XIAOMI(01810)2025-03-18 09:25Financial Performance - For the fiscal year ending December 31, 2024, Xiaomi Corporation reported total revenue of RMB 365.9 billion, a year-on-year increase of 35.0%[6]. - The adjusted net profit for the same period reached RMB 27.2 billion, marking a 41.3% increase compared to the previous year[6]. - In Q4 2024, Xiaomi's total revenue surpassed RMB 100 billion for the first time in a single quarter, reaching RMB 109 billion, a 48.8% year-on-year growth[7]. - The net profit for the year increased by 34.9% from RMB 17.5 billion for the year ending December 31, 2023, to RMB 23.6 billion for the year ending December 31, 2024[71]. - The adjusted net profit for the year ended December 31, 2024, was RMB 27.2 billion, compared to RMB 19.3 billion for the previous year[35]. - The total revenue for the year ended December 31, 2024, increased by 35.0% to RMB 365.9 billion, compared to RMB 271.0 billion for the year ended December 31, 2023[37]. - The company reported a profit of RMB 23,578,449 thousand for the fiscal year ending December 31, 2024, reflecting a significant increase in operational performance[164]. - Total comprehensive income for the year amounted to RMB 24,338,685 thousand, up from RMB 18,510,061 thousand in 2023, reflecting a growth of 31.4%[189]. Revenue Breakdown - The company's smartphone business generated revenue of RMB 191.8 billion in 2024, up 21.8% year-on-year, with a gross margin of 12.6%[17]. - The IoT and lifestyle consumer products segment achieved revenue of RMB 104.1 billion, a 30.0% year-on-year increase, with a gross margin of 20.3%[21]. - The revenue from the "Smart Electric Vehicles and Innovative Businesses" segment was RMB 32.8 billion for the fiscal year 2024[7]. - The "Mobile × AIoT" segment revenue grew by 22.9% year-on-year to RMB 333.2 billion, with a gross margin of 21.2%[16]. - The internet services revenue reached RMB 34.1 billion in 2024, a year-on-year increase of 13.3%, with a gross margin of 76.6%[25]. - Revenue from the smart electric vehicle and innovative business segment for Q4 2024 was RMB 16.7 billion, with 69,697 units of the Xiaomi SU7 series delivered, resulting in an ASP of RMB 234,322 per vehicle[83]. User and Market Metrics - The number of active users globally reached 702.3 million by December 2024, reflecting a 9.5% year-on-year increase[8]. - Xiaomi's AIoT platform connected 904.6 million IoT devices by the end of 2024, a 22.3% year-on-year growth[8]. - The company achieved a smartphone market share of 13.8% globally, an increase of 1.0 percentage points year-on-year[8]. - In the high-end smartphone segment in mainland China, Xiaomi's shipment volume accounted for 23.3% of total smartphone shipments, up 3.0 percentage points year-on-year[12]. - The company's offline retail store count in mainland China approached 15,000 by the end of 2024, with a market share of 10.3% in offline smartphone channels[14]. Research and Development - Xiaomi's R&D expenditure for 2024 was RMB 24.1 billion, a 25.9% increase from the previous year, with R&D personnel accounting for 48.5% of total employees[10]. - R&D expenses increased by 25.9% from RMB 19.1 billion for the year ending December 31, 2023, to RMB 24.1 billion for the year ending December 31, 2024, primarily due to increased spending related to innovative businesses such as smart electric vehicles[61]. - R&D expenses increased by 36.1% from RMB 5.5 billion in Q4 2023 to RMB 7.4 billion in Q4 2024, driven by higher personnel costs and R&D related to smart electric vehicles[103]. Cost and Profitability - Total sales cost increased by 35.5% from RMB 213.5 billion to RMB 289.3 billion, with smartphone and IoT sales costs rising significantly[50]. - Gross profit increased by 33.2% from RMB 57.5 billion to RMB 76.6 billion, while gross margin slightly decreased from 21.2% to 20.9%[56]. - The gross margin for the "Smart Electric Vehicle and Innovative Business" segment was 18.5% for 2024, improving to 20.4% in Q4 2024[28]. - The gross margin for IoT and consumer products improved from 16.3% to 20.3%, driven by higher margins from wearables and smart appliances[58]. Cash Flow and Investments - Cash and cash equivalents as of December 31, 2024, amounted to RMB 33.7 billion[166]. - The net cash generated from operating activities was RMB 39,295,499 thousand, down from RMB 41,300,495 thousand in 2023, a decrease of 4.9%[195]. - The net cash used in investing activities for Q4 2024 was RMB 29.1 billion, primarily due to an increase in long-term bank deposits of RMB 18.2 billion and short-term investments of RMB 8.6 billion[172]. - The total value of investments as of December 31, 2024, was RMB 71.4 billion, reflecting a 1.7% year-on-year increase[177]. Debt and Financing - The company issued USD 600 million 3.375% senior notes due 2030, guaranteed unconditionally by the company[167]. - The company also issued USD 800 million 2.875% senior notes due 2031 and USD 400 million 4.100% green senior notes due 2051, both guaranteed by the company[168]. - As of December 31, 2024, total borrowings amounted to RMB 30.6 billion[174]. - The company reported a net cash outflow from financing activities of RMB 3,998,976 thousand in 2024, compared to RMB 504,972 thousand in 2023, indicating increased investment in growth initiatives[195].