Xiaomi Corp.
Consumer Electronics & TechnologyFounded 2010- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Xiaomi Corp.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$50.6B
Market Cap
$55.0B
Net Income
$3.8B
Employees
37,000
Revenue declined from $44.72 billion in 2021 to $38.5 billion in 2022 and $37.54 billion in 2023 before recovering sharply to $50.6 billion in 2024, driven by the SU7 launch revenue, smartphone market recovery, and IoT device volume growth. The recovery magnitude, roughly 35 percent year-over-year, was the most dramatic in the company's recent history. Net income of $3.76 billion in 2024 on $50.6 billion represents a margin improvement from the compressed years of 2022-2023, when smartphone competition and supply chain costs pressured profitability. The $55 billion market capitalization against $50.6 billion in revenue implies a price-to-sales multiple just above one, reflecting the hardware-heavy business mix with internet services providing higher-margin overlay. Xiaomi holds minority equity stakes in approximately 100 ecosystem partner companies that manufacture HyperOS-compatible IoT devices. These stakes were acquired at early stages and have generated significant unrealized gains as the partner companies grew. The asset-light IoT strategy expanded the connected device catalog to over 700 product categories without requiring Xiaomi to own the manufacturing for each one. The EV business adds capital intensity that the consumer electronics model never required. Building manufacturing capacity for the SU7, investing in battery technology, and establishing a service network are fundamentally different cost structures from contracting out device assembly. The $32.1 billion yuan in debut-year EV revenue validates the product but doesn't yet answer whether the margin profile justifies the capital commitment over a full automotive cycle.
Revenue Trend Analysis
YoY Change
+34.8%
4-Year CAGR
+12.6%
Peak Year
2024
Trend
Mostly Growing
Xiaomi Corp. has reported revenue across 5 fiscal years, compounding at +12.6% annually over 4 years. The most recent year saw a 34.8% increase versus the prior year. Revenue peaked in 2024 at $50.6B. Out of 4 reported periods, 2 showed growth and 2 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $50.6B | $3.8B | +34.8% |
| FY2023 | $37.5B | — | -2.5% |
| FY2022 | $38.5B | — | -13.9% |
| FY2021 | $44.7B | — | +41.9% |
| FY2020 | $31.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Xiaomi Corporation reported total revenue of 270.97 billion yuan for fiscal year 2023, or roughly 38 billion US dollars at the average 2023 exchange rate, down 3.2 percent from 280.04 billion yuan in 2022 because of weakness in the global smartphone market and the deliberate inventory destocking the company pursued through the first half of 2023. Adjusted net profit reached 19.27 billion yuan for the full year, up 126 percent from 8.52 billion yuan in 2022, with the margin expansion driven by aggressive cost discipline, premium-tier smartphone share gains, and higher contribution from internet services. Smartphone revenue contributed 157.5 billion yuan, IoT and lifestyle products 80.0 billion yuan, and internet services 30.1 billion yuan. Gross margin reached 21.2 percent for the full year, the highest in Xiaomi history as a public company, with internet services gross margin at 74.2 percent and smartphone gross margin at 14.6 percent. Operating cash flow was 38.2 billion yuan, supporting continued investment in the electric-vehicle business that Lei Jun had launched as a separate Xiaomi initiative in March 2021. Xiaomi closed 2023 with a cash and equivalents position of 75.1 billion yuan against modest borrowings, providing the balance-sheet flexibility for the EV launch and the substantial research-and-development ramp.
Lei Jun announced on March 30, 2021 that Xiaomi would commit ten billion US dollars over ten years to launch an electric-vehicle business, calling the EV bet the final and most important venture of his career and pledging to lead the EV business personally as chief executive in addition to his Xiaomi CEO role. The ten-billion-dollar figure has been deployed across four buckets. First, capital expenditure on the Beijing EV manufacturing campus in Yizhuang, the new economic development zone south of Beijing, with the first phase capacity of 150,000 units annually completed in August 2023 and the second phase doubling capacity scheduled for completion in 2025. Second, research and development on the SU7 sedan and follow-on YU7 SUV platforms, with Xiaomi disclosing R&D spend on EV-related work of more than 10 billion yuan through 2023. Third, supply-chain investments including stakes in battery suppliers and shareholdings in automotive component companies. Fourth, dealer-network establishment and marketing spend, with Xiaomi reporting more than 200 sales outlets across Chinese tier-one and tier-two cities by mid-2024. Total EV cash burn through 2023 was approximately 25 billion yuan according to disclosures in the Xiaomi 2023 annual report, with significant additional spending planned through 2025 ahead of EV breakeven that Lei Jun has targeted by 2026 or 2027.
Xiaomi Corporation trades on the Hong Kong Stock Exchange under the ticker 1810 with a market capitalization of roughly 55 billion US dollars as of early 2025, recovered substantially from the trough below 35 billion dollars in late 2022 but well below the peak above 100 billion dollars reached in early 2021 during the post-pandemic technology-stock rally. Xiaomi operates a weighted voting rights share structure under which Class A shares are entitled to ten votes per share and Class B shares are entitled to one vote per share. Lei Jun holds the overwhelming majority of Class A shares and retains majority voting control with roughly 25 percent of economic interest as of mid-2024 but more than 50 percent of voting power. Other significant shareholders include Lin Bin, who holds roughly 9 percent of economic interest, the founding management team including Hong Feng, Liu De, and Wang Chuan, and external institutional holders including BlackRock, Vanguard, Capital Group, JPMorgan, and major Chinese sovereign-wealth-linked institutional investors. Xiaomi was added to the Hang Seng Index and the Hang Seng Tech Index in 2020, increasing passive index buying. The company has executed a series of share buybacks, with roughly 4 billion Hong Kong dollars of buybacks completed in 2022 and 2023 to support the share price during the technology-stock downturn.
Xiaomi financed the SU7 sedan launch and the Yizhuang manufacturing plant primarily from operating cash flow, the 75 billion yuan cash balance accumulated through 2023, and the public 10 billion dollar commitment Lei Jun made in March 2021. The Beijing EV factory in Yizhuang is owned and operated by Xiaomi EV Limited, a wholly-owned subsidiary, with the land secured under a long-term land-use right from the Beijing Economic and Technological Development Area, and the first-phase facility was constructed at a reported capital expenditure of roughly 7 billion yuan completing in August 2023. Xiaomi avoided the route taken by NIO, XPeng, and Li Auto of dual-class New York and Hong Kong listings to raise standalone EV capital, instead funding the build-out from the parent balance sheet and reporting EV segment losses transparently within consolidated financial statements. The Beijing municipal government provided regulatory facilitation and infrastructure support but did not contribute equity. Xiaomi disclosed in the 2023 annual report that the EV segment generated an operating loss of approximately 6.7 billion yuan for the year on a pre-launch basis, with the loss expanding in 2024 as the SU7 ramped to volume production. Lei Jun has stated publicly that the EV business will absorb significant losses through 2025 and 2026 before reaching breakeven.
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CorpDigest. "Xiaomi Corp. Revenue & Financials." CorpDigest, https://corpdigest.com/company/xiaomi/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Xiaomi Corp. reported $51B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/xiaomi/financials" target="_blank" rel="noopener">CorpDigest — Xiaomi Corp. financials</a></div>