Summary by Moomoo AI
Xiaomi Group released its 2024 interim report on June 30, 2024, showing growth in both revenue and profit. During the reporting period, Xiaomi Group's total revenue reached 1,268.32 billion yuan, an increase of 29.6% compared to the same period last year. Net profit increased from 2,575.26 million yuan in the previous year to 3,522.39 million yuan, a growth rate of 36.8%. However, the company's AIoT business saw a slight decrease in net profit during the same period, from 994.07 million yuan to 957.18 million yuan, a decrease of -3.7%. Despite this, the AIoT business revenue continued to grow, from 126.8 million yuan in the previous year to 158 million yuan, a 21.4% increase. Xiaomi Group launched multiple new products during the reporting period, including the Xiaomi SU7 series smartphones and Xiaomi MIX Fold 4, contributing to the growth in company revenue. Furthermore, the company made progress in ESG and released an ESG report in May 2024. The report indicates that Xiaomi Group has set specific goals to reduce carbon emissions, planning to reduce emissions by 30% by 2030 and achieve 100% renewable energy usage by 2035.