BISHOP-Official Xiaomi Eco Distributor

January 3, 2025— Xiaomi’s(1810.HK) stock price hit a record high today, opening higher than the previous trading day’s closing price, and once hit HK$36.25 per share during the session. As of the close, Xiaomi company’s stock price closed at HK$36.25 per share, up 6.62% from the previous trading day, with a total market value of approximately HK$909.7 billion. This rebound is closely related to the gradual improvement of the company’s performance. In the first three quarters of 2024, Xiaomi’s mobile phone business recovered, and the Internet of Things (IoT) and consumer products businesses continued to grow, helping the company to get out of the previous revenue decline.

Lei Jun, chairman and CEO of Xiaomi, also saw his net worth rise accordingly. In October 2024, Lei Jun ranked 19th on the Hurun Rich List with a net worth of RMB 130 billion. As of the end of June 2024, Lei Jun controlled 24.19% of Xiaomi Group’s shares, with a current market value of approximately RMB 150 billion.

Mobile phone business picks up, overall performance grows

In 2024, Canalys data showed that in the first quarter of 2024, China’s mobile phone market achieved year-on-year expansion after 8 quarters. Xiaomi also launched a new folding screen mobile phone during this period to promote market competitiveness. In the first three quarters of 2024, Xiaomi’s smartphone business revenue totaled 140.5 billion yuan, a year-on-year increase of 24.12%, and the overall operating income was 256.901 billion yuan, a year-on-year increase of 29.93%; net profit attributable to the parent was 14.632 billion yuan, a year-on-year increase of 14.79%.

Although the mobile phone business performed well, the gross profit margin declined in the third quarter of 2024 to 11.7%. Xiaomi Group also explained that this was due to rising prices of core components and intensified competition. ‌William Lu‌, partner of Xiaomi Group, said that the gross profit margin is expected to rebound in the fourth quarter.

IoT and automotive business expand new growth

As the market changes, Xiaomi has increased its layout in IoT and consumer products business. In the third quarter of 2024, the revenue of this business reached 26.102 billion yuan, a year-on-year increase of 26.26%. In addition, Xiaomi has also entered the automotive field. In March 2024, it released its first model SU7, with annual deliveries exceeding 135,000 vehicles and a delivery target of 300,000 vehicles in 2025. Although Xiaomi Auto has not yet achieved profitability, its revenue and gross profit margin levels are continuing to grow, showing its potential as a new growth driver. The results currently shown, whether in the domestic market in China or in exports to other countries, show a relatively ideal result. In the future economic development, I look forward to the progress and growth we have made together!

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