Big news from Xiaomi! They’ve just dropped their audited consolidated results for the year ending December 31, 2024, and it’s looking impressive! For the first time ever, Xiaomi’s quarterly revenue soared past RMB100 billion in Q4 2024! Both the full-year and fourth-quarter figures smashing expectations. Overall, total revenue climbed a whopping 35.0% year-over-year to RMB365.9 billion. On the other hand, adjusted net profit jumped by 41.3% YoY to reach RMB27.2 billion. In just Q4, Xiaomi pulled in RMB109.0 billion in revenue—up 48.8% YoY—and adjusted net profit skyrocketed 69.4% to RMB8.3 billion, well above market forecasts.
What’s fueling this growth? Xiaomi is riding high on the “Human x Car x Home” smart ecosystem, which has sent all its business segments into high gear. From smartphones, electric vehicles (EVs), and smart large home appliances, all have seen stellar growth. Smartphone revenue alone shot up 21.8% to RMB191.8 billion while revenue from new initiatives like smart EVs hit RMB32.8 billion, surpassing growth targets. And let’s not forget about IoT and lifestyle products—revenue jumped 30.0% YoY to RMB104.1 billion, with record shipments of air conditioners, refrigerators, and washing machines!
In 2025, Xiaomi is gearing up for a serious power move in the ultra-premium market. They’ve just unveiled the Xiaomi 15 Ultra, the Xiaomi SU7 Ultra, and the Mijia Central Air Conditioner Pro. On launch day in mainland China (March 3), sales for the Xiaomi 15 Ultra soared more than 50% compared to the previous model, while orders for the SU7 Ultra surpassed 10,000 before the first week was even out! Talk about strong momentum!
Xiaomi is the Largest Contributor to the Smartphone Industry’s Growth
When it comes to smartphones, Xiaomi isn’t slowing down. They racked up a total of RMB191.8 billion in smartphone revenue, marking a 21.8% increase YoY. Global smartphone shipments hit 168.5 million units, up 15.7%, solidifying Xiaomi as a leading force in the industry. In fact, for 18 consecutive quarters, they’ve ranked among the top three smartphone manufacturers worldwide, boasting a 13.8% market share! Plus, their market share in mainland China rose by 3 percentage points YoY to 15.8%, a solid four quarters of growth.
Xiaomi’s premiumization strategy is paying off, too. Their market share in the premium segment is at an all-time high, with significant gains across various price ranges. In the RMB3,000 segment, their share rose to 23.3%, and in the RMB4,000 to RMB5,000 segment, it soared to 24.3%, making them the top player in that space!
More Than Just Phones
Let’s talk about the Xiaomi SU7 Series, the company’s first smart EV. It launched with a bang, delivering 136,854 vehicles in just nine months. Revenue from EVs and other new initiatives reached RMB32.8 billion, with Q4 alone contributing RMB16.7 billion. The pace of deliveries picked up tremendously in Q4, with 69,697 vehicles delivered, blowing past targets. Notably, the SU7 is attracting not just any customers, but also a strong following among women and Apple users, elevating Xiaomi’s brand image.
The brand is also poised for big things in the ultra-premium EV market with the recent launch of the Xiaomi SU7 Ultra. Initial demand has been robust—pre-orders hit over 19,000 units within just three days! The goal for 2025? To deliver a whopping 350,000 units. Other EV companies better prepare better competition.
Smarter Appliances for a Smarter Home
In the smart home sphere, Xiaomi has officially stepped into the ultra-premium large home appliance market, launching the Mijia Central Air Conditioner Pro—designed to set new benchmarks for excellence.
On top of all this, Xiaomi’s IoT and lifestyle products business hit a major milestone, breaking the RMB100 billion revenue mark for the first time, with impressive growth across air conditioning, refrigeration, and washing machines. Shipments of these appliances are at record highs, with air conditioner shipments alone growing over 50% YoY!
In the world of tablets, Xiaomi maintained its strong growth momentum, with global tablet shipments rising by 73.1% YoY—secured that No. 5 spot worldwide and No. 3 in mainland China! They also lead the pack with wearable bands and TWS earbuds, ranking No. 2 and No. 1 in these categories within mainland China, respectively. Truly, the company is on the up and up when it comes to tech.
When it comes to internet services, Xiaomi’s revenue increased by 13.3% YoY, reaching RMB34.1 billion, with an impressive gross profit margin of 76.6%. The user base is expanding fast, too! In December 2024, global monthly active users (MAU) surpassed 700 million for the first time
At the end of the day, this tech company is cornering the market. At this rate, there won’t be much competition for the tech giant. It’s only a matter of time before the brand becomes associated with every household ecosystem and appliance.
Check out their newest Flagship Phone!
