Xiaomi, one of the largest technology manufacturers, revealed its goals for 2030.
The company is committed to making sustainable investments in key technologies and aims to become a leader in the field of cutting-edge global technologies.
In addition, the implementation of Xiaomi's retail operations strategy, called “storefront integration”, will be integrated due to its good results.
According to the data, Xiaomi's market share in smartphone shipments through offline channels in mainland China has increased to 8.4% throughout 2023.
The objectives outlined by Xiaomi are based on the consolidated results of 2023, during which the company recorded excellent performance in several key areas.
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Xiaomi sets targets and reveals results for 2023
By 2023, the Group's total revenue will reach RMB 271 billion (Chinese Yuan). Its adjusted net profit rose 126.3% to RMB 19.3 billion.
The increase in adjusted net profit exceeded market expectations and marked the second highest level of profit since the group's IPO.
Smart electric vehicle (“EV”) business and other new venture expenses increased to RMB 6.7 billion (excluding share-based compensation expenses related to smart electric vehicles and other new ventures of RMB 0.8 billion for the year).
In the fourth quarter of 2023, Xiaomi's total revenue reached RMB 73.2 billion for two consecutive quarters, an increase of 10.9% year-on-year, and its adjusted net profit increased by 236.1% year-on-year.
In terms of business performance, the first half of 2023 saw rapid profit growth, followed by a rebound in quarterly revenue in the second half of the year.
“Both indicators reflect an exceptional backlog of growth and performance in the Group's business operations,” the company noted.
