Xiaomi Corporation reported a significant increase in its adjusted net profit for the first quarter of 2024, reaching 856 million EUR (6.5 billion RMB), doubling from the same period last year. The group’s total revenue rose by 27% YoY, amounting to 9.9 billion EUR (75.5 billion RMB).

This impressive performance was driven by robust growth across the company’s main business areas: smartphones, IoT and lifestyle products, and internet services. Xiaomi recorded a 33.7% YoY increase in global smartphone shipments, reaching 40.6 million units, and revenue from this segment rose for the fourth consecutive quarter to 6.1 billion EUR (46.5 billion RMB).

In the IoT and lifestyle products segment, revenue grew by 21% YoY, reaching 2.7 billion EUR (20.4 billion RMB). The gross profit margin hit a record high of 19.9%, marking a 4.1 percentage point increase from the previous year.

R&D expenses increased by 25.4% YoY to 684 million EUR (5.2 billion RMB), reflecting Xiaomi’s commitment to innovation and the development of new technologies, particularly in the smart electric vehicle sector. Additionally, the group’s cash resources reached 16.7 billion EUR (127.3 billion RMB) as of March 31, 2024, ensuring strong support for the company’s expansion and innovation plans.

Xiaomi continues to expand its global presence, with its smartphone shipments ranking among the top three in 56 countries and regions worldwide. Expansion into key markets in the Middle East, Latin America, Africa, and Southeast Asia significantly contributed to revenue growth.

Strong growth in internet services also boosted global expansion, with revenue from this segment reaching a record high of 10.5 billion EUR (80 billion RMB), representing a 14.5% YoY increase.Xiaomi has set an ambitious goal of delivering over 100,000 new electric vehicles in 2024, encouraged by the successful launch of the Xiaomi SU7 Series. This generated strong demand, with over 88,000 firm orders as of April 30.

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