Xiaomi Group (1810, Financial) recently announced its financial results for the fourth quarter and the full year of 2024. The company reported a total revenue of 109 billion yuan for Q4, marking a 48.8% year-over-year increase. Net profit reached 9 billion yuan, up 90.4% from the previous year. Adjusted net profit was 8.3 billion yuan, reflecting a 69.4% increase. For the entire year of 2024, Xiaomi's total revenue was 365.9 billion yuan, a 35.0% rise, with net profit at 23.6 billion yuan, up 34.9%. Adjusted net profit was 27.2 billion yuan, growing by 41.3%.
Following the earnings release, Xiaomi's leadership, including Partner and President Lu Weibing, and Vice President and CFO Lin Shiwei, conducted an earnings call to discuss the results and answer analysts' questions.
During the call, Morgan Stanley analyst Andy Meng inquired about Xiaomi's electric vehicle (EV) business. He noted the success of the Xiaomi SU7 Ultra, a luxury car model released in early 2025, and asked about the company's strategy to meet increased production targets of 350,000 units. Lu Weibing explained that Xiaomi is enhancing production capacity through existing lines and supplier collaborations, ensuring production is not solely focused on the SU7 Ultra.
Additionally, Meng asked about Xiaomi's expansion in overseas markets, particularly in the AIoT sector. Lu highlighted significant growth potential abroad, with overseas markets offering four times the growth space compared to domestic markets. Xiaomi is implementing a new retail strategy, expanding its "Mi Stores" globally, which has shown promising results in countries like Poland and throughout Europe. The company's AIoT business overseas grew faster than domestically, aligning with Xiaomi's strategy to capitalize on international opportunities.
Lin Shiwei added that Xiaomi's IoT business saw a 30% increase in 2024, with overseas growth outpacing domestic expansion, further supporting the company's focus on international markets.
