Slide 1: Xiaomi Corporation Q1 2024 Results Announcement
Xiaomi Corporation Q1 2024 Results Announcement
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of Xiaomi Corporation (the “Company”, and together with its sub
Slide 3: Q1 2024 Overall Financial Highlights
Q1 2024 Overall Financial Highlights RMB % Gross Profit Revenue 75.5 billion Margin 22.3% +27.0% YoY +2.8ppt YoY RMB Adjusted RMB Net Profit1 6.5 billion Cash +100.8% YoY Resources3 127.3 billion Including expenses related to smart +34.7% YoY EV and other new initiatives2 RMB2.3 billion 1 Defined as
Slide 4: Q1 2024 Overall Business Highlights
Q1 2024 Overall Business Highlights #3 786.1 million Global AIoT Connected Devices2 Market Share Ranking1 +27.2% YoY AIoT 15.2 million 13.8% Users with 5 or More Connected Global Market Share1 Devices2 +2.4% YoY +24.2% YoY Smartphones 56 markets Ranked Top 31 658.1 million Global MAU3 Internet +10.6
Slide 5: Business Highlights
Business Highlights
Slide 6: Global Smartphone Shipments Grew 33.3% YoY
Global Smartphone Shipments Grew 33.3% YoY Ranked Top 3 for 15 Consecutive Quarters Q1 2024 Shipments YoY Shipments Vendor Q1 2024 Market Share (Million Units) Change 60.0 14.1% 13.8% 12.9% 12.8% 14.0% Samsung 60.0 20.2% -0.6% 50.0 11.3% 41.5 12.0% 40.7 40.7 40.0 10.0% Apple 48.7 16.4% -16.0% 33.2 8
Slide 7: Smartphone Market Share Improved in All Major Markets Globally
Smartphone Market Share Improved in All Major Markets Globally Q1 2024 Smartphone Shipments Ranking and Market Share +1.3% +2.4% No.2 No.3 20.2% +7.1% +1.5% Europe No.6 13.8% No.2 14.0% Global 20.9% Mainland China Middle East +2.0% No.3 +4.4% No.3 16.5% 15.3% No.3 Southeast Latin America 10.6% No.2
Slide 8: Relentless Execution of Smartphone Premiumization Strategy
Relentless Execution of Smartphone Premiumization Strategy Premium Smartphone as % of RMB5,000-6,000 Premium Smartphone Total Smartphone Units Sold in Mainland China1 Market Share1 in Mainland China 21.7% 4.4% 10.1% 20.3% 17.7% 17.0% 2021 2022 2023 Q1 2024 Q1 2023 Q1 2024 1 By units sold in mainland
Slide 9: Smartphone Offline Market Share in Mainland China Continued to Increase
Smartphone Offline Market Share in Mainland China Continued to Increase Smartphone Offline Market Share1 Promote and Implement 2020 Xiaomi New Retail 9.0% 2021 Store Expansion 8.4% 6.7% 6.7% 2022 Store Efficiency Improvement 5.2% 2023 Storefront Integration 4.9% Acceleration and Ecosystem 2024 Upgra
Slide 10: Key AIoT Categories Delivered Solid Performance in Q1 2024
Key AIoT Categories Delivered Solid Performance in Q1 2024 Wearables Tablets Smart Large Home Appliances TWS shipments ranked No.1 in Ranked No.3 in mainland China2 Revenue up 46% YoY mainland China1 Wearables shipments up 70% YoY Ranked No.5 globally2 Shipments of air conditioners, in mainland Chin
Slide 11: R&D Expenses Reached RMB5.2 billion in Q1 2024
R&D Expenses Reached RMB5.2 billion in Q1 2024 R&D Expenses RMB Billions ~24 R&D Expenses 19.1 up 25.4% YoY 16.0 13.2 Number of R&D Employees1 9.3 17,000+ 7.5 5.8 5.2 3.2 Number of Granted Patents Globally1 39,000+ 2017 2018 2019 2020 2021 2022 2023 2024 1 As of March 31, 2024 11
Slide 12: AI Smartphones: Key Observations
AI Smartphones: Key Observations Focus on on-device LLM: 2024 could be the breakthrough year Focus on lightweight LLM: Enhance capabilities and reduce service costs Hybrid cloud-based and on-device approach: Collaborate with partners under appropriate scenarios 12
Slide 13: Key Features of Xiaomi AI Smartphones
Key Features of Xiaomi AI Smartphones AI Assistant AI Input Method AI Portrait More Features ...... AI Image Extender AI Image Search AI Real-time Translation 13
Slide 14: Embrace AI in All Aspects of Our Business Operations
Embrace AI in All Aspects of Our Business Operations Enhance User Experience Improve Operational Efficiency Human x Car x Home New Retail Sales Forecasts AI Real-time AI Input AI Assistant AI Portrait AI Smart AI Image Translation Method Text-to-Image Painting Extender & Generation AI Image Search I
Slide 15: Update on Xiaomi EV Business
Update on Xiaomi EV Business
Slide 16: Our First EV: Xiaomi SU7 Series
Our First EV: Xiaomi SU7 Series Full-size High-performance Eco-technology Sedan Xiaomi SU7 : RMB 215,900 Xiaomi SU7 Pro : RMB 245,900 Xiaomi SU7 Max : RMB 299,900 0-100 km/h Recharge Top Acceleration Range Speed Xiaomi SU7 21.59 2.78s 800km 265km/h Xiaomi SU7 Pro 24.59 Max Max 100-0 km/h Horsepower
Slide 17: Enhance User Experience through Smart Ecosystem
Enhance User Experience through Smart Ecosystem Autonomous Driving In-Car Voice Assistants - 1,000+ Autonomous Driving-Related Employees - Leverage Existing AI Voice Assistant - End to End AI Model / Adaptive BEV Technologies Technology - Five-zone Human-vehicle Interaction - Automatic Parking Assis
Slide 18: Strong Initial Sales Momentum
Strong Initial Sales Momentum Locked-in Orders in the First Month1 88,063 1 As of April 30, 2024 18
Slide 19: Xiaomi EV Factory: Expanding Production Capacity
Xiaomi EV Factory: Expanding Production Capacity A Xiaomi SU7 Produced Every 76 Seconds At Maximum Production Capacity April 18 First Delivery of Xiaomi SU7 & Xiaomi SU7 Max May 18 First Delivery of Xiaomi SU7 Pro 19
Slide 20: Ramping up Delivery Capabilities
Ramping up Delivery Capabilities 10,000 Vehicles Delivered as of May 15, 20241 Expected to Reach 10,000+ Deliveries in June 2024 Target to Deliver 100,000+ Vehicles in 2024 Retail Stores Service Centers 46 219 86 143 Cities Stores Cities Stores By End 2024 1 The statistical period is from 00:00 on A
Slide 21: Financial Highlights
Financial Highlights
Slide 22: Q1 2024 Total Revenue Grew 27.0% YoY
Q1 2024 Total Revenue Grew 27.0% YoY Revenue RMB Billions 75.5 75.5 8.0 59.5 73.2 70.9 7.0 20.4 67.4 16.8 59.5 46.5 35.0 Q1 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Smartphones IoT and lifestyle products Internet services Others YoY% -18.9% -4.0% +0.6% +10.9% +27.0% 22
Slide 23: Healthy Gross Profit Margins
Healthy Gross Profit Margins Overall Smartphones IoT and Lifestyle Products Internet Services % % % % 19.9% 74.2% 22.3% 72.3% 14.8% 19.5% 15.7% 11.2% Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 23
Slide 24: Continued to Manage Core Business Operating Expenses
Continued to Manage Core Business Operating Expenses Total Operating Expenses RMB Billions 25.0 18.0% 16.0% 13.5% 13.9% 20.0 12.8% 12.9% 12.8% 14.0% 12.0% 15.0 10.0% 2.7 2.5 8.0% 10.0 1.9 1.3 1.6 6.0% 4.0% 5.0 9.1 10.2 9.6 8.0 8.6 2.0% - 0.0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Operating expense
Slide 25: Adjusted Net Profit Increased 100.8% YoY
Adjusted Net Profit Increased 100.8% YoY Adjusted Net Profit1 RMB Billions 14.0 8.4% 8.6% 9.0% 7.6% 12.0 6.7% 7.0% 10.0 5.4% 8.0 5.0% 2.3 1.7 6.0 1.4 2.4 3.0% 4.0 1.1 6.0 6.5 1.0% 2.0 5.1 4.9 3.2 0.0 -1.0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Adjusted Net Profit1 Expenses related to smart EV and
Slide 26: Strong Cash Position
Strong Cash Position Cash Resources1 RMB Billions Our cash resources1 were RMB127.3 billion 127.3 +34.7% YoY 94.6 Returned cash to shareholders through repurchasing 163.1 million shares (HKD2.25 billion2) in 20243 Q1 2023 Q1 2024 1 Including but not limited to (i) cash and cash equivalents, (ii) res
Slide 27: ESG
ESG
Slide 28: Fully Integrated ESG Management into Our Business Operations
Fully Integrated ESG Management into Our Business Operations 2023 ESG Report Management Diversity ESG Ratings By 2035 Use 100% Renewable Electricity Two New in Our Own Operations Female Corporate VPs By 2040 Achieve Carbon Neutrality in Our Own Operations of Existing Businesses1 Our CDP Climate Chan
Slide 29: Sustainable Xiaomi EV Factory
Sustainable Xiaomi EV Factory The Entire Rooftop of the Production Workshop is Covered with Photovoltaic Panels Annual Electricity Generation Annual Carbon Emissions Reduction Annual Carbon Absorption Capacity 16.4 million 9,905 540,000 kWh tons trees Exhaust Gas Treatment Rate VOCs Emissions Lower
Slide 30: Smartphones
Smartphones
Slide 31: Smartphone Revenue Achieved 32.9% YoY Growth in Q1 2024
Smartphone Revenue Achieved 32.9% YoY Growth in Q1 2024 Smartphones Revenue RMB Billions In Q1 2024, smartphones revenue was 46.5 44.2 RMB46.5 billion, up 32.9% YoY 35.0 Smartphone shipments were 40.6 million units, up 33.7% YoY Gross profit margin reached 14.8%, up 3.6ppt YoY Q1 2023 Q4 2023 Q1 202
Slide 32: Continued Expansion in Emerging Markets
Continued Expansion in Emerging Markets Africa Middle East Southeast Asia Latin America Smartphone Shipments Smartphone Shipments Smartphone Shipments Smartphone Shipments Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Source: Canalys, by shipments 32
Slide 33: New Sub-brand of Redmi Family: Turbo Series
New Sub-brand of Redmi Family: Turbo Series Performance Redmi Family K Series Snapdragon® Xiaomi HyperOS Wildboost 3.0 8s Gen 3 Turbo Series AI Experience Note Series • AI Air Gesture Redmi Turbo 3: Flagship Performance • AI Noise Cancellation Special Edition Featuring Number Series • AI Magic Erase
Slide 34: AIoT
AIoT
Slide 35: Global Leading Consumer AIoT Platform
Global Leading Consumer AIoT Platform Number of Connected Devices1 Users with 5 or More Devices Mi Home App MAU Millions Connected to Xiaomi’s AIoT Millions Platform1 Millions 15.2 14.5 89.1 786.1 13.7 13.0 85.8 739.7 12.3 82.9 84.0 698.9 78.1 654.5 618.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2
Slide 36: Robust IoT and Lifestyle Products Revenue
Robust IoT and Lifestyle Products Revenue IoT and Lifestyle Products Revenue RMB Billions In Q1 2024, IoT and lifestyle products 20.3 20.4 revenue reached RMB20.4 billion, up 21.0% YoY 16.8 Gross profit margin reached 19.9%, a record high Q1 2023 Q4 2023 Q1 2024 36
Slide 37: Smart TVs: Top 5 Globally
Smart TVs: Top 5 Globally Global Smart TV Shipments in Q1 2024 ~2.4 million Ranked Top 5 Globally1 1 According to AVC, by shipments in Q1 2024 37
Slide 38: Smart Large Home Appliances: Solid Growth
Smart Large Home Appliances: Solid Growth Air Washing Refrigerators Conditioners Machines Air conditioner shipments Refrigerator shipments Washing machine shipments exceeded 690k units in Q1 2024 exceeded 530k units in Q1 2024 exceeded 360k units in Q1 2024 up 63% YoY up 52% YoY up 47% YoY 38
Slide 39: Tablets: Top 5 Globally
Tablets: Top 5 Globally Redmi Pad Pro Launched in Mainland China in April 2024 Global Shipments in Q1 2024 up 93% YoY Ranked No.3 in mainland China Ranked No.5 Globally Source: IDC Worldwide Quarterly Personal Computing Device Tracker, May 3, 2024 39
Slide 40: Internet Services
Internet Services
Slide 41: Global MAU Reached 658 million and Mainland China MAU 160 million
Global MAU Reached 658 million and Mainland China MAU Reached 160 million in Q1 2024 YoY % Global MAU1 10.6% Millions 658.1 16.8 17.1 18.2 594.8 11.2 Global MAU1 reached 658.1 million, YoY growth of 63.3 million Mainland China MAU1 reached 160.4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 million, YoY g
Slide 42: Record High Internet Services Revenue
Record High Internet Services Revenue Internet Services Revenue RMB Billions 7.9 8.0 In Q1 2024, internet services revenue 7.0 1.3 1.3 reached RMB8.0 billion, up 14.5% YoY, 1.3 1.0 1.2 registered a record high 1.3 Advertising revenue reached RMB5.5 billion, up 25.0% YoY 5.6 5.5 4.4 Q1 2023 Q4 2023 Q
Slide 43: Overseas Internet Services Revenue Reached a Record High
Overseas Internet Services Revenue Reached a Record High Overseas Internet Services Revenue as % of Total Internet Services Revenue In Q1 2024, overseas internet services revenue reached a record 31.2% high of RMB2.5 billion, up 39.0% 30.0% YoY, accounting for 31.2% of total 29.4% internet services
Slide 44: IR@xiaomi.com https://ir.mi.com/
IR@xiaomi.com https://ir.mi.com/