Xiaomi’s 24Q3 revenue was 92.5 billion yuan, and "the whole ecology of people and cars" helped the brand to a new starting point.
The Paper reporter Mao Wenting
Since the official release of SU7 in December, 2023, Xiaomi Automobile has attracted extensive attention from the market with its outstanding performance and cutting-edge technology configuration. Today, Xiaomi Automobile once again shows its confidence and confidence with bright results.
On November 18th, 2024, Xiaomi Group (HK01810) released its financial report for the third quarter of 2024. In this quarter, the revenue of innovative business segments such as Xiaomi Smart Electric Vehicle reached RMB 9.7 billion, which is steadily approaching the 10 billion mark. At the same time, the gross profit margin also increased to 17.1%, and the loss of bicycles was further reduced.

Only one week ago, on November 13th, Xiaomi SU7 ushered in the smooth roll-off of the 100,000 th vehicle, setting a new record for the new car company to roll off the production line of 100,000 vehicles, and creating a brand milestone moment. It is worth mentioning that under the premise of continuous investment in building cars, Xiaomi’s cash reserves continued to rise instead of falling. As of September 30, 2024, the cash reserves reached RMB 151.6 billion, reaching a new high for enterprises.
Under the guidance of the strategy of "people, cars and homes are all ecological", the synergy between Xiaomi Automobile and other business lines of Xiaomi brand has become increasingly prominent. In this quarter, Xiaomi Group achieved the strongest performance in brand history, with total revenue of RMB 92.5 billion and adjusted net profit of RMB 6.3 billion. Among them, the cumulative sales of Xiaomi 15 series products exceeded 1 million units, and the shipments of Xiaomi air conditioners, Xiaomi refrigerators and Xiaomi washing machines also increased at a high speed. In addition, benefiting from the global share increase and the landing of AI applications, as of September 30, 2024, the number of IoT devices (excluding smartphones, tablets and laptops) connected to Xiaomi AIoT platform reached 861 million, a year-on-year increase of 23.2%.
The new quarterly financial report is not only a report card for Xiaomi, but also a new starting point for the future.
With the unique business model and efficient strategy execution ability built in the past five years, Xiaomi has successfully laid out three core growth curves of personal equipment, household equipment and travel equipment, and thus accumulated excellent overall operation ability and high-quality asset resources. Xiaomi’s ability to cope with internal and external uncertainties is also increasing. Standing at a new starting point, young Xiaomi has an infinite future.
Multi-products push together, and "the whole ecology of people, cars and homes" stands at a new high-end starting point.

The era when international brands dominated the high-end market has passed. Under the background of intensified global competition and rapid changes in market demand, domestic independent brands in the fields of automobiles, mobile phones and household appliances are actively promoting high-end strategies and showing strong growth momentum. Under the push of multiple products, in the third quarter of 2024, Xiaomi’s "people, cars and homes are all ecological" stood at a high-end new starting point, and its business growth was full of vitality.
According to the report of Jielan Road, in 2024, the share of China’s self-owned cars in the market of more than 200,000 yuan increased sharply, especially in the price range of 200,000 yuan to 600,000 yuan, and the share increased by three to four times, and the luxury and ultra-luxury markets also achieved breakthroughs. As a new entrant, Xiaomi Automobile has also gained a foothold in the high-end market.
In particular, Xiaomi SU7 Ultra not only set a new record for the fastest four-door car in New North in October, but also harvested more than 3,680 small orders within 10 minutes of the initial pre-sale at a pre-sale price of 814,900 yuan, which undoubtedly indicates the great potential of Xiaomi Automobile in the high-end market. In this quarter, the delivery volume of Xiaomi SU7 reached 39,790 vehicles, and the monthly production and delivery exceeded 20,000 vehicles, and the loss of bicycles continued to narrow. In 2024, Xiaomi Automobile made every effort to sprint 130,000 delivery targets.
High-end strategy is the only way for Xiaomi to develop. President of Xiaomi GroupLu WeibingIt is emphasized that high-end is based on long-term strategic determination and patience, and continuous investment in core business. The success of Xiaomi mobile phone series 15 once again reflects the return of investment.
Xiaomi 15 series entered the market at a starting price of 4,499 yuan, but achieved a breakthrough in the shipment of 1 million units at a faster speed. During the Double Eleven period, it won the double crown in the price range of 4,000-5,999 yuan. According to third-party data, in the high-end smartphone market of 3,000 yuan and above, the proportion of millet shipments increased by 7.9 percentage points year-on-year to 20.1%, and the market share of the price segment of 4,000-5,000 yuan was as high as 22.6%, which shows that the market recognized the high-end products of Xiaomi mobile phones.
Of course, for consumers, what they are more concerned about is whether they can get matching product functions and service experiences or even exceed expectations in the context of rising prices of high-end brands. Mijia smart home appliances just confirms Xiaomi’s business philosophy of taking users as the center and constantly enhancing its self-developed technical strength.
In October, 2024, Xiaomi dual-zone washing and drying washing machine was released, and its function and mentality innovation hit the hearts of many users. This year’s Double Eleven, 15kg washing and drying of Mijia washing machine was the first in JD.COM. In the third quarter, in terms of shipments, the shipments of Xiaomi air conditioners exceeded 1.7 million units, a year-on-year increase of over 55%; Refrigerator shipments exceeded 810,000 units, a year-on-year increase of over 20%; The shipment of washing machines exceeded 480,000 units, a year-on-year increase of over 50%.
Many head organizations are optimistic about the development prospects of Xiaomi. Bank of China International, China Merchants International and other institutions all believe that under Xiaomi’s "people, cars and homes are all ecological" system, its mobile phone /AIoT basic disk business will continue to be strong, and EV business will grow rapidly. Institutions such as Citigroup and HSBC also gave Xiaomi a "buy" rating. Xiaomi’s performance and user scale are expected to continue to grow at a high speed.
The proportion of female powder has increased, and the user layer has broken the circle to incite new business.

The implementation of the high-end strategy not only promoted the expansion of Xiaomi’s user base, but also quietly changed its user portrait. Xiaomi, once regarded as the exclusive "technology man", is now frequently favored by female users, Apple users and camera enthusiasts, and the multi-user layer breaks the circle to incite new business growth for Xiaomi.
According to official data, as of November 16th, Xiaomi SU7 Ultra, which was released only half a month ago, has been booked by 10% female users. Xiaomi SU7 series is deeply loved by female users because of its two highlights of sun protection and storage, and the actual female users account for over 50%.
With the release of 澎湃 OS 2.0 and its high compatibility with Apple Ecology, Xiaomi is expected to further attract more women and Apple users. According to the data released by Xiaomi Group, more than 56% of the users of Xiaomi SU7 were originally Apple users.
In addition, as the brand’s first small folding screen mobile phone, the proportion of female consumers of MIX Flip small folding mobile phone is as high as 55%, and 32% of them used to be iPhone users. The launch of Xiaomi 15 Diamond Limited Edition and other products has further consolidated its position in the hearts of female users.
Since the official release of Xiaomi MIX Flip in July this year, it has won the love of female consumers with its fashionable flip design and lightweight and portable body. It provides purple and black color choices, which meet the aesthetic needs of different female users. Nowadays, on the social media platform, "Xiaomi small folding bag" has become a hot topic, with social attributes and emotional values overlapping.
In terms of images, Xiaomi Mix Flip also performed well. It is equipped with a pair of 50 million Leica rear cameras, including a main camera and a 2 x telephoto lens, which can capture photos with accurate colors and rich details. According to IDC, a market research organization, in the third quarter of 2024, Xiaomi ranked third in the domestic folding screen mobile phone market, reaching 17.2%. Compared with the previous quarter, the sales of Xiaomi folding screen mobile phone achieved an amazing growth of 1128.6% from the previous quarter.
In 2023, Xiaomi 14 series began to benchmark Apple. As the brand’s latest flagship mobile phone, Xiaomi 14Ultra has also been upgraded again in terms of images. This model is equipped with a top-notch optical system, and the light input is increased by 136%, which is more than twice that of iPhone 15 Pro Max. The high-pixel main camera, ultra-wide angle and telephoto lens equipped with this model all adopt top-level coating technology to reduce dispersion distortion. Combined with precise optical path design, natural high-quality photos can be produced directly, leading the new trend of mobile phone photography.
After the popularity of explosive products is rapidly opened, Xiaomi, as a technology brand that pursues innovation and faces the future, will communicate and talk with multi-user groups from a more open and inclusive perspective, penetrate into consumers’ minds and form a siphon effect, and drive the product marketing strategy of the whole technology industry to update and iterate.
Brand power jumps to a new high and promotes long-term high-quality development.
The past five years have been a link between the preceding and the following five years for Xiaomi. Lu Weibing said, "At the ability level, we have made great efforts to improve our system, process, informationization, organization and talent construction, which has laid a solid foundation for our long-term sustained and high-quality development."
In 2024, Xiaomi successfully ranked 87th in Interbrand’s "Best Brand List in the World in 2024", and continued to win Forbes’ "Best Employer" and "Most Popular Employer for Employees" awards, which indicated that Xiaomi’s brand power was significantly improved around the world. Behind the achievements is the comprehensive progress and deep integration of Xiaomi in many dimensions such as product strength, communication strength and marketing strength.
Xiaomi knows that the product strength of science and technology products comes from continuous R&D investment. In the third quarter of 2024, Xiaomi’s R&D expenditure reached RMB 6 billion, a year-on-year increase of 19.9%, and the total number of R&D personnel also increased to 20,436.
Continuous investment in key areas such as AI, OS and chips has brought fruitful results to Xiaomi. The pre-research and release of intelligent chassis technology has laid a solid foundation for the realization of fully automatic driving and promoted the deep integration of Xiaomi’s strategy of "people, cars and homes are all ecological". At the same time, Xiaomi’s intelligent driving technology has also entered a new stage. Xiaomi’s intelligent driving has fully accessed the end-to-end big model and named it HAD. At the end of December 2024, it began to push the pioneer version. As of November 14, 2024, the active rate of Xiaomi’s intelligent driving was over 85%.
Xiaomi Smart Home Appliances’ self-research technology capability is also improving in an all-round way. On October 27th, 2024, Xiaomi Smart Home Appliances Experimental Center was officially unveiled in Wuhan, with a total investment of RMB 120 million.
Xiaomi 澎湃 OS 2 was officially released in October 2024, which brought a brand-new advanced experience to users around the world in terms of basic experience, cross-end Zhilian and AI experience. This is also an important step for Xiaomi to move towards the whole AI ecology.
Xiaomi’s continuous investment in high-end products and the high-end transformation of brand image have won it a wider audience base. In September 2024, the number of monthly active users of Xiaomi reached a new high of 686 million, up 10.1% year-on-year, and the Chinese mainland market also reached 168 million, up 10.6% year-on-year. In terms of communication with users, Xiaomi’s new retail strategy has played a pivotal role.
With the deepening of Xiaomi’s new retail strategy, the online and offline sales channels of Xiaomi noodles have been comprehensively broadened. The cross-selling strategy of products, as well as innovative measures such as the integration of sales and warehouse and packaging have also effectively improved the brand’s marketing ability, making Xiaomi House an important window to attract users and promoting Xiaomi’s pursuit of ultimate benefits and user experience. This year, Xiaomi Home ushered in a large-scale expansion and upgrade, and it is expected to reach 15,000 stores by the end of the year, providing users with more opportunities to contact and experience Xiaomi products.
It is reported that Xiaomi plans to expand Xiaomi Home to 20,000 stores next year, and actively promote the layout of overseas markets, aiming to bring the excellent experience of "people, cars and homes are all ecological" to more consumers around the world. Although this goal is quite challenging, the current science and technology industry is still undergoing great changes and has broad development prospects. Facing the rising opportunity of the times, the young and ambitious Xiaomi is moving towards the goal of "becoming a new generation of hard-core technology leader in the world" and starting a new journey at a more steady pace.