Xiaomi's income up over 40 percent in 2024

Thanks to the growth recorded across its business units.

File photo: Xiaomi 14

Expanding into the ultra-premium market in 2025

Xiaomi Corporation has reported an adjusted net profit of CNY 27.2 billion or PHP 215.152 billion in 2024, up 41.3 percent from the previous year.

In 2024, Xiaomi said all its business segments entered a high-growth trajectory, driven by the robust synergy of the "Human x Car x Home" smart ecosystem. This led to growth in smartphones, EVs, and smart large home appliances.

The tech company's smartphone revenue reached CNY 191.8 billion or PHP 1.52 trillion, up 21.8 percent YoY. Its global smartphone shipments reached 168.5 million units, up 15.7 percent, making it the largest contributor to the industry’s growth. Canalys' 2024 data also showed that Xiaomi's smartphone shipments ranked among the top three globally for 18 consecutive quarters with a market share of 13.8 percent.

When it comes to transportation, Xiaomi's first smart EV, the Xiaomi SU7 Series, delivered 136,854 vehicles within nine months of its launch last year. Revenue from the smart EV and other new initiatives grew to CNY 32.8 billion or PHP 259.448 billion in 2024.

As of December 31, 2024, Xiaomi opened 200 smart EV sales centers across 58 cities in mainland China.

Meanwhile, Xiaomi's IoT and lifestyle products business generated a revenue of CNY 104.1 billion or PHP 823.431 billion, up 30.0 percent YoY. The smart large home appliances sustained a robust growth trajectory, with 2024 revenue surging 56.4 percent YoY. Shipments of air conditioners, refrigerators, and washing machines hit record highs, with air conditioner shipments growing more than 50 percent YoY to over 6.8 million units, refrigerator shipments increasing by more than 30 percent YoY to over 2.7 million units, and washing machine shipments up by more than 45 percent YoY to over 1.9 million units.

In 2024, Xiaomi's tablets sustained their strong growth momentum. According to Canalys, Xiaomi's global tablet shipments grew by 73.1 percent YoY, maintaining its No. 5 ranking globally and No. 3 in mainland China. Xiaomi's wearable bands shipments ranked No. 2 both globally and in mainland China, and TWS earbud shipments ranked No. 1 in mainland China.

For Xiaomi's internet services business, it recorded a 13.3 percent increase in revenue to CNY 34.1 billion or PHP 269.731 billion.

In 2024, Xiaomi's R&D expenses increased by 25.9 percent YoY to CNY 24.1 billion or PHP 190.631 billion, and the total number of R&D personnel increased to 21,190. As of the end of 2024, Xiaomi had obtained over 42,000 patents worldwide, including more than 1,000 patents in EV-related technologies.

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