Xiaomi's 2024 Financial Report Shines, with Multiple Businesses Driving High Growth

On March 18, 2025, Xiaomi Group officially released its 2024 financial report, which was notably impressive. The annual total revenue reached 3,659 billion yuan, marking a significant year-over-year increase of 35.0% and setting a new historical record. From a quarterly perspective, the fourth quarter of 2024 was particularly outstanding, with revenue reaching 1,090 billion yuan, a year-over-year increase of 48.8%. This quarter saw the fastest year-over-year growth since the second quarter of 2021, with revenue exceeding the 1,000 billion mark for the first time.

In terms of specific business segments, the smartphone business generated an annual revenue of 1,918 billion yuan, up 21.8% year-over-year, with global shipments reaching 1.69 billion units. Xiaomi maintained its position as the third-largest smartphone manufacturer globally, with shipments increasing by 15.7% year-over-year. This achievement is attributed to Xiaomi's continuous investment in technological research and product innovation, which has led to the release of more competitive phone models that cater to diverse consumer needs. The IoT and lifestyle consumer products business also made significant strides, with revenue reaching 1,041 billion yuan, surpassing the 1,000 billion threshold for the first time and growing by 30.0% year-over-year. Xiaomi's smart home ecosystem has become increasingly comprehensive, with numerous smart home appliances and lifestyle products gaining widespread consumer popularity, further solidifying Xiaomi's leading position in this sector. The internet services business generated an annual revenue of 341 billion yuan, up 13.3% year-over-year, by continuously optimizing user experiences and expanding service offerings to provide a rich variety of internet services, contributing stable income to the group. Additionally, the highly anticipated innovative businesses, such as smart electric vehicles, achieved remarkable results with total revenue reaching 328 billion yuan. Xiaomi's first car, the Xiaomi SU7 series, saw annual deliveries of 137,000 units, exceeding the annual sales target and demonstrating Xiaomi's strength and potential in the smart electric vehicle market, laying a solid foundation for future growth.

---