Xiaomi Group recently released its Q2 performance report, showing a revenue of 88.9 billion RMB, a year-on-year increase of 32.0%. The company has achieved positive growth both year-on-year and quarter-on-quarter for four consecutive quarters. Adjusted net profit reached 6.2 billion RMB, a year-on-year increase of 20.1%, surpassing market expectations.
As of June 30, 2024, Xiaomi Group's cash reserves amounted to 141 billion RMB.
Specifically, smartphone revenue was 46.5 billion RMB, with global shipments reaching 42.2 million units, a year-on-year growth of 28.1%. Revenue from IoT and lifestyle consumer products was 26.8 billion RMB, up 20.3% year-on-year. Internet services revenue was 8.3 billion RMB, a year-on-year increase of 11.0%. In June 2024, Xiaomi Group's global monthly active users reached 676 million, a year-on-year increase of 11.5%.
In Latin America, the Middle East, Africa, and Southeast Asia, Xiaomi achieved significant growth in smartphone market share. Notably, its shipment ranking in Latin America rose to second place. Additionally, Xiaomi ranked among the top three in smartphone shipments in 58 countries and markets globally, and among the top five in 70 countries and markets, further expanding its advantageous regions compared to the previous quarter.
Furthermore, it is worth mentioning that Xiaomi's innovative businesses, including smart electric vehicles, generated 6.4 billion RMB in revenue this quarter, with smart electric vehicle revenue alone accounting for 6.2 billion RMB. As of June 30, 2024, Xiaomi's automobile sales stores numbered 87, covering 30 cities in mainland China. The Xiaomi SU7 series delivered a total of 27,307 new cars in a single quarter.
The report also shows that Xiaomi's R&D investment in the second quarter was 5.5 billion RMB, a year-on-year increase of 20.7%, with a total of 18,290 R&D personnel. In July 2024, Xiaomi's next-generation intelligent smartphone factory began full-scale production, with an annual capacity of 10 million flagship phones.
