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Xiaomi has announced its financial results for the fourth quarter and full year 2024, showcasing a significant achievement in its IoT and lifestyle consumer products segment. For the first time, revenue from this segment surpassed RMB 100 billion, reaching an impressive RMB 104.1 billion, marking a year-on-year increase of 30%. The number of IoT devices connected to Xiaomi's AIoT platform, excluding mobile phones, tablets, and laptops, soared past 900 million, representing a 22.3% year-on-year growth. Furthermore, Xiaomi's commitment to innovation is evident with its R&D expenditure in 2024 totaling RMB 24.1 billion, a 25.9% increase from the previous year. This investment has led to an expansion of its R&D team, now comprising 21,190 individuals.
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