Xiaomi Corp. Revenue in 2024

Xiaomi Corp. reported $50.6B in revenue for fiscal year 2024. This represents a growth of 34.8% compared to the 2023 figure of $37.5B.

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.