: Revenue was 9.3 billion yuan, a year-on-year increase of 18.5%, with increased advertising revenue being the main contributing factor.

Core Business Performance Remains Strong, AIoT Ecosystem Continues to Expand

The “Smartphone × AIoT” business remains the backbone of Xiaomi's revenue, with 2024 revenue at 333.2 billion yuan, a year-on-year increase of 22.9%. Smartphone shipments reached 168.5 million units, a year-on-year increase of 15.7%, with a market share of 13.8%, ranking third globally.

Notably, the proportion of high-end smartphone shipments increased to 23.3%, indicating significant progress in Xiaomi's high-end brand strategy. Meanwhile, Xiaomi's market share in the smartphone segment priced between 4,000-5,000 yuan reached 24.3%, ranking first; in the 5,000-6,000 yuan price segment, the market share also reached 9.7% AIoT business revenue has surpassed 100 billion RMB for the first time, reaching 104.1 billion RMB, a year-on-year increase of 30.0%, with a gross margin of 20.3%. As of December 31, 2024, the number of IoT devices connected to the AIoT platform has reached 904.6 million, a year-on-year increase of 22.3%. This demonstrates the continuous expansion of Xiaomi's AIoT ecosystem and the growing recognition of smart home products by users.

Automotive business becomes a new growth engine, striving to achieve the goal of delivering 350,000 units

Innovative businesses such as smart electric vehicles are the biggest highlights of this financial report. The total revenue for the year 2024 reached 32.8 billion RMB, with automotive business revenue at 32.1 billion RMB. Xiaomi Group stated:

“In 2024, the delivery volume of the Xiaomi SU7 series reached 136,854 units. At the same time, we will expand production capacity to ensure delivery and strive to achieve the goal of delivering 350,000 Xiaomi vehicles in 2025.”

In the fourth quarter, the gross margin for the automotive business was 20.4%, with losses narrowing. The rapid development of Xiaomi's automotive sector has brought a new growth engine to the group and signifies the accelerated implementation of Xiaomi's "full ecosystem of people, vehicles, and homes" strategy.

In 2024, Xiaomi launched several intelligent driving technologies, including high-speed navigation assistance and urban navigation assistance, and introduced "Xiaomi Intelligent Driving" (Xiaomi HAD) based on visual language large models, achieving a full-scene intelligent driving experience from start to finish. Additionally, Xiaomi independently developed the super motor V8s, which has been mass-produced in the Xiaomi SU7 Ultra, with a motor speed of 27,200 rpm, further enhancing the vehicle's performance