Xiaomi Group has just announced the audit results for the fiscal year ending December 31, 12, with the group's total revenue of 2023 billion USD, adjusted net profit increased by 37,52%, reaching 126,3 billion USD.
The increase in net profit far exceeded market expectations and marked the second highest profit since the group listed. Smart Electric Vehicle (EV) business costs and other new initiatives increased to $2 million (excluding stock-based compensation costs related to smart EVs and other new initiatives of $930 million ).
In 2023, Xiaomi actively implements a strong development strategy focusing on dual content including scale and profit. This is also a milestone marking the first year Xiaomi implemented its corporate strategy on the smart ecosystem between "People, cars and homes".
In the smartphone segment, in 2023, Xiaomi's global sales will reach about 145,6 million units. Annual smartphone revenue reached $21,83 billion and gross margin was 14,6%.
The retail strategy of “storefront integration” has brought positive results with significant improvement in the efficiency of retail stores. According to third-party data, for the whole of 3, Xiaomi's smartphone shipment market share in traditional channels in China increased to 2023%.
In 2023, revenue from Xiaomi's IoT and lifestyle products is $11,09 billion and gross profit margin reaches 16,3%, reaching a record high. By the end of 2023, the number of connected IoT devices (excluding smartphones, tablets and laptops) on Xiaomi's AIoT platform reached 739,7 million devices, an increase of 25,5 % compared to the same period last year.
In its global partnerships, Xiaomi adopts an open approach, offering the potential to increase profits. In 2023, revenue from overseas Internet services increased by 24,1% over the same period to 1,16 billion USD, reaching a record high and accounting for 28% of the group's total Internet service revenue.
In December 12, Xiaomi launched its first electric vehicle (EV), the Xiaomi SU2023 series, at the Xiaomi EV technology launch event. The event introduced five core technologies of Xiaomi EV, marking the key to success in Xiaomi's new venture.
As Xiaomi continues to optimize efficiency on its platform, the group's advertising revenue reached $2,84 billion, up 11,2% year-on-year. Along with the upgrade in smartphone premiumization strategy, the number of active users and paying users in the group's game business continues to increase, boosting Xiaomi's game revenue reaching 610 million USD in 2023, an increase of 7% over the same period last year.
Setting new goals for the period 2020–2030, Xiaomi is committed to investing in foundational core technologies to become a leader in global advanced technology. The Group is also committed to sustainable investment in underlying core technologies and strives to become a leader in the global technology sector.
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