TMTPOST -- Xiaomi Corporation on Wednesday posted its best ever annual financial results, in which the CEO Lei Jun called “strongest annual report in history”, and became more upbeat on its electric vehicle (EV) business this year as a hypercar variant went on sale late February.

Credit：Xiaomi

Xiaomi’s revenue for the year 2024 increased 35% from a year ago to RMB365.9 billion (US$50.4 billion) and adjust net income surged 41.3% to RMB27.2 billion, both refreshing the annual record. Both top and bottom line for the quarter ended December 31 beat analysts’ projection. Revenue rose 48.8% year-over-year (YoY) to RMB109 billion, whereas analysts estimated sales would be RMB104.38 billion. That is Xiaomi sales for the first time top the RMB100 billion mark in a quarter, and recorded fastest revenue growth since 2021. Net income for the December quarter jumped 90.4% YoY to RMB9.0 billion, much more than the expectation of RMB5.25 billion.

In 2024, all of Xiaomi's business segments entered a high-growth trajectory, driven by the robust synergy of the “Human x Car x Home” smart ecosystem, the Beijing-based company said. It attributed stellar performance to remarkable growth in smartphones, EVs, and smart large home appliances.

Xiaomi’s core business smartphone hauled RMB191.8 billion in 2024, up 21.8% YoY, and the gross profit margin stood at 12.6%. The annual smartphone shipments gained 15.7% to 168.5 million units, making Xiaomi the largest contributor to the industry’ growth. According to Canalys, in 2024, Xiaomi’s smartphone shipments ranked among the top three globally for 18 consecutive quarters with a market share of 13.8%.

Smartphone revenue for the fourth quarter rose 16% YoY to RMB51.3 billion, driven by double-digit increase in shipments and the average sales price (ASP). That quarter saw Xiaomi's market share of smartphone shipments in mainland China increased by 3.0 percentage points YoY to 15.8%, marking its 4 consecutive quarters of market share growth.

Xiaomi's IoT and lifestyle products business hit a milestone in 2024, generating over RMB100 billion in revenue for the first time. Revenue from our IoT and lifestyle products reached RMB104.1 billion, up 30.0% YoY, and gross profit margin reached 20.3%, both hit record high. The smart large home appliances sustained a robust growth trajectory, with 2024 revenue surging 56.4% YoY. Shipments of air conditioners, refrigerators, and washing machines set new records, with air conditioner shipments grew more than 50% YoY to over 6.8 million units, refrigerator shipments increased by more than 30% YoY to over 2.7 million units, and washing machine shipments up by more than 45% YoY to over 1.9 million units.

The October to December period is Xiaomi’s third quarter to report sales of its EV business since the company launched its first EV model SU7 in last March and began delivery a month later. Revenue from the smart EV and other new initiatives grew to RMB32.8 billion in 2024, and nearly 51% out of it, or RMB16.7 billion came from the December quarter.

As of Dcember Deliveries of the SU7 Series exceeded the 10,000-unit milestone for a fourth straight month. Deliveries up pace in the fourth quarter, reaching 69,697 vehicles and bring the total deliveries to more than 135,000 units for the year. That means Xiaomi exceeded its upgraded target ahead of schedule. It revealed latest target of over 130,000 units in November for the entire year, raising the forecast for the third time since the launch of SU7 eight months ago.

Xiaomi in January said it aimed to deliver 300,000 units for 2025. The company on Tuesday revealed it has lifted annual target to 350,000 vehicles, representing an increase of 16.7% its previous target. Lei Jun the same day announced Xiaomi just completed delivery of the first 200,000 th EVs. The company noted it took 229 days to ship 100,000 units while just 110 days to double the delivery, highlighting acceleration of the delivery.   

Xiaomi launched its first luxury EV SU7 Ultra on February 27, marking a foray into the ultra-premium market. It said the new model aims to set new premium standards, and initial demand has been strong, with pre-orders exceeded 19,000 units and locked-in orders exceeded 10,000 units within the first 3 days after launch, achieving the annual target ahead of schedule.