It appears that Xiaomi is going above and beyond even by its own estimates

Xiaomi Corporation, a leader in consumer electronics and smart manufacturing, has announced its unaudited consolidated results for Q3 of 2024. The company posted record-high revenue, marking its third consecutive quarter of strong growth. For the period, Xiaomi’s revenue reached RMB 92.5 billion (about RM57.1 billion), representing a 30.5 percent year-over-year (YoY) increase.

Adjusted net profit for the quarter stood at RMB 6.3 billion (roughly RM3.9 billion), maintaining historically high levels. The premiumization strategy Xiaomi has employed continued to pay off, with an overall gross profit margin of 20.4 percent, highlighting the success of its business approach.

Moreover, Xiaomi’s core segments performed strongly. Revenue from smartphones, IoT and lifestyle products, and internet services reached RMB 47.5 billion, RMB 26.1 billion, and RMB 8.5 billion, respectively. Its new electric vehicle (EV) and other initiatives generated RMB 9.7 billion in revenue, nearing the RMB 10 billion milestone and surpassing expectations.

Cash reserves also saw a significant increase, reaching RMB 151.6 billion (around RM93.6 billion) by the end of September 2024. During the Double 11 shopping festival, Xiaomi’s omnichannel gross merchandise value (GMV) surpassed RMB 31.9 billion, setting a new record.

In the smartphone market, Xiaomi’s global shipments also reached 43.1 million units in Q3, up 3.1 percent YoY. The company maintained its position among the top three smartphone brands globally for the 17th consecutive quarter, with a global market share of 13.8 percent. In mainland China, Xiaomi’s market share increased by 1.2 percentage points YoY to 14.7 percent, marking the third consecutive quarter of growth.

On top of that, Xiaomi’s IoT and lifestyle products saw continued growth, with Q3 revenue reaching RMB 26.1 billion, up 26.3 percent YoY. The company’s shipments of air conditioners, refrigerators, and washing machines all reached record levels. Xiaomi’s internet services business also grew, with revenue reaching a new high of RMB 8.5 billion, an increase of 9.1 percent YoY.

Xiaomi’s EV business exceeded expectations, with the Xiaomi SU7 Series delivering 100,000 vehicles by November 2024. The company’s smart EV revenue approached RMB 10 billion, and its new model, the Xiaomi SU7 Ultra, broke a world record at the Nürburgring Nordschleife.

In summary, Xiaomi’s impressive Q3 results reflect its successful strategy across various business segments, its continued focus on premium products, and its significant advancements in EV and smart technologies.