Xiaomi Posts Record 2024 Q2 Revenue of RMB88.9 Billion Delivers Double-Digit Growth for Third Straight Quarter

Beijing, Hong Kong, August 21, 2024 — Xiaomi Corporation (“Xiaomi” or the “Group”; stock code:1810), a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, announced its unaudited consolidated results for the three months ended June 30, 2024 (“2024 Q2” or “the Period”). Xiaomi reported double-digit year-over-year (YoY) revenue growth for the third consecutive quarter in 2024 Q2, with revenue reaching RMB88.9 billion, a 32% YoY increase. The adjusted net profit was RMB6.2 billion, marking a 20.1% YoY increase and underscoring robust growth. The overall gross profit margin remained strong at 20.7%. Xiaomi’s three core businesses — smartphones, IoT and lifestyle products, and internet services — outperformed market expectations with revenues of RMB46.5 billion, RMB26.8 billion, and RMB8.3 billion respectively. Revenue from the smart EV business and other new initiatives totalled RMB6.4 billion. The Group’s overall performance exceeded consensus expectations, marking a new phase of explosive growth.