Xiaomi Corp. Revenue & Financials

Xiaomi's fiscal year 2024 financial results represented a decisive acceleration after two years of macroeconomic headwinds and post-pandemic demand normalization. Total revenues reached 365.9 billion yuan (approximately 50.6 billion US dollars), a 35 percent year-over-year increase that surpassed analyst consensus estimates by a meaningful margin. Adjusted net profit—which excludes fair value changes in investments and one-time items—reached 27.2 billion yuan, an increase of approximately 141 percent versus the prior year, reflecting the combination of revenue scale and improving hardware margins. Gross margin for the full year improved to 22.8 percent, up from 19.9 percent in fiscal year 2023, driven primarily by a higher mix of premium smartphone sales, improved internet services monetization, and operating leverage across the IoT segment. The smartphone segment's gross margin reached approximately 14.8 percent in the second half of 2024, approaching the highest level in the company's history. Internet services gross margin remained above 76 percent, reinforcing the structural attractiveness of this revenue stream. The EV segment was the principal source of losses, with an adjusted segment operating loss of approximately 6.2 billion yuan as Xiaomi invested in production scale, retail network development, and charging infrastructure partnerships. Management guided toward EV breakeven at approximately 300,000 annual unit deliveries, a milestone the company projected reaching in 2026. Xiaomi held cash and cash equivalents plus short-term investments of approximately 157 billion yuan (approximately 21.7 billion US dollars) as of December 31, 2024—a balance sheet position that funds both EV manufacturing expansion and continued R&D investment without requiring external capital in the near term. Free cash flow generation reached approximately 19 billion yuan for the full year, a record for the company.