Summary by Moomoo AI
Xiaomi Group announced its unaudited consolidated financial results for the three and six months ended June 30, 2024. The report shows that both revenue and gross profit have achieved significant growth, with total revenue in the second quarter reaching 88.9 billion yuan, a new historical high, an increase of 32.0% year-on-year. Gross profit also increased by 29.9% year-on-year. Operating profit and period profit increased by 45.7% and 38.3% respectively. In addition, the company continues to promote the "smart car and smart home ecosystem" strategy, and officially launched the first smart electric car, the Xiaomi SU7 series, on March 28, 2024, delivering 27,307 new cars in the second quarter. The company's R&D expenditure increased by 20.7% year-on-year, with a total of 18,290 R&D personnel, accounting for 48.7% of the total employees. The company is also actively repurchasing stocks to enhance shareholder value, and repurchased and cancelled 247,548,200 Class B shares in the first half of 2024.