Xiaomi Group has just announced its audited results for the fiscal year ending December 31, 2023, with the group's total revenue of 37.52 billion USD, adjusted net profit increased by 126.3%, reaching 2.67 billion USD.
The increase in net profit far exceeded market expectations and marked the second highest profit since the group went public. Expenses for the Smart Electric Vehicle (EV) business and other new initiatives increased to $930 million (excluding share-based compensation expenses related to Smart EV and other new initiatives of $110 million).
In 2023, Xiaomi will actively implement the dual-content development strategy of scale and profitability. This is also the first year that Xiaomi has implemented the enterprise strategy of smart ecosystem between “People, cars and homes”.
In the smartphone segment, Xiaomi's global sales are expected to reach approximately 145.6 million units in 2023. Its annual smartphone revenue is expected to reach US$21.83 billion and its gross profit margin is 14.6%.
The “storefront integration” retail strategy has yielded positive results with significant improvements in the efficiency of retail stores. According to third-party data, in the whole of 2023, Xiaomi’s smartphone shipment market share in traditional channels in China increased to 8.4%.
In 2023, Xiaomi's IoT and lifestyle products revenue was US$11.09 billion, and the gross profit margin reached 16.3%, reaching a record high. By the end of 2023, the number of connected IoT devices (excluding smartphones, tablets, and laptops) on Xiaomi's AIoT platform reached 739.7 million, up 25.5% year-on-year.
In global partnerships, Xiaomi takes an open approach, which offers the potential for increased profits. In 2023, revenue from overseas Internet services increased 24.1% year-on-year to $1.16 billion, reaching a record high and accounting for 28% of the group's total Internet services revenue.
In December 2023, Xiaomi unveiled its first electric vehicle (EV), the Xiaomi SU7 series, at the Xiaomi EV Technology Launch Event. The event showcased five core technologies of Xiaomi EV, marking the key to success in Xiaomi's new venture.
As Xiaomi continues to optimize the efficiency of its platforms, the group's advertising revenue reached $2.84 billion, up 11.2% year-on-year. Coupled with the upgrade of its smartphone premiumization strategy, the number of active users and paying users in the group's gaming business continued to increase, driving Xiaomi's gaming revenue to reach $610 million in 2023, up 7% year-on-year.
Setting a new goal for 2020–2030, Xiaomi is committed to investing in fundamental core technologies to become a global advanced technology leader. The Group is also committed to sustainable investment in fundamental core technologies and strives to become a global technology leader.
KIM THANH
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