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released its for the today (29 May 2024), which clues us into the future of the Chinese electronics company’s many fingers in many consumer tech pies. Of its many highlights, the Xiaomi Group (all its business arms combined) saw an adjusted net profit of RMB6.5 billion (~S$1.21 billion), after accounting for the cash and non-cash expenses from its electric vehicle (EV) business. For context, this is a 100.8% year-on-year increase, putting the company’s adjusted net profit at a record high. It also saw “double-digit revenue growth” in three of its core business segments: phones, Internet of Things /lifestyle products, and Internet services. Here’s a quick down-low. The long and short of Xiaomi’s financial results want you to believe that its phones are increasingly considered a premium alternative to mainstay options like Apple and Samsung. Here’s the breakdown. Xiaomi said that 40.6 billion phones were sold worldwide during Q1 2024 (Jan-Mar 2024), 33.7% more than in the previous Q1. It quoted Canalys for its 13.8% market share and top three placement in global smartphone shipment. More specifically, Xiaomi also cited unspecified “third-party data” that said it saw 10.1% China market share for phones priced between RMB5,000 to RMB6,000 (~S$931.19 to S$1117.43), which is 5.8% more than previous Q1. On a global scale, “premium smartphone” shipments hit 21.7% of its total sold in that same quarter. That means 1 out of 5 smartphones Xiaomi sold in those three months are from its Xiaomi flagship or T-series devices (Xiaomi 13T Pro review , Xiaomi 14 review , Xiaomi 14 Ultra review ). Xiaomi also said its IoT and lifestyle products (like robot vacuums, hairdryers, air purifiers etc.) saw 4.1% increase in gross profit margin, attributing it to a 46.% year-on-year increase in sales.  Of note is Xiaomi’s air conditioner products, which saw 690,000 units shipped. Refrigerators saw 530,000 units sold, and washing machines were hitting 530,000 units sold. The company did not specify any numbers for its premium TVs category, only saying it had “continuous upgrades”. Also interesting was Xiaomi categorising its tablets under this arm, citing 93% year-on-year increase in global shipments. True wireless earbuds shipments were ranked #1 in China and #2 worldwide. Xiaomi’s Internet services arm, which houses functions like software and apps distribution, saw a gross profit margin of 74.2% from its RMB8 billion (~S$1.49 billion) revenue. Monthly active users for its Internet services hit “record highs” both in China and worldwide, with March 2024 seeing 658.1 million global users (10% more than the previous year’s same month) and 160.4 million users in China (9.7% more, year-on-year). Xiaomi said its had 88,063 locked-in pre-orders as of 30 April 2024, barely a month after its announcement. The company aims to ship 100,000 EVs in 2024 alone. By the end of 2024, sales and servicing networks specifically for its EV products will include 219 stores in 46 cities and 143 service centres in 86 cities globally. Source: