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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteXiaomi’s adjusted net profit doubled in the first quarter of 2024, but its statutory IFRS profit did not. Adjusted net profit reached RMB6.49 billion, up 100.8% year over year, while IFRS profit for the period was RMB4.17 billion, down 1.0%. The underlying business still improved materially: revenue rose 27.0%, gross profit increased 45.2%, and gross margin reached 22.3%.
The operating explanation is a combination of smartphone recovery, better product mix, faster-growing tablets and appliances, and high-margin internet services. The size of the adjusted-profit increase was also amplified by volatile investment fair-value movements excluded from Xiaomi’s non-IFRS measure.
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The numbers behind Xiaomi’s Q1 2024 record
Xiaomi announced its results on May 23, 2024. The headline “profits doubled” refers specifically to management’s adjusted net profit, not ordinary IFRS earnings.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →| Measure | Q1 2024 | Q1 2023 | Year-over-year change |
|---|---|---|---|
| Revenue | RMB75.51bn | RMB59.48bn | +27.0% |
| Gross profit | RMB16.83bn | RMB11.59bn | +45.2% |
| Gross margin | 22.3% | 19.5% | +2.8 percentage points |
| IFRS profit for the period | RMB4.17bn | RMB4.22bn | -1.0% |
| Adjusted net profit | RMB6.49bn | RMB3.23bn | +100.8% |
These figures come from Xiaomi’s official Q1 2024 results announcement. Adjusted net profit margin rose to 8.6%, from 5.4% a year earlier. Cash resources were RMB127.3 billion, up 34.7%.
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What drove the 27% revenue increase?
Smartphones remained the largest business, but every major operating segment except “Others” grew.
| Segment | Q1 2024 revenue | Year-over-year change | Share of group revenue |
|---|---|---|---|
| Smartphones | RMB46.48bn | +32.9% | 61.6% |
| IoT and lifestyle products | RMB20.37bn | +21.0% | 27.0% |
| Internet services | RMB8.05bn | +14.5% | 10.7% |
| Others | RMB605.2m | -4.0% | 0.7% |
Smartphones supplied the largest absolute increase in sales. IoT added a second substantial growth engine, while internet services contributed less revenue but far more profit per yuan because of their margin.
Smartphone recovery came with better economics
Xiaomi reported global smartphone shipments of about 40.7 million units, up 33.3% year over year, with a 13.8% global share and third place in the company’s presentation. Reuters also described the wider market as showing signs of recovery after a prolonged slowdown (Reuters report republished by Investing.com).
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The result was not simply a low-price volume push. Smartphone gross margin increased from 11.2% to 14.8%, helped by product mix and lower key-component costs. Xiaomi emphasized premiumization, although the reported average selling price actually slipped from RMB1,151.6 to RMB1,144.7 per unit. That means the margin improvement came from mix, input costs and execution rather than a broad price increase.
Tablets, appliances and wearables broadened the growth
IoT and lifestyle-product revenue rose 21.0%, to RMB20.37 billion, while its gross margin expanded from 15.7% to 19.9%. Xiaomi attributed growth mainly to tablets, smart large home appliances and wearables.
- Tablet revenue increased 70.5%; IDC data cited by Xiaomi showed global tablet shipments up 92.6%.
- Smart large-home-appliance revenue increased 46.0%.
- Air-conditioner shipments exceeded 690,000 units, up 63%.
- Refrigerator shipments exceeded 530,000 units, up 52%.
- Washing-machine shipments exceeded 360,000 units, up 47%.
- Mainland China wearable shipments increased 70%.
The mix mattered as much as the volume. Higher-margin tablets and wearables helped Xiaomi retain more gross profit from each yuan of IoT revenue. The company also reported 786.1 million connected AIoT devices, up 27.2%, and 15.2 million users with at least five connected devices, up 24.2%.
Internet services supplied disproportionate profit
Internet-services revenue reached a record RMB8.05 billion, up 14.5%. Gross margin increased from 72.3% to 74.2%, producing RMB5.98 billion of segment gross profit—nearly as much as smartphones generated despite internet services representing only about one-tenth of group revenue.
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Xiaomi said advertising made a larger contribution, which supported the margin increase. Monthly active users reached 658.1 million globally, up 10.6%, including 160.4 million in mainland China, up 9.7%. The trade-off is that more advertising can improve monetization while creating user-experience and regulatory pressure.
Why adjusted profit doubled while IFRS profit fell
Xiaomi’s adjusted measure starts with IFRS profit and removes or adjusts items that management considers non-recurring or non-operating. For Q1 2024, the reconciliation included:
| Adjustment | Q1 2024 amount |
|---|---|
| IFRS profit for the period | RMB4.17bn |
| Share-based compensation | +RMB950.2m |
| Net fair-value investment movement | +RMB2.22bn |
| Acquisition-related amortization | +RMB36.0m |
| Change in liabilities to fund investors | +RMB764.5m |
| Related tax effect | +RMB127.7m |
| Adjusted net profit | RMB6.49bn |
The comparison was unusually favorable. In Q1 2023, Xiaomi’s reconciliation contained a negative RMB3.03 billion net fair-value investment adjustment; in Q1 2024 it contained a positive RMB2.22 billion adjustment. At the statutory level, fair-value changes on financial instruments moved from a RMB3.5 billion gain in Q1 2023 to a RMB1.2 billion loss in Q1 2024, mainly because of losses on listed equity investments.
Consequently, Xiaomi’s operating improvement was genuine, but the 100.8% adjusted-profit growth rate is not a clean measure of recurring earnings growth. Xiaomi’s definition also is not identical to the adjusted-profit measures used by Apple, Samsung, Huawei or other companies.
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Higher spending shows this was not pure cost-cutting
Xiaomi increased investment while gross profit expanded:
- R&D expense rose 25.4% to RMB5.2 billion.
- Selling and marketing expense rose 33.6% to RMB5.5 billion.
- Advertising and promotion expense rose 66.5% to RMB2.1 billion.
- Administrative expense rose 34.2% to RMB1.5 billion.
Some of the additional R&D and administrative spending related to the electric-vehicle program and other initiatives. The stronger explanation is operating leverage: gross profit grew fast enough to absorb heavier investment, marketing and launch costs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The SU7 mattered strategically, not as a major Q1 revenue driver
Xiaomi launched the SU7 in March 2024, but customer deliveries began in April, after the quarter ended. The company said locked-in orders reached 88,063 by April 30 and deliveries reached 10,000 by May 15. Management planned to raise its 2024 delivery goal to 120,000 and begin double-shift production in June. Those are management targets, not achieved results.
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Xiaomi said automotive revenue would be reported separately beginning in the following quarter. The timing means the SU7 was primarily a forward-looking diversification story in Q1, while smartphone, IoT, margin and investment-accounting effects explained the reported quarter. The launch also created near-term R&D, manufacturing and marketing costs.
How to judge the quality of Xiaomi’s growth
Volume improved
Smartphone shipments rose by roughly one-third, and appliance, tablet and wearable volumes also grew rapidly.
Mix improved
Smartphone, IoT and internet-service gross margins all increased. That is why gross profit grew 45.2%, well ahead of revenue.
Monetization remained strong
Internet services delivered a 74.2% gross margin and benefited from advertising growth, while the wider ecosystem expanded.
Volatility remained material
Investment fair-value movements materially changed the comparison between IFRS and adjusted earnings. Future statutory results can therefore diverge from operating trends.
Risks investors should watch
- Margin durability: Premiumization and lower component costs may not persist if competition intensifies or input prices rise.
- Affordability versus premiumization: Higher-end products can lift margins but may test Xiaomi’s value-oriented positioning.
- EV execution: The car business requires sustained spending on factories, service, software and marketing before its profitability is established.
- Advertising intensity: More ads can raise internet-service margins but may increase user friction and regulatory exposure.
- Global complexity: Overseas growth adds currency, logistics, channel, regulatory and after-sales risks.
- Investment portfolio exposure: Listed-equity gains and losses can continue to make IFRS earnings volatile.
Xiaomi’s Q1 2024 was therefore a real operating recovery, not an accounting illusion. But “profits doubled” is an adjusted-profit headline made considerably larger by volatile investment effects. The clearest recurring evidence is the combination of stronger smartphone demand, improved product mix, higher segment margins and continued ecosystem monetization.
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