Xiaomi's Q3 2024 Revenue Surges 30.5% Year-over-Year to 92.5 Billion RMB
Xiaomi has announced its revenue for the third quarter of 2024. The adjusted net profit reached 6.3 billion RMB, maintaining high levels from previous periods, while the company’s revenue for Q3 2024 reached 92.5 billion RMB, showing a 30.5% increase compared to the previous year. Xiaomi aims for global leadership in the latest technologies through sustainable investments.
Xiaomi Corporation, a consumer electronics and smart manufacturing company centered around smartphones and smart hardware connected with the Internet of Things (IoT) platform, has released its unaudited consolidated results for the three-month period ending September 30, 2024 ("Q3 2024" or "the Period"). The company’s quarterly revenue reached a new record level, marking strong growth for the third consecutive quarter. In Q3 2024, revenue reached 92.5 billion RMB, an increase of 30.5% compared to the previous year. Adjusted net profit stood at 6.3 billion RMB, maintaining its high levels from previous periods. Significant progress was made with the premiumization strategy, and the overall gross profit margin remained high at 20.4%. Xiaomi generated revenues of 47.5 billion RMB from smartphones, 26.1 billion RMB from IoT and lifestyle products, and 8.5 billion RMB from internet services. Revenue from the Smart Electric Vehicle (EV) and other new initiatives approached the 10 billion RMB milestone, amounting to 9.7 billion RMB. This growth underscores Xiaomi's "Human x Car x Home" smart ecosystem as a new growth driver, enabling the group to achieve record results.
In Q3, Xiaomi's cash reserves continued to show an upward trend, reaching a new high of 151.6 billion RMB as of September 30, 2024. During this year’s 11.11 shopping festival, Xiaomi's multichannel cumulative gross merchandise value surpassed 31.9 billion RMB, reaching a record level. The rapidly developing business segments of Xiaomi are strengthening its competitiveness, entering a new stage of development.
Xiaomi's smartphone market share in China increased for the third consecutive quarter. Global smartphone sales for Xiaomi reached 43.1 million units in Q3, representing a 3.1% increase compared to the same period last year. According to Canalys, Xiaomi retained its position among the top three global smartphone brands for the 17th consecutive quarter, with a 13.8% market share. Notably, in China's smartphone sales ranking, Xiaomi rose to fourth place, with market share increasing by 1.2 percentage points to 14.7% compared to the previous year.
In Q3, Xiaomi's smartphone revenues increased by 13.9% year-on-year, reaching 47.5 billion RMB. The company continued to make significant progress in its smartphone premiumization strategy. According to third-party data, Xiaomi's smartphones priced at 3,000 RMB and above accounted for 20.1% of total smartphone sales in China, representing a 7.9 percentage points increase compared to the previous year. By price segment, Xiaomi gained year-on-year market share across three smartphone price ranges in Q3 2024 in China. In the 3,000 - 4,000 RMB segment, Xiaomi's market share increased by 9.3 percentage points to 18.1%. In the 4,000 - 5,000 RMB segment, it rose by 9.7 percentage points to 22.6%. In the 5,000 - 6,000 RMB segment, the market share increased by 2.4 percentage points to 6.9%.
Xiaomi's premium smartphone series continues to show strong growth. The Xiaomi 15 Series reached a sales volume of 1 million units significantly faster than its predecessor. Since its launch, the series has consistently ranked among the bestsellers, setting new records in initial sales of flagship smartphones. During the 2024 11.11 shopping festival, it led both sales volume and revenue in the mainstream e-commerce platforms within the 4,000 - 5,999 RMB price segment.
In the IoT business segment, the gross profit margin reached a new peak with sales of air conditioners and washing machines increasing by over 50%. Xiaomi's IoT and lifestyle products segment maintained strong growth momentum in Q3, with revenue rising 26.3% year-on-year to 26.1 billion RMB, and the gross profit margin climbing to a record level of 20.8%, an increase of 2.9 percentage points compared to the previous year.
Xiaomi's ecosystem for IoT continues to grow in both volume and value, leveraging proprietary technologies to develop innovative products. Sales of refrigerators and washing machines reached record levels, while air conditioner sales surged to 1.7 million units, representing an over 55% increase year-on-year. Refrigerator sales increased by over 20% year-on-year, exceeding 810,000 units, while washing machine sales surpassed 480,000 units, marking an over 50% year-on-year increase.
According to Canalys, Xiaomi maintains its position as the fifth-largest in global tablet sales and holds the third spot in China. The company’s global sales of wearable products have shown an increase of over 50% year-on-year, with both smartwatch and TWS earbud sales reaching record levels.
As internet services revenue hits a new high, the gross profit margin remains robust. During the period, the internet services segment sustained rapid growth, increasing revenue by 9.1% year-on-year to 8.5 billion RMB, achieving a record level. The gross profit margin for internet services rose by 3.1 percentage points to 77.5%.
Xiaomi's user base continues to expand; both the global and China-based monthly active user counts have reached record levels. In September 2024, the global active user count rose by 10.1% year-on-year to 685.8 million, while the number of active users in China increased by 10.6% year-on-year to 167.9 million.
Xiaomi's EV business achieved a significant milestone as 100,000 vehicles were delivered, with smart vehicle revenue approaching 10 billion RMB. In Q3 2024, revenue from smart electric vehicles and other new initiatives reached 9.7 billion RMB, nearing the 10 billion RMB milestone, with a gross profit margin of 17.1%. Xiaomi continued to ramp up production, with deliveries of the Xiaomi SU7 Series reaching 39,790 vehicles during the quarter. By September 30, 2024, the company had delivered 67,157 vehicles in the SU7 Series.
In October 2024, the monthly deliveries of the Xiaomi SU7 Series exceeded 20,000 vehicles. Additionally, on November 13, 2024, Xiaomi achieved production of 100,000 vehicles and reached its delivery target by November 18, 2024. The company aims to deliver a total of 130,000 vehicles throughout 2024. Xiaomi's sales and service network is also rapidly expanding, with 127 smart electric vehicle sales centers located in 38 cities across China as of September 30, 2024, facilitating faster deliveries.
The Xiaomi SU7 Ultra prototype completed the Nürburgring Nordschleife lap challenge in October 2024, setting a record time of 6' 46"874, establishing the title of "World's Fastest Four-Door Car at Nürburgring Nordschleife." Pre-orders have opened for the mass-production Xiaomi SU7 Ultra, powered by a tri-motor system comprising two Xiaomi HyperEngine V8 and one Xiaomi HyperEngine V6. The Xiaomi SU7 Ultra can reach a maximum speed of 350 km/h. Priced at 814,900 RMB, preliminary orders for the Xiaomi SU7 Ultra reached 3,680 vehicles within the first 10 minutes. The official launch of the Xiaomi SU7 Ultra is scheduled for March 2025.
Xiaomi aims to become a global leader in the latest technologies. The company continues to invest sustainably in its core technologies and efforts to establish global leadership in emerging cutting-edge technologies. In Q3 2024, Xiaomi's research and development (R&D) expenditures amounted to 6 billion RMB, a 19.9% increase year-on-year. As of September 30, 2024, Xiaomi has 20,436 R&D personnel and has obtained over 41,000 patents worldwide. In 2024, the company’s announced 5G Standard Essential Patents ranked 8th globally in valid global patent families.
On November 14, 2024, Xiaomi EV introduced the smart chassis pre-research technology showcasing four core technologies: Xiaomi Full Active Suspension, Xiaomi Quad-HyperEngine, Xiaomi 48V Electric Mechanical Brake, and Xiaomi 48V SbW System. Moreover, Xiaomi’s smart driving system will roll out its pioneering version, which fully covers an end-to-end large model, renamed HAD, by the end of December 2024. To date, Xiaomi’s smart driving system has traveled over 75 million kilometers, with NOA constituting 81% of this distance, expanding coverage to 333 cities nationwide with the presence of the Xiaomi SU7. This represents a significant milestone in demonstrating Xiaomi's advancements in the smart driving sector. Starting October 30, 2024, Xiaomi SU7 Pro and Xiaomi SU7 Max gradually began to offer urban navigation assistance (Urban NOA), marking a new phase for Xiaomi's smart driving.
In October 2024, Xiaomi made a significant step towards establishing a comprehensive artificial intelligence ecosystem by officially launching Xiaomi HyperOS 2. Featuring three core technological innovations—HyperCore, HyperConnect, and HyperAI—HyperOS 2 offers a new and advanced experience in core functionality, inter-device smart connectivity, and AI interactions for global users.