XIAOMI(HK:01810) Zheng Quan Ri Bao Wang·2025-03-18 13:47Core Insights - Xiaomi Group reported its strongest annual performance ever for 2024, with total revenue reaching RMB 365.9 billion, a year-on-year increase of 35.0%, and adjusted net profit rising by 41.3% to RMB 27.2 billion [1] - In Q4 2024, Xiaomi's quarterly revenue surpassed RMB 100 billion for the first time, reaching RMB 109 billion, marking a 48.8% year-on-year growth [1] Business Performance - All business segments of Xiaomi experienced high growth, driven by the successful launch of its automotive business and the synergy of its "people, vehicles, and home" ecosystem [2] - The smartphone segment generated revenue of RMB 191.8 billion, reflecting a 21.8% year-on-year increase, with a global market share of 13.8%, maintaining a top-three position for 18 consecutive quarters [2] - Xiaomi's high-end smartphone shipments accounted for 23.3% of total shipments in mainland China, with market shares in the RMB 4,000-5,000 and RMB 5,000-6,000 price segments reaching 24.3% and 9.7%, respectively [2] Innovation and R&D - Revenue from Xiaomi's electric vehicle and innovative businesses reached RMB 32.8 billion, exceeding expectations, with total deliveries of the Xiaomi SU7 surpassing 136,000 units [3] - The IoT and lifestyle products segment crossed RMB 100 billion in revenue for the first time, achieving RMB 104.1 billion, a 30.0% increase year-on-year [3] - Xiaomi's R&D expenditure for 2024 was RMB 24.1 billion, a 25.9% increase, with a total of 21,190 R&D personnel and over 42,000 global patents, including more than 1,000 in the automotive sector [3] Ecosystem Development - Xiaomi is constructing its first smart home appliance factory, completing its "people, vehicles, and home" ecosystem with full control over the R&D and manufacturing of high-end products [4] - AI plays a crucial role in Xiaomi's high-end strategy, with 25% of the planned RMB 30 billion R&D investment for 2025 allocated to AI [5] - The Xiaomi automotive division has achieved significant AI upgrades, with cumulative intelligent driving mileage exceeding 100 million kilometers [5] AI Integration - The second-generation MiLM2 model has improved capabilities by over 45% across ten dimensions, integrating seamlessly with various Xiaomi smart devices [6] - Major financial institutions, including Morgan Stanley and Goldman Sachs, have expressed optimism about Xiaomi's ecosystem and its potential for growth, highlighting the unique advantages created by AI integration [6]