Xiaomi Corporation, a leading consumer electronics and smart manufacturing company, has announced record revenue for the second quarter of 2024. The company reported revenue of RMB88.9 billion, marking a 32% year-on-year (YoY) increase. This is the third consecutive quarter in which Xiaomi has achieved double-digit growth, highlighting the company’s strong market performance.
Financial highlights
In Q2 2024, Xiaomi’s adjusted net profit reached RMB6.2 billion, a 20.1% YoY increase. The company’s overall gross profit margin was a robust 20.7%. Xiaomi’s core businesses—smartphones, IoT and lifestyle products, and internet services—continued to perform well, with revenues of RMB46.5 billion, RMB26.8 billion, and RMB8.3 billion, respectively. Additionally, the company’s smart electric vehicle (EV) business and other new initiatives contributed RMB6.4 billion in revenue, marking a new phase of rapid growth for Xiaomi.
Xiaomi’s cash reserves also saw significant growth, reaching RMB141 billion by the end of June 2024. These reserves provide a strong foundation for the company’s ongoing investment in both core and new business areas, supporting further growth and development. Xiaomi’s advances in artificial intelligence (AI) have played a key role in enhancing its product offerings and operational efficiency, particularly in the smartphone and smart EV sectors.
Smartphone and IoT performance
Xiaomi’s smartphone business saw impressive growth, with global shipments reaching 42.2 million units, up 28.1% YoY. According to Canalys, Xiaomi has remained among the top three global smartphone brands for 16 consecutive quarters, holding a 14.6% market share. Xiaomi’s expansion in international markets, especially in Latin America, Southeast Asia, the Middle East, and Africa, contributed significantly to this growth. In Latin America, Xiaomi ranked among the top two smartphone brands for the first time.
The company’s IoT and lifestyle products business also performed well, achieving record-high revenue of RMB26.8 billion, a 20.3% YoY increase. Xiaomi’s smart home appliances, particularly air conditioners, saw significant growth, with shipments increasing by over 40% YoY to more than 3.3 million units in Q2 2024. The company also saw substantial growth in shipments of other home appliances, including refrigerators and washing machines.
Xiaomi’s global tablet shipments doubled YoY, making it the fastest-growing tablet brand among the top five in terms of shipments. The company also performed well in the wearables and true wireless stereo (TWS) earbuds markets, ranking No. 3 globally in both categories.
Internet services and smart EV business
Xiaomi’s internet services business continued its strong performance, with Q2 2024 revenue reaching a record RMB8.3 billion, an 11% YoY increase. The company’s global monthly active users (MAU) reached 675.8 million in June 2024, an 11.5% YoY increase. In mainland China, MAU also grew by 10.1% YoY, reaching 164.4 million.
The company’s smart EV business also outperformed expectations, with over 27,000 Xiaomi SU7 Series vehicles delivered in Q2 2024. The company has ramped up production at its EV factory, initiating double-shift operations to meet its target of delivering 100,000 vehicles by November 2024. Xiaomi has opened 87 smart EV sales centres across mainland China to support this growth.
Xiaomi’s investment in AI continues to drive innovation across its “Human x Car x Home” smart ecosystem. In Q2 2024, the company invested RMB5.5 billion in research and development (R&D), a 20.7% YoY increase. AI technology has enhanced the company’s smartphone and smart EV offerings, contributing to Xiaomi’s growing presence in the premium market. In July 2024, Xiaomi unveiled its next-generation flagship foldable device, the Xiaomi MIX Fold 4, and its first compact foldable device, the Xiaomi MIX Flip, further solidifying its position in the high-end market.
