Defining the News
Beijing, Hong Kong—Xiaomi Corp., a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an Internet of Things platform at its core, announced its audited consolidated results for the year ended December 31, 2023 . In 2023, the Group’s total revenue was RMB271.0 billion, while its adjusted net profit surged by 126.3% to reach RMB19.3 billion.
As one of China’s most successful global brands, Xiaomi smartphones maintained a solid position in the global market last year. According to Canalys, in 2023, Xiaomi’s smartphone shipments ranked among the top three across 51 countries and regions globally and ranked among the top five across 65 countries and regions globally. Specifically, Xiaomi’s smartphone shipments ranked No. 2 in the Middle East, and ranked No.
In 2023, revenue from Xiaomi’s IoT and lifestyle products was RMB80.1 billion and its gross profit margin reached 16.3%, hitting a record high. As of December 31, 2023, the number of connected IoT devices on Xiaomi’s AIoT platform reached 739.7 million, up 25.5% YoY; the number of users with five or more devices connected to its AIoT platform reached 14.5 million, an increase of 25.3% YoY. The MAU of the Group’s Mi Home App grew to 85.8 million in December 2023.
As Xiaomi continued to optimize efficiency across its platform, the Group’s advertising revenue reached RMB20.5 billion, an increase of 11.2% YoY. Alongside the advancement of smartphone premiumization strategy, the number of active users and paying users of the Group’s gaming business continued to increase, fuelling its gaming revenue to reach RMB4.4 billion in 2023, an increase of 7.0% YoY.