Xiaomi's third quarter revenue reached a record high, with adjusted net profit of 6.252 billion yuan, a year-on-year increase of 4.4%.

Xiaomi-W (01810) announced its performance for the third quarter of 2024, with revenue of approximately RMB 92.5065 billion, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.1%; gross profit of RMB 18.8814 billion, a year-on-year increase of 17.2% and a quarter-on-quarter increase of 2.6%; net profit for the period of approximately RMB 5.34 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 5.3%; adjusted net profit was RMB 6.252 billion, a year-on-year increase of 4.4% and a quarter-on-quarter increase of 1.2%. For the period of January to September, the revenue was approximately RMB 256.901 billion, a year-on-year increase of 29.9%; gross profit was RMB 54.105 billion, a year-on-year increase of 29.2%; net profit for the period was approximately RMB 14.583 billion, a year-on-year increase of 14.4%; adjusted net profit was approximately RMB 18.918 billion, a year-on-year increase of 31.7%. As of September 30, 2024, the cash reserves were RMB 151.6 billion, an 18.7% increase year-on-year. In the third quarter of 2024, the group achieved a record high revenue and steady profit growth. In terms of business segments, the "Smartphones x AIoT" segment had a revenue of RMB 82.8 billion, a year-on-year increase of 16.8%, while the "Smart Electric Vehicles and other innovative businesses" segment had a revenue of RMB 9.7 billion. In the third quarter of 2024, the group's adjusted net profit was RMB 6.3 billion, a year-on-year increase of 4.4%, including an adjusted net loss of RMB 1.5 billion in the Smart Electric Vehicles and other innovative businesses segment. The group continues to advance its "people-car-home full ecology" group strategy. In the third quarter of 2024, the group's global smartphone shipments reached 43.1 million units, a year-on-year increase of 3.1%. According to Canalys data, the company ranked in the top three in global smartphone shipments for the seventeenth consecutive quarter, with a market share of 13.8%. At the same time, the company's user ecosystem continues to expand. In September 2024, the company's global monthly active users reached a record high of 685.8 million, a year-on-year growth of 10.1%. As of September 30, 2024, the number of IoT devices connected to the group's AIoT platform (excluding smartphones, tablets, and laptops) had grown to 861.4 million, a year-on-year increase of 23.2%. In the third quarter of 2024, the group delivered 39,790 units of the Xiaomi SU7 series new car. As of September 30, 2024, the group had delivered 67,157 units of the Xiaomi SU7 series new car. The group is steadily advancing its "New Decade Goals": making large-scale investments in core underlying technologies and striving to become a new generation of global hardcore technology leaders. In the third quarter of 2024, the group's R&D expenditure reached RMB 6 billion, a year-on-year increase of 19.9%. As of September 30, 2024, the number of R&D personnel in the group reached 20,436, accounting for 48.6% of the total employees. In addition, the group continues to expand its intellectual property capabilities, with Xiaomi Group having obtained over 41,000 patents globally as of September 30, 2024. In the 2024 5G standard essential patent declaration, the group's global patent family ranking has risen to eighth place, demonstrating the group's outstanding research and development achievements in the field of communication technology. In October 2024, the group launched the latest flagship smartphone Xiaomi 15 series, while also introducing the Surging OS 2, and announcing three key technological innovations: HyperCore, HyperConnect, and HyperAI, upgrading basic experience, cross-device intelligence, and AI functions. Xiaomi HyperCore covers performance, graphics, network, and security, helping create a smoother basic experience. Xiaomi HyperConnect empowers cross-device intelligence of the entire ecosystem, enabling comprehensive sharing of hardware capabilities, information, and application ecosystem. The group's self-developed Xiaomi HyperAI subsystem is deeply integrated with the OS architecture, introducing AI dynamic wallpapers, AI writing, AI music recognition, AI translation, and AI drawing functions for a comprehensive upgrade of the user experience. At the same time, the group has created a new AI intelligent assistant "Super Xiaoai" for the entire ecosystem, bridging the entire process of perception, understanding, and execution, helping users with daily tasks and using end-side hardware encryption technology to protect user information and privacy. 2024 is a year of further expansion and ecological upgrading for Xiaomi's new retail strategy. In the third quarter of 2024, the group's offline retail store count continued to grow in mainland China. As of September 30, 2024, the group had over 13,000 offline retail stores in mainland China. According to third-party data, in the third quarter of 2024, the group's market share of smartphone offline channel shipments in mainland China was 10.3%, an increase of 1.7 percentage points year-on-year. Thanks to the online and offline new retail layout, during the 2024 Double 11 shopping festival, the group achieved a total payment amount exceeding RMB 31.9 billion across all channels, setting a new record for the annual promotion.