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betzino Xiaomi delivers double-digit growth for third straight quarter
Xiaomi Corporation, a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended June 30, 2024 (“2024 Q2” or “the Period”). Xiaomi reported double-digit year-over-year (YoY) revenue growth for the third consecutive quarter in 2024 Q2, with revenue reaching RMB88.9 billion, a 32% YoY increase. The adjusted net profit was RMB6.2 billion, marking a 20.1% YoY increase and underscoring robust growth. The overall gross profit margin remained strong at 20.7%. Xiaomi’s three core businesses — smartphones, IoT and lifestyle products, and internet services — outperformed market expectations with revenues of RMB46.5 billion, RMB26.8 billion, and RMB8.3 billion respectively. Revenue from the smart EV business and other new initiatives totalled RMB6.4 billion. The Group’s overall performance exceeded consensus expectations, marking a new phase of explosive growth.
In Q2, Xiaomi’s cash resources surged to RMB141 billion as of June 30, providing a crucial foundation for the sustained development of both core and new businesses, supporting its continued explosive growth. Driven by sustained investment in foundational core technologies. Xiaomi’s AI technology has notably empowered its business development, enhancing product capabilities and intelligent experience across Xiaomi smartphones and smart EVs, while also boosting operational efficiency of Xiaomi Smart Factory. The advancement of Xiaomi “Human x Car x Home” smart ecosystem is expected to further invigorate its businesses and reinforce the sustainability of future growth.
Xiaomi leads growth among top five smartphone brands as global expansion accelerates
In Q2, Xiaomi global smartphone shipments reached 42.2 million units, up 28.1% YoY. According to Canalys, Xiaomi has maintained its position among the top three smartphone brands globally for 16 consecutive quarters, with a market share of 14.6%. Xiaomi is the fastest-growing smartphone brand among the top five in terms of shipments.
Xiaomi’s smartphone business reported strong growth with Q2 revenue of RMB 46.5 billion, an increase of 27.1% YoY. According to Canalys, in Q2, the Group’s smartphone shipments ranked among the top three across 58 countries and regions globally and ranked among the top five across 70 countries and regions globally. The growth underscores Xiaomi’s growing influence in international markets, with accelerated expansion in Latin America, Southeast Asia, the Middle East and Africa. In Latin America, Xiaomi’s smartphone shipments ranked among the top 2 for the first time.
IoT business revenue soars; Q2 air conditioner shipments jump over 40%
Xiaomi IoT and lifestyle products business maintained its upward trajectory in Q2, posting record-high revenue of RMB26.8 billion, a 20.3% YoY increase. The smart large home appliance segment also continued its robust performance, with revenue increasing by 38.7% YoY.
According to Canalys, Xiaomi global tablet shipments in Q2 doubled YoY, making it the fastest-growing tablet brand among the top five in terms of shipments. Xiaomi wearables shipments ranked No. 3 globally and No. 2 in China, and its TWS earbud shipments ranked No. 3 globally and No. 1 in China.
In Q2, Xiaomi air-conditioner shipments exceeded 3.3 million units, up over 40% YoY. During the Period, Xiaomi’s refrigerators and washing machines also posted significant growth, with shipments surpassing 600,000 units and 400,000 units respectively.
Robust growth in internet services business with global and mainland China MAU up over 10% respectively
During the Period, Internet services sustained its rapid growth, with revenue increasing by 11% to a record RMB8.3 billion. As Xiaomi continues to deepen and expand its global partnership network, overseas internet services revenue increased 32.9% YoY to RMB2.7 billion in Q2, raising its share of total Internet services revenue to 32.1%.
The Internet users base continued to expand, and the monthly active users (“MAU”) globally and in mainland China both hit record highs. In June 2024, the global MAU reached 675.8 million, an increase of 11.5% YoY, while its mainland China MAU reached 164.4 million, up 10.1% YoY.
Smart EV business growth beats forecasts with over 27,000 vehicles delivered in Q2
Since the debut of Xiaomi first smart EV, the Xiaomi SU7 Series, market performance has significantly outpaced expectations. In Q2, revenue from the smart EV business and other new initiatives reached RMB6.4 billion. The Group is continuously ramping up production and delivery of the Xiaomi SU7 Series. In Q2, the deliveries of the Xiaomi SU7 Series reached 27,307 vehicles, with monthly deliveries surpassing 10,000 units for two consecutive months. The ramp-up in production capacity is outpacing that of its peers, showcasing strong competitive strength.
Since June, Xiaomi EV Factory has initiated double-shift operations, aiming to hit the Group’s target of delivering 100,000 vehicles by November, ahead of schedule. The Company will also target to deliver 120,000 vehicles of Xiaomi SU7 Series for the year 2024. As of June 30, 2024, Xiaomi has opened 87 smart EV sales centres in mainland China, driving continuous order growth and providing users with a full range of professional car protection.
The Group’s ample cash resources ensure that Xiaomi smart EV business can maintain its focus on technology and product development amid intense market competition, thereby boosting its influence and core competitiveness. Xiaomi continues to accumulate in-depth self-research capabilities, achieving new progress and breakthroughs in core technologies that significantly enhance product competitiveness. In July 2024, the Group unveiled the Xiaomi SU7 Ultra prototype, announcing plans to record an outstanding lap time at the Nürburgring Nordschleife circuit in October. The aim is to become the fastest four-door electric vehicle on the circuit within the next decade.
AI fully empowers Xiaomi “Human x Car x Home” smart ecosystem, driving premium market growth
The Group continued to embrace AI to enhance its “Human x Car x Home” smart ecosystem. In Q2, Xiaomi investment in R&D continued to expand, with expenses reaching RMB5.5 billion, up 20.7% YoY. Xiaomi AI technology has made innovative breakthroughs in several areas, notably the smart EV sector. This technology is widely applied, offering robust technical support for Autopilot, automated parking, and voice interaction via the Xiaomi AI assistant.
In terms of smartphone products, Xiaomi has enhanced the multimodal recognition and understanding capabilities of its AI assistant, bringing users a host of features including AI document analytics and AI video generation. These innovations underpin Xiaomi’s growth in the premium market.
According to third-party data, in 2024 Q2, Xiaomi premium smartphone models priced at or above RMB3,000 accounted for 22.1% of total smartphone shipments in mainland China, marking a YoY increase of 2.0 percentage points. The market shares of smartphones in the RMB3,000 to 4,000, RMB4,000 to 5,000, and RMB5,000 to 6,000 price segments were 16.8%, 20.1%, and 8.9% respectively, all registering YoY growth.
On July 19, Xiaomi unveiled its next-generation flagship foldable device, the Xiaomi MIX Fold 4, along with its first compact foldable device, the Xiaomi MIX Flip, in mainland China. The performance of the two foldable smartphone models has significantly outpaced expectations, further enhancing Xiaomi’s reputation in the premium market. The Xiaomi MIX Flip has garnered considerable acclaim for its unique foldable design and innovative [4.01-inch outer display featuring AI offline translation capabilities].
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