Summary by Futu AI
Xiaomi Group-W (the “Company”) announces unaudited consolidated results for the three months ended 31 March 2024. During the period, the company's revenue reached RMB755 billion, up 27.0% year-on-year; Maurita-RMB168 billion, up 45.2% year-on-year; operating profit was RMB37 billion, down 37.6% year-on-year; and profit was RMB42 billion, down 11.6% year-on-year. Adjusted net profit reached RMB65 billion, a significant year-on-year increase of 100.8%. The company is actively promoting the “all-around ecosystem” strategy, with global smartphone shipments reaching 40.6 million units, an increase of 33.7% year-on-year, and the launch of the first smart electric car Xiaomi SU7 series in March 2024. In addition, the company's R&D expenditure reached RMB52 billion, up 25.4% year-on-year, and the number of R&D personnel reached 17,421 people, accounting for 49.2% of the total number of employees. The company continues to strengthen its intellectual property capabilities, obtaining more than 3.9 million patents worldwide. As of 31 March 2024, the company's cash reserves amounted to RMB1,273 billion, an increase of 34.7% year-on-year.