Xiaomi annual profit surges on smartphone, EV growth

Xiaomi Corporation (HKEX: 1810) today announced record annual revenue of RMB365.9 billion for the year ended December 31, 2024, a 35% increase year-over-year. Adjusted net profit also reached a new high of RMB27.2 billion, up 41.3%. The surge was driven by strong growth in the Smartphone × AIoT segment (RMB333.2 billion revenue) and the emerging smart EV and other new initiatives segment (RMB32.8 billion).