Q3 2024 Xiaomi Corp Earnings Call Transcript
Key Points
- Xiaomi Corp (XIACF) reported a total revenue of RMB92.5 billion for Q3 2024, marking a 30.5% increase year-over-year.
- The company's handset IoT core business revenue reached RMB82.8 billion, up 16.8%, with a healthy gross margin of 20.8%.
- Xiaomi's premiumization strategy is showing success, with the Xiaomi 15 series achieving strong sales and increased market share in the high-end segment.
- The home appliance and IoT business saw a revenue increase of 20% to RMB26.1 billion, driven by innovative products and a focus on energy conservation.
- Xiaomi's global active user base reached 686 million, with significant growth in overseas markets, contributing to a 9.1% increase in internet service revenue.
- Despite the revenue growth, Xiaomi's innovative business segment, including smart vehicles, reported a net loss of RMB1.5 billion.
- The company faces fierce competition in the small screen handset market, with competitors launching similar products.
- Xiaomi's automobile business, while growing, requires significant investment in R&D and expansion of sales networks, impacting short-term profitability.
- The company's expansion into offline retail with plans to open 20,000 shops by 2025 involves substantial costs and logistical challenges.
- Xiaomi's premiumization efforts, while successful domestically, face challenges in replicating the same success in international markets due to varying consumer preferences and competitive pressures.
(technical difficulty) 2024 third quarter results announcement investor conference call and audio webcast. Today's conference is being recorded. (Operator Instructions)
Ms. Anita Chan, Head of Investor Relations and Corporate Finance will be your host today.
Good evening, ladies and gentlemen. Welcome to the investor conference call and audio webcast hosted by Xiaomi Corporation. Before we start, we want to remind you that this call may include forward-looking statements, which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons.
Information about general market conditions comes from a variety of sources outside of Xiaomi. This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to the company's financials prepared.
Joining us, we have Mr. Lu Weibing, Partner and President; Mr. Alain Lam, VP and CFO of Xiaomi Corporation, Chairman of Airstar Digital Technology. To
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