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In a recent earnings call, Xiaomi (OTC: XIACF ) Corp (1810.HK) showcased a strong start to 2024, with significant growth in revenue and adjusted net profit, alongside ambitious expansion plans in the electric vehicle (EV) sector and retail footprint. The technology giant reported a 27% increase in revenue and a doubling of adjusted net profit year-on-year.

Xiaomi's strategic moves into the EV market with the Xiaomi SU7 launch and retail expansion aim to bolster its global presence, particularly in emerging markets. Key Takeaways Xiaomi's revenue grew by 27% year-on-year in Q1 2024, with adjusted net profit surging by 100.8%.



The company retained its top-three status in the global smartphone market, showing strong growth in emerging markets. Xiaomi announced the successful launch of its electric vehicle, the Xiaomi SU7, and plans to deliver over 10,000 units by June. The "Others" team is set to expand from 1,000 to 1,500 employees by the end of 2024.

Xiaomi aims to open 20,000 Xiaomi Home stores by 2026, emphasizing its new retail business strategy. Internet services and IoT and lifestyle products saw significant margin growth, with the former reaching a new quarterly high in revenue. The company is actively repurchasing shares and has released an ESG report with long-term sustainability targets.

Company Outlook Xiaomi plans to increase investment in the EV business, aiming for large-scale delivery and a 5% to 10% gross margin in the future. The company will focus on premiumiz.

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