Xiaomi announced its first quarter financial results for 2024. During this period, the company increased its adjusted net profit by 100.8 percent year-on-year to RMB 6.5 billion and broke a new record. Here are all the details…
Rise in the smartphone market! Electric car target is 100 thousand
Xiaomi’s total revenue increased by 27 percent compared to the same period of the previous year, reaching RMB 75.5 billion. With this result, the company has recorded double-digit revenue growth for two consecutive quarters. Xiaomi’s gross profit margin also increased by 2.8 percentage points to 22.3 percent in the first quarter of 2024 compared to the same period of the previous year.
Double-digit revenue growth in all three main business lines – smartphone, IoT and lifestyle products, and internet services – played a major role in the company’s success. In particular, strong performance in the smart electric vehicle sector played an important role in Xiaomi’s growth and enabled the results to exceed market expectations.
While Xiaomi is working on the Xiaomi 14T series and MIX Flip models, which are set to be introduced soon, the new devices have been spotted in the IMEI database...
The company reached a cash reserve of RMB 127.3 billion as of March 31, 2024. The company invested RMB 5.2 billion in research and development activities in the first quarter, up 25.4 percent year-on-year.
Driven by globalization and premiumization strategies, Xiaomi’s global smartphone sales increased 33.7 percent to 40.6 million units in the first quarter. The company thus recorded year-on-year growth for three consecutive quarters. Smartphone revenues also increased for the fourth consecutive quarter, reaching RMB 46.5 billion.
Xiaomi’s IoT and lifestyle products category set a historic record in the first quarter with revenues of RMB 20.4 billion, up 21 percent year-on-year. Gross margin in this category also reached a record high of 19.9 percent, up 4.1 percentage points year-on-year.
Xiaomi SU7, the company’s first smart electric vehicle, was officially launched on March 28, 2024. As of April 30, 88,63 finalized orders were received for the Xiaomi SU7 Series. As of May 15, a total of 10 thousand vehicles were delivered.
The company plans to open 219 sales stores in 46 cities and 143 service centers in 86 cities by the end of 2024. Confident in its electric vehicle production capacity, Xiaomi aims to deliver over 100 thousand vehicles for 2024. To achieve this goal, it started double shift production in June.
