XIAOMI-W reported record high revenue in the third quarter, with adjusted net profit of 6.252 billion yuan, a year-on-year increase of 4.4%

According to the Zhitong Finance APP, Xiaomi Corporation-W (01810) announced its third-quarter results for 2024, with revenue of approximately RMB 92.5065 billion, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.1%; gross profit of RMB 18.8814 billion, a year-on-year increase of 17.2% and a quarter-on-quarter increase of 2.6%; net profit for the period of approximately RMB 5.34 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 5.3%; adjusted net profit of RMB 6.252 billion, a year-on-year increase of 4.4% and a quarter-on-quarter increase of 1.2%.

From January to September, revenue was approximately RMB 256.901 billion, a year-on-year increase of 29.9%; gross profit was RMB 54.105 billion, a year-on-year increase of 29.2%; net profit for the period was approximately RMB 14.583 billion, a year-on-year increase of 14.4%; adjusted net profit was approximately RMB 18.918 billion, a year-on-year increase of 31.7%. As of September 30, 2024, cash reserves stood at RMB 151.6 billion, a year-on-year increase of 18.7%.

In the third quarter of 2024, the group's revenue reached a historical high, with steady profit growth. In terms of business segments, in the third quarter of 2024, the "Mobile × AIoT" segment generated revenue of RMB 82.8 billion, a year-on-year increase of 16.8%, while the "Smart Electric Vehicles and Other Innovative Businesses" segment generated revenue of RMB 9.7 billion. In the third quarter of 2024, the group's adjusted net profit was RMB 6.3 billion, a year-on-year increase of 4.4%, which included an adjusted net loss of RMB 1.5 billion from smart electric vehicles and other innovative businesses.

The group continues to promote its "Human-Vehicle-Home All-Ecosystem" group strategy. In the third quarter of 2024, the group's global smartphone shipments reached 43.1 million units, a year-on-year increase of 3.1%. According to Canalys data, the company ranked among the top three in global smartphone shipments this quarter, with a market share of 13.8%, maintaining its position in the global top three for seventeen consecutive quarters. Meanwhile, the company's user ecosystem continues to expand. As of September 2024, the company's global monthly active users reached a historical high of 685.8 million, a year-on-year increase of 10.1%. As of September 30, 2024, the number of IoT devices connected to the group's AIoT platform (excluding smartphones, tablets, and laptops) grew to 861.4 million, a year-on-year increase of 23.2%. In the third quarter of 2024, the group delivered 39,790 new Xiaomi SU7 series vehicles. As of September 30, 2024, the group had delivered a total of 67,157 new Xiaomi SU7 series vehicles.

The group is steadily advancing its "New Decade Goal": to make large-scale investments in core underlying technologies and strive to become a new generation global leader in hardcore technology. In the third quarter of 2024, the group's R&D expenditure reached RMB 6 billion, a year-on-year increase of 19.9%. As of September 30, 2024, the number of R&D personnel reached 20,436, accounting for 48.6% of the total workforce. In addition, the group continues to extend its intellectual property capabilities; as of September 30, 2024, Xiaomi Corporation has obtained over 41,000 patents globally. Among them, the group improved its ranking to 8th globally in the 5G standard essential patent declaration effective global patent family enterprise ranking in 2024, demonstrating the group's outstanding R&D achievements in the field of communication technology In October 2024, the Group launched its latest flagship smartphone, the Xiaomi 15 series, along with the Surge OS 2, introducing three key technological innovations: HyperCore, HyperConnect, and HyperAI, which comprehensively upgrade the foundational experience, cross-device intelligence connectivity, and AI capabilities. Xiaomi HyperCore covers four major aspects: performance, graphics, networking, and security, helping to create a smoother foundational experience. Xiaomi HyperConnect empowers cross-device intelligence connectivity for all ecosystem devices, enabling comprehensive sharing of hardware capabilities, information, and application ecosystems. The Group's self-developed Xiaomi HyperAI subsystem deeply integrates with the OS architecture, launching upgraded AI dynamic wallpapers, AI writing, AI voice recognition, AI translation, and AI creative painting features. At the same time, the Group has created a brand new all-ecosystem AI smart assistant "Super Xiao Ai," which connects the entire chain of "perception - understanding - execution," helping users with daily tasks through features like universal calling, reminders, searches, and execution, while employing edge-side hardware encryption technology to fully protect user information and privacy security.

2024 is a year of further expansion of Xiaomi's new retail strategy and ecological upgrades. In the third quarter of 2024, the number of offline retail stores in mainland China continued to grow. As of September 30, 2024, the Group had over 13,000 offline retail stores in mainland China. According to third-party data, in the third quarter of 2024, the Group's market share in offline channels for smartphone shipments in mainland China was 10.3%, an increase of 1.7 percentage points year-on-year. Thanks to the new retail layout both online and offline, during the 2024 Double Eleven shopping festival, the Group achieved a cumulative payment amount across all channels exceeding RMB 31.9 billion, setting a new record for annual promotional events