Top 10 Influencers in 2025Xiaodu Xiaodu, summarize Xiaomi's Q3🤔
Xiaomi Group's financial report for the third quarter of 2024 shows significant growth and strong performance across multiple business segments. Below is a detailed analysis of Xiaomi's financial report:
1. Overall Financial Performance
1. Total Revenue
Xiaomi's total revenue in Q3 2024 reached RMB 92.51 billion, a year-on-year increase of 30.5%. This marks the third consecutive quarter with growth exceeding 27%, demonstrating Xiaomi's strong recovery capability in the market. The main revenue sources include smartphones, AIoT (Artificial Intelligence of Things), and internet services.
2. Net Profit
Adjusted net profit was RMB 6.25 billion, up 4.4% YoY. Despite heavy initial investments in the EV business, Xiaomi still achieved a record-high net profit, indicating strong profitability across its overall business.
3. Gross Margin
Xiaomi's overall gross margin was 20.4%, down 10.2% YoY. The decline was mainly due to lower gross margins in the smartphone business, affected by rising procurement costs.
2. Analysis by Business Segment
1. Smartphone Business
Smartphone revenue was RMB 47.45 billion, up 13.7% YoY, accounting for 51.3% of total revenue. Despite slowing global market growth, Xiaomi maintained a high market share, especially in mainland China, where its market share rose to fourth place.
2. AIoT and Lifestyle Products
AIoT revenue was RMB 26.86 billion, up 29.9% YoY, accounting for 29% of total revenue. Xiaomi performed particularly well in the smart home appliance sector, with growing market recognition for products like air conditioners, washing machines, and refrigerators.
3. Internet Services
Internet services revenue was RMB 8.37 billion, up 2.5% YoY, accounting for 9% of total revenue. Although growth was relatively slow, the high gross margin of internet services significantly contributed to Xiaomi's overall profitability.
4. EV Business
EV business revenue was RMB 9.5 billion, accounting for 10.3% of total revenue. The gross margin for Xiaomi's EV business reached 17.1%, demonstrating its competitiveness in the emerging market. In Q3, Xiaomi delivered 39,790 EVs, with full-year deliveries expected to reach 120,000 units.
3. Future Outlook
1. Potential of the EV Business
The success of Xiaomi's EV business has not only created a new revenue stream but also enhanced the brand's image. In the future, with more new models and the application of autonomous driving technology, Xiaomi is expected to capture a larger share of the EV market.
2. Premiumization of the Smartphone Business
Xiaomi's performance in the premium smartphone market has gradually improved, especially in the RMB 3,000-6,000 price segment. Going forward, Xiaomi will continue to enhance its competitiveness in the premium smartphone market through technological innovation and brand building.
3. Expansion of the AIoT Business
With the continuous expansion of the smart home market, Xiaomi's AIoT business is expected to maintain rapid growth. In the future, Xiaomi will further expand its product lineup and improve the intelligence and user experience of its products.
4. Summary
Xiaomi's Q3 2024 financial report demonstrates strong performance and growth potential across multiple business segments. Despite challenges like market competition and rising costs, Xiaomi has maintained steady growth through diversified business strategies and continuous technological innovation. In the future, Xiaomi is expected to achieve further breakthroughs in smartphones, premium home appliances, and EVs, delivering more value to shareholders and users.
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