Letztes Update: 04. Juni 2024
Xiaomi's Q1 2024 financial results reveal a net profit doubling YoY to 6.5B RMB. The company's revenue grew by 27%, driven by strong smartphone, IoT, and internet services performance. Xiaomi's strategic focus on premiumization and global expansion continues to pay off.
Xiaomi Corporation ("Xiaomi" or "Group") has released its unaudited consolidated financial results for the three-month period ending March 31, 2024 ("2024 Q1"). The company's quarterly revenue grew double digits year-over-year ("YoY") for two consecutive quarters. During this period, Xiaomi's total revenue reached 75.5 billion RMB, marking a 27 percent increase compared to the previous year. The adjusted net profit hit a record high, doubling year-over-year to 6.5 billion RMB. This figure includes 2.3 billion RMB in expenses related to the smart electric vehicle ("EV") business and other new initiatives, signaling accelerated growth.
Thanks to the efficient implementation of its core operational strategy, "Dual Focus on Scale and Profitability," Xiaomi's gross profit margin at the group level reached 22.3 percent in Q1 2024, an increase of 2.8 percentage points compared to the previous year. Xiaomi's diverse growth engines, combined with the robust performance of its smart EV business, have led to results that far exceeded market expectations.
Xiaomi's profitability in its core businesses remains solid in the long term. The abundant liquid assets allow the company to foster technological innovations and expand its smart EV business. As of March 31, 2024, Xiaomi Group's liquid assets amounted to 127.3 billion RMB. Research and development expenditures in the first quarter were 5.2 billion RMB, a 25.4 percent increase compared to the previous year, with numerous technological breakthroughs, particularly in smart EV technologies.
Driven by globalization and premium strategies, Xiaomi's global smartphone shipments in the reporting period increased by 33.7 percent year-over-year to 40.6 million units, marking the third consecutive quarter of annual growth. Smartphone revenue rose for the fourth consecutive quarter to 46.5 billion RMB. According to Canalys, Xiaomi maintained its position as the world's third-largest smartphone manufacturer for 15 consecutive quarters with a market share of 13.8 percent in Q1 2024.
During the reporting period, IoT and lifestyle products reached a historical high, with revenue increasing by 21.0 percent year-over-year to 20.4 billion RMB. The gross profit margin rose by a remarkable 4.1 percentage points year-over-year to 19.9 percent, setting a record high. Xiaomi continued to solidify its leading position in IoT product categories.
Xiaomi benefited from its strong market reputation, rich product portfolio, and exceptional user experience within the smart ecosystem, increasing its revenue from smart home appliances by more than 46 percent year-over-year. In the quarter, air conditioner shipments exceeded 690,000 units, a 63 percent increase; refrigerator shipments exceeded 530,000 units, a 52 percent increase; and washing machine shipments exceeded 360,000 units, a 47 percent increase, each year-over-year. Xiaomi's premium TV category also experienced continuous upgrades.
The growth momentum in all product categories remained strong. According to IDC, Xiaomi's global tablet shipments increased by 93 percent year-over-year. Additionally, Xiaomi made significant progress in the wearables sector. According to Canalys, TWS earbud shipments ranked first in mainland China and second globally.
During the reporting period, internet services achieved solid growth, with a record revenue of 8.0 billion RMB, a 14.5 percent increase compared to the previous year. The gross profit margin of internet services reached 74.2 percent. The company's global and mainland China-based monthly active users (MAU) reached new highs. In March 2024, global MAU reached 658.1 million, a 10.6 percent increase year-over-year, while mainland China MAU reached 160.4 million, a 9.7 percent increase year-over-year.
Xiaomi has actively built global partnerships. In the first quarter, revenue from overseas internet services reached a record 2.5 billion RMB, accounting for 31.2 percent of total internet service revenue.
The debut of Xiaomi's smart EV has generated enormous interest and quickly evolved into a new growth engine. Xiaomi's first smart EV, the Xiaomi SU7 series, was officially launched on March 28, 2024, completing the overall alignment of the Group's strategy "Human × Car × Home." Positioned as a high-performance and eco-friendly sedan, the Xiaomi SU7 series includes three models, with prices starting at 215,900 RMB. The official launch attracted broad market attention and led to strong order demand. By April 30, cumulative bound orders for the Xiaomi SU7 series reached 88,063 vehicles. As of May 15, at 10:00 AM Beijing time, cumulative deliveries reached 10,000 vehicles, setting a new industry record for the delivery speed of the first car model of a new brand.
Buoyed by the exceptional performance of the Xiaomi SU7 series, which exceeded market expectations, the Group aims to deliver over 100,000 new vehicles in 2024. This demonstrates its confidence in the series' competitiveness and production capacity. Xiaomi is ramping up efforts to expand production capacity by starting two-shift production in June to ensure timely delivery and expanding its sales and service network. The company plans for its sales and service network to include 219 sales stores in 46 cities and 143 service centers in 86 cities by the end of 2024.
As a technology company entering the EV manufacturing industry, Xiaomi aims to integrate smart features. Xiaomi is determined to achieve its new goal for 2020-2030, which is to invest in fundamental core technologies and become a global leader in the evolving field of cutting-edge technologies. In the first quarter of 2024, research and development expenditures amounted to 5.2 billion RMB, a 25.4 percent increase compared to the previous year. Xiaomi has made significant progress in smart EV technology, underpinning the continuous development of its smart EV.
For the Xiaomi Pilot Autonomous Driving, Xiaomi remains committed to full proprietary technology development. By leveraging advanced frameworks that include cutting-edge algorithms such as the Road-Mapping Foundational Model, Super-Res Occupancy Network Technology, and Adaptive BEV Technology, Xiaomi has achieved a breakthrough with the first mass production of the end-to-end AI Model Technology on the Chinese mainland. Xiaomi's autonomous driving team consists of over 1,000 skilled professionals and is expected to expand to 1,500 and 2,000 employees by 2024 and 2025, respectively. City Navigate on Autopilot (NOA) on the Xiaomi Pilot Max is set to be launched in 10 cities on the Chinese mainland by the end of May 2024, with nationwide coverage expected by August 2024.
The recent Xiaomi quarterly report reveals a significant achievement: the net profit doubled year-on-year in the first quarter of 2024, reaching 6.5 billion RMB. This impressive growth showcases Xiaomi's robust trajectory, powered by multiple engines. As you delve into the details of Xiaomi's success, you may find it interesting to explore related technological advancements and market trends.
For instance, the launch of nordic cryptocurrency investment ETP marks a significant development in the financial technology sector. This new offering aims to provide investors with innovative ways to engage with the growing cryptocurrency market. The integration of such financial tools reflects a broader trend of technological innovation that parallels Xiaomi's growth.
Another noteworthy development is in the realm of virtual reality. The introduction of VR safety training for employees represents a cutting-edge approach to workplace safety. This technology not only enhances training effectiveness but also aligns with the innovative spirit driving Xiaomi's success. The adoption of VR in various industries underscores the importance of technological advancements in achieving business growth.
Lastly, the rise of solar-powered outdoor security cameras by IMOU highlights the intersection of sustainability and technology. These cameras offer an eco-friendly solution to security needs, reflecting a growing consumer demand for sustainable products. Such innovations are indicative of the broader market trends that Xiaomi is capitalizing on to drive its robust growth.
