Q2 2024 Xiaomi Corp Earnings Call Transcript
Key Points
- Xiaomi Corp (XIACF) achieved a historical high total revenue of RMB88.9 billion in Q2 2024, marking a 32% year-on-year increase.
- The company's core business revenue from mobile phones and AIoT reached RMB82.5 billion, up 23% year-on-year.
- Gross profit margin remained healthy at 20.7%, demonstrating strong cost control capabilities.
- Xiaomi's EV business showed promising results with the delivery of over 27,000 units of the SU7 model in July and a gross profit margin of 15.4%.
- The company's smartphone market share increased globally, reaching 14.6%, with significant gains in Latin America, Southeast Asia, and the Middle East.
- Despite the strong revenue growth, Xiaomi's innovative businesses, including smart EV, reported a net loss of RMB1.8 billion in Q2 2024.
- The company faces intense competition and supply chain cost pressures, particularly in the mobile phone segment.
- Xiaomi's gross profit margin for smartphones was impacted by rising costs of core components, although it managed to maintain a margin of 12.1%.
- The company is still in the early stages of its EV business, with significant investments required to scale production and improve delivery capabilities.
- Xiaomi's premiumization efforts in the high-end smartphone market face challenges, particularly in the RMB6,000 to RMB10,000 price range.
Good evening. Welcome to Xiaomi Group's 2024 interim results announcement investors' meeting and online webcast. So this event will be recorded. If you have objections to that, you can hang up now. (Operator Instructions) Now may I invite the IR Head, Anita Chan from Xiaomi to conduct this conference call.
Thank you. Good evening. Welcome to Xiaomi Group's 2024 interim results announcement investors' conference call and also online webcast. Before we begin, I would like to remind you that this meeting may include forward-looking statements, and there will be impact because of risk and unforeseeable factors so that some results may not be realized. In relation to market condition and also channels outside the Xiaomi Group, there are financial indicators that are not according to IFRS standards. So they should not be regarded as hard financial indicators.
We have Mr. Lu Weibing from Xiaomi Group Vice President; and CFO, Mr. Alain Lam. So at the beginning, Mr. Lu will go through our company's results
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