On March 18, Futu News reported that Xiaomi announced its fourth-quarter performance for the period ending December 31, 2024, according to the Earnings Reports:
Revenue of 109.005 billion yuan (RMB, the same below), a year-on-year increase of 48.8%;
Adjusted Net income of 8.316 billion yuan, a year-on-year increase of 69.4%.
Looking at the business segments,
Smart Phone × AIoT
Smart Phone × AIoT segment revenue increased by 26.1% from 73.2 billion yuan in the fourth quarter of 2023 to 92.3 billion yuan in the fourth quarter of 2024.
1. Smart Phone
Smart Phone revenue increased by 16.0% from 44.2 billion yuan in the fourth quarter of 2023 to 51.3 billion yuan in the fourth quarter of 2024, mainly due to increases in both ASP and shipment volumes of Smart Phones. The ASP of Smart Phones increased by 10.1% from 1,091.7 yuan per unit in the fourth quarter of 2023 to 1,202.4 yuan per unit in the fourth quarter of 2024, primarily due to an increase in the proportion of high-end Smart Phone shipments leading to an increase in ASP in the overseas market, although this was partially offset by a decline in ASP in mainland China.
The decline in ASP in mainland China is mainly due to the successful launch of the low ASP Redmi 14R 5G series in September 2024. Smart Phone shipments increased by 5.3% from 40.5 million units in the fourth quarter of 2023 to 42.7 million units in the fourth quarter of 2024, mainly due to increased shipments in mainland China. According to Canalys data, the company's market share in mainland China increased by 3.0 percentage points year-on-year to 15.8%.
2. IoT and Consumer Products
Revenue from IoT and Consumer Products increased by 51.7% from 20.3 billion yuan in the fourth quarter of 2023 to 30.9 billion yuan in the fourth quarter of 2024, mainly due to increased revenue from smart home appliances, Smart Tv, and several consumer products in mainland China.
Revenue from smart home appliances increased by 105.1% year-on-year, mainly due to national subsidies in mainland China driving increased shipments.
Revenue from Smart Tv increased by 38.6% year-on-year, mainly due to increased ASP and national subsidies in mainland China driving increased shipments.
3. Internet Services
Revenue from Internet services increased by 18.5% from 7.9 billion yuan in the fourth quarter of 2023 to 9.3 billion yuan in the fourth quarter of 2024, mainly due to increased revenue from advertising services.
4. Other related businesses
Compared to the fourth quarter of 2023, the revenue from Other related businesses remains stable at 0.8 billion yuan in the fourth quarter of 2024.
Innovative businesses such as Smart Electric Autos.
The revenue from innovative businesses such as Smart Electric Autos in the fourth quarter of 2024 is 16.7 billion yuan.
The revenue from Smart Electric Autos in the fourth quarter of 2024 is 16.3 billion yuan. In the fourth quarter of 2024, the company delivered 69,697 Xiaomi SU7 series Autos. The ASP of the company's Smart Electric Autos is 234,322 yuan per unit.
In the fourth quarter of 2024, the Other related Business income was 0.3 billion RMB. In the fourth quarter of 2024, the gross margin for the segment "Innovative Businesses such as Smart Electric Autos" was 20.4%.
In 2024, the delivery volume of the Xiaomi SU7 series reached 136,854 units. At the same time, we will expand production capacity to ensure deliveries, striving to achieve the goal of 350,000 Xiaomi car deliveries in 2025.
In addition, the company stated that it is actively buying back shares in the open market, with a share buyback amount of HKD 3.7 billion in 2024, which corresponds to 0.2492 billion shares.
Editor/Somer
