Xiaomi has reported a significant financial performance for Q1 2024, with adjusted net profit doubling year-over-year (YoY) to RMB6.5 billion.
The company’s total revenue reached RMB75.5 billion, marking a 27 percent YoY increase. This impressive growth was driven by the company’s robust strategy focusing on both scale and profitability, resulting in a gross profit margin of 22.3 percent, up by 2.8 percent points YoY.
Xiaomi’s smartphone segment saw substantial gains, with global shipments rising by 33.7 percent YoY to 40.6 million units. This surge contributed to a fourth consecutive quarter of revenue growth in this segment, hitting RMB46.5 billion. The gross profit margin for smartphones improved by 3.6 percent points YoY to 14.8 percent. Xiaomi maintained its position among the top three global smartphone vendors, boasting a 13.8 percent market share.
The company’s IoT and lifestyle products also achieved remarkable growth. Revenue from this segment increased by 21 percent YoY to RMB20.4 billion, with a record high gross profit margin of 19.9 percent. Sales of smart large home appliances were particularly strong, with air conditioner, refrigerator, and washing machine shipments increasing significantly YoY.
Xiaomi’s internet services recorded a revenue of RMB8.0 billion, up 14.5 percent YoT, and a gross profit margin of 74.2 percent. The company’s Monthly Active Users (MAU) reached new heights, with global MAU at 658.1 million and mainland China MAU at 160.4 million.
The debut of Xiaomi’s smart electric vehicle (EV), the Xiaomi SU7 Series, has been a significant milestone. Launched on March 28, 2024, the SU7 Series received substantial market attention, with orders reaching 88,063 vehicles by April 30 and deliveries hitting 10,000 units by mid-May. Xiaomi aims to deliver over 100,000 new vehicles in 2024, leveraging its robust production capabilities and expanding sales network.
Xiaomi’s continued investment in research and development, particularly in smart EV technology, underscores its commitment to innovation. With substantial advancements in autonomous driving technology, Xiaomi is poised to expand its influence in the EV market, aiming for a leadership position in cutting-edge technologies by 2030.
