Xiaomi Shatters Records with Innovative Ecosystem Growth in 2024

Xiaomi Shatters Records with Innovative Ecosystem Growth in 2024

Breaking Barriers with Exceptional Financial Milestones

Xiaomi is no stranger to rewriting the rules of the game, and 2024 proved to be its most impressive year yet. Reporting record-breaking annual revenue of RMB365.9 billion, the tech giant has solidified its position as a leader in the global technology landscape. For the first time in its history, Xiaomi’s quarterly revenue surpassed RMB100 billion, hitting RMB109 billion in Q4 2024—a stunning 48.8% year-on-year growth.

The Group’s adjusted net profit painted an equally remarkable picture, surging by 41.3% year-on-year to RMB27.2 billion for the full year. In Q4 alone, profits jumped 69.4% to RMB8.3 billion, far exceeding market expectations and reaffirming Xiaomi’s upward trajectory.

This record-breaking performance underscores the company’s successful expansion across multiple segments—smartphones, electric vehicles (EVs), and smart home appliances—anchored by the robust synergy of its “Human x Car x Home” smart ecosystem.

Smartphone Innovations Drive Premiumization

Smartphones continued to be Xiaomi’s crown jewel in 2024, with revenue reaching RMB191.8 billion, a 21.8% increase year-on-year. Global smartphone shipments surged by 15.7%, with a total of 168.5 million units sold, making Xiaomi the largest growth contributor to the global smartphone industry.

Xiaomi maintained its stronghold as a top-three smartphone brand globally, with an 18-quarter streak of dominance and a 13.8% market share, according to Canalys. In mainland China, the brand saw its market share climb to 15.8% by Q4 2024, marking four consecutive quarters of growth.

A major highlight of Xiaomi’s strategy has been its premiumization efforts, which have delivered significant results. Market share in the RMB3,000 segment rose to 23.3%, while the RMB4,000–RMB5,000 category saw Xiaomi top the charts with a 24.3% share. These milestones reflect a growing demand for Xiaomi’s premium offerings, as the brand continues to redefine value in higher-end markets.

The unveiling of the Xiaomi 15 Ultra in 2025 is expected to fuel further growth, with sales of the flagship device already surpassing its predecessor by 50% in just a few weeks. This momentum highlights Xiaomi’s ability to not only keep up with industry trends but to set new standards of excellence.

Accelerating the Future with Smart EVs

Xiaomi’s bold leap into the electric vehicle market has been nothing short of transformative. In 2024, the company’s first EV series, the Xiaomi SU7, delivered 136,854 vehicles within nine months of its launch, contributing to a staggering RMB32.8 billion in revenue.

Momentum picked up in Q4, with 69,697 units of the SU7 Series delivered, exceeding targets ahead of schedule. This strong debut has reshaped Xiaomi’s brand image, drawing in new user bases, particularly from female and Apple users. The premium EV segment is seeing a fresh contender in Xiaomi, with the February 2025 release of the Xiaomi SU7 Ultra. Pre-orders for this ultra-premium model exceeded 19,000 units within the first three days, cementing Xiaomi’s presence as an innovative force in the EV industry.

Looking ahead, Xiaomi has set its sights on delivering 350,000 EV units in 2025, supported by a growing network of 200 sales centers across 58 cities in mainland China. The company’s EV strategy not only expands its product portfolio but also strengthens its “Human x Car x Home” ecosystem, bringing seamless connectivity and smart solutions to consumers.

Scaling New Heights in Smart Home Appliances

Xiaomi’s IoT and lifestyle products division achieved a remarkable milestone in 2024, surpassing RMB100 billion in revenue for the first time. With a 30.0% year-on-year growth, this segment is quickly becoming a cornerstone of Xiaomi’s operations. The company’s focus on smart large home appliances has paid off handsomely, with record shipments of air conditioners, refrigerators, and washing machines.

Air conditioner shipments grew over 50% year-on-year, surpassing 6.8 million units. Refrigerator and washing machine shipments also reached new heights, growing over 30% and 45%, respectively. The launch of the Mijia Central Air Conditioner Pro in 2025 positions Xiaomi as a serious contender in the ultra-premium home appliance market. This flagship product is designed to set new industry benchmarks, further establishing Xiaomi’s premium credentials.

Beyond appliances, Xiaomi’s IoT ecosystem saw sustained growth, with global tablet shipments rising by 73.1% year-on-year, ranking No. 3 in mainland China. The brand also dominated the wearables and audio space, achieving the No. 1 spot for true wireless stereo (TWS) earbuds in China.

Internet Services and the Power of AI

Xiaomi’s internet services continued to deliver high margins in 2024, with revenue climbing to RMB34.1 billion, a 13.3% increase year-on-year. The gross profit margin reached an impressive 76.6%, driven by the company’s expanding user base.

Global monthly active users (MAUs) exceeded 700 million, a 9.5% year-on-year growth, while MAUs in mainland China reached 172.9 million, up 11.1%. These milestones reflect the growing appeal of Xiaomi’s integrated smart ecosystem, which connects users across devices and platforms.

Central to Xiaomi’s ecosystem strategy is its investment in artificial intelligence (AI). In 2024, R&D expenses rose to RMB24.1 billion, marking a 25.9% increase year-on-year. The launch of Xiaomi HyperOS 2 introduced advanced AI capabilities, enhancing cross-device connectivity and empowering the “Human x Car x Home” experience.

Xiaomi’s commitment to innovation extends across all sectors, with over 42,000 patents globally, including more than 1,000 EV-related patents. These achievements underscore Xiaomi’s dedication to pushing the boundaries of what’s possible in technology.

Redefining Excellence in 2025 and Beyond

As Xiaomi steps into 2025, its focus on premiumization, innovation, and ecosystem integration continues to set it apart. From record-breaking smartphone shipments to groundbreaking EV launches and smart home solutions, the company’s performance in 2024 provides a glimpse of an exciting future.

With strategic investments in R&D, a growing global user base, and an unwavering commitment to innovation, Xiaomi is not just keeping pace—it’s leading the charge.