On 18 March, Chinese tech goliath and automaker Xiaomi released its annual report for its financial result last year at the Hong Kong Stock Exchange (HKEX). In 2024, the group earned 365.91 billion RMB (50.59 billion USD) in revenue, up 35% year-on-year (YoY) and broke its own record. Founder, chairman and CEO Lei Jun hailed the result as the “best-ever” in the history (“史上最强”) of Xiaomi on Weibo, China’s Twitter equivalent.
The net profit was also record-breaking at 27.2 billion RMB (3.76 billion USD), up 41.3% YoY. On Weibo, the topic “Xiaomi’s net profit in 2024 was 27.2 billion RMB” (#小米2024年净利润272亿#) reached number 36 on the Hot Search list with 4.57 million views.
In 2024, Xiaomi’s smartphone and artificial intelligence of things (IoT) business earned 333.2 billion RMB (46.07 billion USD), up 22.9% YoY, with a profit margin of 21.2%, the same as last year. Smart EVs and other innovative businesses generated 32.8 billion RMB (4.54 billion USD), with a loss of 6.2 billion RMB (857.16 million USD). Xiaomi delivered 136,854 SU7 series cars and aims to deliver 350,000 units in 2025.
On the same day of the annual result, Xiaomi announced that it had delivered its 200,000th vehicle, marking another milestone for the relative newcomer in the EV field. At the same time, speculations about its upcoming SUV, the YU7, also intensified. In other news, it seems Xiaomi is about to answer the call for making safe and affordable feminine hygiene products, as netizens discovered that new trademarks for Xiaomi sanitary pads are being filed. Xiaomi, with its focus on both quality and pricing, seems to have become another favourite on Chinese social media, like Pangdonglai and Mixue in other fields.
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