Xiaomi company announced its audited consolidated results for the year ended December 31, 2023. In 2023, the Group’s total revenue was RMB 271 billion (Renminbi), while its adjusted net profit increased by 126.3% to reach 19.3 billion RMB.
The increase in adjusted net profit far exceeded market expectations and marked the second highest level of profitability since the Group’s IPO. Intelligent electric vehicle (“EV”) business expenses and other new initiatives increased by RMB 6.7 billion (excluding share-based compensation expenses related to intelligent electric vehicles and other new initiatives of RMB 0.8 billion For the year).
Towards the end of 2023, Xiaomi’s total revenue grew for two consecutive quarters, reaching RMB 73.2 billion, an increase of 10.9% year-on-year, and thus its adjusted net profit increased by 236.1% year-on-year up to 4.9 billion RMB. Throughout 2023, Xiaomi diligently executed its key operating strategy of “double emphasis on scale and profitability.” In addition, it marked the inaugural year of the corporate strategy on the “Human × Car × Home” smart ecosystem.
In terms of business performance, accelerated profit growth occurred in the first half of 2023, followed by a rebound in quarterly revenue in the second half of the year. Both indicators reflect the exceptional growth, resilience and efficiency in the Group’s business operations.
Regarding the development of the ecosystem, Xiaomi unveiled its new operating system, “Xiaomi HyperOS” and held the launch event of Xiaomi EV technology. The Xiaomi SU7 Series product launch event is scheduled for March 28, 2024, which will further enrich the Group’s ecosystem portfolio.
Source: Larepublica
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