BEIJING, China (Mar 2025) — Xiaomi Corporation reported record-breaking annual earnings for 2024, with revenue reaching RMB365.9 billion, a 35% year-over-year increase. The company also surpassed RMB100 billion in quarterly revenue for the first time in the fourth quarter, driven by strong sales in smartphones, electric vehicles, and smart home appliances.
Xiaomi’s adjusted net profit rose 41.3% year-over-year to RMB27.2 billion, while fourth-quarter revenue surged 48.8% to RMB109.0 billion. The company credited its “Human x Car x Home” ecosystem for driving growth across all business segments.
Smartphone revenue hit RMB191.8 billion, growing 21.8% year-over-year. The company shipped 168.5 million smartphones globally, capturing a 13.8% market share and ranking among the top three vendors worldwide for 18 consecutive quarters, according to Canalys. Xiaomi also expanded its premium market presence, with flagship models like the Xiaomi 15 Ultra seeing over 50% higher sales on launch day compared to its predecessor.
In the electric vehicle segment, Xiaomi delivered 136,854 units of its SU7 Series in just nine months. Revenue from smart EVs and other new ventures surged to RMB32.8 billion in 2024, surpassing expectations. The company plans to deliver 350,000 electric vehicles in 2025, led by the Xiaomi SU7 Ultra, which has already secured 10,000 locked-in orders.
Xiaomi’s smart home appliance business crossed the RMB100 billion revenue mark for the first time, with strong demand for air conditioners, refrigerators, and washing machines. Air conditioner shipments grew more than 50% year-over-year to 6.8 million units, while refrigerator and washing machine shipments rose by over 30% and 45%, respectively. The company also launched the Mijia Central Air Conditioner Pro as part of its premium home appliance expansion.
The company’s internet services business grew 13.3% year-over-year, generating RMB34.1 billion in revenue with a record-high 76.6% gross profit margin. Xiaomi’s global monthly active users (MAU) surpassed 700 million in December 2024, marking a 9.5% increase year-over-year.
R&D investment remained a priority, with Xiaomi spending RMB24.1 billion in 2024, a 25.9% increase from the previous year. The company focused heavily on AI and software innovation, unveiling Xiaomi HyperOS 2 with advanced AI-driven connectivity features.
With a strong foothold in smartphones, EVs, and smart home appliances, Xiaomi is setting the stage for continued growth in 2025. The company aims to expand its premium offerings and strengthen its smart ecosystem.
