Xiaomi to set record of 50.62 billion USD in 2024

Xiaomi diversifies its ecosystem with the strategy "People - Cars - Homes"

In 2024, Xiaomi's total revenue reached $50.62 billion, up 35% year-on-year, while adjusted net profit increased 41.3% to $3.76 billion.

In the fourth quarter alone, revenue reached 15.08 billion USD, a sharp increase of 48.8% over the same period last year, adjusted net profit reached 1.15 billion USD, an increase of 69.4%, far exceeding expectations.

In 2024, all of Xiaomi's business segments will grow strongly thanks to the resonance from the "People - Car - Home" smart ecosystem.

This has helped Xiaomi achieve impressive results in the fields of smartphones, electric vehicles and large-sized smart home appliances.

Of which, revenue from smartphones increased by 21.8%, reaching 26.54 billion USD, while revenue from smart electric vehicles and new technology products reached 4.54 billion USD, far exceeding the set target.

Revenue from IoT and lifestyle products also increased 30% year-on-year to $14.4 billion, with sales of air conditioners, refrigerators and washing machines hitting record highs.

In 2025, Xiaomi will officially enter the large-sized smart home appliance market in the super high-end segment. The company will launch the Mijia Central Air Conditioner Pro, a flagship air conditioner line that aims to set a new standard in the industry, affirming Xiaomi's brand enhancement strategy in the home appliance sector.

Not only investing in hardware, Xiaomi also focuses on developing artificial intelligence (AI) - one of the group's core technologies.

In October 2024, Xiaomi launched Xiaomi HyperOS 2, a new operating system that integrates three core technologies: HyperCore, HyperConnect, and HyperAI, providing a multi-device intelligent connectivity experience and advanced AI features. AI is also deeply integrated into Xiaomi HyperOS 2, expanding applications on electric vehicles, smartphones, and smart home devices, helping to realize the "People - Car - Home" strategy.

Xiaomi continues to push its product upgrade strategy through heavy investment in research and development (R&D).

In 2024, R&D expenses increased by 25.9% year-on-year to $3.33 billion, while the R&D team expanded to 21,190 employees.

As of the end of the year, Xiaomi owns more than 42,000 patents globally, including more than 1,000 patents related to electric vehicle technology.

KIM THANH