Xiaomi has just released its fully audited financial report for Q4 2024, revealing some eye-catching figures beyond expectations. The Chinese tech giant has achieved its highest-ever quarterly revenue, marking a significant milestone in its financial journey.
At the forefront of this announcement, Xiaomi proudly states that it has exceeded CNY100 billion (US$18.46 billion) in revenue for a single quarter for the first time. This figure far surpasses its projections. For 2024, the company reported a total revenue of CNY365.8 billion, reflecting a remarkable 35% growth compared to 2023.
While Xiaomi’s electric vehicle (EV) business contributed to its growth, the primary driver behind this financial success lies elsewhere. Here are the key highlights from Xiaomi’s latest report.
Smartphones remain Xiaomi’s biggest revenue source
Xiaomi’s financial report shows that smartphones were its leading revenue stream in 2024. The company reported CNY191.8 billion in revenue from global smartphone sales, marking a 21.8% increase from the previous year. This means that smartphones accounted for 52% of Xiaomi’s total revenue in 2024.
One of the standout moments in the report was the launch of the Xiaomi 15 Ultra. Xiaomi highlighted that the Xiaomi 15 Ultra, launched in early 2025, recorded a 50% higher sales volume on its debut day than its predecessor. However, these sales were not included in the Q4 2024 figures, suggesting that Xiaomi anticipates strong numbers for Q1 2025.
The company also cited data from market research firm Canalys, stating that Xiaomi has maintained a top-three position in global smartphone shipments for 18 consecutive months. In Mainland China, Xiaomi’s market share grew to 15.8% in Q4 2024, a 3% increase from the same quarter in 2023.
EVs boost Xiaomi’s brand image and expansion into new categories
Despite the excitement around Xiaomi’s electric vehicles, they were not the primary revenue driver. However, the company credits its EV lineup for elevating its brand perception, making it more appealing across different product categories. This aligns with Xiaomi’s long-term strategy, dubbed “Human x Car x Home,” which focuses on integrating smart devices, vehicles, and home appliances into a connected ecosystem.
In 2024, Xiaomi’s EV business generated CNY32.8 billion in revenue. In Q4 alone, the company shipped 69,697 units of its Xiaomi SU7 series EVs. Additionally, Xiaomi reported that 19,000 ultra-premium SU7 Ultra cars were pre-ordered, with over 10,000 locked in within the first three days. Looking ahead, Xiaomi aims to deliver 350,000 EVs in 2025.
The company’s success in the EV sector has encouraged it to explore other premium product segments. One of its upcoming launches in 2025 is the Mijia Central Air Conditioner Pro, a high-end air conditioning system designed for smart homes. However, this product is not yet available in Singapore.
Smart home appliances reach CNY100 billion in revenue for the first time
Xiaomi’s smart home, lifestyle, and IoT product segments grew significantly. In 2024, revenue from these categories increased by 30% year-on-year, reaching CNY104.1 billion. Xiaomi’s gross profit margin also hit a record high of 20.3%.
One key highlight in this sector was Xiaomi’s global tablet shipments, which grew by an impressive 73.1% year over year, according to Canalys.
Xiaomi is also increasing its investment in research and development (R&D). In 2024, the company raised its R&D spending by 25.9% compared to the previous year. It currently employs around 21,190 R&D personnel worldwide.
Xiaomi holds around 42,000 patents globally, with approximately 1,000 patents explicitly related to its EV business. While the company has not provided specific details on where its increased R&D investments are directed, it reaffirmed its commitment to its “Human x Car x Home” strategy. This suggests that Xiaomi will continue to focus on smartphones, EVs, and smart home appliances as its core business pillars in the coming years.
