Xiaomi reports record revenue, boosts shareholder returns, elects director

Xiaomi Corp (HKEX: 1810) today released its 2024 Annual Report, highlighting record-breaking revenue of RMB365.9 billion, a 35% year-over-year increase, and a record-high adjusted net profit of RMB27.2 billion, up 41.3% year-over-year. This success was attributed to growth across all business segments, including a 22.9% increase in Smartphone x AloT revenue to RMB333.2 billion and new smart EV initiatives revenue of RMB32.8 billion. Xiaomi also announced the Board's recommendation for election of Lei Jun, Liu Qin and Chen Dongsheng at the company's annual general meeting scheduled for June 5, 2025. Simultaneously, the company has released plans to continue its open market share repurchases, and has already repurchased HKD3.7 billion worth of shares in 2024. The Annual Report also indicates that in January 2025, Xiaomi completed a placing of 800,000,000 placing shares at HKD53.25, in addition to a top-up subscription of new shares. The strong financial results and strategic actions are likely to strengthen investor confidence in Xiaomi's future growth trajectory.